I’m going to call my tax accountant this morning to tell him about my planned PI activities.
Is it vitally important that a good accounant (I’m happy with him so far) should also be a PI himself?
Or is it good enough for him to just have PI’s on his books? So he knows what he is talking about. Rather than charging my $130 to do his own research, which I expect him to already know. Get what I mean?
Thanks,
David Paxton
New Homes Consultant
Sterling Homes
0412 853 395Agent 007..bond! [
]I wouldnt think it would matter.
You will be the one looking for the bargains, and then discussing them with your accountant, he would know the legal aspects of what you need to do, the IP +ve gearing on the books is simply a calculation, which he would be able to work out tax, etc…An accountant with IP experience would be more of a bonus as he would have done similar figures before… [8D]
Thats my 2cents + 10% GST + %7 interest worth. [8D]
Regards,
Arty.[
]
“Why work to the age where you cant enjoy
what you have worked for !.” (Author: Me)Hi agent oo7
l think it,s very important that your accountant has good knowledge and even own an investment prop.l have just changed accountants my old one could not see past superanuation [he sells this as well]he was so negative to our ip,s.within 10 mins of new accountant looking over our books he found $2000 of unclaimed deductions we should have had.already the move has become a good investment.new accountant has his own ip,s.l believe he will know of every cent to claim and be able to offer sound advise not biased to super.It has taken 10 mths to find this chap, ask questions and go on other ip investor advice about GOOD ACCOUNTANTS.
cheers lynnemHi all
lynnem
i am with you on this one. i’ve said this before on the forum but i’ll say it again
i was advised by an accountant back in 1997 not to invest in cash positive properties, luckily i didn’t take his advice and bought 10 instead.
it has taken years to find an accountant who i really feel can help me. Thanks to this forum i was given an accountant who is excellent. (he is also a property investor)
regards westanAs a rule I don’t listen to accountants on investment advice, if they really knew the investment game then chances are they wouldn’t be accountants anymore.
If you are looking for Tax advice then a good accountant is what you need.
If you want investment advice then you need to speak to rich people.
Slum Lord
Does anybody know a good Accountant with IP experience and a Conveyancer/Solicitor in the western suburbs of Brisbane?
hi slum lord
i like that advice “talk to rich people” so often people go see a financial advisor. i could imagine what Kiyosaki would have to say about getting advice from other poor people who have to work to make a living.
my uncle retired when he was 40, he has since done lots of businesses and “jobs”. About 10 years ago i asked him what did he think of Superannuation. his comment was “you’ve got a brain why pay someone else to do it for you”. Glad i took his advice, even with my brain.
regards westanProp16,
I use an accountant at South Bank – Mark Boulton and solicitor for conveyancing is Conveyancing Works.
bribie
Agent 007,
I agree with what most people have been saying – your accountant should know about IPs. For about 16 years, I prepared tax returns and the number of new clients that I got that had rental properties where their previous accountant had not mentioned the old 221 D or advised them to get a Quantity Surveyor etc was very high.
A number of accountants have connections with or some are now financial planners so advice can be a bit biased.
bribieHi Guys
I would appreciate any info on Good IP accountants in WA.
Westan are you in WA?
If it’s not a secret Can I ask the name of your Guy
Rgds
Cobrahi cobra
sorry i’m in Vic. my accountant is Dale Gatherum-Goss in Kilsyth Melb. but i know of one experienced investor who travels from Qld to see him every year.
Dale has written an excellent book on Family Trusts called “trust Magic”
Dale’s site is http://www.gatherumgoss.com
bye westanThis is a regular question. My approach is I use an accountant to fill in forms but never take their advice on property. They are extremely conservative and even low-risk averse. Their mindset is one of “safety” at all costs. Hence their career.
You must be the expert on when and where to buy, what to do with it when bought and when to sell. If you want an expert to advise at this level you need to be extremely wealthy. The guy down the road in the little shopfront doesn’t have the background.
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