Although it may be politically incorrect to say so, the reality is not all tax accountants are equal. Just as all drivers are not better than average, statistics also tell us that it’s not possible for every accountant to be above average. Some are fantastic and really know their stuff, and others are dreadful and can barely tell the time of day.
As a taxpayer looking for a new tax accountant, you want to avoid the turkey and deal with an above average accountant. Your financial health, and sometimes, sanity, depends on it. The key to achieving this is knowing how to spot and identify the turkey in the wild (i.e. in their office, from their website, advertisement, Facebook page, etc.). Knowledge is wisdom, so if you can identify the turkey, the problem is solved, and you can avoid them.
Five signs a tax accountant is a turkey:
- They are not proactive. They provide no advice on how to save extra tax or make your business more profitable.
- They only want to complete the paperwork and have you out the door as quickly as possible.
- They have never discussed and explained the benefits of self-managed super funds with you.
- They have never explained the tax saving opportunities with trusts and companies.
- They don’t try and educate you about making your business more profitable, tax planning, or saving tax. That is, no newsletter, no seminars, nothing.