As a property investor, you understand how important it is to make smart, informed decisions.  

The same goes for hiring a property accountant. The right accountant can help you get the most out of your investments, avoid tax mistakes, and keep your finances in order. 

 But with so many options out there, how do you know you’re picking the right one? 

 The answer is simple: ask the right questions. 

 Here are the key questions you need to ask before hiring a property accountant.

1. Do You Specialise in Property Investment?

It might seem like a simple question, but it’s important. Many investors hire accountants who don’t have the necessary experience in property investment, and that can lead to missed opportunities or costly mistakes. You don’t want someone who only knows basic tax returns or general accounting. 

Your property accountant needs to understand specific property-related issues like negative gearing, capital gains tax, and depreciation. These are just a few crucial areas they should be familiar with. 

Imagine hiring an accountant who doesn’t understand the ins and outs of property investment and suddenly you’re missing out on hundreds or even thousands of dollars in deductions. That’s a feeling you definitely want to avoid! 

So, make sure to ask if they have experience working with property investors. Find out if they know about investment tax strategies, property structures, and available deductions. 

You want someone who’s not just good with numbers, but who truly understands the financial side of property investment. 

2. Can You Assist with Maximising My Tax Benefits?

As a property investor, you’re entitled to several tax benefits, and the right accountant can help you make the most of them. You need more than just someone to file your taxes, you need an accountant who will actively work to reduce your taxable income with strategic advice. 

Imagine being able to claim property depreciation, reduce rental income tax, or even save on capital gains tax when you sell. These are the types of tax-saving opportunities a property accountant can help you take advantage of, but only if they’re proactive. 

So, ask your accountant how they’ve helped clients in situations similar to yours maximise their tax benefits. They should be able to share clear examples or strategies to help you avoid overpaying on taxes. If their answer is unclear or too general, that’s a warning sign. 

3. How Do You Keep Up with Changes in Property Tax Laws?

In Australia, tax laws and property regulations change frequently, so it’s essential that your accountant stays current to help keep your investments on the right path. 

They should be familiar with the latest tax updates, depreciation rules, and any new benefits or rebates for property investors that could benefit you. 

 Ask your accountant how they stay informed about property tax laws. Do they attend workshops, follow industry news, or take courses to stay updated? 

 If they don’t have a clear plan for keeping their knowledge up to date, it might be time to consider a different accountant. Your investments deserve someone who stays on top of the latest changes. 

4. Can You Help Me Prepare for the Future?

This is the most important factor. A great property accountant doesn’t just focus on the present, they should help you plan for the future.

This includes preparing for capital growth, retirement, and how to transfer or sell your assets when the time comes. 

As you build your property portfolio, you need someone who can see the bigger picture and advise you on how to structure your investments for long-term success. 

Ask your accountant how they can help you plan for the future. Do they offer strategies that match your investment goals? 

Can they provide advice on things like refinancing or optimising your portfolio for better growth? 

If they’re not focused on the future, they may be more concerned with short-term tasks, which could leave you in a tough situation later on. 

To Sum It Up 

Choosing the right property accountant is a crucial decision for any investor.

The right accountant can save you time, money, and stress, while helping you maximise your returns. On the other hand, choosing the wrong one could lead to missed opportunities, unnecessary taxes, and expensive mistakes you’ll regret for years. 

Before making your decision, be sure to ask these questions. They’ll help you make an informed choice that matches your goals and keeps your property investments on the right track. 

Taking the time to ask these questions upfront is an investment in itself, one that can save you money and help you make smarter decisions for the future. After all, isn’t peace of mind exactly what you need on your property investment journey?