Choosing an accountant is about more than finding someone to prepare your tax return. The right accountant can help you meet your tax obligations, understand your financial position and make more informed decisions about your business and personal finances.

Whether you're an individual taxpayer, a sole trader, an investor or a small business owner, here are five things worth considering when choosing an accountant.

1. Personal Service and Direct Communication

One of the most important considerations is knowing who you're dealing with and who is actually looking after your affairs.

Having direct access to your accountant can make a real difference. Rather than explaining your circumstances to different people each time, you can build an ongoing relationship with someone who understands your situation, your history and your goals.

This continuity can also make it easier to identify issues early and ensure advice takes your broader circumstances into account.

2. Experience That Matches Your Needs

Not every taxpayer or business has the same requirements.

An individual with investment properties may need assistance with rental property deductions and capital gains tax. A sole trader may need help with GST, bookkeeping and business expenses. A company director may require support with financial reporting, business structures and tax planning.

When choosing an accountant, consider whether they have experience relevant to your circumstances and can explain the issues that matter to you in practical terms.

3. Clear Fees and Expectations

Nobody likes unexpected bills.

Before engaging an accountant, ask how their fees are determined, what services are included and whether additional work will incur extra charges.

The cheapest option isn't necessarily the best value. Equally, a higher fee doesn't automatically mean better service.

Look for an accountant who is transparent about costs, explains the scope of work and communicates when circumstances change.

4. A Proactive Rather Than Last-Minute Approach

Tax compliance is important, but good accounting support can involve more than preparing and lodging returns after the end of the financial year.

Depending on your circumstances, an accountant may help you understand upcoming tax liabilities, keep business records in order, manage cash flow, review your business performance and identify opportunities to plan ahead.

Having regular conversations throughout the year can help you make decisions with a clearer understanding of their potential financial and tax implications.

5. Confidentiality and Trust

Your accountant may have access to some of your most sensitive financial information. You should feel comfortable discussing your circumstances openly and confident that your information is being handled appropriately.

Ask how documents are collected, stored and shared. Secure document-sharing systems, clear communication and appropriate professional standards are important considerations.

Trust is built over time, through consistent service, clear explanations and knowing that your accountant takes your affairs seriously.

Finding the Right Fit

Ultimately, choosing an accountant comes down to finding someone whose experience, approach and communication style suit your needs.

You should feel comfortable asking questions, understand the advice you're receiving and know who to contact when something comes up.

At Arion Advisory, we believe accounting should be personal, practical and built around lasting client relationships. We work directly with our clients, providing individual attention and advice tailored to their circumstances, without outsourcing the work.

Whether you need assistance with an individual tax return, rental property taxation, business compliance or ongoing accounting support, we're happy to discuss your requirements.

Looking for an accountant?

Get in touch with Arion Advisory to discuss your circumstances and how we may be able to help.

This article provides general information only and does not take into account your personal circumstances. Please speak with us before acting on it.

Tax planning is most useful before the financial year closes on 30 June. Once the year has ended, most of the opportunities to make informed decisions have passed. A review in the months beforehand gives you time to understand your position and act on it.

Review your income

Look at what you have earned so far and what you expect to earn before 30 June. Knowing your likely income position helps you anticipate your tax and plan for it.

Check your expenses

Make sure deductible expenses are recorded correctly and supported by receipts or invoices. Consider whether any planned expenses would sensibly fall before or after year end, based on genuine business needs rather than tax alone.

Consider asset purchases

If you are planning to buy equipment or other assets for your business, the timing of the purchase can affect your tax position. Talk through the options before you commit.

Get your records in order

Up-to-date bookkeeping makes tax planning faster and more accurate. Reconcile your accounts and follow up any missing information before the review.

Look at the bigger picture

Tax planning works best as part of your wider financial plans, including cash flow, growth, superannuation and personal goals, not as a last-minute exercise.

A proactive review can reduce surprises and help align your tax position with your wider financial plans. Book a pre-year-end consultation with us to review your position.

This article provides general information only and does not take into account your personal circumstances. Please speak with us before acting on it.

SMSF trustees need clear, complete records of contributions, investments, transactions and trustee decisions. Good records support the fund's compliance obligations and investment strategy, and they make the annual audit far smoother.

Contributions

Record every contribution made to the fund, including who made it, when it was received and what type of contribution it is.

Investments and transactions

Keep documents supporting every investment the fund buys or sells, including contracts, statements and valuations. Bank statements for the fund's account should reconcile with these records.

Trustee decisions

Record significant trustee decisions in minutes, including decisions about investments, payments to members and changes to the fund. Minutes show that decisions were properly considered and made in line with the fund's trust deed.

The investment strategy

Your fund must have an investment strategy, and trustees should review it regularly. Keep a copy of the current strategy and a record of each review.

Trustee declarations and fund documents

Keep the fund's trust deed, any amendments and each trustee's signed trustee declaration in a safe, accessible place.

How long to keep records

Many fund records must be kept for at least five years, and some, such as minutes and trustee declarations, for at least ten years. If you are unsure, keep it and ask us.

Regular reviews help identify missing information early and keep administration on track throughout the year. Book a consultation if you would like help setting up or reviewing your fund's record keeping.

This article provides general information only and does not take into account your personal circumstances. Please speak with us before acting on it.

Good bookkeeping starts with consistent records. It doesn't need to be complicated, but it does need to be regular. A few simple habits can save hours at year end and give you a much clearer picture of how your business is really performing.

Keep business and personal finances separate

Use a dedicated business bank account and card for all business income and expenses. Mixing personal and business transactions makes records harder to follow and increases the risk of missing deductions or claiming something you shouldn't.

Reconcile your accounts regularly

Match the transactions in your accounting software to your bank statements at least monthly, or weekly if you have a high volume of transactions. Regular reconciliation catches errors early, while they are still easy to fix.

Store invoices and receipts in one place

Keep invoices, receipts and supporting documents together in one accessible system. Most accounting software lets you photograph receipts and attach them to transactions. Business records generally need to be kept for five years, so a digital system is worth setting up from the start.

Set aside time each week

A short, regular bookkeeping session is far easier than a backlog at the end of the quarter. Choose a set time each week to enter transactions, follow up unpaid invoices and file documents.

Review your reports

Your records are only useful if you look at them. A monthly look at your profit and loss and cash flow shows how the business is tracking and helps you make decisions with confidence.

These practical habits make reporting easier and give you a clearer view of how your business is performing. If you would like help setting up a bookkeeping system that suits your business, book a consultation with us.

This article provides general information only and does not take into account your personal circumstances. Please speak with us before acting on it.