With the end of the financial year (EOFY) and tax time just around the corner, you might be thinking about getting an accountant to help you make the most of your tax return. Choosing the right accountant doesn’t have to be stressful—think of it like finding the perfect coffee shop or a great hairdresser. Here’s a friendly guide to help you find an accountant that suits your needs.

Find an Accountant Who Gets You

Everyone’s tax situation is different, so it’s important to find an accountant who understands your specific needs. Are you a full-time employee with a straightforward tax return? Do you juggle multiple jobs? Are you self-employed or running a small business? Maybe you own an investment property? Different accountants specialise in different areas, so look for one who has experience relevant to your situation.

Check Their Credentials

Make sure any accountant you consider is a member of a professional body like CPA Australia, Chartered Accountants Australia and New Zealand (CA ANZ), or the Institute of Public Accountants (IPA). This means they have an accredited qualification and follow strict professional standards. It’s like a stamp of approval, ensuring they know their stuff.

Verify Their Registration

It is important to remember that only registered tax agents can legally prepare and lodge your tax return. To ensure your accountant is legit, check if they’re registered with the Tax Practitioners Board (TPB). You can easily verify this online on the TPB Register. A registered tax agent is up to date with all the latest tax laws and can ensure your tax return is done right.

Get Your Ducks in a Row

To get the best possible outcome from your tax return, it helps to be prepared. Here are some things to have ready before meeting your accountant:

  • Income Statements: Gather all forms of income, including salary, wages, and any freelance gigs.
  • Deductible Expenses: Keep receipts for work-related expenses, charitable donations, and other deductions. I have included a list below to help.
  • Investment Records: If you have investments, bring details of dividends, interest earned, and any capital gains or losses.
  • Investment Property Info: If you own an investment property, prepare details of rental income, mortgage interest, property management fees, and other expenses. Your accountant can help you navigate the tax obligations and benefits, such as claiming deductions for depreciation and expenses related to the property.
  • Personal Info: Make sure your personal details are up to date, including bank account information for any refunds.

Everyday Purchases That Could Be Tax Deductible

You might be surprised to learn that some of your everyday purchases could be tax deductible. Below are a few examples however your accountant will know what is tax-deductible:

  • Charity Donations: Contributions to registered charities can be deducted from your taxable income.
  • Work Equipment: Items like computers, tools, or office supplies that are necessary for your job can be claimed.
  • Professional Development: Expenses for courses or training related to your job may be deductible.
  • Union Fees: If you’re a member of a union, those fees can be claimed.
  • Home Office Expenses: If you work from home, a portion of your home office expenses like internet, electricity, and office supplies can be deducted.
  • Work-Related Travel: Costs for work-related travel, such as public transport, car expenses, or accommodation, may be deductible.

We’re Here to Help

Having a long time accountant that understands your needs has been incredibly helpful to our own business, personally and for all major business decisions, and I am sure can help you too.

If you have any questions, don’t hesitate to reach out to us at admin@themoneysandwich.com.

Choosing the right accountant can make tax time a breeze. By finding someone who understands your unique situation, you can maximise your tax return and set yourself up for financial success.

 

Article by Marc Bineham – Money coach, speaker and award-winning author of The Money Sandwich

Disclaimer: This information is not advice, as not personalised to your own situation, and past performance is never guaranteed for the future. What we are trying to do here is to provide tips, coaching and education to help improve your money knowledge which we believe, can only be a good thing.