Why Study To Be A Tax Agent?

Covid has caused a great deal of disruption for a lot of businesses and people. Some Australians lost their jobs. Others had their jobs changed and some found jobs in new industries. The good news is that the Australian economy remained strong. More jobs are becoming available with new opportunities popping up across the nation.

If you’re one of those people who were disrupted, or if you feel like you’d like a job change and have always been interested in tax, studying to become a tax agent just might be the shot in the arm you’re looking for. Even if you’re a small business owner or just want to expand your knowledge with a source, studying has many benefits. The good news? With an online ITP Tax Course, you can start right now!

Why Study Online?

If you’re working full time, or have family commitments, studying online means that you can study and complete the assessments on your own time. Because there are no set times for classes, it doesn’t matter if you complete the modules at 9 in the morning or 10 at night. You can choose to study when and how you want to.

ITPs Tax Course is written and managed by Scott Bailey, Senior Director and Head of Tax Accounting for ITP. Scott interprets tax law and writes the tax course suitable for the lay person to understand and digest modules to become a successful tax accounting professional. Even better, he’s on hand to answer your questions. You’re not on your own.

Why Study Tax

Learning about tax isn’t just for those who are looking for a career change, or those who would like to work as a tax agent. ITPs Tax Course is also geared to people who need to know more about tax. Think small business owners who need to keep their costs as lean as they can. Knowing what you can and can’t claim in detail can help save a lot of money throughout the year. This knowledge will also help plan for the future of your business.

Maybe you need a vehicle for your business. Should you buy or lease? What would be the best option? You might also need to purchase capital equipment. Is it better to write it off using the instant asset write off or claim depreciation? You need to hire staff. Do you employee someone or hire them as a contractor? All of these are relevant questions that business owners need to know on a daily basis. Having some knowledge and ability to work it out makes your decision easier, and might save you hundreds by making the right business decision.

Bookkeepers will also need to know details about PAYG, GST and BAS. Understanding the Australian Taxation Offices requirements using STP will not only make your job easier, but your new skills will be a highly valued commodity.

Learning about tax not only gives you a deep understanding of economics, but will also help with creating, understanding and interpreting financial reports, auditing and financial investigations including fraud and ensure taxation compliance.

Become A Tax Agent

The ITP Tax Course is a great way to upskill for small business owners and bookkeepers, but don’t forget, the main focus of the course is to become a tax agent and work in the field of taxation. There’s no shortage of work.  With ever-changing taxation rules, regulation and legislation there’s no doubt taxation is a specialised skill that Australians from all walks of life will need at least once a year.

ITPs Taxation Course will prepare you in the knowledge of preparing tax returns, but it’s a career path that will always keep you on your toes. From preparing, submitting and managing tax to helping business keep on top of their taxation compliances and business activity statement, you’ll be called on to help reduce tax people pay and increase their profit!

Claim Your Tax Course – On Your Income Tax!

That’s right! If the course you study directly relates to your income you can claim the expense on your tax. You’ll also be able to claim stationary, internet expenses and part of the cost of a laptop if you’ve had to purchase on. Because ITPs Tax Course is online, there is no travel required, but for those who study out of the home, travel expenses as well as parking, accommodation and meals can be claimed.

Self-education expenses can be claimed when they are related to your work if you work and study at the same time. If you’re upgrading your qualifications for your current employment, improving a specific set of skills or knowledge used in your current employment, if you are a trainee and undertaking a course that forms part of that traineeship or if you can show at the time that you were working and studying and the course led to an increase in employment income, you can also claim your expenses.


What Do You Study In The ITP Tax Course?

This course is designed to teach individuals how to lodge an income tax return for personal and businesses purposes. You will be guided through the process step by step with practical as well as theoretical examples. You will be required to complete exercises to perfect your skills.

What Are The Topics Covered In The Course?

  • Lodgement
  • Income
  • Deductions
  • Depreciating assets
  • Motor vehicle expenses
  • Tax calculations, Medicare levy and surcharge, private health insurance
  • Tax offsets
  • Income – supplementary section of the return
  • Deductions and offsets – supplementary section of the return
  • Rental properties
  • Pay as you instalments
  • Declarations and penalties
  • Business and professional taxpayer
  • Partnerships
  • Farm income and primary producers
  • Goods and services tax (GST)

Have more questions? Check out our top FAQ’s about our tax course here.

About Scott

Scott Bailey, Senior Director and Tax Head of Tax Accounting at ITP Accounting Professionals

Scott’s core beliefs of honesty, integrity and transparency in business and tax affairs underlines his philosophy as a senior director at ITP when helping ITP Franchisees with their businesses, as well as Australian individuals and small business succeed with their tax affairs.

In addition to managing thirteen ITP branches and relaying timely and accurate information throughout the ITP network, Scott interprets new and updated tax laws and regulations to write the ITP tax course to help individuals become a responsible and successful tax professional.

Previously, Scott has worked as a tax consultant for over 20 years, before becoming a senior director of ITP and helping young tax agents realise their dreams of owning their own small business.

Sitting on the Tax Practitioners Stewardships Board, Scott now works hand in hand with the Australian Taxation Office (ATO) to ensure the accurate relay of information, as well as identify ways ITP can help their clients reduce their tax obligations and increase profit.

The Next Step

Knowing and understanding tax is a handy skill to have on so many levels. From lodging your own tax return with confidence, helping friends and family to working as a tax agent for others, the sky is the limit. ITP also look for those students who wish to seek a career with ITP after completion of the course. If you’re ready to start, click the link here and start your application.