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Cost to get Tax done

Discussion in 'Accounting, Tax & Legal' started by Tim, 4th Jun, 2007.

  1. Tim

    Tim Well-Known Member

    Joined:
    27th Jun, 2006
    Posts:
    111
    Location:
    Lismore NSW
    Hi,
    I am trying to ascertain whether my Accountant fees are reasonable, too high etc and wondered if anyone can comment based on their experience.
    Basically to get our tax (me and spouse) done including 13 properties, a good number of share trades and about 8 or so managed funds statements, virtually all of the information was on a spreadsheet so their was no receipts or records to search through and collate (apart from 8 managed fund statements), however there was some remaining work on depreciation schedules to augment what was setup last year (most depreciation was setup last year).

    $1270 for us both - I thought maybe a little steep because everything was pretty much on a spreadsheet.

    Any comments or feedback appreciated - thanks.

    Tim
     
  2. MattR

    MattR Well-Known Member

    Joined:
    23rd May, 2007
    Posts:
    229
    Location:
    Sydney
    Tim

    Doesn't sound too bad to me.

    You may be able to save more if you create 13 rental property schedules as per the way they are represented in the tax returns.

    As for the trusts (8 managed funds) no real shortcuts there as long as you have provided their corresponding tax summaries. If you know how to read them and how they go in the returns then you could summarize them - BUT if you knew how to do that, then you'd probably the tax returns yourself.
     
  3. Nigel Ward

    Nigel Ward Team InvestEd

    Joined:
    10th Jun, 2005
    Posts:
    1,172
    Assuming your accountant is doing a good job then it's an absolute bargain! I pay much more than that. I guess the real question is - are you getting value for money?

    N.
     
  4. thinkbig

    thinkbig Member

    Joined:
    10th Sep, 2006
    Posts:
    16
    Location:
    Perth, WA
    Ditto,

    Sounds like an absolute bargain to me.. (although I know my accountant charges too much).

    Any property savvy WA accountants on the forum?

    Bruce
     
  5. Tim

    Tim Well-Known Member

    Joined:
    27th Jun, 2006
    Posts:
    111
    Location:
    Lismore NSW
    OK thanks everyone it is great to get feedback.

    The question is "value for money"

    1) It would take me ages to work out how to input all the tax info myself so it is cheaper to get an accountant to do and value for money

    2) $1270 seemed like a lot for the fact that all of the spreadsheet work was done by myself, so that essentially input only is required by accountant.

    Will live with their cost and figure it is good value for $$

    Cheers,
    Tim
     
  6. MattR

    MattR Well-Known Member

    Joined:
    23rd May, 2007
    Posts:
    229
    Location:
    Sydney
    Tim

    As a rule of thumb I work on $100 per rental property, it then goes up from there depending on complexity, shoe box carp etc etc.
     
  7. NickM

    NickM Co-founder Staff Member

    Joined:
    20th Jun, 2005
    Posts:
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    Location:
    Sydney
    Tim
    that is a cheap price. You are not just paying for the data entry but I am sure he also deals with any correspondence during the year etc

    You now need to spend a few more bucks with him and try to gain some more knowledge to take your investing t o the next level.