What makes a tax adviser Property Saavy?

Discussion in 'Accounting & Tax' started by Paul@PAS, 28th Jun, 2017.

Join Australia's most dynamic and respected property investment community
Tags:
  1. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    23,319
    Location:
    Sydney
    I have given this a fair amount of thought and ask lots of clients...

    Is it what they know.
    Or how they explain and communicate
    Their accessability
    Cost
    Tools they give a client

    Love to hear your thoughts.

    When Im impressed...thats not easy so this thread needs some posts! I will share a new tool that comes free for clients. Something new. Something that captures CGT info and saves tax. Did i mention free? Only for PCers.
     
    Jess Peletier likes this.
  2. Xenia

    Xenia Well-Known Member

    Joined:
    16th Oct, 2015
    Posts:
    3,863
    The only thing that impresses me about anyone is experience. They advise from a perspective of knowing and having done it all before.
     
    Perthguy likes this.
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,672
    Location:
    Australia wide
    Innovative strategies to save tax.
     
  4. Piston_Broke

    Piston_Broke Well-Known Member

    Joined:
    30th Jul, 2015
    Posts:
    4,081
    Location:
    Margaritaville
    Generally the have owned a few IPs themselves for many years.
    Thinking bout it, most established accountants I know have.
     
  5. Sackie

    Sackie Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    25,034
    Location:
    Vaucluse, Sydney.
    A good mix of personal experience with expert knowledge directly related to my situation.
     
  6. WestOz

    WestOz Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    1,259
    Location:
    WestOz
    That's a good start, very frustrating when down the track through a conversation someone says "did you claim for that?" or similar, then when ask accountant did we or why didn't we the reply is like why didn't you ask me to claim that for you.

    So its like I as a customer/client employing a "professional" I have to ask the right questions, but if I'm not aware the possibility exists, how would I know to ask it. Its not my profession to keep up to date with, otherwise I'd be doing my own tax, wouldn't need you.

    Whilst "that's nice", it kinda rings alarm bells for me, e.g; if someone is good at what they do their way too busy looking after existing clients and their word of mouth referrals to contemplate a need or requirement to entice/market others with candy.
     
    Corkey likes this.
  7. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,672
    Location:
    Australia wide
    Yes the client doesn't know what they don't know so the advisor should tell them things that they are not claiming or ways to do things so as to minimise tax.

    That is a common claim of clients - they find out that they could have been claiming something, they ask their accountant about it and he or she says yes you can claim that - well why the frig didn't you tell me!

    I still see many people not claiming depreciation on property for example.

    ps. I am not an accountant, but do advise on some tax issues as a lawyer.
     
    Corkey and WestOz like this.
  8. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    23,319
    Location:
    Sydney
    Fair comment. I find that NOBODY has ever kept all the information they should.
    So I want to assist them to.
     
  9. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    23,319
    Location:
    Sydney
    There are two groups
    1. They dont know about QS reports at all
    2. They choose not to because they dont want to spend the $$$

    The first group I dont get. I see loads each you who tell me their accountant never mentioned it (or land tax !). Thats sign of a really poor accountant or a poor communicator.

    The second group I will argue may be due to poor communication. I often have to "sell" a client on the benefits. ie Pay $700 and get a higher $1200 refund each year....It sells itself when you use real numbers. Sometimes I think accountants sell "depreciation"when what they are selling is a higher tax refund...Whats the saying.... sell the sizzle not the sausage ?
     
  10. Piston_Broke

    Piston_Broke Well-Known Member

    Joined:
    30th Jul, 2015
    Posts:
    4,081
    Location:
    Margaritaville
    Most people are too lazy to do their own research and learn the basics about their tax situation. Or maybe the majority just sux at basic maths.
    I hear endless talk of "acct said blah blah" "acct said i should buy a car..." etc.
    But it's good for accountants, more work for them.

    For me the accountant is a contractor/advisor paid to do a job.
    I'm actually the one making the suggestions and scenarios.
     
    Terry_w likes this.

Buy Property Interstate WITHOUT Dropping $15k On Buyers Agents Each Time! Helping People Achieve PASSIVE INCOME Using Our Unique Data-Driven System, So You Can Confidently Buy Top 5% Growth & Cashflow Property, Anywhere In Australia