Hi all,
I am based in QLD and have an investment property plus interest in another via the family trust. I have been looking for a good accountant for about 3 years. Basically I try a different one each year, I have found them all to be good but none seem to have any real property specific focus. Many seem to be more personal tax or small business.
Anyhow I am going to try another different one this year and came across a few firms that do tax accounting and offer a financial planner service and can assist in creating a trust etc??
My first question is what do people think of the idea of going to the same firm for your accountant and financial advisor. I can see the benefit in that firm being best suited to handle your financial needs, however the synic in me says “is this a conflict?”
Secondly a few firms also seem to specialise in trusts yet they don’t appear to be solicitors. I guess an accountant would have a role in knowing the tax side of a trust but wouldn’t you need a solicitor to discuss the various types of trusts and the asset protection etc??
thoughts?
Cheers
I cannot see anything wrong with accountants and FPs being in the same firm. might work out cheaper that way anyway.
I don’t think there are any problems with accountants and trusts either. Accountants study different aspects of trust to solicitors, but I guess it all depends on the person’s experience and additional training. Some accountants know more about trust law that solicitors.
Terryw
Discover Home Loans
Parramatta
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Agree Terry.
Some accountants are good with trusts, as are some Discover Home Loans mortgage brokers (you can pay me for that plug later Terry, lol)I find that I have solicitors and accountants calling me for my opinion.
The two profesions from the same firmis not a bad idea.They should be working together instead of conflicting advice, in theory.
CATA
Asset Protection Specialist
[email protected]Terry and Cata,
Thanks for your thoughts. I appreciate the opinons of more experienced investors such as yourselves. I will try it and see how I go this year [biggrin]
Cheers,
Most Accountants have a Financial Planner in their office or they refer their business to a local Planner for a split of the commission.
I have 3 separate firms in Brisbane who refer me FP business and have never come across a problem with any conflict of interest.
If you need a good Property based A/c and would look at a firm on the Gold Coast let me know and i can recommend one.
Cheers
Richard Taylor
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A good accountant can detail the trust and arrange documentation. Ask about hybrid trusts especially if you have a partner and there is a reasonable size difference in income between the two of you. Utilising this structure it is possible to convert negative geared to positve geared…good luck. I am live in Melb but i do know a great accountant in Brisbane. Just email myself if you would like the details .
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