Self employed…Do I really need an accountant?

[Chippy rain]

Up

0

::

Hi I’m looking for some advice,
Running a small business (just me) and with my income fairly low, less than $50,000 I have been doing my tax return online etc so I have never needed an accountant really.

Problem I’m having is when applying for credit cards or rental properties I keep getting asked for my accountants name etc?

How do other people handle these situations?

[arrowwise]

Up

0

::

You’ll find very few businesses run entirely without an accountant – at least at a minimal level.
I suggest you find one as the need will increase as your business and life changes.
The right one would also add a lot of value to your business well past simply the Tax Return side of things.

[James Millar]

Up

0

::

Chippy rain, post: 259250, member: 61345 wrote:

Hi I’m looking for some advice,
Running a small business (just me) and with my income fairly low, less than $50,000 I have been doing my tax return online etc so I have never needed an accountant really.

Problem I’m having is when applying for credit cards or rental properties I keep getting asked for my accountants name etc?

How do other people handle these situations?

My thoughts are

1. I suspect these organisations are potentially using it as a qualifying tool. They probably rate tax documents from accountants to a higher standard.

2. Your business seems to be truly micro but yes it is possible that a good accountant will add value to your financial affairs.

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

[theone491]

Up

0

::

Chippy rain, post: 259250, member: 61345 wrote:

Hi I’m looking for some advice,
Running a small business (just me) and with my income fairly low, less than $50,000 I have been doing my tax return online etc so I have never needed an accountant really.

Problem I’m having is when applying for credit cards or rental properties I keep getting asked for my accountants name etc?

How do other people handle these situations?

Hmm…I never get asked accountant details, lol.

Yeah its a good idea to have an accountant even just for a tax return. They give a second opinion and can point out mistakes even for just a couple hundred dollars and their fees are tax deductable.

Even more highly beneficial is to educate oneself on taxes, read and research the ATO website..thats what I do.

[steve201]

Up

0

::

Hi

Speaking as an accountant/financial planner myself:

1 – you cannot independently verify your earnings are true and fair doing your own accounts. This is applicable when applying for credit through a bank, eg a credit card.

2 – if you want to grow your business then , at some point you need to talk to an accountant even if its to “chew the fat” and get suggestions.

Thanks.

Steven

[Author]

Posts