Hi,
I need to get some advice on tax and super. How do I find this kind of adviser and what criteria would you use to assess them?
Tax and Super Advice
Redbeard on 08/06/2022 - 10:28
Comments
Accountants can't give advice on super?
It depends on the advice being sought. The advice may be whether or not investing more in super (not necessarily what in super) is an appropriate tax/cash flow strategy.
In the absence of more detail from OP, this is where I would be starting.
Tax accountant or Financial Adviser.
Start with the ATO website - you can find a lot of information on there as a start.
While accountant is good option, why not we share some tips and tricks to reduce tax
Like salary sacrifice
Wfh allowance etc
Get paid in cash.
No. The type that's made out of plastic/cotton/paper.
Tradies, workshops and eateries love it when they get paid in cash.
Best phone call I ever had while working in tax. Client rang up and asked if they could mint their own currency in gold coins and give each coin a value of $1 each. Then pay the employees a bonus of $1, who then go sell the coin as gold and thus avoid paying any tax on it. Employer avoids paying any payroll tax and such on it as well.
Anyway, no one should give out or listen to random tax advice on the internet. It's clear what you can do to reduce tax, a list of what is deductible is on the ATO website and whether a certain thing is deductible is up to each individuals specific circumstances. It's why accountants are a thing and we don't just crowdsource everyone's tax return.
Google your first sentence.
How do I find this kind of adviser
https://www.publicaccountants.org.au/find-an-accountant
Ideally find someone with a limited license for financial advice re: super.
what criteria would you use to assess them?
Like any other professional - rapport and knowledge. Chat to them (in person preferably).
After finding a person to give advice make sure you check them up on the Financial Planner Register on the moneysmart website. You can check if they are authorised to actually give advice and can find out a lot about the person in terms of work history, education etc .
OzBargain.
what advice you need. tax and super isn't that complex for the most part
If it was simple then why so so many ppl have tax accountants or financial advisers?
++ this
Last I check we are ranked third as most complex tax system in the world
id say most people do there tax straight online using ATO page.
seriously for your average Jo, taxation is pretty simple if you just read the rules
My mumma can help
It depends what specific advice you need and your circumstances.
If there is complexity then a professional is probably a good idea.
But if it's straightforward you could try yourself or if you don't know where to start then a professional for an upfront fee (i.e. no ongoing) might be a good idea. Make it clear that you need them to get you set you up and you'll take it from thereRegarding super advice (if you go down that path) seek an independent advisor with no affiliation to any specific super company (i.e. amp or anz)
Use google and then check the review sites for the companies you found using google. For the review sites use google to find them.
The Moneysmart website is a good starting point for the basics. Includes some calculators and tips on finding an appropriate adviser.
https://moneysmart.gov.au/financial-advicethis is the most generic question ever.
Are you trying to start a super account, swap super account, move over seas, are you an employer,do u want to make extra paymentsAre you trying to hide crypto
Accountant.
Personal referral.