Many Accountants and Accounting Practices are robotic in their approach and are totally focused on compliance accounting, often lacking any business acumen and concept and/or lacking an affinity with numbers. At Taxland we are dedicated to establishing a one-on-one relationship, that larger enterprises do not offer.
Three ( 3) examples of recent new clients as of October 2012:
Ben (E-Communications) - Ben had been blindsided with a $12,000 “tax” bill, plus catch-up PAYG Installments, from his previous year’s Tax Return and he didn’t want to be caught in that situation again. One option to avoid a recurrence may have been to simply pay more PAYG than he should; or perhaps he could locate an Accountant who could offer more than merely writing-up a scorecard after the game has been played. Ben subsequently met with us and, having evaluated the value-adding service we could provide, made the decision to entrust us with his “taxation” matters. The result: We monitored and managed, with Ben’s assistance, his Company’s year-to-date and projected business performance (including its anticipated Final Dividend); we then incorporated this information into progressive calculations related to both the Company’s and Ben’s PAYG Instalment obligations, as well as their respective projected Income Tax outcomes. This year the “tax” discrepancy between ‘estimate’ and ‘actual’ was an amount of $21.20; and our fees are less than his previous Accountant charged.
Tony (Master Painter) – A client recommended that Tony should visit us to discuss his taxation matters. Tony did so and brought along a copy of his previous Tax Return to our initial meeting and, at first glance, errors and omissions were immediately identified. The result: Tony received a refund of $3,141.24 (including interest) from the ATO after an Amended Tax Return for the year in question was prepared and lodged; and our fees are less than his previous Accountant charged.
Paul (Master Electrician) – Tony recommended Paul to meet with us and Paul brought his previous Tax Return along, saying that he wasn’t quite sure whether it had been correctly prepared (by the way, Tony wasn’t using the same Accountant as Paul). The result: Paul was right, albeit he had grossly understated the lack of professionalism applied in preparing the Tax Return; an Amended Tax Return for the year in question was prepared and lodged with the outcome being a reduction in Paul’s Taxable Income amounting to $51,464.00 and a refund of $15,098.54 from the ATO (including interest); and our fees are less than his previous Accountant charged.
A question to ponder: What if your Accountant estimated and informed you of your Income Tax and/or PAYG Instalment obligations before it was crunch-time with the ATO?