Until now, the sole role of my accountant has been to to my simple PAYG tax return. I understand I will need an accountant that is savvy on investment properties and that they will also help me figure out tax etc on the investment.
Should I see an accountant before purchasing my first investment and if so, what services can they provide for me? What do I need to know before I go and what do I need to take with me?
What can they do for me that a mortgage broker can't?
Thanks in advance.
Hiya
A decent mortgage broker will listen to your goals and advise on the right lending structure for your situation. When it comes to structure – it's about selecting the right lenders at the right time, avoiding crossing your securities, using lenders that allow you to access future equity without too much hassle…these are just a few reasons.
A good accountant will (legally) maximise your tax deductions and advise on the best type of ownership structure for purchasing your investments.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Depends on the accountant.
What do you want to see them for? What do you want advise on? Structure? Names? Tax consequences of borrowing in one name and purchasing in 2 names? Tax deductions?
A lot of this can be easily worked out yourself to get a general idea and then see the accountant for specific questions. They will probably be charging you by the hour so you don't want to waste your money.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
The other thing to bear in mind is that the Accountant may go and suggest a structure or two and as Terry mentioned charge you by the hour to set them up only to find that your Mortgage broker tells you the financing will be more expensive using that structure or even worse cannot be financed at all.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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