Individual clientele require a different mindset in order to extract the best possible tax refund. Unlike other structures, there is much less “number crunching” involved. As a result, many accountants unfairly devote less time to individuals than other clientele.
And quite wrongly so, although there is less compliance work involved additional time must be taken to analyze the clients situation with a “fine toothed comb” and apply every deduction legally possible.
The basic premise is that as long as an expense is “necessarily incurred in producing assessable income” it should be deductible unless otherwise stated by the ATO. Here in lies the value of our Accountants.
By having an intimate knowledge of the Australian taxation rules, your Accountant is able to sit down and talk you through the process by explaining:
- What we can deduct
- The maximum we can deduct for certain expenditure
- What records/receipts we need in order to deduct the expense
By educating our clientele, we are able to provide them with the tools and knowledge to understand their financial situation and work together with their accountant to strategise and implement a plan to grow their wealth whilst reducing their tax in future years.