Taking the long view to maximising wealth
When the Australian Tax Office ranks an accountancy firm ahead of other tax agents regarding the tax deductions it achieves for clients, the company involved is obviously well out of the ordinary.
That statement from the ATO was provided to Superior Accounting Group,a Melbourne-based company that does more than maximise tax deductions. It takes a ‘holistic’ view of business to ensure long term wealth.
Owner and managing director Adrian Hill says the aim is to provide what he calls “accountability for achievement” to business owners and their families,through tax minimisation, asset protection and strategic wealth creation.
“A lot of accountants just focus on tax returns, but that’s only a small part of what we do,” Hill says.
“For example, we ensure business owners have an appropriate structure for asset protection and tax effectiveness inplace,then make sure they are legally claiming the deductions they’re legally entitled to.
“Part of that is educating and training business owners on how to maximise their deductions and then, with what’s left over, make sure they use it tax effectively to create long-term wealth and achieve their desired retirement.
“They achieve that by using business profits to buy property and shares that grow overtime.”
Hill’s book, “Investment Property Plus Time Equals Wealth“, outlines how to maximise facets of property investment to ensure the investments work in the best possible way.
“It explains all the ins-and-outs of investment property, including those held in self-managed super funds.
‘‘That includes making sure the superannuation is used over time to grow wealth for themselves,” he says.
“While this is all happening, it’s really important to minimise the risks associated with running businesses and creating wealth by using things like insurance, wills and powers of attorney.
“A combination of all the things achieves the best results over time. It’s the lot working together that creates long-term accountability for achievement for our business owners and their families.”
The senior accountant says he is surprised by the amount of hard-earned money businesses don’t claim back from the tax office.
“That’s something that really stands out for us,”he says
His statements are backed up, not only by praise from CPA Australia, but also the ATO. Extracts of ATO correspondence to Superior Accounting Group state: “Work related expense deductions on tax returns lodged by your practice were greater than 95.5 percent of tax agents with similar numbers of clients and complexity in their tax affairs.”
Mr Hill says the group provides three levels of fixed-price ‘pay by the month’ packages for business owners and bookkeeping so clients know exactly what the costs will be in advance.
“The packages can cover every aspect of our holistic approach and clients[may]end up miles in front,because of all the tax deductions and wealth creation strategies we provide,” he says.
(*This article appeared in “The Age”, Wednesday June 7, 2017)