Home – New Forums Money matters Tax accountant and what do you think?

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  • #978994
    BlueBirdWD
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    I am a WAHM and went to get my tax sorted last week and was really hoping for a proactive tax accountant who would engage in my lodgement and know all the in’s and outs of what we could claim. The end result was far the opposite and I left feeling that he had not done everything possible which has added to the stress of having a large tax bill to pay.

    I honestly have no idea about how the system works and feel so confused on what to do, maybe he did do everything he could but I realised later he didn’t ask if I had any stationary claims, charity claims or even home office claims. These are just basic things that I know of but what about things that I don’t know of that he potentially didn’t claim for?

    Does anyone have any advice on whether they think it’s worth getting it done again with another accountant? Is it possible to see some type of summary of what he has done and take it to another accountant for advice? I know I could end up with two accountant bills but I am wondering if it’s likely there could be a large variance?

    Can anyone recommend a tax accountant I can talk to about this and potentially get it done again with?

    #1111309
    ntgd
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    Is this accoutant you used last year? They might just follow what you claimed last year.

    Do you believe you have more to claim? Like those stationery, donation and home office expenses? You other situation like married or not, have childern or not, have parent living with you or not and many others factors will also determine what you can and cannot claim.

    You can take your copy of tax return to an accountant to have a look to see any things else can be added. There will be cost to amend the tax return which you are aware of.

    Another way to look at it might be that the cost of getting it done somewhere else means you find an accountant that you are happy with.

    #1111310
    Past-Member
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    We use Quinns. If you go to this page you can request the free Tax Kit which is a very helpful kit to go through all the items you need for your tax return.
    http://www.quinns.com.au/free-services

    PS Here is a recent article by Michael Quinn on FS
    http://www.flyingsolo.com.au/finance/business-tax-tips/tax-deduction-tips-for-home-based-businesses

    All the best.
    Karen C.

    #1111311
    yourvirtualboard
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    Like every profession there will always be different grades (average, good, excellent etc.) and the challenge is to find those that provide the best value (not to be confused with cheapest).

    All accountants are able to provide the statutory return service but some add more value by offering advice and strategies to be more tax efficient and like finding a good hairdresser, mechanic, electrician, doctor etc. ask around and you’ll most likely find one you are happy with (heaps on FS).

    Be sure though that your expectations as far as deductions go fall within the reasonable range :)

    #1111312
    Klublok
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    Your business structure makes the biggest impact in reducing your tax bill. Whilst getting the maximum deductions will help, it will not make as big of an impact as having the correct structure tax wise.

    For example, as a sole trader, the more you make the more tax you pay as you are paying the PAYG scale. A company pays tax at 30% so you know what you are expecting (the issue comes when you are trying to take the money out in a good year). Trust can achieve the same or better results if you have several people to distribute money to.

    I have worked with clients with proactive accountants, so whilst I can’t give you names, I can tell what good accountants do with their clients:

    1. they sit with the clients every quarter to go through stock levels, cashflow or whatever else and profit levels;

    2. around March they go through with clients on ways to reduce their tax liabilities based on an estimate of their profits for the three quarters – through super contributions, prepay expenses, delay income receipt (if on a cash basis) etc;

    3. anticipate problems that may arise like succession, restructure for an eventual exit of the business, how to accommodate additional partners, employees etc.

    They may not do that for every client, but certainly for the more “important” ones. Obviously those clients would pay for the accountant’s time. The best thing to do is to see a couple of them – talk to them about your situation and see what they suggest/recommend. Make a time to see them to discuss your business – rememeber it is a two way street – some accountants are too busy with paperwork to be very proactive with every client, so be visible and I am sure they can help you.

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