As a property investor, you know the importance of making smart, well-informed decisions.
So, why should hiring a property accountant be any different? The right accountant can help you maximise your returns, avoid tax pitfalls, and keep your finances on track.
But with so many options out there, how do you know you’re choosing the best one?
By asking the right questions, of course.
So, here are the questions you need to ask before hiring a property accountant.
1. Do You Specialise in Property Investment?
It seems simple, right?
But surprisingly, many investors hire accountants without the necessary expertise in property investment. This can result in missed opportunities or even costly mistakes. You do not want someone who’s only familiar with basic tax returns or general accounting principles.
It is essential that your property accountant understands property-specific concepts. Negative gearing, capital gains tax, and depreciation are just a few of the critical areas they need to master.
Imagine this: you hire an accountant who does not understand the ins and outs of property investment, and suddenly, you are missing out on thousands of dollars in potential deductions.
Sounds like a stomach-twisting feeling, doesn’t it?
So, take the time to ask if they have experience working specifically with property investors. Ask about their expertise in areas like investment tax strategies, property structures, and deductions.
You need someone who is not just good with numbers—they need to be an expert in the financial side of property.
2. Can You Help Me Maximise My Tax Benefits?
Property investors are entitled to various tax benefits, and the right accountant should be able to help you leverage them. You are not just looking for someone to file your tax return; you need someone who can actively work to reduce your taxable income through strategic advice.
Imagine being able to claim depreciation on your property, offset rental income, or even save on capital gains tax when you sell. These are the kinds of tax-saving opportunities a property accountant can help you tap into, but only if they’re proactive.
So, ask your accountant about how they have helped clients in similar situations to yours maximise tax benefits. They should be able to offer clear examples or strategies to ensure you’re not overpaying on your taxes. If their response sounds vague or generic, that’s a red flag.
3. How Do You Stay Updated on Changes in Property Tax Laws?
In Australia, tax laws and property rules shift constantly. Your accountant should actively stay informed to keep your investments on track.
They need to be plugged into the latest tax reforms, depreciation rules, and any new property investment incentives or rebates that could benefit you.
Ask your accountant how they stay updated on property tax laws. Do they attend seminars, read industry publications, or take professional development courses?
If they don’t have a clear plan to stay updated on the latest changes, it might be time to look elsewhere. Your investments deserve someone who’s keeping up with the latest information.
4. Can You Help Me Plan for the Future?
This is the most crucial aspect. A good property accountant is not just focused on the present—they should help you plan for the future. This involves planning for capital growth, retirement, and how to transfer or sell your assets down the line.
When you’re in the process of building your portfolio, you need someone who can look at the big picture and advise on how to structure your investments for future success.
Ask your accountant how they can help you plan ahead. Do they offer long-term strategies that align with your investment goals?
Can they give advice on things like refinancing or optimising your portfolio for maximum growth?
If they don’t seem focused on the future, they may be more focused on short-term tasks, which could leave you in a sticky situation down the line.
The Bottom Line
Choosing the right property accountant is one of the most important decisions you will make as an investor. The right person can save you time, money, and stress—while helping you maximise your returns. On the flip side, the wrong choice can lead to missed opportunities, unnecessary taxes, or costly mistakes that you’ll regret for years to come.
So, before you make a decision, make sure to ask these four questions. They’ll help you make an informed choice that aligns with your goals and ensures your property investments remain on track.
Taking the time to ask these questions up front is an investment in itself—one that can help you save money and make smarter decisions for years to come. And at the end of the day, isn’t that the kind of peace of mind you need when it comes to your property investment journey?
Disclaimer: This website is designed for informational and educational purposes. Although we exert diligent efforts to maintain the accuracy and reliability of the content, we must disclaim liability for any errors, omissions, or inaccuracies. The content provided is “as is” and is not accompanied by warranties, whether expressed or implied. It should not serve as the sole basis for financial or legal decisions.
Given the evolving nature of financial regulations and conditions, the accuracy and reliability of information may change over time. Users are urged to exercise due diligence and consult with a qualified financial professional for personalised advice. ‘Clear Tax Accountants’ bears no responsibility for direct or indirect consequences, encompassing financial loss or legal matters stemming from the use or misuse of the information on this website.
Please be aware that the information, by no means, is a substitute for financial advice.
