Cost to get Tax done

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

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  1. Tim__

    Tim__ Well-Known Member

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    1st Jul, 2015
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    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
     
    Tim__, 4th Jun, 2007
    #1
  2. MattR

    MattR Well-Known Member

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    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.
     
    MattR, 5th Jun, 2007
    #2
  3. Nigel Ward

    Nigel Ward Well-Known Member

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    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.
     
    Nigel Ward, 5th Jun, 2007
    #3
  4. thinkbig

    thinkbig Member

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    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
     
    thinkbig, 5th Jun, 2007
    #4
  5. Tim__

    Tim__ Well-Known Member

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    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
     
    Tim__, 5th Jun, 2007
    #5
  6. MattR

    MattR Well-Known Member

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    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.
     
    MattR, 5th Jun, 2007
    #6
  7. NickM

    NickM Well-Known Member

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    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.
     
    NickM, 7th Jun, 2007
    #7