Five common questions you should be asking your Accountant

A great person to ask what you should be asking your accountant is an accountant. So I have prepared five great questions to ask the accountant.

What can I claim?

Of course, your accountant should be asked to explain the deductions that are available to your circumstances and occupation or business.

These may be available in the current year or a good accountant can educate you for future tax returns so that your position improves over time.

Good accounting firms can also keep you up to date on the latest changes that may impact you. For example, budget updates in the May newsletter.

 

What else can I do to improve my finances?

Asking your accountant what else you can do to improve your finances is wise. So an accountant has the experience, to do basic checks on your financial situation and possibly refer you to help and the right places to improve your overall position.

For example, you might be suggested to get a better education on investment options, review your superannuation and get retirement advice all from a financial planner.

Or to look at reviewing your current will or even getting a better deal on your home loan and who can do that for you.

What do others do that are structured well for tax do?

Ask your accountant what their best clients are doing. For instance, ask your accountant if he has many clients that you would like to be like such as a multi-rental property owner and then ask them how they did it.

This may not be able to be achieved immediately, but they can give you a good long-term plan and strategy for you to implement.

Ask them for the top tax tips their smartest or most successful clients are using.

For instance, many wealthy people use negative gearing to create wealth. They buy properties and let the tenant pay for most of the costs collecting their rental income and by deducting loan interest and depreciation on the rental property (if new), which can create large tax deductions. So, it is a great way to take an asset that could grow in value, let the tenant pay for most of it and claim good tax deductions along the way.

How do I run my business better?

Every business owner would know that there is more to life than just their tax return in their day-to-day business life. There are so many different problems and challenges that a business owner has and they simply can never know enough. There is always something to improve on their business isn’t there?

For instance, it may be as simple as asking, “How do I keep my accounts more easily up to date so I can save some time to do more selling?”

Some other common challenges that business owners may have include cash flow difficulty, debtor collection problems, staff-related problems, personal effectiveness, motivation, help with asset protection, risk reductions, business exit strategies, small business marketing, business planning and strategy, and how to best their networking skills.

How do I plan a beautiful financial future?

Lastly, ask your accountant what else you should be planning long term to have a successful financial position.

Have them guide you into good investment, banking and accounting habits. Take on board any suggestions or guidelines.

Get new ideas on what might be good goals for you to set for yourself and take action towards their achievement.

An accountant will tell you how to look forward and not just back.

 

For more information visit taxaccountingadelaide.com or call on 0883374460