Frequently asked questions

Do you have a question about our services or your finances in general? Chances are, we’ve answered the same question before. Check out our frequently asked questions here.

Switching accountants

I’d like to work with PSZ Accounting. How easy is it to switch?

Very easy. We’ll offer you a free introductory meeting to discuss your needs and confirm that we’re a good fit for each other. If you decide to make the change, we’ll manage the process of switching accountants for you. Simple!

Tax – individual and business

How much will my tax return cost?

It depends on your tax return’s complexity. At PSZ, our fees are competitive and compare favourably with others around town. As a boutique practice, we’re also often able to put in more personalised work to secure a higher tax refund so it’s worth the investment.

What information do you need from me?

Our handy tax return checklist will guide you.

Do I need my receipts?

The Australian Taxation Office requires you to keep your tax records, including written evidence of your income and expenses (usually in the form of receipts), for five years for a business and between two and five years for an individual, depending on how simple or otherwise your tax return. All companies need to keep their receipts and paperwork for seven years.

Do I need to come in for an appointment every year?

A face-to-face meeting at tax time is a great way for us to build a relationship with you and understand your broader financial affairs. We’re about people not just numbers. During our conversation, other issues may emerge where we can offer you valuable advice.

Of course, if you can’t come in for a meeting about your tax return, we can sort things out via phone and email.

How long will my tax return take to prepare?

Turnaround times vary but are usually a maximum of four weeks.

I’ve been fined for late lodgement. What are my options?

We can negotiate on your behalf. The ATO are reasonable people and take extenuating circumstances into account. If there are legitimate reasons for late lodgement, we can apply for remission of penalties. If you do have to pay a fine, it probably won’t be as punishing as you fear.

If you have a significant tax debt, we can negotiate a payment plan on your behalf.

Is there any way I can reduce the tax I pay?

Quite possibly. We’re happy to review your situation and make suggestions about strategies you may use to legally reduce your tax.

Advice beyond tax

I need my tax done, but I also need advice on my business numbers throughout the year. Can you help?

That’s how we work with many of our business clients at PSZ. Whether you want some ad hoc advice or a virtual CFO, we can be involved as much or as little as you like.

Typical business advisory services include help with buying a business, structuring new and existing ventures, business forecasting, business health checks including regular or one-off reviews and business mentoring.

We can also help you set up a bookkeeping system to suit your business and give you regular bookkeeping support. We’ve helped many of our clients make the switch to Xero.

I don’t use Xero. Can you still help me?

Yes, of course. You may be a micro business that can operate with even simpler bookkeeping. Or you may be happy with your existing small business accounting platform.

However, we’ve observed the great efficiency dividends Xero has brought to many of our clients who have made the switch.

What’s the best vehicle for my new startup business?

There are four business structures widely used in Australia – sole trader, partnership, company and trust. Each has its pros and cons.

Depending on the nature and scale of your business, some structures may be a better fit for you than others.

At PSZ, we prepare an advice document about the best structure for your situation, taking into account tax minimisation, asset protection and succession.

I work for a not-for-profit organisation and we need to do an annual audit. Can you help?

Absolutely. We specialise in audits for not-for-profit organisations at PSZ.

Superannuation and personal wealth

I need a plan that balances paying off the mortgage, educating the kids, enjoying family holidays and building wealth for retirement. Can you help?

PSZ is a wealth advisory practice as well as an accountancy practice.

If you need mortgage broking or complete financial planning services, we’re aligned with Casa Finance and Strand Financial Planning as part of the PSZ Partners group.

That means we can offer you a fully integrated service that covers everything from starting and growing a business to buying a home and building wealth for retirement.

Should I start a self-managed superannuation fund (SMSF)?

At PSZ, we’re SMSF specialists. We can review your situation and advise you whether an SMSF is the best superannuation vehicle for you.

If so, we can set it up and complete the annual returns on your behalf. Complying with the annual return requirements is crucial as penalties for non-compliance can be steep. We’ll ensure everything is done properly.

Our colleagues at Strand Financial Planning can help you select investments for your SMSF if required.

I have a complex family situation. Can you help me structure my affairs so my estate is distributed according to my wishes when I die?

We deal with many estate planning issues involving multiple relationships, complex family situations and different business succession scenarios.

We’ll work with you to help keep your wealth within your family bloodline if that’s your wish. We’ll also help safeguard your estate from unnecessary tax.

In addition, we often assist in setting up philanthropic trusts and foundations either during a person’s lifetime or as a lasting legacy.

If you have any questions of your own, please contact us

We invite you to talk over your accounting and wealth creation needs with one of our team members.
Your introductory meeting is free.

Book a free introductory meeting
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