Business owners are not the only
ones who need accountants. And with the end of the fiscal year fast
approaching, everyone who makes any income will be busy with their financial
books. It’s an annual activity and yet
somehow it does not get any easier. Changes
in status (single to married) or Student to employed, from employed to
non-employed, calamities, age, number of children, lottery winnings,
commissions, inheritance etc. - these are changes in your life that also change
your taxpayer status.
Tax computations are complex
especially for those with children and if both parents are working. Family Tax
benefits can get as complicated as a quantum physics equation – at least to the
ordinary person.
If you are not into accounting
yourself, it is better to seek the help of an accountant so you can manage your
incomes and taxes better than doing it yourself in a roundabout way. Yes there are ready information and
guidelines. The Australian Taxation Office (ATO) is also very
helpful but you may still end up wondering if you have done everything right.
Good accountants may be fully booked this close to the filing
season. But don’t worry, there are a good number of them and you will be able
to find the right one if you ask the right questions and through proper
channels. But before you go looking one,
prepare yourself and your financial papers.
Consider the scope of the work you want done and decide on a budget.
Here us a few tips on how to find and deal with prospective accountants.
·
Go to these websites to find certified
practicing accountants.
v
Institute
of Chartered Accountants - their
database is more comprehensive as well as expertise and location specific which
will save you time.
·
The websites will give you names, company names,
contact numbers and the address of possible candidates. What the list will not tell is if the
accountant has an ABN number, Insurance or his or her Tax Agent Status. To get this information go to the Business
Checker and search for their
names or company names. Accountants who
have an up-to date status are given a satisfactory of high satisfactory rate.
·
You can also search the Business Checker data
base because some of the previous sites have an option only database so not all
accountants are listed there.
·
Create a shortlist of probable candidates and
ask for an initial interview.
·
Be specific about rates and scope or work to be
done. You can even ask him first if the
initial interview will cost you.
·
Your financial documents need to be handled
carefully and thoroughly so expertise, truthfulness and dependability should be
the top criteria in deciding which accountant you will hire.
There are other informational sites
you can visit regarding Australian Taxation and Accounting issues. Anyone who receives some kind of income has a
responsibility to pay taxes to the State.
This is how the State is able to provide better services to its
citizens.
References and helpful links:
https://www.moneysmart.gov.au/life-events-and-you/life-events/choosing-an-accountant
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