Common questions we hear
Having questions is good,
quick access to answers is better.
Below is an extensive breakdown of service-by-service common questions that we hear from LZR clients.
If you can’t find what you are looking for, by all means reach out directly.
Audit & Assurance
What happens if you find discrepancies or issues during the audit?
If we identify any discrepancies or issues, we will provide detailed findings and recommendations for corrective actions in our audit report. We will also work with you to address and resolve these issues.
What information do you need from my organisation to start the audit?
We will need access to your financial records, relevant documentation, internal policies, and any specific information related to the audit's scope.
What is the difference between a statutory audit, a review and an internal audit?
An audit is a thorough examination of financial statements, providing assurance through extensive testing and verification, while a review is a less intensive assessment, primarily through analytical procedures and inquiries. An internal audit focuses on evaluating and improving the effectiveness of risk management, control, and governance processes within the organisation.
What types of audits do you offer?
We offer a wide range of audits, including statutory audits, internal audits, grant acquittals, trust audits, forensic audits, and compliance audits.
How do you ensure confidentiality and data security during the audit process?
We adhere to strict confidentiality agreements and employ robust data security measures to protect your organisation's information and ensure privacy. We do not engage in offshoring, guaranteeing greater control over data security, quicker response times, and a deeper understanding of your specific needs.
How do you tailor your audit services to my specific industry?
Our auditors have extensive experience across various industries. We tailor our audit approach by understanding your industry-specific regulations, challenges, and best practices to provide relevant and effective audit solutions.
How long does an audit typically take?
The duration of an audit varies based on the scope and complexity of the engagement. Typically, audits can take a few days to a few weeks.
How often should my organisation undergo an audit?
The frequency of audits depends on regulatory requirements and your organisation's needs. Many organisations conduct annual audits, but some may require more frequent reviews.
What are the benefits of conducting a forensic audit?
Forensic audits help uncover and document financial fraud, embezzlement, or other financial irregularities. They provide evidence that can be used in legal proceedings and help improve internal controls to prevent future incidents.
Can you help with grant acquittal audits?
Yes, we provide comprehensive grant acquittal audits to ensure that grant funds are used in compliance with grant conditions and financial reporting requirements.
Accounting & Business Solutions
What areas of business consulting do you specialise in?
Our specialties include strategic planning, financial consulting, management consulting, and operational efficiency.
What is the cost of your consulting services?
Our fees vary based on the scope and complexity of the services required. We provide transparent pricing and will offer a detailed estimate after understanding your specific needs. We can work on an hourly basis, retainer or fixed fee engagement and all options can be discussed in your introductory call.
What is the process for starting a consulting engagement with LZR?
We begin with an initial consultation to understand your needs, followed by an assessment, strategy development, implementation support, and ongoing review and support. The process can be started when you are ready, and we can work with you if you have an urgent need or pressing business problem.
What types of businesses do you work with?
We work with a wide range of businesses, including small to medium-sized enterprises (SMEs), large corporations, NFPs and startups across various industries.
How do you ensure confidentiality and data security?
We adhere to strict confidentiality agreements and employ industry mandated data security measures to protect your business information and ensure privacy.
Can you help with international business consulting?
Yes, we offer international business consulting services, including cross-border transactions, and international tax planning. Read more on our Taxation page.
How can LZR help my business grow?
We provide strategies and advice to optimise your operations, improve financial performance, and identify growth opportunities, ensuring sustainable business success. Regardless of your industry or size of business, we can develop growth strategies suitable with ongoing impact.
Financial Advice
What should I bring to my initial consultation?
When coordinating your first appointment our team will give you a list of information that can help during your first appointment. Some of these items include any relevant financial documents, including recent tax returns, investment statements, insurance policies, and information about your income, expenses, assets, and liabilities.
What types of financial advice do you offer?
We offer a range of financial advice covering investment strategies, retirement planning, tax optimisation, wealth creation, risk management, and more. Our team can talk you through the options available that will be right for your specific needs.
How do you provide financial advice for my specific needs?
We use a combined system of industry best practice and specific goal and risk profile analysis. Our advisors will take the time to fully understand your financial situation, goals, and risk tolerance. We use this information to develop a wealth plan that aligns with your objectives.
How often will we meet to review my financial plan?
At a minimum we recommend annual reviews. Your situation may require more regular reviews, and you have the choice to choose how regularly you wish to meet and review your situation. In the early stages or during periods of adjustment we may meet more frequently depending on your needs and any significant changes in your financial situation.
What are the benefits of working with an LZR financial advisor?
You can choose to take advantage of expert financial advice, along with accounting, finance, tax services, business and SMSF services, all in one friendly team. An LZR financial advisor will also work closely with your existing team to ensure you receive considered and holistic advice.
Can you help with retirement planning?
Yes, we specialise in retirement planning, including superannuation, pension advice, retirement income strategies, and ensuring you have a secure financial future. You could also find out more on our Self Managed Superannuation Fund page.
Do you offer investment management services?
Yes, we offer investment management services, including portfolio review, investment strategy development, asset allocation, and ongoing portfolio monitoring and rebalancing. We manage a variety of portfolios including wholesale investment opportunities for bespoke investment portfolios.
How are your financial advisors compensated?
Our financial advisors charge a flat fee for service rather than a percentage of your investment under management, depending on the complexity of your advice and the services provided. We are committed to transparency and will always clearly explain our fee structure and ensure there are no hidden fees or bias towards financial products that provide kick backs.
