Chartered accountant and director of CTBS Partners, Nadia Gupta, has acknowledged that a lot of Australians do choose an accountant based on “how much (or in fact how little) they charge”.

“This may not always be the best decision for you as, if an accountant is charging more, most often they are giving you the best guidance, too,” she advised.

Accountants “are more than just tax return preparers”, she commented.

“We can help you achieve not only financial goals but also your life goals – and help you set budgets and limits in a comfortable way.”

The accountant flagged a number of benefits that good accountants can provide, such as: knowledge around claimable deductions you may not be aware of, life plans, financial plans, budgeting measures to maximise savings and investments, as well as improving earning capacity.

But first thing’s first, when choosing that all-important adviser, it’s important for a taxpayer to be on the same page as their accountant, Ms Gupta stated.

“You need to be comfortable with your accountant, as they know one of your most personal details, being how much money you make,” she advised.

She conceded that “if you and your accountant don’t ‘click’, it will never be a great relationship”.

“Most of all, you need to feel you are being looked after, in good hands, and that your accountant is giving you tips and helping you grow, and in turn, make more money.”

Citing the words of David Bach, Ms Gupta said, “How much you earn has almost no bearing on whether or not you can and will build wealth. Regardless of the size of your pay check, you probably already make enough money to become rich.”

According to the accountant, you need a good team and a good support network “to grow”.

“Make sure you have the right one behind you as this will determine your success or failure,” she concluded.