Holy Moly,
I got a bill from accountant today for $500. The charges were for a 1 hour meeting, a couple of phone call conversations, and him enquiring to a legal friend about setting up a trust.Does everyone get these regular high bills for accountants doing very little, or am i under-estimating the legwork accountants do behind the scenes.[cry]
What are your thoughts on what accountants charge?
lifexperience
Sounds reasonable to me. My hourly charge out rate when I was in practice was $250 per hour. Given that you had a few phone conversations (say 3 @ 10 minutes each that accounts for 1/2 hr and then another 1/2 hr discussing the trust situation with the lawyer and preparing relevant correspondence would equate to an hour on top of the hour you spent in their office). 2 hours in total. If you were my client you would have been billed the same amount.
A lot of people complain about the costs but keeping up-to-date with tax legislation, accounting regulations, trust, company, partnership and superannuation law is expensive. This cost is then reflected in the hours of study and time charged to clients.
I think this fee is reasonable provided that the advice you received was relevant, current and within the scope of your requirements.
My accountant charges $220 per hour, she is excellent, saved me a fortune on tax, and is the principal of the company, so its good. Bout average.
Accountants free up your time to source further investments. They also save you a great deal of money. In some instances one must spend money to make money, if you catch my drift.
Ok, Yeah, yeah.
I’m have only just started using an accountant, and wasn’t sure what the deal was.Thanks for replies.
[vanish]lifexperience
Don’t tell my clients your Accountants hourly rate they will want to cut mine in half.
Like anything in this world you get what you pay for. If you consider what you ahcieved out of the meetings as worthwhile only you can determine as the value of this.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
he he he
lifexperience
I think Ill give up property investing and become an accountant[grad][fear][aacool]
Well,i decided i couldnt afford those rates,so i decided to educate myself as much as possible (one reason for finding this fantastic forum!).This helps reduce the amount of time/ costs with accountant.
Also depends on what way you present work to them.I use a book keeper,who comes to my house (which is very convenient if i need some info,as it’s right there!)She only charges a fifth of what an accnt does,to get it to a stage where the rest MUST be dealt with by acnt.
As for accessing info,maybe calling the ATO first (& it’s free,except for the 1hr or so u are on hold…..) might help cut costs?
I’m sure i’m not telling anyone on this forum full of professionals anything that u dont already know!Misty1,
For more free information try http://www.bantacs.com.au and download their rental property booklet, the CGT booklet would also be useful.
Julia
i have a good friend who is an acca and specialises in Tax . He’s the sort of person who loves to talk about accounting matters. I call him up at home and HE talks for hours ( i write furiously). Conversley when he needs a tradesman my hubby fixes what he needs for free. Win Win
i pay 125 dollars an hour, which is pretty good. the cost for information on trusts/companies etc did cost me around 500 dollars.
i email my accountant with questions, which he answers at no cost, mind you am in his office every three months doing BAS statements!
misty1 hit it on the head, the more you know before going into the accountants office the better prepared you are (and cheaper)
cheers
shaunLead, Follow or get out of the bloody way
Hi All
Are these accountant fees tax claimable?
Zen
Hi All
Are these accountant fees tax claimable?
ZenDepends what they are for. If the accountant is a tax agent and they relate to your tax affairs then generally they are claimable.
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
Damn – a post from 2004!!!!!
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]
Yes nothing like dragging a good old 12 year old post.
In fact I wonder what Jars11 Accountant is now charging as it was $220 / hour back then.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Yes blast from the past!! @jamie and Richie…. haha ….like reading stuff back then.
Thanks Terryw, appreciate your comment.
I’m in the process of purchasing my very first IP to be settled in August and will get a depreciation schedule done before tenants move in and give to accountant after July 2017 I presume? Enjoying the process and learning along the way, good and bad, keep moving forward.
Cheers
zen
You must be logged in to reply to this topic. If you don't have an account, you can register here.
