Yes, FPA do now. But existing members of the FPA for example don't need a degree, neither does the SPAA as far as I know. Someone with relevant experience could still possibly become registered as a tax agent without a degree.
The cost of tax accountant - is this reasonable?
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Yes, FPA do now. But existing members of the FPA for example don't need a degree, neither does the SPAA as far as I know. Someone with relevant experience could still possibly become registered as a tax agent without a degree.
Coasty,
I've listed the wrong section above.
see Reg 205
It seems membership is not a requirement under s205 - 8 years relevant experience in the past 10 years could be enough - with a subject in commercial law, tax and basic accounting.
I've listed the wrong section above.
see Reg 205
Also see the table in the link to your first post above.
It seems membership is not a requirement under s205 - 8 years relevant experience in the past 10 years could be enough - with a subject in commercial law, tax and basic accounting.
Terry
The way it works is based on the table. You choose ONE of them and then work out the criteria. If you are trying to be eligible under s206 then you work through the criteria there. s205 is another option but as you say it means that you have to have done an approved course in commercial law, taxation and accounting. if you think s205 is the most relevant the criteria in that section applies. if you think s206 then you chose that section and the criteria. you work out which one is most relevant in your circumstances. all sections can apply but only one will be applied. Just trying to make the point sitting behind a desk at ITP for 10 years wont cut it anymore unless you have done further studies.
The way it works is based on the table. You choose ONE of them and then work out the criteria. If you are trying to be eligible under s206 then you work through the criteria there. s205 is another option but as you say it means that you have to have done an approved course in commercial law, taxation and accounting. if you think s205 is the most relevant the criteria in that section applies. if you think s206 then you chose that section and the criteria. you work out which one is most relevant in your circumstances. all sections can apply but only one will be applied. Just trying to make the point sitting behind a desk at ITP for 10 years wont cut it anymore unless you have done further studies.
Yep. I agree.
So someone who has worked at ITP for 8 years out of the last 10 can qualify for admission as a tax agent if they have completed 3 subjects.
Perhaps harder than it was a few years ago but still no degree needed.
Unlike the term LOL. I didn't invent this phrase. 'You get what you pay for'.
It applies to accountants, lawyers and much of life. If you're the smartest person in your investment group, find a better accountant.
Mine knows an infinite amount more than me about accounting.
It applies to accountants, lawyers and much of life. If you're the smartest person in your investment group, find a better accountant.
Mine knows an infinite amount more than me about accounting.
The issue isn't so much whether your accountant knows more about accounting than you do, but whether you can tell whether an accountant can add value to your situation.
As one example, a very smart accountant who wants to put you into a complicated structure, may not in fact be right for you.
Tax estimate
Hi there
I have been quoted the following estimate of costs for my affairs.
Preparation of the 2014 financial statements and income tax returns for (this is for the first tax return and financial statements):
o Family Trust - $800
o Unit Trust - $1,500
? Preparation of the 2014 income tax returns (I provide them with a detailed spreadsheet outlining all income and deductions) for:
o R - $300
o M - $300
? Meeting with me to review and hand over the completed 2014 financial statements and income tax returns - $340
? Allowance for the Corporate Secretarial administration required each year - $315
? Allowance for future Telephone and Email correspondence - $303
? Application for TFN for New Trust - $300
? Application for PAYG Withholding variation - $500
Total $4,658
Can you please let me know if this estimate is reasonable or over the top.
Thanks in advance.
Russell
Hi there
I have been quoted the following estimate of costs for my affairs.
Preparation of the 2014 financial statements and income tax returns for (this is for the first tax return and financial statements):
o Family Trust - $800
o Unit Trust - $1,500
? Preparation of the 2014 income tax returns (I provide them with a detailed spreadsheet outlining all income and deductions) for:
o R - $300
o M - $300
? Meeting with me to review and hand over the completed 2014 financial statements and income tax returns - $340
? Allowance for the Corporate Secretarial administration required each year - $315
? Allowance for future Telephone and Email correspondence - $303
? Application for TFN for New Trust - $300
? Application for PAYG Withholding variation - $500
Total $4,658
Can you please let me know if this estimate is reasonable or over the top.
Thanks in advance.
Russell
Impossible to tell without knowing the details. You unit trust could be running a delicatessen and the family trust trading North Korean options.
The tax agent could have a Masters in Tax from UNSW or a diploma from Tafe.
Too many variables to say.
Gee, if only me fees were that low, I don't remember when I paid such amounts? BUT, my structure is much more complex, too many entities involved. Best of Luck!
Just compare if you did it yourself against the accountant you chose so you will know if it justified.
Thanks Terry
Unit Trust holds one investment property in WA and nothing else. It is the first return and first set of financial statements.
Family Trust is a unitholder for distribution of income from unit trust. It does nothing else and holds no other assets.
Tax agent is a chartered accountant and has Bachelor in Tax from UNSW.
What do you think of the costs with that information?
Thanks
Thanks very much Terry.
It depends what the accountant and his/her people are doing for you and how much they are saving or making you in the process of providing advice and managing the paperwork.
Remember, price is what you pay, value is what you get. Only you can make that decision. If you think it's unreasonable, request reduction and if they decline go somewhere else for the same service and then you will probably find out whether the original price you paid was reasonable or not based on the service you got.
Remember, price is what you pay, value is what you get. Only you can make that decision. If you think it's unreasonable, request reduction and if they decline go somewhere else for the same service and then you will probably find out whether the original price you paid was reasonable or not based on the service you got.
You used an incorrect word. Pedantic but important.
someone who has worked a tax franchise firm for 8 years out of the last 10 can apply for admission as a tax agent if they have completed 3 subjects in the absence of an approved course AND can obtain certification of their experience.
The TPB tend to give a hard time to the 8 from 10 requirement and seek a broad range of returns. The most common refusal is absence of self managed or public superannuation.
The words "relevant experience" affect a large number of applicants. ATO employees are often rejected for this reason.
I would think thatt its a bit high BUT what did you agree to ?? You cant engage a firm then complain afterwards if you agreed to pay $300 a hour and they didn't say how many hours were involved. . I try to work to an agreed fee and scope of works so any blow outs are my problem or if they are outside scope I quote the extra.
I used them twice, each time it seemed to be a Uni grad who had to look up half my questions, which I could have done myself. What a joke.
