Revised rules require fresh tax and accounting advice, but blame is often directed at tax professionals. Accountants have emerged from the pandemic into a blizzard of changes and keeping clients up to date risks a backlash over tighter compliance rules and increased fees.
Accountants and tax professionals are facing huge changes, which must be communicated and passed onto their clients. As a sector, we've
worked hard during the pandemic to maintain businesses and keep them afloat, we're now in a position whereby we need to hand down the firm
tax changes onto clients.
Some of the most common changes include:
As a firm, we are always maintaining our internal level of training and legislation information so that we can confidently advise our clients with the most accurate and up-to-date rules. As tax professionals, it's our duty of care to our clients to explain any changes that will affect you. Sometimes this means the advice you may have been given 6 months ago may no longer be valid.
We’re in this limbo-land between draft ruling and final ruling where things might change – at times this places us in an incredibly
difficult position whereby our advice to our clients may change.
It might seem like a clever strategy - moving surplus business cash into your personal mortgage offset account to save on home loan interest, then shifting it back to the company around tax time. But there’s a catch: the ATO sees this, and they’re not fans.
Running a small business has always been personal. Every sale, every setback, every sleepless night - it all comes back to the same person: the owner.
A staggering 93% of small business owners reported higher costs this year, while 64% saw profits fall. Taxes, wages, and insurance top the list of pressures, with taxes ranked as the number one cost by half of respondents of a recent report.
