Property Accountant North Sydney

[jaime]

Hi All,
I have never had an accountant before and have a few queries with regard to same.

1) Could you recommend a good accountant? I live in Campbelltown and work in North Sydney so probably easier to meet with them at around North Sydney
2) What are the rough costs for this service? How often do you find yourself going to your accountant?
3) I am a beginner in property investment any other tips with regard to the accounting side of things? How many of you do it on your own?

Happy to receive PMs on this.

Thanks

 

[Jamie M]

Hiya

1. There's been quite a few posts on Syd accountants recently. If you do a search you'll find some recommendation.

2. Depends on the scope of work. Mine charges thousands p.a and I see her once or twice a year.

3. No chance of me doing it on my own. I capture the data and send in at the EOFY. My accountant knows much more about accounting than I do

Cheers

Jamie

 

[MIW]

Hi All,
I have never had an accountant before and have a few queries with regard to same.

1) Could you recommend a good accountant? I live in Campbelltown and work in North Sydney so probably easier to meet with them at around North Sydney
2) What are the rough costs for this service? How often do you find yourself going to your accountant?
3) I am a beginner in property investment any other tips with regard to the accounting side of things? How many of you do it on your own?

Happy to receive PMs on this.

Thanks

Whatever you do chose an accountant that understands, specialises and invests in property, as this will save you lots of issues along the way, as I learned the hard way.
My accountant lives and works in QLD, yet I live in NSW, everything can now be done electronically so don't just place the boundaries too short. And if you like face to face contact there's always SKYPE, right?
As previously said, they vary in price, and on your individual circumstances, but if you plan to invest into real-estate then find an experienced one!

 

[jaime]

Cheers gents

 

[mumbai]

Hi All,
I have never had an accountant before and have a few queries with regard to same.

1) Could you recommend a good accountant? I live in Campbelltown and work in North Sydney so probably easier to meet with them at around North Sydney

If being really close is a major factor, then go to the closest mall and they would have $49 tax advisors

Else, if you do not mind travelling a bit, I would recommend Paul Gerrard from PFI. He is on this forum.

2) What are the rough costs for this service? How often do you find yourself going to your accountant?

The cost varies, but he charges a discounted rate for SSers. I had 2 IPs and 2 PAYG and was charged around $400

3) I am a beginner in property investment any other tips with regard to the accounting side of things? How many of you do it on your own?

I dont do it on my own. Not worth it IMO. I let the professionals do it. Make sure you have all the numbers on excel sheet ready.

 

[danwatto]

North side Paul from price financial is helpful and doesn't cost much either.

 

[Paul@PFI]

Hi All,
I have never had an accountant before and have a few queries with regard to same.

1) Could you recommend a good accountant? I live in Campbelltown and work in North Sydney so probably easier to meet with them at around North Sydney
2) What are the rough costs for this service? How often do you find yourself going to your accountant?
3) I am a beginner in property investment any other tips with regard to the accounting side of things? How many of you do it on your own?

Happy to receive PMs on this.

Thanks

Face to face meetings are good but when it comes to tax it may be more harmful than productive. I avoid initial face to face meetings for property tax clients. I find it far more productive to do the bulk of the work THEN discuss strategies, issues, advice etc. There is zero productive value until I have digested your numbers and work and have a understanding for what issues affect you. There is ZERO value in staring at me tapping on a keyboard. That said I have clients across this globe and many interstate I have never met. Quality advice can still be given by phone, email etc.

I prefer to have CGT information and then maintain it. That way accurate CGT and tax strategy advice can be given. You may be surprised how few accountants do this.

Typically for a SS member with IPs and decent summaries for each property cost can be $300-$500 for 1-5 properties and no broader issues. CGT events can add to this cost. I like to work to an agreed fee and don't like to quote hourly rates. You don't pay by the kilo for a box of cereal at Woolies and so why should tax be different ? The cost can also increase depending on what you need. Some clients shift into developments and need more support.

 

[EN710]

North side Paul from price financial is helpful and doesn't cost much either.

