One of the most important people to have on your property investment team is a trusted Accountant.
An Accountant should keep you up to date with any tax changes that could impact you, offer tailored accounting and tax advice and help you to manage your tax liabilities.
As Accountants play a vital role for investors, it’s important to choose the right person to join your investment team. Here are some helpful tips on how to choose your Accountant.
Are they a property specialist?
Choosing an Accountant who specialises in property will make life a lot easier if you own an investment property and have any difficult questions down the track. Accountants who specialise in property have a solid understanding of laws that impact your investment and ways you can claim all tax deductions that you are legally entitled to.
Don’t be afraid to ask questions specific to your investment property.
Importantly, ask the Accountant about depreciation. Accountants who specialise in property have a good understanding of the benefits of claiming depreciation and should refer you to a specialist Quantity Surveyor to maximise your depreciation claim.
Are they registered?
Investors should choose an experienced Accountant who is registered with an association such as CPA Australia or Chartered Accountants Australia and New Zealand (CA ANZ). This ensures a high standard of practice and knowledge. To complete your tax return, an Accountant must be registered with the Tax Practitioners Board (TPB). You can check their TPB registration here. In most cases, they must also have an Australian Financial Services (AFS) licence.
Are they a good match?
If you are satisfied the Accountant is sufficiently qualified and has the required knowledge to manage your investment property, ask yourself if they are a good match for you.
It’s important to have a good working relationship with your Accountant as they form part of your investment team. If your personalities clash and it will be uncomfortable to work with them, they are not the right Accountant for you.
Consider how quickly they respond to your calls and emails. Good customer service is a sign they will make your requests their priority in future.
Do they go the extra mile?
Accountants are highly skilled professionals who should be able to provide you with expert advice when buying a property. Specialist Accountants have a network of property professionals at their fingertips and should refer you to their contacts for further assistance.