All Topics / The Treasure Chest / Accountants Hourly Rates wealthmanagement.com???

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  • Profile photo of rx2_73rx2_73
    Member
    @rx2_73
    Join Date: 2003
    Post Count: 24

    Hi,

    Anyone had any dealings with WealthManagement.com.au as an accountant/tax advisor? If so I would be interested to here what hourly rates you were quoted. I was quoted an hourly rate of $220, after of course being asked my current salary, and how much money I am looking to invest.

    Just wondering if the hourly rate is flat across the board, or depends on your current wealth :-) Hopefully not based on the latter.

    Whats the norm for hourly rates??

    Cheers

    Rob

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    That sounds reasonable I think. I’ve paid similar.

    Terryw
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Stuart WemyssStuart Wemyss
    Member
    @stuart-wemyss
    Join Date: 2003
    Post Count: 598

    Hi Rob

    To give you an idea.

    Samll practice = $100 – $200
    Medium practice = $200 – $350
    Big 5 = $500+

    I don’t think individuals would need to pay anymore than $250.

    Cheers

    Stu

    Property & Finance News
    at http://www.prosolution.com.au

    Profile photo of KennyCKennyC
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    @kennyc
    Join Date: 2003
    Post Count: 17

    hi all!

    Just a question on accounting fees:

    How much would a trust tax return be per yr?
    How much would a company tax return be per yr?
    How much would a individual tax return be per yr?

    This is considering that I am just starting out in property investing.

    thanks

    Profile photo of SooshieSooshie
    Member
    @sooshie
    Join Date: 2002
    Post Count: 974

    Hi there,

    Sounds reasonable to me! I think you’d all groan if I told you our accountants fees…
    I feel ill [B)] when I think of it…
    Yet again, nowadays you pretty much get what you pay for. If my accountant does his job right, then he’ll be worth his weight in gold.

    Cheers
    Sooshie [:)]

    “small steps make the journey” (SAS)

    Profile photo of kelly1100kelly1100
    Member
    @kelly1100
    Join Date: 2003
    Post Count: 55

    In answer to KennyC…”how long is a piece of string”. Accountants generally charge out their time in anything from 6-15 minute intervals at anything from $90/hour upwards.

    The better your records the less it should cost you, provided of course that it all makes sense to your accountant. Often what is perfectly logical to you, makes absolutely no sense at all to anyone else.

    If you provide you accountant with a shoe box (it does happen and in even bigger boxes than that) it will cost you for their time to sort it all out. So the more you do yourself and the more logical and easy it is to understand the less time it should take you accountant to do the job.

    If in doubt ask for an estimate/quote and why not ask for references…a good accountant should be happy to provide you with the name of a client you can talk to I would imagine.

    Profile photo of spider_2spider_2
    Member
    @spider_2
    Join Date: 2003
    Post Count: 79

    Hi
    Have you ever thought of interviewing potential accountants? Make a list of questions and then make appointments with a few accountants. Tell them that you are looking for a new accountant to whom you will take all your business. We spent an hour interviewing one this afternoon. Don’t forget that you are the client and you ultimately pay the bill!
    [:)]

    Profile photo of KennyCKennyC
    Member
    @kennyc
    Join Date: 2003
    Post Count: 17

    hi spider!

    yea i have done the same, i have interviewed 3 so far! there is one that is better than the others by far! However he is currently buying negatively geared property, so I think I need an accountant that has been through what I want to go through!

    Thank you all for contributing! =)

    Profile photo of ksheatherksheather
    Member
    @ksheather
    Join Date: 2002
    Post Count: 33

    Why do accountants earn so much money?? I am just as qualified as them, albeit in another field and I only pocket $75 an hour!?!

    If theres wealth management going on, its probably theirs!

    Profile photo of FizmanFizman
    Member
    @fizman
    Join Date: 2003
    Post Count: 10

    Hi KennyC
    We have just had our tax returns done for the last financial year. Our costs were as follows:

    Trust Tax $440.00
    Company $440.00
    Personal $ 90.00

    The company is a fairly small practice in Brisbane, but they provide good service.

    Hope this helps.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Hey, watch out when interviewing accountants. A friend of mine did that and then a got a $200 bill in the mail. And she didn’t even know anything about trusts and just talked about negative gearing. My friend thought he would jsut talk to her about becoming his accountant! And she charged him!

    Terryw
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of kelly1100kelly1100
    Member
    @kelly1100
    Join Date: 2003
    Post Count: 55

    I wish I was pocketing $75 an hour. I’m an accountant doing tax and asset protection. My charge out rate is $120 per hour but I don’t see that much come back to me in my pay packet!!!!!

    I agree with TerryW – be careful “interviewing” accountants because some of them will bill you for their time. As I mentioned in my previous post, we charge our time out by the 6-15 minute interval and that includes time spent on the phone, reading your mail, reading your faxes, reading you emails and interviewing you for your whatever.

    Unfortunately a lot of accountants take the “time is money” saying to the extreme.

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