Our website uses  cookies for statistical purposes.

Our Articles

Chartered Accountants in Australia

Chartered Accountants in Australia

Chartered accountants in Australia are persons who have obtained a higher level of qualification in the accounting profession. Thus, not all accountants are qualified as chartered accountants and those who have not yet applied for this qualification can develop only certain types of accounting activities, mainly basic. 

Chartered accountants have the right to develop a wide range of accounting activities, which will be described in this article and which refer to more in-depth accounting procedures.

They can provide their services to both local and foreign investors who want to set up a company in Australia, as well as to public institutions. 

What services can chartered accountants in Australia provide? 

According to the Australian accounting standardschartered accountants can provide basically any type of accounting service that is regulated under the local law.

We recommend to request the services of this category of accountants if you plan to open a company in Australia that operates as a large business from the beginning of its activity, as the accounting procedures in this situation will definitely be more complex.

Below, you can find out some of the services that chartered accountants in Australia can offer: 

  • audit services – the audit is required for certain types of companies, and it refers to the procedure through which the company’s yearly financial reports are reviewed by a specialist;
  • bookkeeping – chartered accountants can also develop basic accounting services, such as bookkeeping, which refers to recording the company’s transactions (ledgers, the sales, the purchases, and so on);
  • financial planning – this can be done by a highly specialized accountant in Australia as the person can offer investment strategies to a client (company or individual), based on the current financial situation;
  • financial reporting – all companies are required to submit financial documents and chartered accountants can easily prepare the required documents;
  • forensic accounting – this is a special branch of accounting, where the accountant participates in a legal investigation, with the purpose of determining whether the financial documents can present any illegal activity.

What public accounting services can accountants in Sydney provide?

As said above, a chartered accountant has the right to exercise his or her profession within public institutions, which also need to have their accounts maintained by a specialist.

Public accounting services are similar with the accounting services available for businesses.

Thus, an accountant in Australia can provide public accounting services for the following: 1) financial services, 2) financial advice, 3) forensic accounting, 4) valuation, 5) taxation, 6) insolvency, 7) company reorganization, 8) bookkeeping, 9) management, 10) auditing, 11) assurance, 12) basic accounting, 13) credit services.

What are the main services for consumer/commercial credit in Australia?

A person or a company is entitled to obtain a credit from the competent financial institutions in Australia. When this happens, the assistance of an accountant in Australia is always necessary, as the person has the necessary expertise in evaluating the ability to obtain a credit, by following specific procedures.

A consumer credit refers to the types of credit lines that can be obtained by individuals for purposes such as: 1) personal, 2) family related, 3) household related.

A commercial credit defines the credit accessed by any type of business venture, starting from the sole trader to a large corporation. The accountant will analyze the type of credit needed, its value, as well as the capacity of the entity to maintain the respective credit that is requested.

For individuals, the accountant will be able to assist in the following types of credit: 1) mortgages, 2) loans for buying residential properties, 3) personal loans, 4) leases, 5) credit cards, 6) overdrafts.

With regards to the consumer credit rules and procedures, the regulations of the National Consumer Credit Protection Act 2009 will be enforced. Our accountants in Sydney can assist individuals in accessing a line of credit addressed to natural persons.

How can individuals become chartered accountants in Australia? 

The Australian accounting standards impose different rules for becoming a general accountant and a chartered accountant. Of course, becoming chartered accountants in Australia is much more difficult than simply becoming an accountant. In the list below, you can find out some highlights of this profession: 

  • all applicants must have appropriate qualification, which, in Australia starts from Level 7 (which refers to bachelor degree);
  • for non-English natives, becoming an accountant in Australia is bound by proving English speaking abilities (IELTS 7.0 minimum);
  • it is also possible to have 1 year of studies in English or 3 years of employment (paid or voluntary work) in an English-speaking country in the last 5 years;
  • one can become chartered accountant if the person completes at least 3 years of mentorship;
  • please mind that once registered with the program for becoming a chartered accountant, you will also have a time limit to complete the program, set out in the Section 5.11 of the Chartered Accountants of Australia and New Zealand

Can chartered accountants in Australia offer tax services? 

Yes, accountants in Sydney and those located in other parts of the country can provide tax assistance. This is a vital component of accountancy, and this service is always needed by those who want to set up a company in Australia.

Tax services refer to a wide range of matters, such as determining the overall tax level of an entity, analyzing the possible tax benefits that can be obtained for a category of taxpayers and applying for them following the current Australian accounting standards

Can companies benefit from management services? 

If you have a company in any Australian region or you plan to start the process of company formation in Australia, you can definitely receive management services.

For this, you can always rely on our team of specialists in company incorporation in Australia, but you can also request such services from chartered accounts

If you will select the services of chartered accountants in Sydney, please make sure that they have the necessary expertise in this field, as not all chartered accountants will cover all these accounting branches, because each of them requires a certain level of qualification and expertise. 

If you need the services of an accountant in Australia on matters related to management, you can expect to receive advice on your budgeting, management efficiency, strategy development, better ways to carry out internal company controls and numerous others.

What other services can companies in Australia obtain?

Besides the services presented up until now, chartered accountants in Australia can offer additional services to foreign and local businesses. If you are interested in company incorporation in Australia, please mind that your company can benefit from the following:

  1. assisting the company in meeting its financial goals;
  2. reporting on the financial performance of the company, so that the directors and shareholders can take up-to-date investment decisions;
  3. assisting in any matter related to employment payments (salaries, bonuses, etc.);
  4. reporting on the GST and computing the GST due;
  5. cloud accounting and bookkeeping.

How can an accountant in Australia help with tax returns?

All companies have to prepare tax returns, regardless of the legal entity under which the business operates. Differences in reporting will appear depending on the legal entity.

The chartered accountants in Australia will prepare the documentation as required by the Australian Taxation Office and based on the requirements imposed for your company type.

In most of the cases, the accountant can prepare the financial documents in approximately 10 days (in the case of small companies). For those who have already surpassed the submission deadline, the accountants can prepare the documents in an expedited manner, after addressing the Taxation Office.

What payroll services can accountants in Sydney provide?

The accountants will calculate the withholding taxes that have to be retained from the salaries of the employees. Our chartered accountants in Australia will work with modern accounting software which can provide an accurate situation regarding payroll.

Of course, accounting obligations regarding payroll also include paying the payroll taxes, a service that is intermediated by the accountants who work for the Australian company.

For more details, our team of consultants in company formation in Australia remains at your service.