Company Bio: Miller Goldie & Associates is a well-established accounting firm based in Flemington, Victoria, with a rich history spanning over 90 years. The team combines the expertise of experienced CPAs with the energy of younger professionals to deliver responsive, high-quality service.

Serving individuals, small businesses and self-managed super funds, they specialise in tax planning and compliance, business structuring, SMSF administration and advisory, and cloud accounting solutions.

Committed to understanding each client’s unique story and financial goals, Miller Goldie & Associates prides itself on offering personalised advice and being a trusted partner throughout both personal and business life.

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Q & A Session

Career Motivation and Background

Chris Devereux (company Director), a seasoned accountant with two decades of experience, emphasises the importance of financial literacy, problem-solving, and personalised client service. He transitioned from financial advice to public practice around the age of 30, driven by a desire to help individuals and businesses solve financial problems and reduce stress. Chris has been a director at Miller Goldie & Associates for seven years, a firm with over 90 years of history.

Client Base and Focus

The firm serves a diverse clientele, including individuals, companies, trusts, and self-managed super funds (SMSFs), with a primary focus on small businesses rather than large corporations. Chris finds the most rewarding aspect of his work to be witnessing clients achieve financial milestones, such as purchasing their first home, and enjoys being part of their financial journeys.

Small Business Challenges

Chris identifies budgeting for GST and income tax, as well as insufficient business planning, as major challenges faced by small businesses in the Melbourne/Kensington area. Many entrepreneurs fail to conduct adequate market research or develop a clear vision, leading to business struggles or closure within a few years. A lack of understanding about tax obligations, such as the difference between gross income and the amounts owed for GST and income tax, is also a recurring issue.

Supporting Businesses Beyond Compliance

Chris provides support for business clients not only through compliance and tax returns but also by helping them problem-solve issues related to HR, payroll, and cash flow forecasting. While acknowledging the limitations of small accounting firms in transforming businesses, he emphasises the value of ongoing advice and having a reliable network to address various business challenges. He also assists clients with wealth creation strategies, such as superannuation planning and long-term financial vision.

Collaboration with Other Professionals

Chris notes the benefits of collaboration between accountants, mortgage brokers, and financial advisors. When these professionals work together, client outcomes are improved through seamless communication and more efficient processes. He regularly introduces clients to other professionals, such as solicitors for trust-related matters or brokers for finance, ensuring clients receive comprehensive support.

Common Financial Mistakes

Chris highlights common financial mistakes, such as individuals relying on unverified media information and making assumptions about tax and personal finance instead of seeking professional advice. He believes many people underutilise the full scope of accounting services, often viewing accountants solely as tax return lodgers. Chris encourages clients to seek advice beyond compliance, such as guidance on securing finance for a first home.

Budgeting and Financial Education

Budgeting is emphasised as a foundational habit. Chris advises clients to live within their means and plan their spending across the month, rather than using all available funds immediately. He also notes that budgeting mismanagement is a common issue and stresses the importance of teaching financial principles, even to children, to instil an understanding of money’s value from an early age.

Financial Habits for Long-Term Wealth

According to Chris, clients who successfully build long-term wealth tend to have good risk assessment skills and are willing to take calculated risks. However, he also acknowledges that consistent hard work and setting clear goals are equally valid paths to financial stability. Living within one’s means and having a point of difference are highlighted as important factors.

Local Community and Clientele

Chris enjoys working locally due to the vibrant and diverse community. The area features a high concentration of hospitality and service-based businesses. The neighbourhood has experienced significant gentrification over the past 15 years, resulting in a blend of older residents downsizing and younger families moving in, alongside a strong migrant population.

Data Security and Industry Trends

Data security and fraud prevention have become increasingly important in the accounting industry. Chris highlights the need for vigilance in protecting sensitive information. Regarding property and business investment, the past three years have been challenging in Melbourne, but he believes opportunities always exist despite market cycles.

Superannuation Tax Changes

Chris discusses the new tax on SMSFs with balances over $3 million, suggesting it will impact a small percentage of people and is not necessarily a well-conceived policy. He argues that a focus on taxing income, rather than assets, would be more logical and equitable.