When to switch accountants

When do you think the best time to switch accountants would be? We currently use an accountant who deals mainly with businesses and while he has done a great job I think its time to switch to a more property savvy accountant. Would you just wait until end of the financial year or is it best to switch now so there is time to implement any advice before EOFY?

 

maybe give your current accountant a chance to see if they can meet your property needs as well. you will find many accountants who specialise in business returns have clients investing in commercial and residential property so they may well be able to help. just discuss your needs with them first.

if not the right fit any time is right to move but best to make sure you have all your records and documentation on hand so the new accountant isnt struggling to get together information later on.

 

If you've already spoken to your accountant and found they're not the right fit for you in terms of property investment, I'd change now. I think this is a better option as it allows you to find someone with plenty of time up your sleeve to implement any changes required by EOFY next year as you've suggested.

I'd also check out the forums for recommendations of property savvy accountants, there's plenty around - just got to find the right fit for you.

 

Many tax advisers say they know property but dont know it that well....They can do basic rental etc.

These issues seem to rate highly for clients as reason to change tax advisers

• They dont know property WELL..ie expertise
• They dont understand SMSF / Trusts etc
• They dont communicate well
• They dont explain things
• They delegate to a junior
• They never get back to you when you have questions
• Poor workflow management. You are always chasing them

Changing prior to 31 October may be important to preserve the tax agent extended concessions. All that is required is to be on the new agents books by then. The work can be done later if required.

 

Thanks for your responses everyone. @Paul@PFI can you please explain the extended concessions to me. I haven't heard of this before. Cheers

 

15th May 20-18 is final (sort of) due date for lodgement by tax agents who lodge using SBR/ELS lodgement systems. It can also be beyond that....If the agent advises the conditions.

This extended due date assumes your 2016 was lodged on time

 

Change when they no longer fit into your plan or your not getting the service you need. Always shop around and interview accountants to find out how well they understand and can fit your plan.....!

We changed accountants last year (after 10+ years) as we had also changed some of our working incomes and business assets.....generally rationalised and simplified our plan.
We were using a firm who knew company structures, shares and options well and had some knowledge of local and international property.....they were good but also expensive.

We are doing LOR at the moment while renovating a Qld house and next year will be overseas for some time
The new guy is a reasonably good suburban accountant who interviewed well and understood our plan.
He is very helpful and is able to follow instructions - at considerably less expense.

 

Thanks everyone for your advice