Tax & Accounting

Are Your Professionals Working Together?

By July 23, 2019 No Comments

You may now be aware that we recently made some changes to our tax return offering. We’ve made these changes because we don’t believe that taking charge of your financial future is about the lodgement of an isolated tax return. We’re committed to being a catalyst for people to take charge of their financial futures.

It can be difficult for accountants and financial planners to collaborate when they’re not under one roof.  It may simply be professional pride that creates a rift, or it might be privacy of your personal information. Often the biggest issue is a collective understanding of your overall financial strategy.

We do know that great things can happen when your team of  professionals work together.

Professionals can provide advice that has a significant impact on your financial life. When it comes to that advice, there can be some crossover. Taxation strategies that are seen as beneficial by the accountant may not be in keeping with the financial planners long-term strategy. As an example, your accountant may recommend you consider making additional Super contributions to minimise tax but your financial planner may have discounted this option as a key goal is building wealth outside of Super.

Equally, if your Mortgage broker understands the future plans for your home or investment property this can impact the type of loan you apply for.

If you are receiving financial advice it’s important that your accountant is aware of the relationship you have and the advice you’ve received. This may involve making an informal email introduction to ensure the two collaborate, even just at tax time. This can be beneficial to the accountant, as the financial planner often has access to many of the documents required to complete your return.

As a minimum, your accountant should be claiming a tax deduction for the financial advice fees you’ve paid throughout the year.

Most importantly, collaboration between your financial planner and accountant ensures you take advantage of each professional’s specialist knowledge.  A well-qualified accountant will have knowledge beyond a well-qualified financial planner, and vice versa. When the two professions work together to ensure you achieve your goals, we believe it’s the best opportunity to maximise your prosperity and take advantage of their knowledge.

Ensuring the different parts of your financial world work together in harmony is essential when it comes to optimising your prosperity. From financial planners and taxation specialists to mortgage brokers and property investment consultants, we work together to ensure your financial well-being is supported across all areas. By entrusting us with knowledge across your financial spectrum, our plan is more informed, tailored and empowered to reach your unique financial goals.

To book complementary financial discovery and diagnosis session follow this link or contact the team via email at info@cxcfp.com.au. There is no obligation, we’d simply love to have a chat with you to bring clarity to your financial world and ensure you take advantage of all available opportunities.

At CXC Financial Partners we understand that paying the right amount of tax and not a cent more means more disposable income in your pocket. Our accountants will ensure you’re doing just that AND help structure your accounts and/or business to maximise your income. Additionally, when you use CXC myVAULT to automatically collate your expenses, your time in managing your tax records is minimised, freeing you up to focus on what what’s really important to you.

Give the team a call and re-discover your freedom. The Accounting team are on 1300 925 081 or taxservices@cxcfinancialpartners.com.au