“Accountant” One that keeps, audits, and inspects the financial records of individuals or business concerns and prepares financial and tax reports.
Accountants prepare accounts and tax returns and advise on tax. They charge fees based on hourly rates for their services.
To become a Chartered Accountant, the Chartered Accountants Program must be completed which includes study of the Graduate Diploma in Chartered Accounting (GradDipCA) and three years of practical experience. Entry to the Program is available for graduates who hold an accounting degree (most likely a Commerce Degree which usually takes 3 years full time to complete).
The areas covered by the Graduate Diploma are:-
“Taxation, Audit and Assurance, Financial Accounting & Reporting, Management Accounting & Applied Finance and Capstone Module.”
The requirements to become a Certified Practising Accountant (CPA) are similar (but generally less onerous).
Most Commerce Degrees cover core subjects such as Accounting, Actuarial Studies, Economics, Finance, Management and Marketing.
The study programmes for both Chartered Accountants and CPAs do not include topics on Investment Advice, Trust and Estates law or Estate Planning.
Elective law and investment subjects may be studied.
Some Accountants promote to their clients investments in managed property trusts. Proceed with caution and ask to see their RG146 and professional indemnity insurance policy to see if they are covered to provide you with such advice. More of these schemes have failed than have succeeded.
Accountants who do not hold an RG146 are not allowed to and should not provide investment advice or deal in financial products or provide you with advice about Superannuation, SMSFs or Pensions.
Accountants, unless trained and admitted as a lawyer as well, are not qualified or licensed to provide advice about Estate Planning Laws.