Used Ban Tacs Accountants

[parra1]

Hi Guys,


Just wondering if anyone out there as used the accountants " Ban Tacs " which have offices around QLD/NSW. I have read a bit about them and I like their approach to reducing tax and strategies.

Like everything else, nice to know if someone has used them, how they found them, were they expensive and more importantly did they deliver better than expected results.

I have a few investment properties, sold one, have a subtantial CGT to think about it..... need to find a really switched on accountant out there.


Cheers


Parra1

 

[blubarb]

Ban Tacs

I came across their web site recently and found it a very thought provoking and interesting site to explore. Can't help in any other way though.

 

[asdf]

Julia is a regular poster and provides a lot of useful information for free. If you are readin this, could yougive us an idea of what you charge? Say for personal and trust holdings of IPs and SMSFs in general? I know you get what you pay for but a general ball park indication could be something forumites (incl myself) would be interested in finding out...

 

[Katreana]

Hello Everybody,

Julia has just found out about your post and is very busy at the moment and asked me to respond. I own Nowra, Kiama and Moss Vale BANTACS offices and these are the closest to any of you in Sydney, Blue Mountains and even Canberra.

Our standard charge out rates are as follows:-

Basic Salary and Wage Return $135
For each investment property you could expect an extra $60 but a lot of this depends on how well you keep your records. There may be a minimal extra charge for setting up your depreciation schedules when you first come to our office and for each subsequent new investment property.
My personal charge out rate is $140 per hour.
Accounting Staff under my employ are charged out at $100 per hour and administration staffs are charged out from as low as $60.

Due to the wide variety of conditions that work from clients arrives at our offices in we are not in a position to provide quotes. As you can see our charge out rates are more than reasonable so I am sure you won’t be disappointed.

As far as delivery of services goes it really depends on the time of year.

Julia supports all the BANTACS offices with regular training visits, and is available should you manage to come up with a question I do not know the answer to.

 

[asdf]

Yes that is very very reasonable indeed, plus you guys know what you're doing.. Biggest pet hate would have to be being billed for adviser's "training" and "education" on your time sheet while they work out how to solve your problem!

 

[evand]

Hourly rates are only reasonable when you know how long things are going to take. I know that depends on how much preparation is done but i think open hourly rates are a bit of a rort.

Professionals can give quotes as they have been in the industry for a long time (if they own or manage the practice), therefore they know how long things take but they mostly prefer not to give quotes for obvious reasons.

 

[Katreana]

Hi All,

In giving fixed quotes up front to new business we would have to average out messy as opposed organised jobs and end up charging a higher rate similar to what you know a lot of firms are already charging.

In doing business this way organised clients who maintain good records would subsidise disorganised people. Being an organised person myself I don’t consider this fair. Do you?

I am certainly happy to quote in the second year once we know the quality of your records and the scope of the work required.

As stated in the first instance individual returns with investment properties we have always given ball park quotes on.

Regards,

 

[rodimus]

how much do u charge for trust tax return?

Also for doing that trust/company registration thing each year with ASIC.

 

[Katreana]

how much do u charge for trust tax return?

Also for doing that trust/company registration thing each year with ASIC.

Sorry for the delay busy meeting those year end deadlines!

Your Personal tax return will vary between $175 - $200 (depending on share trading activities, and how you have your records)
For the Hybrid trust ($350 for doing tax return, if your records are in good order) $500 upwards if we need to look at trust deed etc and determine whether or not the new rules regarding claiming of interest by unit holders. The property may be positively geared and therefore may be ok
For your Unit Trust - we would still need to lodge a return. So that would therefore be $200.

Quite happy to communicate via Australia Post and Electronically and more importantly over the phone as my clients are scattered all over the place.

Regards,
Katreana
BANTACS Southern NSW

 

[JIT]

For the Hybrid trust ($350 for doing tax return, if your records are in good order) $500 upwards if we need to look at trust deed etc and determine whether or not the new rules regarding claiming of interest by unit holders. The property may be positively geared and therefore may be ok

Are you serious?!

I would have thought that after all of Julia's anti-HDT posts, her firm would not do HDT tax returns, but refer these clients on to someone else instead?

Or has Julia changed her stance on this...

