Choosing a Personal Accountant for Your Financial Services

Finding the right personal accountant can make a significant difference in your financial well-being. Whether you need assistance with budgeting, tax planning, investment strategies, or retirement planning, choosing an accountant who understands your unique financial situation is crucial. With so many options available, knowing what to look for will help you make an informed decision.

Assessing Your Personal Financial Needs

Before choosing an accountant, it's essential to evaluate your financial situation and long-term goals. Are you looking for help with managing everyday expenses, saving for a home, or planning for retirement? Identifying your priorities will help you find an accountant with the right expertise.

Some individuals require specialised financial services, such as property or other investment advice, debt management strategies, financial planning, estate planning, or superannuation planning. If you have specific financial concerns, choosing an accountant with experience and qualifications in those areas can provide tailored solutions that align with your objectives.

Key Qualities to Look for in a Personal Accountant

Not all accountants offer the same level of expertise or services, so when choosing a personal accountant for your needs, consider the following:

Standard Qualifications, Certifications and Associations

A qualified accountant should hold relevant accreditations, such as:

• Certified Practising Accountant (CPA): A recognised qualification indicating high standards of accounting expertise.
• Institute of Public Accountants (IPA) Membership: Ensures compliance with industry regulations.
• Tax Practitioners Board (TPB) Registration: Required for accountants offering tax-related services.

Checking these credentials ensures that your accountant is professionally trained and adheres to Australian accounting standards.

Additional and Higher Qualifications

Some accountants have additional qualifications and specialise in specific areas of accounting, enabling them to offer advice tailored to your situation:

Australian Financial Services License (AFSL)

Accountants must hold either a limited or full Australian Financial Services License (AFSL) to provide financial planning and investment advice. A limited license allows advice on specific areas like superannuation, while a full license is required for comprehensive financial planning services.

Chartered Tax Adviser (CTA) Qualification

The Chartered Tax Adviser qualification is the “gold standard” of tax knowledge and specialises in taxation matters for businesses and individuals, including tax compliance principles, managing complex tax affairs, tax planning, and advisory skills across the different tax specialisations. CTAs are highly specialised and always up to date with the latest tax legislation and practices regarding Australian Taxation.

Experience and Specialisation

Experience plays a part when choosing an accountant, and it is beneficial to work with an accountant who has worked with clients in a similar financial position to yours. Whether you’re a self-employed professional, an investor, or planning for retirement, an accountant with relevant experience can offer valuable insights and financial advice.

Specialisation is equally important. Some accountants focus on tax minimisation strategies, while others excel in superannuation planning or debt reduction. Choosing an accountant with expertise in your financial needs can lead to better long-term outcomes.

Individual Service and Personal Fit

Aside from qualifications and experience, your personal accountant should be approachable and communicate complex financial matters in a way that’s easy to understand. A good accountant should be a trusted advisor who listens to your concerns and provides clear, practical solutions.

At JSA, our accountants take the time to understand your financial goals and provide tailored advice. We prioritise clear communication and personalised service, ensuring that our clients feel confident in their financial decisions.

Key Roles of a Personal Accountant

A personal accountant does more than just handle tax returns. They can with the appropriate qualifications, licence and experience provide a range of financial services, including:

Financial Planning & Budgeting

A personal accountant can help you create a structured budget that aligns with your income and expenses. By setting clear financial goals, you can work towards financial stability and long-term success.

Investment Advice

Choosing the right investment strategy can be challenging. An accountant can assess your financial situation, risk tolerance, and long-term goals to provide guidance on suitable investment opportunities. They can also offer ongoing portfolio management to ensure your investments remain aligned with your objectives.

Debt Management

If you’re dealing with multiple debts, an accountant can develop a strategy to help you pay them off efficiently. Whether it's consolidating loans, refinancing, or creating a structured repayment plan, professional guidance can make debt management less stressful.

Superannuation Planning

Planning for retirement requires careful financial management. A personal accountant can help maximise your superannuation contributions and develop strategies to ensure a comfortable retirement.

Regarding self-managed super funds (SMSF), the "accountants’ exemption" has been repealed since 1 July 2016, meaning accountants must now be licensed to advise on the establishment (including trust deed preparation) or wind-up of SMSFs. Personal accountants can also assist by ensuring the SMSF meets regulatory requirements, Lodging SMSF annual tax returns, and assisting with day-to-day administration of the SMSF.

However, your accountant's ability to assist may be limited by:

• Licensing: They need an Australian Financial Services (AFS) license to provide specific financial advice
• Qualifications: Specialised qualifications may be required for certain superannuation services
• Independence: If they're your SMSF auditor, to maintain independence, they can't provide certain advisory services

Estate Planning

Preparing for the future is just as important as managing your present finances. An accountant can assist with estate planning by ensuring that your assets are structured correctly and that your will aligns with your financial wishes.

Taxation Planning

Taxes can have a significant impact on your financial situation. A personal accountant will analyse your income, deductions, and offsets to create tax-efficient strategies that minimise liabilities and maximise savings.

Tax Accounting when Choosing a Personal Accountant

Taxation is a crucial aspect of financial management, and a personal accountant with expertise in Australian tax laws can help you stay compliant while optimising your tax position.

Expertise in Australian Tax Laws

Your accountant should have a thorough understanding of personal income tax, deductions, and government incentives to ensure that you are meeting your tax obligations while taking advantage of available benefits.

Tax Planning and Strategy

A proactive accountant will help you develop a tax strategy that aligns with your financial goals. This includes identifying tax deductions, credits, and potential tax-saving opportunities. They can also advise on the tax implications of major financial decisions, such as property purchases or investment withdrawals.

Compliance Assurance

Keeping up with tax laws and regulatory changes can be challenging. A knowledgeable accountant will ensure that your tax returns comply with current Australian tax requirements, reducing the risk of penalties and missed deductions.

Ongoing Support

Financial decisions aren’t limited to tax season. A personal accountant can provide year-round support, offering advice on tax-effective financial moves, investment planning, and the tax impact of life changes such as marriage, inheritance, or business ventures.

Complex Tax Situations

In complex personal tax situations, such as managing intricate investment portfolios, cross-border income, or estate planning, the expertise of a Chartered Tax Adviser (CTA) is invaluable. CTAs possess the highest qualification in taxation, enabling them to navigate intricate tax laws, optimise tax strategies, and ensure compliance with evolving regulations. Their advanced knowledge is particularly crucial for addressing issues like capital gains tax, superannuation complexities, or tax implications of inheritance, ensuring individuals achieve both compliance and financial efficiency.

JSA Accounting’s Personal Services

At JSA Accounting, we understand that every client’s financial situation is unique. Our team of professional accountants is committed to helping individuals achieve financial security through tailored advice and expert service. Whether you need tax planning, investment guidance, financial planning, SMSF assistance (set up, tax returns, or audits) or superannuation and retirement strategies, we’re here to support your financial journey.

If you're looking for a personal accountant who truly understands your needs, contact JSA today to discuss how we can help you achieve your financial goals.