So why come and see a proper Tax Adviser for Tax Advice?
A lot of times clients will say “How much can you save me in Tax” or “My Mate who has a similar business to mine pays no Tax” There are a couple of possible things happening here
When working with business clients proper end of year tax planning and keeping open communication between Client and Accountant is very important and can save thousands of dollars or even tens of thousands of dollars. The same is true when looking at some transactions like Property Development or Mergers and Business Acquisitions it can be easy to save a lot of Tax by talking things through before you start..
When you look at Personal Taxation there are also plenty of times that I have saved people money by finding tax deductions their last Accountant missed, often this is hundreds and occasionally thousands of dollars but there are also many times that I have told people they can not claim what they used to claim.
At the end of the day while saving people tax is great I do not believe this is where the true value in using Mount Martha Accountants lies. The true value is not in a short term win on your tax return but rather longer term;
- When I look at all my business clients that are running successful profitable businesses of 10 yrs+ in age they all have neat and tidy book work, they all lodge and pay their tax return and BAS on time and they pay attention to Tax.
- If something goes wrong and you get some issue with the Tax Office this can cost Thousands of dollars and in many cases Bankrupt you and/or your business.
- Many times I have seen poorly managed finances cause or at least contribute to Marriage breakdowns as well as breakdown and eventual dissolution of Business Partnerships.
These are the real reasons to come and see us, we know the Tax laws and will try out best to explain them in plain English as well as helping you to manage your finances and taxation affairs in the real world. This is where the real long term value in paying a professional tax adviser lies.
Contact our Tax Specialists here
Author Alan Maddick 13th April 2021
Tax Advice from the ATO