Accountants are a vital resource for any business, big or small. They can also help non-business entities to understand their tax obligations and what they can properly claim for as a tax deduction. Whether you’re looking for a simple tax return or require complex business accounting, Word of Mouth can help you find the right accountant to suit your needs.

What are the different types of accountants?

In Australia, accountants can have different levels of specialisation. These can vary depending on the level of study that the accountant has undertaken and their level of professional competence. Some common accounting qualifications in Sydney include:

• Association of Chartered Certified Accountants (ACCA)
• Certified Practicing Accountants (CPA) Australia.
• Chartered Accountants (CA) Members of the Chartered Accountants Australia and New Zealand (CA ANZ).

It's important to ensure your accountant is suitably qualified to undertake the work you require.

How much does an accountant in Sydney cost?

In Sydney, you can expect to hire an accountant for anywhere between $90 to $340. If you need an accountant for complex business consultation or tax planning, the fee would expand accordingly.

Many accountants in Sydney offer fixed-fees for their services, whereas others offer a monthly or annual retainer. Tax returns in Sydney can start at around $150 and scale up to $1000+ depending on how complex your return is (eg. discretionary trusts and investment properties).

Business accounting can start from around $600 to $700 per annum on a fixed fee and can depend on the number of transactions, how often these need to be reconciled and your underlying business structure (eg. sole trader vs company structure). Bookkeeping tends to be the cheapest per hour ranging from $40 - $90 per hour depending on the level of experience the bookkeeper has.

Personal tax returns

It's always best to think ahead when it comes to personal income tax returns. Booking in about 3-4 months before the end of the financial year will give you some time to do some tax planning and see what you can claim before the financial year ends.

In terms of setup and onboarding, having your previous years tax return along with your receipts and bank statements for the current financial year will help you speed up the process. Some tax accountant will also be able to see any overdue or unlodged tax returns if you give them access to your ATO online portal.

Bookkeeping

If you’re short of time, hiring a bookkeeper can be a lifesaver. Bookkeepers can help reconcile all of your business transactions to ensure your books are always up to date and have the required supporting documentation.

They can help set up your accounting software and handle any PAYG and superannuation payments along with accounts payable and receivable.

Business accounting

It might be worth engaging a business accountant even before you have set up your business. This is because they can advise on the most appropriate business structure (eg. company vs partnership) that aligns with your business goals and level of liability you wish to hold personally.

They may also be able to give business advice and help with strategic plans for business growth and cash flow management. This may include a formal business plan or a budget.

Lastly they can assist with lodging your annual company tax returns, BAS (business activity statements) and IAS (instalment activity statements) each year or quarter.

Disclaimer: The information presented is intended for informational purposes only. It is advisable to seek advice from a qualified tax or financial advisor to assess your specific situation before engaging in any transactions.