Which professions can offer advice?

What does a financial adviser do?

What does an accountant do?

An accountant is primarily focused on managing your bookkeeping and tax obligations. In a nutshell, they are responsible for helping you fulfil your legal requirements by accurately reporting on your financial activity over the financial year, whether for yourself or for a business you own.

Many people visit an accountant if they run a company, have large investments, or need complex tax advice – for example, to understand the tax implications of owning a rental property. But whatever your situation, an accountant can cast a trained eye over your finances and work out the best way to structure them.

Here are some of the services provided by accountants. 

• Develop tailored strategies to minimise your tax liability.
• Ensure you’re claiming the tax deductions and rebates you’re entitled to.
• Help you with legal reporting requirements if you have a business or self-managed super fund.
• Maintain your company’s financial records, such as payroll, accounts payable and balance sheets.
• Take care of complicated tax issues, including business advice and audits
• Explain tax laws and how they might impact you. 

What does a financial counsellor do?

Financial counselling is a free and confidential service offered by not-for-profit community organisations and local government agencies. It’s generally for people who are experiencing severe financial hardship.

Financial counsellors don't charge any fees or receive any commissions for their services. As skilled professionals, they can help you with things like:

• bills or fines you’re unable to pay
• disconnection of your household utilities
• car accidents without insurance
• debt payment plans
• an eviction notice from your home
• declaring bankruptcy
• negotiating with creditors
• making an insurance claim.

They’ll guide you through your options while providing advice on your rights and responsibilities with creditors and government agencies.

In some cases, they may be able to advocate on your behalf. They can also refer you to other specialist support services, such as legal aid, health services and crisis accommodation providers.

Unlike financial advisers, financial counsellors are not focused on wealth creation. Their role is to provide immediate assistance support and practical advice to people who are in debt or struggling to meet everyday living expenses.