Tax return

[Elke]

We own two IPs and rent. We have done our tax with HR Block for years. We have been wanting to meet with an accountant /financial planner who specialises in property to discuss overall strategy. To do tax return, HR Block charges $145 pp, with a bit more per IP. We asked the other company what they charge for tax return: about $340 pp with each IP owned charged at about $170 each.

So for DH and I:
HR B $290 + a bit
Other $1020

Our questions to experienced investors are;
What difference would we expect for our tax return outcome if we spend that much more?

For just tax return (ie not financial planning session) why would we go to the specialists? Sure we would like to see them for planning advice ($340 an hour) but it seems a lot more for tax return if apples are apples.

Thanks.

 

[Jen_PFR]

Our accountant charged $1500 for both myself and husband's tax returns for 2013-14.

This takes into account:
- seven self contained properties, with the subsequently greater deductions this includes (eg. things like linen replacement, new pots and pans etc);
- husband's pre-tax super contributions;
- other associated costs like car mileage, cleaning, etc etc;
- our standard PAYE incomes.

Our tax for 2014-15 will be higher again, simply because I will also have my music business to account for as well.

 

[Rixter]

Who does your accountancy Jen?

 

[Terry_w]

We own two IPs and rent. We have done our tax with HR Block for years. We have been wanting to meet with an accountant /financial planner who specialises in property to discuss overall strategy. To do tax return, HR Block charges $145 pp, with a bit more per IP. We asked the other company what they charge for tax return: about $340 pp with each IP owned charged at about $170 each.

So for DH and I:
HR B $290 + a bit
Other $1020

Our questions to experienced investors are;
What difference would we expect for our tax return outcome if we spend that much more?

For just tax return (ie not financial planning session) why would we go to the specialists? Sure we would like to see them for planning advice ($340 an hour) but it seems a lot more for tax return if apples are apples.

Thanks.

apples may be apples but they may also be oranges - you don't know how good the existing tax agent is unless you have something to compare it to.

 

[Rolf Latham]

Financial Planning and Accounting are also 2 separate things

Most tax agents cant provide financial planning advice and vica versa

ta
rolf

 

[Elke]

Thanks all.