Accounting and Finance: Role of Accountants in Taxation Rules and Community Engagement

ACCOUNTING AND FINANCE 1
ACCOUNTING AND FINANCE
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ACCOUNTING AND FINANCE 1
ACCOUNTING AND FINANCE
Task One
The change of taxation rules and regulation of conventional and statute laws have always
confused willing, compliant firms. Different stakeholders take part in helping the companies
adapt to the new changes. The actualization of this checks and balances lower down to the firm
accountant. He, therefore, deals with the confusion at a more significant level. We, therefore,
discuss the confusing issues and the role of the accountant in trying to solve the stalemate
Fluctuating Revenues And Company Size
The companies are supposed to pay taxes according to the size of the company regarding
revenues. The company might collect high revenues at some point and therefore be asked to
move to the high ranking companies. When the incomes are lower, it is difficult for the company
to revise the regulations, even when the company is recording losses. The accountant is therefore
required to develop revenue collecting strategies to avoid the companies’ confusion in operating
as either a small, medium or a big company (Barry 2017)
Salary Payment
When there is a tax overhaul by the government, like the 2017 Australian case (West
2017). The company has to adhere. Therefore employees are to receive individual payments.
Insurance policies are tax affected hence the company has to pay a certain percentage of every
employee. The payment can be made in cash or in saving the account. The employees can
demand their deductible income at the expense of the company leading to company confusion
caused by tax regulation. The accountant role is supposed to administer each payment to the
employees and determine universal benefits for every employee before paying their accounts.