Yes if you want cheaper tax returns then there is a solution. Close up your business, sell your properties and sit on your bum all day. Quite simple really. Lots of people doing it.
are these accountant fees Reasonable ??
- Thread starter streetie
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- tax return rip off ?
i get mine done for free even better. people with very simple affairs usually have the lowest bills. so if your affairs aren't complex then the fees will always be lower.
back in my public practice days most people with a net worth of over $10m had fees between $50 - $100k. But then they ran successful businesses and had multiple structures and investments both locally and internationally. That creates all sorts of complexities.
back in my public practice days most people with a net worth of over $10m had fees between $50 - $100k. But then they ran successful businesses and had multiple structures and investments both locally and internationally. That creates all sorts of complexities.
Love this.Exactly what im doing as we read....................
Wow,check out the view.omg whales.
mine was $4k.....
Terry
Think bman is saying his personal return is only 110 because it is very simple and he doesnt have any assets or things in his own name. Other structures that might hold assets on trust might be more expensive. Of course he doesnt own those
Think bman is saying his personal return is only 110 because it is very simple and he doesnt have any assets or things in his own name. Other structures that might hold assets on trust might be more expensive. Of course he doesnt own those
Mine is around the $15,000 pa mark.
That does 4 personal tax returns, 2 with 7 IP's.
4 main companies and trusts and the another collection of trustee companies etc.
SMSF with about 30 different shares in share portfolio and other sundry investments including cash held at bank.
The thing is we do all the transaction postings so my accountant gets MYOB files that have all the bank accounts and loan accounts reconciled.
We do some transfers between companies which needs to be sorted out but bottom line is I am paying way to much.
The on top of these fees I still pay a fee per company for ASIC returns.
We are working on taking the ASIC returns in house and I am going to have to do the shopping around for a new accountant.
Cheers
PS This doesn't include the USA tax returns which was another $2k for the first partial year with no income and not all the properties not LLC's
That does 4 personal tax returns, 2 with 7 IP's.
4 main companies and trusts and the another collection of trustee companies etc.
SMSF with about 30 different shares in share portfolio and other sundry investments including cash held at bank.
The thing is we do all the transaction postings so my accountant gets MYOB files that have all the bank accounts and loan accounts reconciled.
We do some transfers between companies which needs to be sorted out but bottom line is I am paying way to much.
The on top of these fees I still pay a fee per company for ASIC returns.
We are working on taking the ASIC returns in house and I am going to have to do the shopping around for a new accountant.
Cheers
PS This doesn't include the USA tax returns which was another $2k for the first partial year with no income and not all the properties not LLC's
$15k does seem expensive. Have you spoken to Nick Moustacas at Strategic Wealth or Martin Wilson at House of Wealth (they are in Sydney as well now).
You mean you are paying $110 - but what is it really costing you??
what mike said
Terry
Think bman is saying his personal return is only 110 because it is very simple and he doesnt have any assets or things in his own name. Other structures that might hold assets on trust might be more expensive. Of course he doesnt own those
i got back a few $100 and paid the accountant $110
i sat in the office for 10 mins max and that was with a chat b4 looking at anything, i could of done it myself if i knew how to depreciate my toolbox thats almost fully depreciated anyway (even if i didnt depreciate it i would of got more back by doing it myself and not paying tax agent)
on a side note how do you layout your stuff of a spread sheet to make it easier for tax time?
i was thinking something basic like
Date--------Description--------------amount-----Receipt------ extra
15/11/12----Protective Work Wear-----$100--------#1 -------- None
(i just numbered my receipt with a big number so can find it easily) how else could you do this? and extra is for something that doesnt fit in those columns?
anything im missing or is this good?
My point was that by paying so little what sort of service are you receiving and are you claiming everything you can? As a result you may thing you are saving money on the fee but could be missing out on much more by not claiming everything possible.
probably not a great service, and probably not claiming everything i can.
Im claiming all the basic stuff i can (that i know about), he doesnt seem to go out of his way for me though i did have to ask about a few things i could maybe claim.
also he wasnt claiming his fee from the previous year until i asked if it could be claimed
i dont think i am saving money, thats just the fee i pay.
my point was id probably end up better off if i done it myself.
how much should i be able to claim back with (normally my deductions only being work wear and/or tools)
Fair enough Bman - but you don't know what you don't know.
Basically you should be able to claim all expenses that are associated with producing an assessable income.
Ask your accountant what their hourly charge rate is and go from there. My accountant used to sit down with me and have a nice catch up chat about family and friends, then I found out accountants hourly rate was $400 per hour.
I have left our SMSF with this accountant and moved our personal tax to another accountant and fees have dropped down as hourly rate at second accountant is cheaper.
Regards
Sheryn
I have left our SMSF with this accountant and moved our personal tax to another accountant and fees have dropped down as hourly rate at second accountant is cheaper.
Regards
Sheryn
True Sheryn but I guess that has to belanced with how comfortable you are with the accountant and how complex the nature is.
Eg yesterday we had a 3.5 hour meeting with ours and prob at least another 2 hours in 2 weeks time (along with a fair bit of work to be done in between). He is far from the cheapest but for me I'm happy to pay extra considering the trust is there and I'm not second guessing him. The clarity and peace of mind is worth a fair bit in my mind but I do recognise that our situation is more complex and so it night not be worth it for some.
Eg yesterday we had a 3.5 hour meeting with ours and prob at least another 2 hours in 2 weeks time (along with a fair bit of work to be done in between). He is far from the cheapest but for me I'm happy to pay extra considering the trust is there and I'm not second guessing him. The clarity and peace of mind is worth a fair bit in my mind but I do recognise that our situation is more complex and so it night not be worth it for some.
Problem with that sanj is that hindsight is 20/20. Of course if you knew, ex-post that one accountant would have given better advice than another, then you would go with the better one even if he charged more. The main question (and problem) is that we all must make decisions ex-ante - and higher fees are not always indicative of better service.
