What is a tax advisor?
A tax advisor is responsible for providing organisations with expert financial advice and guidance in regards to tax accounting and tax law. A tax advisors’ main goal is to minimise tax payable whilst also complying with relevant tax legislation. Essentially, they help organisations optimise their tax returns. Tax advisors are the same as a tax consultant and can also be tax accountants. In this case, tax advisors would then need to prepare tax payments and returns instead of just offering recommendations. Tax advisors ensure that organisations are meeting tax requirements and adhering to taxation law.
Tax advisor duties and tasks can include:
- Managing direct and indirect tax matters within an organisation such as corporate income tax, FBT, payroll tax and GST
- Revising and preparing tax payments and returns
- Providing recommendations on tax strategies that align with an organisation’s financial goals
- Providing tax advice to management
- Identifying areas to reduce tax while complying with relevant tax legislation
- Remaining up-to-date with changes and additions to tax law as they apply to a business.
These advisory tasks are particularly well-suited to being outsourced as they are repetitive and rules-based, requiring a high level of attention to detail. By sending these tax compliance tasks to an outsourced tax advisor, organisations can free up their local finance teams time to focus on performing value-add, revenue generating work.