I’m Off To See A Wizard !

by the sound of things – you are going to pay too much for an accountant’s advice – there are some that offer free advice out there. If your in Melb – I can reccommend one.

But I would take with you as many questions as you can possible. Until you meet this accountant, pick up as many magazines and articles and speak with people – anything you don’t understand, make a note of. I would also scan the forums on here and also anything you don’t understand – ask him.

Try taking your previous tax returns and any income statements in the ways of interest earnings you have had. This way he can help you identify your tax issues. Ask him according to your criteria, what is the best method to save on Tax whilst earning pasisve income. And also while you are there – ask him hundreds of questions on Company and Trust structures and make sure he gives you all this in writing – your bound to come across it in your property investing career. Ask him if he has any pamphlets or brochures on the ATO, Tax scenarious, Companies and businesses and the like.

but be careful – some charge by the hour. get the quote in writing first.

Kind Regards,
George.

“If You never never ask, you’ll never never know”

Hi Gramyre

When selecting any adviser or consultant, I always look for someone with a demonstratable track record. That is they currently are doing it for a client, (this is the usual referral) or for for themselves. Just ask them.

I also have to feel I can work with them on an ongoing basis. This is a value judgement.

Good luck got to hop paying clients waiting.

Regards

Tony

well I would suggest that even if it went over your head, stop them and ask until it doesnt fly over and ask for examples.

you are paying for advice make sure it is what you want and that you understand it.

Personally, I need an accountant i can sit and talk to, not one that talks at me. One who works with me. My own accountant was on shaky grounds a couple of months back.

I thought my own accoutant had gone stale, he had been to my business and sat and talked to me, his fees were reasonable, however this year I actually slammed my fist down on his table, something he had never seen or heard me do.

He told me something along the lines of he was not my portfolio manager, to whicb I replied I had paid him well for the last x years, and he knew, and was given each year my financials, in accounting books no less for the majority of years. The fact that he had sat on my books for about 10 months and he apparently had not kept an eye on certain things, really angered me.

Needles to say, we exchange words in a firm but polite manner. He said to me if I were a man he’d have punched me, and I said if I were a man I would have hit him back! to which he laughed and it broke the air.

It took a while for him to figure out, this was not a right and wrong, but he was there to do my work for which he got paid. I think he didnt expect my response, but he now knows I’m not there to be dumped on or made the escape goat, he has some responsibility.

So this week he called me at work to answer some email questions I had sent him, asked him some more, told him to be more creative and to get back to me when he figured it out. No problem! He told me he was going on holidays and would get back to me later. I’m happy with that.

it is only when you can get creative and can build a relationship and have enough trust in someone along the way (even when they derail) and that if you do argue, nothing is held as a grudge. We can move on, now that is the kind of realtionship I like.

Having said that, I think my needs and my goals have now surpassed his working habits…..

” a blind man may see what a sighted man may not”

I asked up front how much this was going to cost (I haven’t paid this much for a specialist surgeon!) and so would like to get value for money from this first visit.

>They can be quite expensive!

1. What should I take to the appointment in the way of paperwork/figures?

>The first thing you’ve got to consider is time constraints, theres no point in taking reems of paper if you are going to see him for 30mins. Try to get a feeling in wether s/he will support you, rather than going there just for info

2. What questions did you think of asking down the track that you wished you should have asked at the beginning?

>First of ask about costs of running a company or trust, as well as basic book keeping fees and how much to start one up (round $1,200 per company/trust, nothing more).
Also you want a accountant who will basically answer short email queries for free.

3. What else should I know.

>If they advise you to do something, ask why. Without the ‘why’ you cannot see wether they are good for you or not.

>Also ask what type of structure they will suggest. You should be aiming for something like a trust with a company acting as trustee, or a trust or a company. It’s okay if they suggest for the first 2or 3 IPs to place them in your name (as long as they as relativly inexpensive) after 2/3 IPs you want a structure.

>Lastly we don’t have Legal & Accounting forum for nothing…
->https://www.propertyinvesting.com/forum/forum.asp?FORUM_ID=23

Rgds.
Lucifer_au

O’h no – I ment queries to any Q’s you have of a Legal or Accounting way after you have seen your accountant. []

Rgds.
Lucifer_au