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What does an Accountant do?
An accountant interprets your financial records, helps you keep records, and is instrumental in minimising your tax in order to increase your income. This then allows your financial adviser to invest more money for your long-term goals. A good accountant will plan ahead, along with your adviser, to help reduce tax that might become payable in the future. An accountant will assist with business planning, budgeting, business structuring, financial modelling, and analysis and tax planning strategies.
How our Accountants can help you
Working in collaboration with our accountants can help you to maximise your tax savings by using smart investment decisions and long-term planning that meet your future life goals. Legislation and rules which govern tax law and investments change often, and having a professional work with you within the changing guidelines, ensures that you are always one step ahead. Teamwork is important to Hudson and we draw on each other’s experiences to provide the best possible solutions for our clients.
Our Accounting Services
Business Accounting (sole trader, partnership, trust and company)
- Business planning, tax planning, cash management and forecast, and strategic tax and business advice.
- Claiming maximum tax benefits to minimise tax payable, thereby increasing income. A tax accountant ensures compliance and can lodge on your behalf giving you peace of mind.
SMSF setup & planning
- An accountant cannot recommend the set up or wind up of a SMSF without being appropriately licensed under an AFS license. Typically, a SMSF accountant deals with what has already happened in your SMSF. They then form a coherent picture for tax and record keeping purposes. They also help with administration tasks and lodging tax returns. They can set up and manage your SMSF, however since 1st July 2016 with the regulatory changes, advice regarding SMSF must come from an accountant or adviser that has an AFS license. That is where the collaboration between your SMSF adviser and accountant is so very important.
- Responsible for maintaining a business’ accounting records.
Succession planning – Summary
- It’s never too early to create a business exit strategy, and planning with your accountant will ensure that you are in the best position when the time comes.
Why use an Accountant in collaboration with your Financial Adviser?
By working together, your accountant and financial adviser can draw on each other’s strengths and experiences to provide you with the best possible solution. Your accountant brings the detail, whilst your adviser brings the big picture and offers alternative investment paths to get you where you want to be. There is much more scope to get you on track with an accountant and adviser both involved.
What is a Tax Accountants?
A tax accountant is responsible for analysing financial accounts and preparing and submitting tax statements and returns for individuals and businesses. A good tax accountant will help you to maximise any refund that you have as well as offer sound advice for minimising tax going forward.
Benefits of using a Tax Accountant
Using an accountant to lodge your tax return can often return a larger refund than if you were going it alone. Advice is given around what you can claim and exactly how to claim it. The form is lodged correctly and for the more complex income, capital gains, small business, there is peace of mind knowing that it has been done right. Accountants are always up to date on tax law (let’s face it, it’s their job) so are able to stay on top of compliance and are aware exactly of what you may or may not be entitled to. The cost of an accountant is often paid for many times over by the amount of tax they manage to save you.
Tax Accounting Auditing
The aim of a tax audit is to make sure you are paying the right amount of tax. To make sure that the tax system is fair to everyone, the ATO (Australian Tax Office) contacts around 2 million taxpayers each year to review their tax returns, although not all of them will be audited.
Step by Step Process of working with an Accountant:
The Hudson step by step accounting process is simple;
Step 1: Reach out to one of Hudson’s wealth advisers
Step 2: A Hudson adviser will set up an initial meeting to review your current financial and wealth status. At this stage, if your situation requires more complex tax planning, we will talk to you about your relationship with an accountant. If you have an existing accountant that works with you already we would encourage a meeting between your accountant and our wealth advisers. If you are looking for an accountant, Hudson works with a number of accountants (we do not get renumerated for this) who are experts in their field and work in collaboration with our advisers already.
Step 3: We map out goals and objectives that work for you, and work with your accountant in order to minimise your tax and therefore maximise your income available for investments.
Step 4: We provide ongoing support and assistance for you to achieve your wealth & financial goals.
Contact Hudson for Accounting Advice today
Having the right tax structure is key to minimising your tax obligations as is knowing what you can and can’t claim. It is important to make sure that you’re getting the most out of tax time by ensuring that you’re claiming all the tax deductions you’re entitled to.
A good accountant should take a holistic approach and work with your adviser to take into consideration your personal lifestyle objectives. Tax plays such an important role in growing your wealth, that is why it is important that your adviser work directly with one of our specialist tax partners or team up with your chosen accountant to maximise your benefits and work seamlessly towards your financial goals.
Hudson work in collaboration with 4 very experienced accountants who are dedicated to working with your Hudson financial adviser to ensure that your financial plan takes into consideration every angle.
FAQs for Accountants
Discover our most commonly asked questions relating to Accountants at Hudson:
Can an Accountant give tax advice?
Yes, as long as they specialise in taxation accounting. They must have studied law and tax to be registered by the TPB. Their license must be renewed every three years. Not all accountants are registered tax agents, but most are.
- What is the difference between a Chartered Accountant and an Accountant?
A chartered accountant (CA) is an extra qualification that you acquire that makes you better equipped to handle more complex accounting processes.
- How much does an Accountant cost?
There is no one price fits all, it’s important to get a proposal done up prior to establishing a relationship with any accountant or tax agent.
- How do you find the right Accountant?
The best way to find a good accountant is to ask around for word of mouth. Ask colleagues, family and friends…or Hudson! A recommendation often gets you halfway there. You also need to decide if you need an accountant or a CPA (Certified Practicing Accountancy firm). A CPA offers a more varied role for more complex situations, but can also be more expensive. Compare fees with different firms and check qualifications and licensing.
- What is the purpose of a Tax Accountant?
A tax accountant will take the stress and worry out of lodging your tax return and will ensure that it is compliant, reducing your risk of a tax audit. A tax accountant can also often increase your refund with benefits you may not be aware of.
- Is it worth using an Accountant to do your tax?
Yes, absolutely. I wouldn’t try to operate on myself, work on my own car, or even cut my own hair these days, in the same way that my accountant will do a far better job than I would because that is what they do.
- Can all Accountants support with tax?
No, they must be a registered tax agent to support you with tax.
- Do you need an Accountant to set up a business?
No, but having an accountant on your side can ensure that you have your structure right from the start, which can save grief later on down the track.