Wednesday, June 30, 2010

Cheap Tax Returns

Today we were checking though client files and we found that one of our clients had 2overdue tax returns (we check this sort of thing all the time) and we called the client and he is 100% sure the returns were lodged by HR Block. Now obviously the client could very easily be wrong (we are talking about 3 years ago).

Unfortunately this is the second time in as many months we have come across this sort of error. The last one was ITP and on calling the ITP office who supposedly lodged the missing returns we were told the office in question had been sold and re-located so there was no way they would have kept any files from past clients!

These organisations are large and often do their work for pretty low prices but unfortunately these things do happen, i would recommend you always get your tax returns done by a reputable Accountant rather than shopping around for the cheapest price. As an added bonus you will probably get a better refund and the Accountant will lodge your return!

While many fully qualified Accountants spend a lot of their time dealing with more complex business and strategic issues as an Accountant they are required to do 30-40hrs of CPD per year and also have regular quality control audits so you can be sure they have the skills and knowledge to prepare your tax return.

Quality Tax Returns Melbourne

Wednesday, June 23, 2010

Life in a post Rudd world...

Wow what a day, i don't think that anyone has ever been as interested in politics as today.(at least in my lifetime) It's also the first time i have received breaking news via Facebook!

The big question for businesses both large and small is where do we stand with the many Tax changes announced by the Rudd Government? Presumably Julia must make some changes if for no other reason than to put her stamp on Australian Politics.

If Julia really wants to differentiate herself from Kevin07 i think she needs to act in a clear and decisive way to give the business community certainty about the tax and legislative environment we are operating in.

And as always remember if you are left wondering what is going on and what this means for you and your business don't hesitate to get in touch!

Thursday, June 17, 2010

End of year time for us Accountants and Financial Planners can be a real handful at times. No matter how many times we tell clients they always leave planning to the last minute.

When you are sitting down in front of a client with hundreds of thousands of dollars of taxable income that they need to get rid of with a few days before June 30th it is really easy to see why so many advisers take the easy way out and place their clients funds into Agri investments! In the office we are not taking that option and instead looking at more complex multi product strategies with a range of capital protected products that are based on equities.

Wednesday, June 9, 2010

Networking and the dying art of referrals

In a world where people are more likely to check your references on google than they are by picking up your phone is the age old business stalwart of the "qualified referral" dead and buried?

These days it seems harder and harder to just to keep track of my friends birthdays (unless facebook reminds me) let alone establish if they need a good electrician. I think more and more this referral function for better or worse is being replaced with facebook, linked in and especially twitter. I have actually lost track of the number of times someone has told me they found so and so through twitter!

So what is the new referral etiquette? Do you need to actively network on these mediums so that people will then refer work to you within the platform or can you rely on having a more passive presence to attract and secure work?

Small Business Accountants

Friday, June 4, 2010

Mining Super tax

Wow the mining industry must really care about the "super tax" they even have their own ads! Industry is normally hesitant to get involved in politics, at least in public.

I wonder if the Rudd Government will run a matching campaign?

Wednesday, June 2, 2010

Why don't clients recognise that commisions are a problem?

I had an interesting chat with a buyers advocate this morning and she is coming up against a commission issue, she has a client who has been told by their advisor to buy an off the plan property no doubt heavily influenced by the fact the advisor will receive a very healthy commission cheque.

When offered the option of having a third party review the deal to ensure it stacked up their reply was "we trust the financial planner". This comment is the problem, clients inevitably trust their advisers who have more knowledge and experience about financial matters than them.

The problem occurs because these commission payments DO influence advisers and the advice that they give, any advisor who says it doesn't is either crooked or kidding them selves.

Tuesday, June 1, 2010

Crunch time

In the next week or so I have to explain to my first existing client who is used to commisions paying for my work that all of a sudden he needs to fork out $1000+ for me to do the work he has asked me to do.

I"m sure he will be fine just all the other clients I have expelained fee for service to so far have been distinctly better off with fee for service whereas this client will be worse off both in real $ terms.

Small Business Accountants