how much should my accountant/or your charge ?

[quitratrace]

Have been paying thousands in tax returns every year, and would like to look around if I have been paying too much. My wife and I are PAYGs, with 5 IPs, and a HDT. I summarize everything into a spreadsheet, no handing over a shoe box full of receipts (ie income, expenses, loan interest etc, the same format as when the accountant submit the returns to ATO). Prior to having the HDT $2500, with the HDT (company trustee) $3500. Just wondering how much everyone else is paying, and what's the hourly rate for an accountant ?
(would appreciate if those have reasonably priced accountant to share the info or PM me, thanks)

 

[Propertunity]

You might like to have a read of this thread where the same Q was put:
http://www.somersoft.com/forums/showthread.php?t=63466

 

[JPS25]

We just finished building our first IP beginning of June, went to our usual Accountants and got charged the normal fee as always apart from a small yearly raise of $9 so $165 all up. Only 1 IP, one remote Zone, Education offset and normal work/travel expenses. Expected to pay more but same as usual for us. Not complaining they always do a great job. We have been going to the same firm since arriving in Oz in 2000.
No shoe box everything is always organised though did have lots of questions regarding IP with it being first time around and a few bits and bobs not sure of. Very helpful as always.

 

[Puma1355]

5 IPS and a tax return ? $2500...ripped off...

Try
[email protected]

Normal tax individual tax return - $90
Tax return and 1 IP - $150
Tax return and 2 IPs - $290
Tax return and 3 IPs - $430
Tax return and 4 IPs - $570
Tax return and 5 IPs - $700

Prices are approximates....the service is also mobile so they come to you.

 

[quitratrace]

thank you everyone for the reply.
JPS25, I have PMed you.
Thanks Alan & Puma1355, I would definitely try as suggested.
Would appreciate if other people keep the suggestions coming. I always feel I have been overcharged, and have spent considerable time looking for a suitable accountant. Nothing works like the magic of this forum.
ps. I am in Brisbane, don't mind where the accountant is actually.

 

[JPS25]

Hi quitratrace,

Just replied to your PM

Good luck

 

[quitratrace]

thank you very much JPS25.

 

[sash]

The lady I use charges me $600 for 14 properties down to 13 as I sold one.

What you are paying is very high!

Cheers
Shashi

 

[bene313]

Maybe ask your accountant for an expanation of the cost. $3,500 is 14 hours at $250 per hour.

There are some pretty average accountants out there, many of which will not have heard of HDTs before. The average ones also tend to be cheaper (perhaps to win/retain clients?). If you're going to switch choose carefully - price shouldn't be the only consideration.

 

[Mr. Fabulous]

What it comes down to is this. Your accountant can charge whatever they damn well please. It's up to you as the client to determine whether you feel you are getting what you pay for. If you feel you are being charged too much, you can do one of three things:

- sit on your hands and say nothing
- discuss the fees with your accountant and maybe negotiate a different fee structure, if they are open to this
- go somewhere else

Fees and the like are all relative. What is a rip off to one person is a fantastic deal to another.

 

[Ross]

Quitrattace,

I have a HDT and 2 IPs, paid around $1,150 last year from memory which also included a CGT schedule for property I sold. I would have thought anything above $2k for you sounds high.

Exactly the same deal as you in that in that I prepare everything for them, literally a review and transposition exercise for them.
I use :
www.strategicwealth.com.au
Nick Moustacas
(02) 9580 3353

They setup my HDT as well, you'll find them mentioned before here on the forum.

Cheers
Ross

 

[Kris_Evolved]

Hey QRR - did the accountant also prepare financial statements for the HDT?

If it was only tax returns, then it does seem a little high.

Also look at the overheads of the accountant - if it is Brisbane CBD then they will be more expensive (typically) as they have to pay more in rent etc compared to someone in the suburbs.

Firstly you should go back to them and ask for further information.

There have been a lot of other good replies - name Mark Laszczuk who sums it up quite well.

Some people like paying a lower amount as they don't need a lot of advice, whereas others are willing to pay more as they feel like they get value through other services, advice, information and 'free' seminars that are provided by their accountant during the year.

Good luck!

 

[snowwhite]

I have an investment property in Brisbane as well,but we donot live in brisbane .
we are living in WA,and next year going to sydney ,where should we find our accountant ? in QLD or sydney or no matter where she/he is ?
Can someone recommend me a cheaper one and good services ?
cheers!

 

[PHF]

Finding a cheap Accountant is easy.
Finding a good Accountant is easy.

Finding a good Accountant that charges like a useless Accountant is not going to happen. Like property prices, accountant prices are driven by demand and supply.
A good accountant won't work for peanuts because there are plenty of people willing to pay good money for their good service.
A crappy accountant will have to work for crappy pay because they are not in high demand.

Demand and supply, Its really very simple

 

[shoooshoo]

Well said PDF! I should use that to sell products.

 

[jaycee]

Finding a cheap Accountant is easy.
Finding a good Accountant is easy.

Finding a good Accountant that charges like a useless Accountant is not going to happen. Like property prices, accountant prices are driven by demand and supply.
A good accountant won't work for peanuts because there are plenty of people willing to pay good money for their good service.
A crappy accountant will have to work for crappy pay because they are not in high demand.

Demand and supply, Its really very simple

No problem

Im pretty good - $500k to do your tax return.....

No one suggestd eeryone should be cheap, but there is such a thing as expensive, let's not get ridiculous

 

[coastymike]

Jaycee if you could save my family 10m in taxes without doing anything illegal i would be happy to pay that fee

 

[jaycee]

Jaycee if you could save my family 10m in taxes without doing anything illegal i would be happy to pay that fee

yeah ok mike, there is no such thing as expensiv e ever, in any situation, no probs.......



what if I charge you $20 million to save you $10m in taxes when every other legal legitimate and quality organisation charges $1m cause I just "say" I'm better,

would that make me cheap ?

 

[beachgurl]

We have one PAYG, one self employed, 8 IPs and a HDT and paid slightly higher than that. We also put everything in spreadsheets. The year before was even more expensive so we pushed their price down considering they had a lot of the information in an easily-readable format.

It is a lot, but we also got a 25K return. We had a previous accountant who was much cheaper but the return was nothing in comparison. I guess it's true that you get what you pay for.

 

[deepindebt]

Hi All

Forgive my ignorance but what is a HDT?

I am in Perth and have 2 investment properties with a 3rd under construction.

After recently joining the forums I am discovering that my current accountant charges like they know it all but I have to correct them or point them in the right direction for answers after doubting their original advice (Thanks to this forum my refund increased by about $1,000).

As a result I am looking for an accountant that knows the ins and outs of property investment and how to set up our line of credit bank accounts (4 of) to ensure we are set up so we are complying with tax laws etc. Our current accountant says we should get the rent paid into each individual LOC account I have read otherwise on the forum but need to speak to someone who knows their stuff as I am confused on this one.

Can anyone recommend an accountant in Perth? I am prepared to pay provided I get good advice and old fashioned service.

Cheers