Signed contract - accountant says "Don't do it!"

[Piston Broke]

Accountants should advise you regarding the best way (structure, make sure you claim everything you can etc) of going about what you are trying to achieve. They should also point out what may happen and check you have considered the downside.

Best way? There is no best way, just options.
And "structure" is a matter of legal entities. An accountant can explain the financial & taxation implications, but not the legal ones. That's for a lawyer.
Agree on the next point as I posted.

I disagree. When you have the option of receiving advice from someone who is a successful investor

I'd argue the point of what makes a successful investor.
A dozen negatively geared properties a successful investor does not make.
And 2 dozen of the same does'nt make him/her more successful (unless you write for API).
It just means they are successful at having enough income to buy properties at a loss and wait for values & rents to rise, and hoping to that income still keeps coming in.
That rules a lot of people out of the equation.
And of course we have the property spruiker who charges $1000 per seminar and then uses it to buy RE making a loss.
He too is regarded as a "successful investor" by RE hawkers (and API) when in actual fact he's successful at charging $1000 per seat (i did'nt say that was easy).

 

[newlywed1311]

Thanks everyone for your replies. We are confident in our decision to go ahead. Unconditional finance was approved today, so all systems go. Now to find me an accountant who will help me work out the nitty gritty and also believes in the long-term viability of our investment decision.

 

[Propertunity]

Congratulations..........on both counts

 

[newlywed1311]

Thanks propertunity, I always appreciate your advice and courteous posts - it's very welcoming when you're new to this experience.

 

[HiEquity]

Best way? There is no best way, just options.
And "structure" is a matter of legal entities. An accountant can explain the financial & taxation implications, but not the legal ones. That's for a lawyer.
Agree on the next point as I posted.

Some good points PB. I should have clarified - I agree they should advise the options and their financial and tax implications and you should decide the best way including the advice from your other advisors, such as legal.

I'd argue the point of what makes a successful investor...

I think we also agree on what makes a successful investor. A worthwhile distinction to make... However, when you're just starting, it may be a bit aspirational to just jump into discussions with the high net worth, high yielding investing set. May need to settle for near enough with someone just above your level while you learn the ropes through the experience that having your own investments gives you.