 

[julia]

Haven't changed my stance at all. A lot of people have come to use for help to get their hybrids ok wth the ATO. Of course we will help these people.

 

[austini]

Hey Julia/Katreana,

Those rates for Trust ITRs are fantastic. There are a number of accountants around who charge a minimum of $1,000 or so to do a disc trust return even if it only contains a single property and the taxpayer has carefully summaried the data and has had a professional depreciation schedule prepared.

Cheers - Gordon

 

[Georges]

Sorry for the delay busy meeting those year end deadlines!

Your Personal tax return will vary between $175 - $200 (depending on share trading activities, and how you have your records)
For the Hybrid trust ($350 for doing tax return, if your records are in good order) $500 upwards if we need to look at trust deed etc and determine whether or not the new rules regarding claiming of interest by unit holders. The property may be positively geared and therefore may be ok
For your Unit Trust - we would still need to lodge a return. So that would therefore be $200.

Quite happy to communicate via Australia Post and Electronically and more importantly over the phone as my clients are scattered all over the place.

Regards,
Katreana
BANTACS Southern NSW

Hi when you do return for trusts, does that include preparing the financial reports?

 

[coastymike]

Does getting the hybrids ok mean not claiming the interest deduction in the personal return and redeeming the units on issue ? Based on your past comments I would not think that claiming any interest deductions would "help to get their hybrids ok wth the ATO"

Would like to know and I am sure the rest of the forum would as well, including Chris Batten and Chris Balalovski, whether you would claim interest deductions in a personal return for special income units on issue from a hybrid trust with a trust deed prepared by Macquarie Group Services ? Would you prepare and sign off as agent on such a return ? If not what would you do to "help to get their hybrids ok with the ATO ?"

 

[Katreana]

Yes the preparation of trust returns includes the preparation of financials as long as they were prepared in the previous year.

Please be aware the above quotes are for simple discretionary and unit trusts and would apply if your trust is compliant with ATO guidelines, with one investment property held and your records are in good shape.

In the first instance the fees would vary due to the complexity involved in sorting out the problems property investors have gotten themselves into with these hybrids. Which needs to be assessed on a case by case basis.

We do not like to see people left without a paddle and stuck in a bad sitation and that is why we are happy to help investors that have gotten themselves into this predicament.

Cheers,
Katreana

 

[coastymike]

Katreanna,

A hybrid trust is neither a simple discretionary trust nor a unit trust. What is the fee for preparing financials and a tax return for the hybrid trust. You said it was $350 for preparing a hybrid trust tax return but then qualified it by saying the quote above was for a simple discretionary trust or a unit trust. I assume you mean a fixed unit trust as opposed to a hybrid unit trust.

Are MGS deeds and hybrid discretionary trusts compliant with ATO guidelines ? Would you lodge a return and prepare financials for a HDT with special income units on issue for an MGS deed ?

Do you prepare financials and tax returns for hybrid discretionary trusts with special income units on issue ?

 

[JIT]

Haven't changed my stance at all. A lot of people have come to use for help to get their hybrids ok wth the ATO. Of course we will help these people.

Are you saying that it IS actually possible to make it "OK" with the ATO???

How is that?

 

[coastymike]

Would be interested to hear your comments.

 

[julia]

Coastymike,

What has gotten into you? I remember when you left this site because you didn't like the way people attacked you.

Decent people are confused and scared about their Hybrids we will help them decide whether it is worth continuing but treating them as discretionary trusts (probably rare and only apply to really old ones), sell the property or just move it from the trust, apply to the ATO for a ruling etc. This work and getting familar with the trust deed would be in addition to the normal fee we would expect to charge for a trust with one property. An ongoing return for a HDT Unit Trust or Discretionary trust is not that much different time wise.

 

[coastymike]

I don't have a problem with Katreanna's fees at all. People can charge whatever they like.

I am concerned however when a stance is taken (and I understand your stance) and then comments are made that despite this stance we will still prepare your tax returns and financials. This is the crust of the issue. Not attacking just asking.

I am curious and so are a whole host of people as to how you deal with Macquarie Group Services hybrid discretionary trust deeds. I am sure you have seen quite a few of them by now and wondering what course of action you are taking with respect to these deeds ? Not attacking just asking.