What questions should I be asking my accountant?

When meeting with your accountant, it’s important to ask questions that can help you understand your financial situation, make informed decisions, and ensure compliance with Australian tax laws. Here are some questions you may consider asking:

• Taxation: What are the key tax obligations for my business or personal situation? Are there any changes in tax laws or regulations that may impact me? How can I optimize my tax position legally?
• Financial Statements: Can you explain my financial statements in a way that is easy for me to understand? What key financial ratios should I be monitoring for my business?
• Deductions and Credits: What expenses are deductible for my business or personal taxes? Are there any tax credits or incentives that apply to me?
• Record-Keeping: What are the best practices for keeping accurate financial records? How long should I retain my financial documents?
• Business Structure: What questions should I be asking my accountant? Is my current business structure the most tax-efficient for my situation? Are there any potential benefits to changing my business structure?
• GST/BAS (Goods and Services Tax/Business Activity Statement): How does the GST system work, and do I need to register for it? What is my reporting and payment schedule for BAS?
• Superannuation (Retirement Savings): Am I contributing enough to my superannuation for a comfortable retirement? What are the current superannuation rules and contribution limits?
• Budgeting and Forecasting: How can I improve my budgeting and forecasting processes? What financial benchmarks should I be aiming for?
• Compliance: Are there any compliance issues I need to be aware of? How can I ensure that I am meeting all my regulatory obligations?
• Technology and Automation: Are there any accounting software or technological solutions that could benefit my financial management? How can I leverage technology to streamline my financial processes?
• Audit and Review: Do you recommend regular financial audits or reviews for my business? What steps can I take to ensure financial transparency and accuracy?

Remember, these questions can serve as a starting point, and you may have additional inquiries based on your specific circumstances. Open communication with your accountant is crucial for a successful financial partnership.