Sacking an Accountant

[simonksl26]

I have been with this accountant for 3 years. I had an investment property. Lately, I brought another property. When my accountant come back with my tax return, I find that there are quite a number of items that the account has missed out. E.g. I should be able to claim mortgage insurance as borrowing cost. It is quite obvious that the accountant is not very familiar with investment property claims.

I haven't pay the tax accountant yet and she has not submitted my tax return to ATO yet. She is charging me $430. I am wondering why I am paying this money when I have to spend hours reviewing her work! Can I sack her and refuse to pay her?

Does anyone have a good property tax account to recommend in Melbourne?

 

[Rolf Latham]

I have been with this accountant for 3 years. I had an investment property. Lately, I brought another property. When my accountant come back with my tax return, I find that there are quite a number of items that the account has missed out. E.g. I should be able to claim mortgage insurance as borrowing cost. It is quite obvious that the accountant is not very familiar with investment property claims.

I haven't pay the tax accountant yet and she has not submitted my tax return to ATO yet. She is charging me $430. I am wondering why I am paying this money when I have to spend hours reviewing her work! Can I sack her and refuse to pay her?

Does anyone have a good property tax account to recommend in Melbourne?

Hiya

try James

www.houseofwealth.com.au


many folks here use them and are happy, property and business specialists !


ta
rolf

 

[travelbug]

If she has already completed the return I would say you have to pay her.

BUT look for a new accountant that is property savvy. This is VITAL. Find someone who invests in property themsaelves. You can lose thousands of dollars a year by not having the right accountant.

 

[Terry_w]

The accountant has done the work requested so you would have to pay, but you could explain the errors and your unhappiness and ask for a discount.

Then try James, or ask him to review the return now in case there are extra items you can claim.

 

[Andrew_A]

Another vote for James Gatherum-Goss in Melbourne.

 

[mumbai]

Sorry for piggybacking on this thread. Any recommendations for a property tax accountant in Sydney?

 

[Rolf Latham]

Sorry for piggybacking on this thread. Any recommendations for a property tax accountant in Sydney?

Nic Moustacas

www.strategicwealth.com.au

ta
rolf

 

[BMan]

Sorry for piggybacking on this thread. Any recommendations for a property tax accountant in Sydney?

terry w ? ^

 

[Mick C]

terry w ? ^

Dont think Terry is an accountant...
His a lawyer + mortgage broker.

I could be wrong.

Regards
Michael

 

[BMan]

yeah im a but unsure but opening his website http://www.terryw.com.au/
he says

Legal Advice or Conveyancing
Finance advice and Loans / Mortgages
Tax returns, Accounting or SMSF auditing
Financial Planning or Insurance

 

[rowena]

Another hijacker... any recommendations for far north qld - townsville preferably?

 

[Burramys]

A consumer paying for an item has a reasonable expectation that the item will be as advertised and of acceptable quality. If not, the remedy is a refund or replacement. If the services are not as contracted then you may be able to negotiate a lower fee, which in my view is appropriate. Zero is a good dollar amount to pay.

Some years ago my accountant made what seemed to me to be very basic errors in my tax return. It took either an ATO letter or ruling to set the accountant straight. I paid the old accountant well under his fee. I then found another person to do my tax returns at about half the price.

 

[coastymike]

I believe Terry has joined the House of Wealth team.

http://houseofwealth.com.au/our-team/consultants/

 

[buzzlightyear]

Another hijacker... any recommendations for far north qld - townsville preferably?

Why do you need a local? My accountant is based in Melb metro as I am, but i never see them. All business is done electronically.

 

[Pete Ramoza]

I agree buzzlightyear. You don't necessarily have to be in the same city let alone State. Technology has taken care of that!

I think it comes down to getting the right fit, this means someone who does the job beyond your expectation (hopefully) and is a good communicator...oh and doesn't charge the earth!

 

[rowena]

because I didnt really want to have to scan in all my tax records to send to the accountant to 'prove' they are legit... I will be there for half a day! I would of thought an accountant would of needed copy of your records in case they get queried by ATO.

I guess i should get it done, seeing there is only 20 days left to do tax! LOL.

 

[Terry_w]

because I didnt really want to have to scan in all my tax records to send to the accountant to 'prove' they are legit... I will be there for half a day! I would of thought an accountant would of needed copy of your records in case they get queried by ATO.

I guess i should get it done, seeing there is only 20 days left to do tax! LOL.

Accountants don't want copies of receipts they just need the figures. ie totals or summaries of income and expenses.

 

[HotRod]

because I didnt really want to have to scan in all my tax records to send to the accountant to 'prove' they are legit... I will be there for half a day! I would of thought an accountant would of needed copy of your records in case they get queried by ATO.

I guess i should get it done, seeing there is only 20 days left to do tax! LOL.

If you go through an accountant you get until next March (or something like that) to lodge the return.

 

[buzzlightyear]

because I didnt really want to have to scan in all my tax records to send to the accountant to 'prove' they are legit... I will be there for half a day! I would of thought an accountant would of needed copy of your records in case they get queried by ATO.

I guess i should get it done, seeing there is only 20 days left to do tax! LOL.

R, I'll let you know what I do, and I suspect this is common. I collate all my IP income & expenses in spreadsheets, and I have a summary page which lists for each property;

a. category of expense
b. income
c. dollar amount
d. date of first rented received (if new property)

I also incorporate non-specific property expenses, ie land tax, income protection, accountant fees etc and then give the accountant my expectation of what my return is. When they have collated this they send me a letter to confirm the outcome, an invoice for their work (always good at getting this out!) and the ELD form which I need to sign, scan and email back to them before they can lodge my return.

a & b are aligned to those which are required by the accountant to enter into their system/ATO to lodge the return.

I never send any copies of income statements, or invoices for expenses, just the summary. If I am uncertain about the treatment of some expenses I will ask, but generally, most of my circumstances are now relatively straightforward and I have understood them for a while.

In addition, my accountant needs a scanned copy of the following;

* PAYG summary
* Health Insurance tax letter
* Land Tax Assessment notice

As for scanned copies of all my tax records, at least for my personal tax return, not my smsf (at least for now), I scan and keep all my records electronically, and do not keep originals. I do this progressively throughout the year. If I am audited, and I have had 2 mini-audits in my time, I simply email the relevant document(s) to the ATO.

 

[MTR]

Nic Moustacas

www.strategicwealth.com.au

ta
rolf

sorry about diverting, but am I correct in saying brilliant accountants cost an arm and a leg, I have one, but he has saved me a fortune, not just in property related stuff.

PS
Anyone know a cheap/brilliant accountant??