Looking for an accountant, what to look out for? 스레드 게시자: Kristina Wolf
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We relocated to Australia in April this year and as the current tax year is the first in a different country I think it would make sense to use an accountant. For those of you who use one, is there anything to look out for, any particular area that they should have experience with (apart from self employment of course ). And what about rates, how does it work in this country, do they have to go by a list and there is little variatio... See more We relocated to Australia in April this year and as the current tax year is the first in a different country I think it would make sense to use an accountant. For those of you who use one, is there anything to look out for, any particular area that they should have experience with (apart from self employment of course). And what about rates, how does it work in this country, do they have to go by a list and there is little variation or do rates vary massively. If the latter, what should I expect to be paying? Do any of you use a mobile tax service that comes to you?
Thanks for bearing with me!
KRistina ▲ Collapse
| | | | | I don't know about Oz, but.... | Sep 12, 2013 |
Kristina Wolf wrote: We relocated to Australia in April this year and as the current tax year is the first in a different country I think it would make sense to use an accountant. For those of you who use one, is there anything to look out for, any particular area that they should have experience with (apart from self employment of course ). And what about rates, how does it work in this country, do they have to go by a list and there is little variation or do rates vary massively. If the latter, what should I expect to be paying? Do any of you use a mobile tax service that comes to you? Thanks for bearing with me! KRistina
I don't know about Oz, but in my experience there are two kinds of accountancy firms:
(a) medium to big firms who don't really have a personal relationship with you and charge a fortune; when I was starting out, my first accountant was a firm like that and it really put me off; the person with whom I had my dealings actually had a stopwatch on his desk and charged me for every minute !
(b) small, maybe even single-person accountants who are themselves a small business and understand the needs of a small business, have a small portfolio of clients and with whom you can build a friendly, personal relationship. And who don't charge you a fortune.
I know which kind of accountant I prefer ! In the end I was lucky to find a one-man practice who works from home, is fairly local, always welcomes me with a kind word, and who is not expensive at all. We exchange little favours from time to time. For me, it's ideal.
Certainly, when you move to a new country and a new tax jurisdiction, it's important to get things right when you're setting up, and an accountant is probably essential. But as time goes on and you get the hang of it, you're likely to need an accountant less and less - so I would advise against getting tied into heavy contractual agreements that you can't get out of.
[Edited at 2013-09-12 08:47 GMT]
| | | | | Some things you need | Sep 12, 2013 |
You need:
– guaranteed access to someone in the firm whenever you need it (preferably to a competent bookie);
– guaranteed response to your queries, no e-mail threads that just die when you really need some answers about the tax or other accounting consequences of reorganising your business, working with foreign clients, employing someone or anything else, including speculative discussion of the future, not just papers to process right here and now;
– your contact ... See more You need:
– guaranteed access to someone in the firm whenever you need it (preferably to a competent bookie);
– guaranteed response to your queries, no e-mail threads that just die when you really need some answers about the tax or other accounting consequences of reorganising your business, working with foreign clients, employing someone or anything else, including speculative discussion of the future, not just papers to process right here and now;
– your contact in the firm must have access to someone who get you those answers you need, and as a translator you will sooner or later have some international tax or invoicing issues to solve – perhaps not many, not too frequently, but sometimes you will definitely have them and will need them addressed with competence to give you solutions and ease, so that you can focus on your work.
Also check the prices. Above all avoid paying for the leather and marble in big firms that will treat you like an insignificant bother in their big scheme of things, barely answering your calls, having you wait for long days, assigning unsupervised junior staff to you etc. ▲ Collapse
| | | | Kristina Wolf 
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Thank you both, Lukasz and Tom, for sharing your thoughts. Good point about the big and small firms, will definitely take that into account and go "hunting" then.
Kristina
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Daria Bontch-Osmolovskaia (X)
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| make sure you choose an accountant... | Sep 18, 2013 |
... and not a 'tax agent'. The latter are cheaper (usually charging about $100 for a personal tax return), but they usually don't know squat about Australian business taxation law, which is what you will need as a self-employed sole trader / freelancer. Those 'mobile tax services' are tax agents. The difference is a short TAFE course vs. a proper university degree in tax accounting.
When I was selecting my accountant, I just called around a couple of local firms and asked them if t... See more ... and not a 'tax agent'. The latter are cheaper (usually charging about $100 for a personal tax return), but they usually don't know squat about Australian business taxation law, which is what you will need as a self-employed sole trader / freelancer. Those 'mobile tax services' are tax agents. The difference is a short TAFE course vs. a proper university degree in tax accounting.
When I was selecting my accountant, I just called around a couple of local firms and asked them if they deal with self-employed / sole traders. Then went with the one that sounded friendlier. He's been really good to me over the last few years, giving us free ad hoc financial advice (not binding, just explanations of what we would need to look out for when buying our apartment, for example, and what would be the best method for saving / investing money); or requirements for running a home office. He also dug up some deductions that I can claim, that I didn't know about. The firm he works for is a private local one, just him and the owner.
He charges us about $150 for my husband's tax return (fairly straight forward job), and $400 for my business tax return. It's a little more than average in my town (about $350 for small businesses, which is what a larger company would charge me), but he's worth it. Also, I get a nervous tick on sighting a tax return form, so this is GOOD stuff, believe me! Anyway, it's a tax deduction for the next financial year, so it's "free".
[Edited at 2013-09-18 05:22 GMT] ▲ Collapse
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