Tax refund, was hoping for more

[AVD]

Getting a PM to do it all also makes it easier come tax time to do your returns.
3k is still very steep even if your records were terrible - I would have expected you to pay MAX 1k and thats far fetched.

Next year I recommend sitting down and summarising things yourself on a total for the financial year basis - It will knock loads off your bill from the accountant (it should anyway) and then you can better identify what sort of position you are in yourself.

 

[Melbear]

I would have waited to do your tax return until you had the depreciation schedules. That would have upped your deductions and therefore your returns. You can pay get them now and pay for them this year (and claim them when you do tax at end of this FY) but they apply for last year.

I paid $1400 for my last return which had quite a few rental schedules and some capital gains factored in. I thought that was expensive!

 

[Pushka]

Wow, our accountant charges $3500 for four company returns, Trust returns and our personal Tax returns. I do give them reconciled accounts etc but think their fees are a little high!

 

[Les]

G'day OBJ,

Account charged around 3k to do return, mainly to do with me not having everything prepared. Sent them down folders for each property.

I can only think the "outback" part of things might change your situation markedly. When I started, (with 2 IP's), my Accountant bill was $800. And, after looking around, a better Accountant charged me less than this - then my portfolio grew ....

Even now, a few years down the track, with a few more IP's, and with a HDT included, my bill is $1300 or thereabouts.

$3000 just sounds WAY too excessive to me.


Re the Tax return, with no Depreciation schedules, you probably got what you should. Get these in place and next year will be a better time for you,

Regards,