+1 for Paul

As for one-on-one meeting, depends on what works best for you.
I have done meeting with previous accountant, and have talked to another who demanded one to be done before proceed.

With the meeting, most of the items we discussed can be addressed online, so I had this 2 hours trawling off work (plus getting a soft sell for other product) where emails then 30mins meeting would actually do.

The other accountant was also recommended by others, however I simply can't to take half a day or even an entire day out of office to travel and meet the person 1 hour each way. The approach doesn't work for either of us, so I didn't proceed.

 

[Shoryuken]

Thanks for the suggestions so far. Like Jaime, I'm also looking for a good property accountant. I feel like I was ripped off this year by my tax agent who I only see once a year for 20 or so mins and all he knows about me is by looking at my file from the previous year. I'm not sure if the fees we were charged were really high or not, but the main issue is the service we got was not good at all as he typed all my numbers up in someone else's file and then asked me if I have to wear a uniform at work. I was surprised and told him I worked in IT and had no uniform and he said, oh it says aged care here
We had all the numbers prepared and he still made errors when filing our tax return. For 2013/2014 tax year, we only had to claim for 1 IP and this is what we were charged:
For me (excl. GST):
$250 - IP
$440 - 1 x PAYG summary (Yes, there were a few deductions to claim)

For wife (excl. GST):
$250 - IP (same IP as mine. We are joint tenants and thus have 50% share each)
$130 - 2 x PAYG summaries (hardly any deductions for her and she actually had to pay back about $500)

As mentioned above, I'm not sure if these fees are normal or not. I wouldn't mind paying up if I got a decent service.
I'm also going to do a search for previous threads containing recommendations for Sydney property accountants as suggested.

 

[Jaggannath]

I used to do my own, and I was doing OK, while it was simple. I went to an accountant who doesn't specialise in property once and it resulted in a few mistakes (in terms of missed opportunities, not incorrect filings) being made.

I'm going to an accountant now not just for the return, but also for advice on the best way to establish myself for the future, as my situation has changed and I don't know the tax system well enough to optimise.

 

[Shahin_Afarin]

Thanks for the suggestions so far. Like Jaime, I'm also looking for a good property accountant. I feel like I was ripped off this year by my tax agent who I only see once a year for 20 or so mins and all he knows about me is by looking at my file from the previous year. I'm not sure if the fees we were charged were really high or not, but the main issue is the service we got was not good at all as he typed all my numbers up in someone else's file and then asked me if I have to wear a uniform at work. I was surprised and told him I worked in IT and had no uniform and he said, oh it says aged care here
We had all the numbers prepared and he still made errors when filing our tax return. For 2013/2014 tax year, we only had to claim for 1 IP and this is what we were charged:
For me (excl. GST):
$250 - IP
$440 - 1 x PAYG summary (Yes, there were a few deductions to claim)

For wife (excl. GST):
$250 - IP (same IP as mine. We are joint tenants and thus have 50% share each)
$130 - 2 x PAYG summaries (hardly any deductions for her and she actually had to pay back about $500)

As mentioned above, I'm not sure if these fees are normal or not. I wouldn't mind paying up if I got a decent service.
I'm also going to do a search for previous threads containing recommendations for Sydney property accountants as suggested.

I have recently changed over to paul @ price accounting when my structures became too difficult for my previous accountant and I was giving him advice. I have been very happy with Paul and he is always proactive which is great.

 

[Shoryuken]

Thanks all, Paul clearly is the pick of this thread

 

[Paul@PFI]

Paul is very busy. At present work deadlines are out around three weeks. However we can at least get you onto the agent list for deferral etc. Don't leave it until 31 Oct.

 

[Shoryuken]

Paul is very busy. At present work deadlines are out around three weeks. However we can at least get you onto the agent list for deferral etc. Don't leave it until 31 Oct.

I can imagine! I've already lodged mine for this year, so I'll let the peak months pass and then look at contacting in early 2015. Did a whinge post above (if you scroll up a bit) as I was not happy with the kind of service I got from the tax agent with whom I did this year's tax return.