In need of a great accountant via phone meetings

[new2this]

Hey Guys,
i am in need of an accountant.
We have unusual sitiuations regarding our income, my partner and i both work for a benevolent organisation and currently pay off the mortgage on our first IP using Tax free Salary sacrificing which is great but from what i understand i cant then claim any tax deductions on the property, but now that we have just purchased our 2nd IP things seem a little more complicated and we need some advice from someone who knows the ins and outs particuarly about should we start paying tax on our salary so we can claim the deductions on our IPs, also we live and work in Arnhem Land so a face to face appointment is impossible so would need a phone linkup.
If anyone here is a great accountant or knows of one that can help me please let me know a contact number.
Thanks for your time again guys

 

[Rolf Latham]

James @

www.houseofwealth.com.au


makes for good remote meetings

ta
rolf

 

[new2this]

Thanks mate, ill give them a call monday

 

[coastymike]

Rolf and other

remember james is taking time out as the poor guy has been burnt out and wants to spend a lot more time with his family so martin and i are handling a lot of things at the moment but we do many phone meetings so no problems there.

 

[coastymike]

Btw rolf referred some clients from perth your way re some commercial loans so you should hear from them next week. Great guys and switched on with their proposals.

 

[new2this]

Hey Mike,
While your here mate, ive never used an accountant before so im totally naive as to how it works.
How much do you charge for say an hours worth of advice over the phone or is there more to it than just that required.
Also do you have a great understanding of Salary sacrificing in regards to Tax deductions on an IP as this is where most of my concerns are?

Thanks for your time mate

 

[coastymike]

Generally consults over the phone are $275 including GST. Yes understand salary sacrificing and PBI's. Given the benefits available to PBI employees I dont think salary sacrificing your IP expenses would be a wise decision at all. But something we can discuss.

 

[china]

Hey Mike,
While your here mate, ive never used an accountant before so im totally naive as to how it works.
How much do you charge for say an hours worth of advice over the phone or is there more to it than just that required.
Also do you have a great understanding of Salary sacrificing in regards to Tax deductions on an IP as this is where most of my concerns are?

Thanks for your time mate

My accountant charges me about 1500 a year to do my tax return as a sole trader for a business that grosses about 1.4mil. He gives no advice. The one time I asked for advice on how to minimise tax, he said to borrow to invest in shares or property and charged me $275 and hence, I have never asked him again.

 

[coastymike]

a sole trader with a $1.4m business. sounds like bad advice already.

 

[china]

The tax office classifies it as personal services income. There are two part time employees who do not generate income and therefore, the sole trader structure was thought to be the simplest and cheapest to run. When I previously had company structure, it cost more for compliance work and had to pay payroll tax.

 

[TingTong]

Julia Hartman (B.Bus CA, CPA, Registered Tax Agent) from BAN TACS is considered one of Australia's most knowledgeable property savvy accountants.

http://www.bantacs.com.au/

 

[Terry_w]

The tax office classifies it as personal services income. There are two part time employees who do not generate income and therefore, the sole trader structure was thought to be the simplest and cheapest to run. When I previously had company structure, it cost more for compliance work and had to pay payroll tax.

China, why not spend some money and get a professional opinion on this. There may be something you can do.

 

[china]

China, why not spend some money and get a professional opinion on this. There may be something you can do.

I already have. Due to my circumstances wherein I generate all income via my personal service and having no dependents/beneficiaries, I have been told by two different accountants that the sole trader structure is best for me. I had previously tried being a company but that just cost more in compliance and resulted in me needing to pay payroll tax. Trusts are only good if I have links with other humans.

 

[Rolf Latham]

. Trusts are only good if I have links with other humans.

dunno bout that

When your 3rd party insurer refuses to pay for injury that you may have been liable for because your Rolla was "unworthy" because it had one tyre on the thin side ...............or you forgot to renew the rego that day etc , the value of a properly set up structure to distance you from your assets

Im somewhat amazed at your perhaps lax approach to this stuff given how important those assets are to you.

ta
rolf

 

[china]

dunno bout that

When your 3rd party insurer refuses to pay for injury that you may have been liable for because your Rolla was "unworthy" because it had one tyre on the thin side ...............or you forgot to renew the rego that day etc , the value of a properly set up structure to distance you from your assets

Im somewhat amazed at your perhaps lax approach to this stuff given how important those assets are to you.

ta
rolf

I recall there was another thread here wherein Terry discusses structures for asset protection. As a single person, I don't recall there being any effective structure which can adequately protect me from creditors or litigators, beyond questionable overseas holdings which the tax office has recently clamped down on from what I read in the papers. Operating Wickenby.

I have been told that no matter how I set up trusts, companies,etc, as a single person generating income, it is very clear to all concerned that there is only one person at the centre of it all and is therefore responsible all for liabilities.

 

[Paul@PFI]

New2This

Our firm offers first consultation (1hr) free. Its how we determine what we can do for the client.

Coastymike and H.O.W. are a great alternative. Great & knowledgable guys - I have assisted both as an adviser to each of them. Mike's a fantastic start since he quit the grog and trimmed back his crack and gambling habits.

The FBT issue you vaguely referred to doesnt make sense. If a car is a fringe benefit then a taxpayer cannot claim ANY costs to maintain it ie car wash or fitting tinting at own expense. That is a common FBT "problem". But when a salary-sac is done for a income producing asset like an IP it just means that those costs arent deductible to you. Other costs YOU pay are deductible. Its basic tax law. Sounds like :
1. Bad advice
2. Misunderstood advice
3. You need to review salary sacrifice. NOBODY should salary sacrifice tax deductible expenses to a charity. You should salsac non-deductibles. Home mortgage yes, credit card yes, Coles Gift cards yes. I used to do a lot of salary planning with a large church client.

We have clients across this blue ball we live on and phone, email etc is normal practice. Even our training is no longer face to face !

Paul

www.pricefinancial.com.au
02 98752444

 

[coastymike]

quit the grog ? since when did that happen

yes dealt with Paul many times when he was with Macquarie Group Services and was with the great mastermind Chris Batten and his team. Great to see you've gone out into the wild world of public practice and joined us in the trenches.

Will have to catch up and share stories when you are free (over skype of course)

 

[new2this]

The FBT issue you vaguely referred to doesnt make sense. If a car is a fringe benefit then a taxpayer cannot claim ANY costs to maintain it ie car wash or fitting tinting at own expense. That is a common FBT "problem". But when a salary-sac is done for a income producing asset like an IP it just means that those costs arent deductible to you. Other costs YOU pay are deductible.

Excuse my naivety,
But when you say "those costs arent deductible to you" are you referring to
Mortgage repayments, Interest The things i pay with the salary sacrifice.
and by "Costs you pay are deductible" are you reffering to things such as
Property management, council rates, water rates, general repairs.
or as usual am i totally missing your point?

Thanks for your time Paul

 

[Terry_w]

I already have. Due to my circumstances wherein I generate all income via my personal service and having no dependents/beneficiaries, I have been told by two different accountants that the sole trader structure is best for me. I had previously tried being a company but that just cost more in compliance and resulted in me needing to pay payroll tax. Trusts are only good if I have links with other humans.

China, why not take up Paul's 1 hr free consultation offer to see what you can find out.

I strongly disagree with your comments about trusts too. 'Good' in what sense?

 

[china]

China, why not take up Paul's 1 hr free consultation offer to see what you can find out.

I strongly disagree with your comments about trusts too. 'Good' in what sense?

Good in terms of asset protection and tax re-distribution and minimisation.