Home Forums Money matters Suggestion for IT accountant

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  • #1000584
    cshiel
    Member
    • Total posts: 34

    Can anyone recommend where to find tax accountants specializing in IT contracting? I’m based in Adelaide but ok with finding someone remote as options here are likely limited.
    As I’m a one man a band some accountant that’s used to dealing money matters for smaller clients is preferred.

    #1224850
    JamesMillar
    Participant
    • Total posts: 1,675

    Happy to give you some pointers on what to look for.

    The big question – What issues / problems do you need the accountant to solve?

    (a) If it’s purely tax lodgements and you don’t want or need any complex tax advice or hand-holding or recommendations then just find a cheap (but good) tax factory. If you have a company your budget should be between $1000 to $1500 per year for this without any bookkeeping. Just make sure you have low expectations because at this level you will not be hiring an expert solution that can solve a range of financial problems for you.

    (b) Alternatively, if you want/need complex tax advice (PSI or income splitting navigation), more hand-holding, more guidance, help with structure, help to get finance then you are beyond the scope of a cheap tax factory. You need to put “cost” aside as a driving factor and focus more on the value that comes with a long-term professional advisory relationship. ie a real pro will solve many more problems which will invariably be of great value to you. They will help you reduce tax and extract money at the right time so that you can get a loan to buy a home or holiday home. They will help plan for an optimal retirement. etc etc. For a company, you would expect to pay north of $3000 per year for this in most major Australian cities.

    I see a lot of people wanting to hire a professional accountant and thinking they are going to get scenario (b) for the price of scenario (a). The vast majority end up disappointed and then come here and complain that they hired a “professional accountant”, paid $1000, and received terrible advice and service. Surprise surprise.

    Anyway, they are some pointers to help you with your search.

    Best of luck.

    PS were are not (a) but happy to help if you want (b)

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