Intermediate Accountant

Role Description and Responsibilities

• Prepare accurate and timely financial statements.
• Productivity, efficiency, and the increasing complexity of work are important measures of their level of skill and knowledge demonstrated ability to complete work with minimal supervision.
• They are able to use tax software efficiently (or have aptitude to learn other software quickly) and effectively to complete work within deadlines and have advanced their technical ability to identify issues of concern for clients and for their Partner.

Education

• Bachelor Degree
• Chartered Accountant (may be completed or part completed)

Work Experience

• 1-2 years work experience in a Chartered Accounting practice (Australia)

Quality of Work

• Focuses on delivering high quality work with minimal errors.
• Understands accounting standards and application.

Technical Expertise

• Able to complete income tax returns for individuals, companies, trusts, partnerships, and super funds within the assigned deadline and productivity target.

Preparation of Income Tax Returns:

• Prepare reconciliation of net profit to taxable income noting permanent and timing differences and calculate the tax payable.
• Perform relevant calculations and complete schedule.
• Recognize capital gains transactions and calculate liability (with supervision for small business CGT concessions and business sales).
• Identify the correct tax treatment for prepayments, accruals, and provisions.
• Identify the required tax adjustments, accurately calculate tax liability for the year, and recognize instalments already paid.

Superannuation and Compliance:

• Knowledge of superannuation including taxation and regulatory issues.
• Able to identify if the client has complied with the superannuation guarantee.
• Able to prepare annual workers compensation reconciliations.
• Able to prepare annual payroll tax reconciliations.
• Able to prepare Business Activity Statements (BAS).
• Able to prepare Fringe Benefit Tax (FBT) returns including the calculation of liability from the information provided by the client.

Accounting Procedures and Analysis:

• Uses the company's work paper procedures and is able to provide documentation to support the return.
• Understands the cash versus accruals basis of accounting.
• Prepares accurate financial accounts without direction and with minimal review points.
• Able to identify any inconsistencies in the current year balances through comparative analysis on balance sheet items.
• Able to prepare financial statements from an adjusted trial balance, including profit and loss statements, balance sheets, cash flow statements, and statements of retained earnings.
• Ability to access and research information, including the use of electronic sources (Thomson Reuters online and the OSR and ATO websites).

Business and Tax Knowledge:

• Knowledge of business operations, structures, and the dynamics of how they interact.
• Distinguish between the treatment of hire purchase agreements and leases and reconcile movements.
• Be able to complete GST reconciliations by accessing monthly/quarterly GST reports from the relevant accounting software and prepare activity statements on both cash and accruals basis.
• Good understanding of the application of GST and when it does and does not apply.
• Identify and verify all common tax-sensitive items (e.g. legal fees, entertainment, R & M, fines and penalties, etc.).
• Reconcile movements in shareholder loan accounts, identify any Division 7A debit loan issues, and provide suggested solutions to resolve debit loan accounts.
• Able to identify common taxation compliance issues such as Division 7A, alienation of personal service income issues, and non-commercial loss provisions.
• Broad understanding of income tax (and allowable measures to reduce tax), family tax benefit, company tax, fundamentals of trust law, and superannuation provisions.
• Good understanding of various entity structures and the tax implications of each.
• Understanding of where to locate required information from third parties required for the completion of client work (including ATO, OSR, etc.).