How does it work information/data transfer if I was to change accountant? I have been with the same accountancy for around 14yrs, recently found out there was a change only because I looked into mygov and noticed a notation of a new accountancy being 'authorised' but I don't know who they were. Turns out the firm was bought out by another, and my existing accountant has left starting his own firm. Given I had over 14yrs of investment property historical data including depreciation schedule etc with the existing firm, how does it work if I was to change and start using another accountancy firm? eg how will the new accountant get data for this year/next year's depreciation schedule? Anyone has changed accountants previously who could share please? And those who are the accountants, would very much appreciate your advise as well thank you.
Your financial records are your property. The old accountant has an obligation to pass them over to the new accountant. If they do not help you can lodge a complaint against professional bodies. so it is not that difficult. the privacy issue looks disconcerting if you did not not consent to transfer your data.
Thanks Ross, my concern exactly. I would have no objection of continue to use the firm even in its new operating name, if only they have reached out email/mail to inform and introduce themselves. But for me to randomly log on to ATO to see a new accountancy firm name as authorised agency gave me a shock. On reaching out to them there was very little explanation or customer service - I just feel it wouldn't be the right match to continue.
The ato will transfer a client list to another tax agent where the outgoing accountant have consent from all your clients to transfer their information in compliance with Australian Privacy Principles
The lodging tax agent number may have changed but the same "practice" and people may be still doing the work with complete acess to records. Think of it as someone has bought into the practice, joined etc and they may have joined a francise etc Could be same office, same desks etc. Or it could have a outright sale in which case its a bit thick to assume clients want that. You may hate the staff changes and your past contact has left. WE often hear of very unhappy clients when this happens. New owners have no idea etc You are always free to move onwards and could ask for copies of information. Most data is electronic and a USB drive will make it easy. You should NEVER rely on the accountant for safeguarding YOUR data. Many pratices do treat most data as the clients to copy. We certainly do. Some former practices get silly and try to charge and even get uncooperative. Its rare You could approach a new accountant. It is easer if the client gets the past data. One accountant asking another is never as efficient. We handover to the client not another accountant
