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Tax time is an excellent opportunity to share ideas and tips with your customers to help them on their wealth-creation journey and help grow your business.
Many brokers and other professionals assume that their clients’ accountants will keep them well informed on all tax-related matters. Unfortunately this is often not the case, and I have witnessed many clients that have not been as well informed as they could have been – the result being they have been paying a lot more tax than they should have been.
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One of the problems is that individuals often don’t know what questions they should be asking their accountants at tax time. This is where the sharing of a few tips and ideas can greatly help your clients. They will definitely thank you and remember you for bringing the ideas to their attention. Of course, you will always need to ensure you are not actually giving tax advice (unless you are a qualified accountant).
Another way you can help your clients is to introduce them to a proactive accountant, which will help them keep abreast of ongoing changes to ensure they are maximising their tax deductions. An introduction to a quality accountant will once again strengthen the relationship you have with your clients.
Pick up the phone
Tax time can be a great excuse to ring your clients to ask them a few questions about their current and/or future investment strategy. They will be pleasantly surprised to discover you are not ringing to humbug them about their home loan.
After your initial greeting, you could ease into a few questions such as:
• Are you maximising your tax benefits?
• Do your investments suit your current and future needs?
• Have you got a buffer of cash that is ready for life’s unexpected events?
• Has your existing property increased in value?
• Are you aware of the many tax benefits associated with investment properties and how easy it is to get started?
Action steps
Remember to take advantage of tax time to engage with your customers, and they will definitely thank you for sharing tax tips with them, especially if it helps them improve their tax position.
I have always found that the more you focus on helping others, the more success and growth you and your business will achieve. Plus, you get the added bonus of feeling good when you help others.
We at Latte Property have compiled a four-page checklist to help maximise your customers’ property tax deductions.
Any questions? Ask Darryl here.
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