When to meet with accountant for 1st time ?

My ip settles in December.

When do I need to see the new accountant. Straight away? Or the next time I lodge a tax return. :confused:

I thought I should meet with the new accountant ASAP but my brother in law doesnt think its necessary to employ one until next finanancial year when I need to use him/her.
 
Hi Kim,

It depends.

Have you structured your finances appropriately?

Do you understand what is Tax Deductable and what is not?

Have you put your 09TR in to the ATO yet?

If you don't need or want advice, then you don't NEED to see your accountant.

Regards JO
 
Hi Kim,

It depends.

Have you structured your finances appropriately?

Do you understand what is Tax Deductable and what is not?

Have you put your 09TR in to the ATO yet?

If you don't need or want advice, then you don't NEED to see your accountant.

Regards JO

hi

yeah i would like this kind of advice.

I think i will go ahead with my appointment

ta
 
Kim, I wouldn't bother. This is a straight forward transaction, I think from reading your other posts... your first rental property, purchased in your own name? If I were you, I'd just read this document from the ATO:

http://www.ato.gov.au/individuals/content.asp?doc=/content/00191817.htm

Then just make sure you keep all your documentation, and all your receipts etc. and bank statements and give them to your accountant next year when you lodge your tax return. Unless there was something specific you wanted to talk to them about, but I'd read that ATO document first which should answer a lot of your questions and then see the accountant if you think it's necessary.
 
As an accountant, I'm actually kind of confused when people come to see me after buying a rental property. The conversation usually goes like this -

"I bought a rental property, so I thought I'd come and see you about it."
"That's great. Got any questions?"
"No, not really."
<Awkward silence>
"Well, thanks for coming."

All you really need to do once you buy a rental are the things Marg and Leikela have mentioned. Its worthwhile becoming aware of the sort of expenses that you can claim on and ones you can't and there are some resources that you can take advantage of to educate yourself on that matter.

I would only see your accountant if

* Cashflow is an issue, requiring a PAYG variation,
* You are uncertain if your financing is fully deductible,
* You want to know how much your cashflow will be impacted by this purchase, or
* You want to know if you should purchase your investment in another structure, such as a trust/company/super fund.
 
As an accountant, I'm actually kind of confused when people come to see me after buying a rental property.
I'm confused why an accountant would be confused for being asked preemptive accounting questions :confused:

I don't think it's that hard for an accountant to write a comprehensive list of all info needed to do a first return.. particularly for us newbie investors.

Kim, for your first meeting don't forget the settlement statement which outlines the adjustment in rates, strata fees, ins etc. My conveyancer didn't write one up for one of my ip's. :(
 
I don't think it's that hard for an accountant to write a comprehensive list of all info needed to do a first return.. particularly for us newbie investors.

Yep, I did that.

On my spreadsheet that I use for clients to account for expenditure, I also have listed down the bottom -
If you have just bought this property, we need to see
Settlement statement from solicitor on purchase
Credit Control Schedule to see the charges from the bank in obtaining the loan.
Depreciation Schedule from Quantity Surveyor (if you have obtained one).

If you have sold the property, we need to see
Settlement statement from solicitor on sale
Last bank statement for fees on cancelling the loan.
Depreciation Schedule from Quantity Surveyor (if you have obtained one).
Fees from Real Estate agent for Sale.
Legal fees and inspection reports from purchase.
 
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