Tax Return 2016 - What to expect from your accountant

Serhat Atalmis - Tuesday, June 21, 2016

With tax time upon us choosing the right accountant is very important to ensure you get the most out of your tax refund and are made aware of what is available to you. With the ever changing tax landscape it is important to find an accountant who understands these changes and can provide you with accurate and up-to date tax advice.

Let’s face it, sorting through paperwork and receipts, trying to make sense of all the year-end tax statements and working out what can and can’t be claimed isn’t everyone’s favourite pastime. As painful as it may seem, it is compliance and needs to be done every year (if you are required to lodge a tax return). To help you find the right accountant we have prepared a checklist to help you engage with the correct professional;

What you should look for in an accountant:

  • Accurate and up to date tax advice – Ensure your accountant understands your industry and has up to date knowledge to ensure you are claiming all your eligible deductions and are aware of what is available for you.
  • Be proactive - Find an accountant that will be proactive in not only ensuring you are compliant, but also teach and educate you on what is required to be done, what things can be done better and offer tips and support tailored to suit your needs.
  • Save you tax -  By asking the right questions and offering suggestions / advice you accountant should be able to save you tax.
  • Access to a professional network- A good accountant will look at the overall picture when servicing their clients. Find an accountant who not only completes your tax but can help refer you to a trusted financial planner, mortgage broker, bookkeeper, property advocate or solicitor to name a few.
  • Clear pricing – Find an accountant who is reasonably priced or who can indicate prices of standard services up front. Nobody likes surprise bills.
  • Be available - Find an accountant that is available to take your calls, reply to your emails or who is open extended hours over the peak periods.

Summary

When looking for an accountant to partner with you on your tax journey look for a reputable accountant. Someone who will take the time to ask the right questions, get to know you and your business (or non-business clients) and provide you with information to help you better understand the tax landscape and offer suggestions to help you legitimately minimise your tax.  

At Choice Accounting we have a professional team ready to help you look after your tax affairs and welcome you to use our professional network of trusted advisers. Our team of proactive accountants will take the time to ask the right questions, get to know you and your requirements and offer suggestions. We are here to help.

This year we have a Standard Individual Tax Return package for $110.00 incl. GST which includes;

  •        Your Standard Individual Tax Return prepared and lodged
  •         Free lost super search
  •       Free 30-minute consultation with a financial planner
  •         Free mortgage health check.

To take advantage of this great offer please contact our office on (03) 9386 1244 or send us an email at admin@choice-accounting.com.au alternatively leave your details on our website www.choice-accounting.com.au and we will contact you.

Our office is located at 829A Sydney Road Brunswick Victoria 3056 however our clients aren’t limited to the Brunswick area. If you can’t make it to our office we can organise an alternative measure, please contact our office to discuss. 

Small Business Administration - On the search for Business Nirvana

Rob Daly - Thursday, June 04, 2015

I have a dream. My BAS will be done while I’m asleep: my invoices paid, my bank account in credit, and everything is tickety-boo with the ATO.

I said it was a dream, but the reality is that we are almost there with cloud-based bookkeeping. Name me something easier than scanning purchase receipts on the go, or invoicing after the job is complete? Don’t you just love jobs where payment is given immediately upon completion?  

Picture this: the day has finished and you don’t have to pick up that computer to generate a quote, or trudge to that room at the back of your house and crank up the systems to generate one invoice. Perhaps it would be worse to have to tell your partner that you have to go back to work because you have some bookkeeping to do!

Imagine a working day when you wake up, and at a press of a button you can see, at a glance, what your financial position is. 

Imagine carrying on through the day generating income while bookkeeping becomes second nature to you, like a walk in the park. 

Imagine that time spent concentrating on bookkeeping is now diverted to developing your business, marketing your business and converting sales to income. Imagine that when you come home your working day has stopped and you have free time.

Imagine that weekend at the end of the financial year when the weather is good and there is always something better to do and you can actually go off and do it!

All of this is possible.   

Cloud accounting has arrived. There are so many cloud-based packages like QBO, XERO and MYOB, with features to choose from that will suit almost every business. Most of them have applications to keep you and your office mobile. Most of them take the headache out of reconciliation, and BAS is literally just a report.

The first step toward finding Nirvana is selecting the right bookkeeping system for you, and then investing a little time to understand how the software works and how to use those apps. Make sure your software reflects your business and that all the accounts are ready for allocation of income and expenditure. None of this is rocket science - just methodological organisation. I know. I hear you say when, and how?

So, if time is short there is always help at hand. There are bookkeepers, accountants and software companies with all sorts of solutions and recommendations. The first meeting is usually free, but the advice is priceless. 

Software companies are snapping at your heels for your business and tempting you with great offers, but one company has all the answers. So for more informed information with no strings attached (and a step nearer to Nirvana) contact:

Gill Greenstein, an independent Bookkeeper servicing Choice Accounting’s clients.

 www.choice-accounting.com.au              or             www.gillgreenstein.com.au

Institute of Certified Bookkeepers: www.icb.com.au

Good luck, and here’s to finding Nirvana.

Gill Greenstein

On the money for your business

If you would like to discuss your requirements with one of our experts, feel free to leave your details here and we will get back to you ASAP with information specific to your industry.

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