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