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Hourly Rates for accountant?

Discussion in 'Accounting, Tax & Legal' started by Compleks, 1st Sep, 2008.

  1. Compleks

    Compleks Well-Known Member

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    Do accountants generally operate on an hourly rate?

    What does your accountant charge per hour?
    Or if you are an accountant, what do you charge?
     
  2. rambada

    rambada Well-Known Member

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    As far as I know its very subjective & depends on their level of expertise, qualifications, & level in the company.

    Mine is $200/hr. Though some just charge a fixed fee.

    I believe in bang for buck & you get what you pay for.
     
  3. Billv

    Billv Getting there

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    Mine charges a fixed fee which varies depending on the number of investments I have
    cheers
     
  4. MattR

    MattR Well-Known Member

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    This old chestnut.

    Most acoconuts will advise you of their hourly rate as being $x per hour, but generally this is only a guide.


    On the whole it really depends on whats being done and the level of skill required.
     
  5. Superman

    Superman Well-Known Member

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    Yeah.

    Advice is normally a fixed fee. $100 to $400 ish depending on experience / qualifications.

    I am somewhere in the middle being a qualified (CA) accountant + super expertise.

    The accountant you deal with will likely delegate work down the the lowest level possible and just supervise to make the fee for the work more reasonable for you.
     
  6. AsxBroker

    AsxBroker Well-Known Member

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    Hi all,

    Interesting how this has moved to a investment/superannuation advice charged by accountants thread. I'm interested in knowing how many accountants comply with Superannuation Switching advice in line with ASICs guidelines (ie properly comparing client's existing super fund/s to SMSFs, eg, insurances, investments, anti-detriment payments, fees).

    I imagine that with the number of SMSFs being opened on a monthly basis that many comparisons may have been overlooked (whether accidentally or not) to keep paperwork and costs to a minimum.

    It would be terrible if a client reduced their insurances without realising and something happened to them.

    Cheers,

    Dan
     
  7. Superman

    Superman Well-Known Member

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    Yeah - I reckon you are right Dan.

    From an accountants perspective, the best thing for them to do is simply refer it onto a financial planner to do a SoA which includes the switching and can enable the client to obtain appropriate advice on insurance at least.

    FSRA legislation has been good cleaning up the industry, but bad as it makes certain simple but important things such as insurance cover that is lost on super rollovers being put in the accountants 'too-hard basket' so the clients can miss out.

    I often worry about all these people setting up SMSFs via esuper or similar providers who are simply getting no advice at all - and in the processing losing insurance cover.
     
  8. Billv

    Billv Getting there

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    Superman.

    I don't know how this thread turned into a discussion of SMSF's :confused:
    Anyway, people starting up a SMSF don't need to close their existing industry super account. I still have mine open for this exact reason but I plan to roll over the remaining amount after June and close it.

    I'm planning to buy insurance through my SMSF and although it will be more expensive I'm told it will provide me with more cover.
    I'm getting quotes atm and I'll read through the fine print next week.
     
    Last edited by a moderator: 10th May, 2009
  9. AsxBroker

    AsxBroker Well-Known Member

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    Hi BV,

    That's correct, people with industry super funds don't have to close them when they open SMSFs.

    The main point is that if someone is telling/advising them to open a SMSF they have to follow Superannuation Switching Guidelines from ASIC. This includes cost comparison on fees (insurances, administration, investments/MERs and adviser/accountant fees) as well as lost benefits such as anti-detriment, insurances, etc.

    I wonder how many accountants do this when they set up a SMSF?

    As Superman said, if a person uses a discount service to set up a SMSF they probably won't be aware of the benefits being lost, eg, assuming that an industry fund won't give them additional cover (obviously for health reasons they may not but industry funds use real life insurers, eg, REST uses AIG, etc) so if, say REST, for example, is going to decline an individuals insurance, you could safely assume that if an individal applied to AIG directly, the case being dealt with by the same underwriters who will come up with the same outcome as through REST.

    Other things like investments (except for cash and residential property) are probably going to be more expensive for a SMSF over an Industry Fund as they are going to have to pay retail or wholesale rates for managed funds whereas most industry funds negotiate group investment rates (hence why they are cheaper than retail funds generally).

    This is why it can be a minefield for those whom don't work in the industry (and even for those that do) if they don't understand the potential benefits being lost if "super switching".

    Cheers,

    Dan