Finding good help around your finances is tough but that comes back to the same old argument. Everyone involved is looking to maximise their return on the investment of time. Accountants only charge a small amount of money and when you look at the qualifications they have and the ongoing training they invest in, they're rightly looking to spend less time on the tax refund because they charge so little for that work.
Sadly, that's inconsistent with what people are looking for – top quality better outcomes for their tax returns.
So what's the answer? Ben Nash explains.
Educate yourself
Research what you can claim, and the amounts available to you and research the questions you should be asking your accountant. Asking the right questions will get you much further.
Overall money strategy
Financial advisors are not tax accountants and do not perform tax returns, but they can help you look at how to be strategic with your tax. They will help you maximise your tax position, minimise your tax obligation and maximise your tax deduction and after-tax return. Hiring a financial advisor is a great start to overall money management. Remember, they are very different to tax accountants so having both on your side is a great idea!
Understanding investments
Where you own your investments is important. Tax outcomes will depend on your income & tax rates – another good reason to get educated and trust your experts in the field to lead you in the right direction.
Practical tip!
The ATO website is very helpful. Make sure you check out the dos, don'ts and what you can claim.
Key call outs
- Maximise your tax deductions.
- Keep good records throughout the financial year.
- Invest your time so you can better invest your money.
The Care for Kids team is so fortunate to be able to bring Ben's knowledge and understanding of family finance to the forefront of our Parenting Playbook and would love to help you too! If you've got a question you'd like Ben to answer, get in touch with the team and we will forward your question.
Ben Nash. Financial Adviser and the founder of Pivot Wealth, helping people invest smarter so they can create a life not limited by money.
He runs regular live online events which you can check out here. | Follow Ben on TikTok | Linkedin | Instagram | Facebook
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Disclaimer: The information contained in this article is general in nature and does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstances before acting on it, and where appropriate, seek professional advice from a finance professional.
