Disclosure Statement: Durand Financial Services Pty Ltd and its advisers are authorised representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306. General Advice Warning: The information contained within this website does not consider your personal circumstances and is of a general nature only. You should not act on it without first obtaining professional financial advice specific to your circumstances.
If your finances are more complex you may want to engage an accountant to give you accounting and tax advice. Accountants may also be able to help you with investment issues provided they have an Australian financial services (AFS) licence. You can check if they have a licence on ASIC Connect’s Professional Registers.
If your accountant gives you advice about the investments of your self-managed super fund, they must have an AFS licence. ASIC’s financial advisers register can tell you where a financial adviser has worked, their qualifications, training, memberships of professional bodies and what products they can advise on.
Check your accountant is licensed to provide investment advice.
To find out more about the licensing of accountants who give financial advice, visit the ASIC website.
Choosing an accountant for your business
Accountants can also help with your business. If you own or run a business an accountant or bookkeeper can help you keep the necessary financial records required by law which will also tell you if you are making a profit.
For more information, check out the Australian Taxation Office’s record keeping essentials. Also look for your local government business advisory service, they can help you find a local business adviser or mentor.
After you have created a shortlist of accountants, contact each of them and find out:
- Specialisation – What services do they offer? Do they regularly deal with people in similar situations to you? Do they have the right experience to help with your specific needs? If not you may have to pay for a more specialised service
- Customer service – Do they respond to phone calls and emails promptly? Do they communicate in plain language with limited use of financial jargon?
- Fees – What will you be charged, and when?
- Registered – If they are going to complete your tax return, your accountant must be registered. Check the tax practitioner register. If they are providing investment advice, they must have an AFS licence or be an authorised representative of an AFS licence holder, check the financial advisers register.
- Qualified – Do they have appropriate tertiary qualifications and are they a member of a professional association? Examples of professional bodies include the Institute of Chartered Accountants in Australia, Certified Practicing Accountants Australia and the Institute of Public Accountants. Professional bodies impose certain standards on their members and can deal with complaints if you’re not happy with your accountant.
If you’re happy with the answers to all these questions you’ll feel more confident working with the accountant.
Good accountants can help you maximise your income and minimise your tax. Take some time to shop around and choose an accountant that meets your needs.