DYI Tax

[Millsy]

I've read the ATO guides and created an excel worksheet for depreciating assets, low-value pool, borrowing costs deductions etc. I'm also getting a Quantity Surveyor to do his thing. I don't mind doing these things, as I'm new to IP's and still easily excitable.
I'm sure an accountant will be able to find some extra deductions, but will these justify the cost?
I'm no expert on the subject but am wondering how much of difference an accountant will be?
How much information is NOT included in these ATO guides?
Does any non-accountants out there with an IP do their own tax returns?
:rolleyes:

[Aceyducey]

Millsy,

This is about spending cents to make dollars.

A good accountant can make a major difference to your tax, particularly over the long-term.

A lot of it is about ensuring you are structured correctly to minimise your tax, this really involves speaking with an accountant BEFORE buying IPs.

Remember - it has to be a GOOD accountant who understands property investment considerations in tax law!

Cheers,

Aceyducey

[abcdiamond]

Millsy

Have you looked at using the ATO electronic lodgement process ?

The program, that you can download, has areas to input all your depreciable items and does the calculations for you.

I've done my own, although I am an accountant, but not a Tax accountant, so I learn as I go along.

To some people it is worth paying a Tax Accountant (TA) to do the return, to others it isn't. eg: My wife got a TA to do her return for 2 consecutive years, and I did it at the same time just for reference. My figures were the same both times - She let me do hers this year :D

ABC