Professional sportspeople face unique financial complexities, opportunities and challenges. Comparatively short careers and irregular income are just some of the factors that make managing your financial affairs – and building a strong financial future – tricky if you’re an athlete.
Archer Sports Advisory supports professional athletes with a comprehensive suite of accounting, legal and wealth management services designed to create lifelong wealth. We help you stay focused on your sports career, confident that we’re helping you to build a strong financial future behind the scenes.
I’m an elite athlete – do I really need an accountant?
Whether athletes should work with an accountant is a common conversation at dinner tables, in change rooms and at catch ups between sportspeople. Some athletes swear by using an accountant; others don’t want to incur the cost of engaging one.
Australia is one of the highest-taxed countries in the world, so there’s a strong argument for working with a tax specialist. Partnering with an accounting professional will give you a better understanding of how your financial and tax affairs work. Importantly, your accountant will manage the much-dreaded tax return process on your behalf each year.
In the same way as you’re an expert in your field, someone who spends all their time working with tax can add significant value – both at tax time and ongoing. They’ll make recommendations to improve your tax position by structuring your affairs in a tax-effective way and ensuring you’re aware of deductions you’re eligible for that you otherwise may have missed.
Having an accountant prepare your tax return will also save you the time and hassle of doing it yourself, leaving you to focus on training – or something else you’d rather be doing.
What does a specialist accountant for professional athletes do?
Athletes have special financial and legal needs. An accountant who specialises in working with professional athletes understands how to ensure you get the most from your sporting career.
At Archer Sports Advisory, we use proven strategies and tax-effective structures to maximise your income and minimise your tax bill. As experienced advisors who work exclusively with professional sportspeople, we provide targeted guidance that reflects the realities of being an elite athlete.
Whilst every effort has been made to provide valuable, useful information in this guide, Archer Sports and any related associated entities accept no responsibility or any form of liability from reliance upon or use of its contents. Any suggestions should be considered carefully within your own particular circumstances. This is intended as general information only.