The modern financial landscape is ever-evolving and it is not easy to deal with the complexities of tax laws and tax compliance. Whether you are running an established company or have just set up a small startup business, you need to hire the right tax consultant to ensure excellent financial health for your business.
With the right advisor, you can get help with strategic planning, ensure better compliance, expect reduced tax liabilities and avail the chance to spot new financial opportunities. Here are 5 important tips to help you pick the Best Tax Consultant Sydney for your business. Go through these tips to make an intelligent, informed decision, while hiring your business tax consultant.
1. Check qualifications and registrations
You have to verify the credentials of tax consultants before selecting one for your business needs. In Australia, legitimate tax consultants should be registered with the Tax Practitioners Board (TPB). You can expect registered consultants to satisfy professional standards and have the authority to offer tax services. Try to find a consultant with qualifications such as Certified Practicing Accountant (CPA), Chartered Accountant (CA), or a Registered Tax Agent (RTA) status.
While interviewing a tax consultant, ask about his academic background and how much experience he has in business tax matters. An expert consultant can be expected to have enough knowledge about the latest tax laws, tax deductions and industry-specific regulations. Always look for a consultant with a solid track record and the right credentials in Sydney.
2. Look for industry-specific experience
Based on the type of business that you have, tax rules in Sydney can very a lot. It is important to find a consultant with enough experience in your particular industry. With an industry-experienced consultant, you can expect to have a professional who understands your business nuances, whether it comes to allowable deductions and depreciation methods or tax-concessions specific to your sector. He can help you to avoid common mistakes and make the most of all legal tax saving opportunities.
When you compare tax consultants, try to find one who has worked with businesses similar to yours. Ask how much he has added value to the organizational growth of prior clients. Working with a consultant having in-depth knowledge about your industry area can give you the confidence to move forward with your business, knowing that you have someone to offer qualified guidance – at all stages of your business growth or even in the challenging phases of your business.
3. Look for proactive, not just reactive, service
The right consultant can alert you about upcoming changes in tax laws, give you advise on how to restructure for tax efficiency and assist with monthly or quarterly compliance, if required. The best consultants are not number-crunchers only; they can also act as your strategic partner.
Top companies like Prowess Business Advisers have highly professional, proactive tax consultants, who can take your business forward with all the right strategies and advices at all times.
4. Assess his communicative abilities and accessibility
While interviewing tax consultants, ask how they will stay in touch with you throughout the year and whether you can get regular financial health check services for your business. Your business in Sydney can get a lot of benefits by hiring a tax consultant who is forward-thinking, responsive and involved at all stages. When you find an efficient tax consultant, you can expect proactive advice and support round the year, not a professional who shows up only during the tax season.
Choose a tax consultant who is reliable and a good communicator. During your initial meetings and conversations, observe how he listens to your queries and how he explains everything. Check whether he gives you clear information about his services and seems to have got a proper understanding about your business objectives. With open, clear communication, you can expect an excellent long-term professional relationship with your consultant.
5. Compare fees with value, not just cost
Some tax consultants have hourly charges while others charge flat fees for specific services or have monthly packages. You should look for value-for-money services and not settle only for the cheapest option. Try to find a tax consultant in Sydney with a transparent pricing structure and solid track record of providing businesses with measurable benefits.
Conclusion
While trying to hire the best tax consultant for your business in Sydney, you should not just look for a professional who can file your tax returns correctly. You need to find a strategic financial partner who can make your business grow manifolds and thrive in a constantly evolving, challenging domain. With the services of tax consultant from an efficient company like Prowess Business Advisers, you can easily find a professional who aligns with your business, comes with the right qualifications, can help your business comply with existing tax regulations smoothly, and ensure smarter financial outcomes.