Accounting & Taxation FAQs: 

How much do your consultations cost? 

This will depend on the type of advice you’re after, and the complexity of your situation. But it might be cheaper than you think, especially if you take into account the potential costs of not getting the right advice from the beginning.

I can do my tax online now – why should I come to an accountant instead? 

Yes you can do your tax online, and many people do. But do you know all the changes in the tax laws in recent months, and what deductions you are entitled to? Getting the right advice and help can save you on tax, and maximise your refund.

What expenses are tax deductible? 

In general terms, any expenses that you incur to earn taxable income are deductible. But some are immediately deductible, while others can only be claimed as a deduction spread over several years. Get the right advice from the expert, contact our friendly and experienced team today.

Do I need to register for GST? 

As a rule of thumb, you’ll only need to be registered for GST if you have a business, and your turnover is (or expected to be) around $75,000 a year. But GST is a complex area of tax law, so don’t try to navigate it by yourself. Let us help take the mystery out of GST, so you can concentrate on your business.

Business Advisory FAQs: 

Which business structure is best for me?  

Unfortunately, there isn’t a one size fits all answer. There are a number of factors that you should take into consideration when deciding which structure is best for you. Our experienced team can help you decide on what is the best structure for you for not only today, but for the days to come to make sure that the recommended structure can accommodate your plans and wishes.

What records do I need to keep? 

Your records keeping obligations are different based on whether it’s for business, personal, companies, trusts, individuals, superannuation funds etc. You can also keep certain records electronically, instead of paper. Speak to our friendly team about what records you need to keep, how long to keep them for, and whether or not electronic records keeping is suitable for your circumstances.

How do I set achievable financial goals? 

“Achievable” means different things to different people. Our team of experienced advisors can help you identify and set your goals, and then monitor to make sure that you can achieve them. But goals should not be “set and forget”. They need to be dynamic and flexible enough to adapt to any changes to your circumstances and wishes. We can help you achieve this outcome.

How often should I be engaging an Accountant? 

This will depend on your needs and circumstances but ideally, every 3 months; but not less than twice a year.

SMSF FAQs: 

What is a Self-Managed Super Fund? 

For most people, their superannuation is held in a public fund or an industry fund. Their superannuation and investments are then managed by these public and industry funds, according to the investment strategy adopted by each of them. A self-managed superannuation fund (SMSF) is one where you manage it yourself. You decide on what assets your SMSF will hold, where those investment/s will go (e.g. in shares, properties etc.). You are also responsible for meeting the regulatory requirements of superannuation funds, as set out by various authorities.

What are the costs involved with a Self-Managed Super Fund? 

The costs will depend on a number of factors, including whether you want to act as your SMSF’s trustee, or you wish to set up a company to be the trustee. There are various issues to consider about who you should have as the trustee of your SMSF, including regulatory compliance and asset protection. Speak to us today about which trustee structure is suitable for your SMSF.

How do I know if a Self-Managed Super Fund is right for me? 

This is not an easy question as it appears. There are a number of factors that you should consider when deciding whether or not setting up a SMSF is right for you. More importantly, getting the right advice is critical before you make this decision, and not everyone can give you this advice. At H&M Accountants, we have accredited SMSF specialists that are licenced to provide this type of advice, and help you navigate this complex and important decision about your retirement nest egg.

Wealth & Asset Protection FAQs: 

What is asset protection, and why do I need it? 

For most of us, one of our goals in business is to build wealth, and increase the financial security for ourselves and our loved ones. But running a business carries it own risks, and can expose your assets (e.g. your family home) to being lost to outsiders. Asset protection strategy is an area that our experienced team of advisors and professional partners can assist you to develop, to protect those heard earned assets that you have acquired over the years so that they can continue to provide you and your loved ones with wealth and financial security.

What are some of the common types of asset protection strategies? 

There isn’t a simple solution that suits everyone. The asset protection strategy should be tailored to your unique circumstances, goals and aspirations. Before recommending a strategy to you, we will step you through a detailed process so that we can fully understand your circumstances, and what you want to achieve. Speak to our experienced team today, to learn how you can better protect your assets.

Once my asset protection strategy has been implemented, is that it?

No, your asset protection strategy should be reviewed regularly to make sure that it still suits any changes to your circumstances.

Estate Planning FAQs: 

What is estate planning? 

Estate planning is about planning how you would like your assets to be passed on when you die. It’s more than just about preparing your Will, although a Will is one of the documents that will come out of an estate planning. This can be a confronting discussion but if you die without leaving a valid Will, then it can create problems for your surviving loved ones. Proper estate planning is required, if you want your assets to go to the person/s you want, and in the most tax effective way.

But don’t I just need to see a lawyer to get my Will done?

Yes, a lawyer will be needed to prepare your Will, but did you know that if not drafted properly, your Will could end up costing your estate unnecessary tax, so the taxman will end up benefitting more than your loved ones? Also, there are asset protection issues to consider, to make sure that the legacies that you leave behind for your loved ones are protected from those you did not intend to inherit your hard earned assets. Our experienced advisors at H&M Accountants will work with you and your lawyer to achieve the best tax outcome for your estate planning, with proper asset protection mechanisms in place to protect your legacies. We can also refer you to a team of qualified lawyers who specialise in this area, if needed.