Why do young people need accountants?

Many people think that accountants aren’t relevant for young people, but at Mackenzie + Co we can help you with many different things. Accountants do a lot more than just lodge tax returns; it’s about planning for your future and helping you take the next step.

Many years ago my dad, Ross Mackenzie, suggested I get income protection insurance through my superannuation. Sure, sure I thought, whatever, why would I need that, young people don’t get sick… and the paperwork was never signed. Well, it turns out young people do get sick because I became very unwell with Chronic Fatigue Syndrome in 2013 and had to quit my job and move home to live with my parents. I ended up needing support from Centrelink (and we all know how much fun they are to deal with) and money was very tight.

If I had filed the documents for income protection insurance like Dad had suggested I would have been on 60% of my former salary, not scraping by on Centrelink and jumping through their many hoops. I was so annoyed with myself for not having the foresight to get the insurance sorted, but when I talked to my friends (all in their late 20s/early 30s) not one of them had income protection insurance in place either! It seemed we were all under the impression that young people didn’t get sick and hadn’t been prompted to think about the big picture. All the accountants at Mackenzie + Co are parents themselves so they understand the different demands young people face today.

They can also help you with things like:

  • Buying a house, what can you afford to buy/borrow
  • Budgeting (business or personal)
  • Superannuation advice
  • Cash flow
  • Awareness of debt risk
  • Take the headache out of bookwork and explain things in plain English
  • Setting up your business structure so it is streamlined
  • Applications for business loans
  • Advice and training regarding suitable cloud-based software
  • And yes they can help you maximise your deductions and save on tax as well.
  • Referral to our in-house financial planner for services such as life and income protection insurance.

My health is now good enough for me to be working, you’ll see me in the office on Wednesdays, but the last four years would have been a lot easier if I’d listened to my accountant and signed up at the time!

Mackenzie + Co can help young people make the most of their future, we have a range of options for clients from one-off advice appointments to setting up a yearly retainer, email us at practice@mackenco.com.au or call (03) 5223 1344 to book in an appointment.

Susan Mackenzie

To read about Suze’s recovery from Chronic Fatigue Syndrome visit her blog www.asnoozielife.com