Australian Accounting / Tax For KPO

Experienced Australian Accountants

The role primarily involves:

a) Preparation and finalization of accounts.

b) Preparing the schedules to Balance sheet and P & L

c) Preparing digital work papers

d) Preparing the tax returns:

e) Day-today Bookkeeping

f) Filing GST returns

1) Preparation and finalization involves:

a) preparation of financial statements and tax returns as part of the year end finalization work.

b) reviewing the books of account and ensuring that the books of account are correct.

c) Where the bookkeeping has already been done, the books of account may require closure and rectifications. As part of such closure and rectification, you need to:

- Perform bank reconciliations

- Perform debtor and creditors reconciliation

- Finalise depreciation and fixed asset schedule

- Analysis clients source documents with the books of account / General Ledger.

- Reconciliation of GST

- GL analysis and Review

- Preparation of Work paper

- Preparation of Tax Returns

g) Tax Returns

- Preparation of Tax Returns for Companies, Trust, Partnership and Individuals.

- Understanding the nature of income and their taxability

- Analysis of clients source documents

- Analysis in respect of Allowances and deductions

- Preparation of workpapers in case of capital gains calculation.

h) Business Activity Statement

- Preparation of GST return or GST activity statement on a quarterly basis.

- Analyse if GST taken is correct. I.s GST is taken only on eligible items and not on ineligible items.

- Includes analysis of payroll details and other eligible tax credits.

- Variation of PAYG Instalments based on the profit/loss position of the company.

i) Fringe Benefit Tax Return

- Preparation of FBT returns on an annual basis.

- Analyze the ledger to identify transactions which attract fringe benefit rules.

- Understanding of the rules and computing the fringe benefit tax

Book-keeping Team:

Involves day-today bookkeeping function of clients for our clients in Australia and other regions. It is a typical bookkeeping function involving:

i) Banking

o Bank coding-based bank feed imports

o Bank reconciliation on regular interval basis

o Processing of vendor payments

Accounts Receivable / Accounts Payable modules

o Adjusting the bank payments and receipts

o Creating Debtor / Supplier accounts

o Raising Debit / Credit notes

iii) Payroll modules

o Payroll data not maintained in bookkeeping software obtain timesheet, pay structure from the client and process the payroll in compliance with relevant regulations.

o Payroll Module Creation

o Creating employee in the module

o Updating details of employees including the bank details.

iv) Preparation of GST return or business activity statement for bookkeeping jobs on a monthly / quarterly basis depending upon the business requirements.

v) Preparation of Management reports at regular intervals depending upon the client requirements.

k) Strong Communication skills are required to liaise with the client.

l) Flexibility and Team Management skills are expected for proper flow of work.

m) Jobs allocated to Individual is his/her responsibility with guidance / independent reporting required based on the Role.

n) Attention to details and seamless communication are expected for proper flow of work.

o) Complete the tasks/jobs within the allocated budget timings and ensure quality deliverables.