Just wondering if all the serious investors out there are using an accountant to do there tax return? If so, what is a reasonable amount to be paying? I know it will vary depending on how many investments etc you have. So what would someone expect if they had: 1. Investment property negatively geared 2. Two lots of managed funds (eg. two seperate tax statements) 3. Small number of direct shares (dividend distribution and maybe one or two sales per year). 4. A few deductions for work related expenses. Regards, JR
Definitely use an accountant to do your tax. There's too many complications to justify trying to do it yourself - think of the cost as a form of insurance, since the penalties for getting your tax wrong can be significant. Where are you located?
Located in Sydney. I use an accountant currrently - more curious to see what is a reasonable amount to be paying. Thanks, JR
Hi Sim, My case is quite similar to JR's, can you recommend a good accountant in Sydney? Cheers Richie
Hi Richie, I use and recommend Nick Moustacas (NickM here on the forums) - Strategic Wealth Management
JRC I am not sure what accountants would charge you for those. Richie Sim has recommended NickM, I have not had the pleasure to deal with him but I've heard that he is very good. I use a different Nick and I found him very good also. Some of the people I have sent there had complex tax returns and the feedback I get is that he is well priced as well as good. Valsamis & Associates Cheers
Yep, similar position with the majority of assets in managed funds/direct shares. Can you recommend someone in Melbourne?
I second Sim's recommendation. We're based in Brisbane and use Nick and Strategic Wealth (Sydney). I wouldn't call us serious investors, but we have one trading company, a company as corporate trustee for 2 x HDTs, and a SMSF, plus 2 individuals. We pay more than we did with our suburban accountant here in Brisbane, but the bottom line results are dramatically better. Cheers
An accountant we used retired and sold his business. We thought his fees were reasonable until the new accountant doubled the fees overnight - for doing the same tax returns! So, we are vetting a few other accountants - and will check out NickM.
Thanks guys, all feedback is greatly appreciated. Ill be sure to follow up your reccomendations. Cheers
With all the clients NickM has I wander about how much time he would have to get involved ? Most good accountants use an army of juniors that do all the grunt work. They are just there when the juniors get stuck and need direction.
That's one of the reasons I use the other Nick I get personal service and it's not likely to change Cheers
99% of accounting is exactly that - grunt work. You only need the expert available for the planning sessions, and for when things do get difficult.
How would you know how many clients he has, versus how many other firms have ? I assure you, in our case anyway, there is absolutely so shortage of personal attention received from Nick and Strategic Wealth and the people who do our 'grunt work' are all highly skilled and proficient. Rather than think because someone is popular or successful they won't have time for you, better to get referrals from people using the service, than make a potentially incorrect assumption.
I also use NickM and found his Firm to be very good so far. When I look back at some of the accountants I've had in the past, the good service I get from Strategic Wealth Management is unfortunately rather unusual. Pricing, service and professionalism has been fine........
