tax planner golf

Practice location: QLD 

Hobbies:  Golf (Links Hope Island) 

Tax Plans completed: 20

How have you built your tax practice?

By concentrating on the best possible outcome for every client.  You must provide a value proposition in order for the client to engage your services.  Understand their circumstances and front ending the work will result in the best tax outcomes.  It is basically impossible to implement tax effective outcomes if the structure is not suitable.

What is your business model?

The business model I set up targets a full service-offering for each client.  I offer services including structure set up and establishment, strategic/business planning, tax planning and risk management services through to monthly reporting packages and tax services.  Packages are delivered monthly or quarterly and range from $5,000 to $8,000 per year with additional services such as strategic planning services offered separately.

Your views on the state of the accounting Industry?

My view is that there is huge opportunity for service providers in the SME business services sector especially around strategy, planning, commercial management and virtual CFO.  Why can’t someone run their small business like a big business?  Proper planning processes, accountability, discipline and clear communication are the main reasons why a small business becomes a big business.  I want my business to be a big business so I live the ethos.  You will have no credibility with your clients and have no understanding of the process of strategic planning unless you implement the process within your own business.

How do you approach tax planning with clients (your personal approach)?

Tax planning opportunities present themselves through understanding the client's business and what the client wants to achieve.  You must have a grasp of what their business does to be able to offer advice.  Review their business, tailor and make the service offering based on their goals and objectives.  If you “start at the start” then the best options are usually found, even if the client runs an established business

Any other comments about tax planning or the software?

Tax planning is just one of the value adding services that we can provide.  However, it is only effective if you understand the goals and objectives of the client and the structures they are using to produce income.  There is no use providing a company tax planning solution to a sole trader.  Automation is the future so the software is crucial for delivering effectiveness and providing a value proposition.