Home – New Forums Money matters Trust, Company or Both? Reply To: Trust, Company or Both?

James Millar
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Dashboard, post: 268479, member: 116986 wrote:
Thanks Paul & James for your constructive feedback.

I actually moved to doing my own tax because of a bad relationship with an accountant back in years where income was tighter, and looking back have regretted that. So, sacking the accountant is actually more like finding one I can work with.

I am actually looking for a reliable accountant who can support me in the manner I wish to engage (no need to read too much into that, but what I really mean is that I recently found a conveyancer who was capable of handling all of our interactions except the signing via the phone and online when I was out of the country, and it was a level of service I’ve not experienced before or since), maybe for others that’s a normal expectation, but was new for me.

So, to be honest, I think I came here looking to advance my knowledge to arm me with the right tools for an accountant and lawyer discussion for something that as you have pointed out will cost a lot, and be with me for years, or a lifetime if setup correctly.

H&R Block was handily available, rather than where I go to for advice. Alas forums allow and encourage too much tea leaf reading and I shouldn’t have mentioned it.

James, I will double down on looking for an accountant who is honest and open, part of what was driving me here was not being able to find that yet. I probably need more friends who don’t do their own tax.

Paul, thanks for the comments RE Company vs Trust, that was the kind of discussion I was looking for, and it is helpful.

No problem Dash. If it was a case of individual tax for someone with simple affairs (employment etc) then DIY tax often makes sense. However, when it comes to business or investments entities (including retirement tax planning and potential very effective use of SMSF’s) then I absolutely think people need a high quality adviser.

I wish there was a simple way for you to evaluate the quality, expertise, capability of a potential accountant but unfortunately I don’t think there is a simple method. That’s why I think it comes back to “care factor”. In some respects you are probably better off with a B grade technical accountant (maybe B+) that genuinely cares about doing a good job for you as opposed to an A grade that is technically the most capable but doesn’t really care to solve your specific problems. The “care factor” can possibly overcome many things.

Find a way of determining if they “care” about what they do. If you get the sense they enjoy their job of solving clients tax and accounting problems then that is a very good start.

Above all – never accept poor engagement or poor expertise (even if its cheap). Best of luck

Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900