How do I get started with LZR’s financial advisory services?
You can get started by scheduling an initial consultation with one of our experienced financial advisors. You can use our contact us page.
Lending & Mortgages
What documentation do I need to provide for a loan application?
Required documentation typically includes proof of income, identification, credit history, and details of your financial situation. Specific requirements may vary based on the type of loan.
What support do you offer after the loan is disbursed?
We provide ongoing support and advice to help you manage your loan effectively. Our team is always available to answer any questions and assist with any financial concerns.
What types of loans do you offer?
We offer a variety of loans, including personal loans, mortgages, and commercial loans to meet diverse financial needs.
How long does the loan approval process take?
The approval process duration varies depending on the loan type and complexity. However, we strive to expedite the process and keep you informed at every stage.
What are the interest rates for your loans?
Interest rates vary based on the loan type, amount, and your credit profile. We offer competitive rates and will provide detailed information during the consultation.
What are the repayment terms for your loans?
Repayment terms vary depending on the loan product and your financial situation. We offer flexible repayment options to suit your needs.
Can I get a loan if I have a less-than-perfect credit score?
Yes, we consider all applications and offer personalised advice to help you find suitable lending options, even if your credit score is not perfect.
Do you offer refinancing options?
Yes, we provide refinancing options for existing loans to help you secure better terms or rates. Our team will assess your current loan and advise on the best course of action.
How can I ensure my loan application is successful?
Ensuring a complete and accurate application, providing all required documentation, and having a clear understanding of your financial situation can increase the likelihood of loan approval.
How do I apply for a loan with LZR?
You can start the application process by scheduling an initial consultation with our team. We will guide you through each step, from application to approval.
SMSF
What is a Self Managed Super Fund (SMSF)?
An SMSF is a type of superannuation fund that is managed by the members, who are also the trustees. It allows individuals to have control over their retirement savings and investment decisions.
What are the benefits of having an SMSF?
An SMSF provides greater control over investment choices, flexibility in investment strategies, and potential tax advantages. It also allows for a personalised approach to managing your retirement savings.
What are the compliance requirements for an SMSF?
Compliance requirements include annual financial statement preparation, tax return filing, independent auditing, and adherence to superannuation laws and regulations. We provide thorough support to ensure your SMSF remains compliant.
What are the costs associated with running an SMSF?
Costs can include setup fees, annual administration fees, investment management fees, auditing fees, and other compliance-related costs. We provide transparent pricing and detailed cost breakdowns for our services.
What are the responsibilities of SMSF trustees?
SMSF trustees are responsible for managing the fund’s investments, ensuring compliance with superannuation laws, keeping accurate records, and preparing annual financial statements and tax returns.
Can I transfer my existing superannuation into an SMSF?
Yes, you can transfer your existing superannuation balances into an SMSF. Our team can assist with the rollover process to ensure it is handled smoothly and efficiently.
Can my SMSF borrow money to invest?
Yes, SMSFs can borrow money under limited recourse borrowing arrangements (LRBAs) to invest in assets like property. Our team can advise on the rules and regulations governing borrowing within an SMSF.
How do I develop an investment strategy for my SMSF?
Our financial advisors will work with you to understand your financial goals and risk tolerance, and then develop an investment strategy. This strategy will include asset allocation, investment selection, and diversification recommendations.
How do I set up an SMSF?
Setting up an SMSF involves establishing a trust, creating a trust deed, registering the fund with the ATO, and setting up a bank account and investment platform. Our team can guide you through each step of the process to ensure compliance and efficiency.
How do I transition my SMSF to the pension phase?
Transitioning to the pension phase involves converting your SMSF’s accumulation balance into a retirement income stream. Our team can assist with the setup of pension accounts, ensuring compliance with pension regulations and optimising tax efficiency.
Taxation
What documentation do I need to provide for tax preparation?
Required documentation typically includes income statements, expense receipts, previous tax returns, and any relevant financial records. We will provide a detailed list during our initial consultation.
What is the benefit of using LZR over a sole practitioner?
LZR offers a collaborative team approach, combining specialised expertise with personalised service. This ensures detailed solutions and higher efficiency compared to sole practitioner.
What is the process for switching to LZR from another accounting firm?
We have a streamlined transition process. It starts with an initial consultation, followed by a review of your current financial situation, and then we develop a customised strategy to ensure a smooth transition. Read more on our About Us page.
What tax services do you offer?
We offer a wide range of tax services, including income tax return preparation, tax planning and strategy, GST compliance, and international tax services.
How do you ensure compliance with tax laws and regulations?
Our team stays updated with the latest tax laws and regulations. We conduct thorough reviews and maintain rigorous compliance processes to ensure all filings are accurate and timely.
How often should I review my financial statements?
Regular reviews are essential. We recommend reviewing your financial statements monthly or quarterly to stay informed about your financial health and make proactive decisions.
Can you help with international tax issues?
Yes, we specialise in international tax planning and compliance, including transfer pricing, cross-border transactions, and expatriate tax services.
Do you offer support during tax audits?
Yes, we provide audit support and representation to help you navigate the audit process smoothly and ensure compliance with all regulatory requirements.
How can LZR help my business with accounting?
Our team provides a broad range of accounting services, including bookkeeping, financial statement preparation, payroll processing, and financial reporting to help manage your business's finances efficiently.
How do you determine your fees for tax and accounting services?
Our fees are based on the complexity and scope of the services required. We offer transparent pricing and will provide an estimate quote after understanding your specific needs.
