Hi all I have recently changed accountants to one that has a good reputation and on all accounts has done a good job.
For some advice and end of years accounts for 2 IP my bill was $1200.
Is this similar to what others pay? Is the old saying you get what you pay for still correct?
My last accountant charged $120 for out tax.
Just wondering.
POB
The question is not how much he cost, but did he get you more than $1200 extra in your pocket than the accountant that only cost $120 last year ?
Or will the advice he gave you improve your position, or lead you onto a better or clearer path?
Are you comfortable with him or do you feel that he is a little shonky?
Our accountant charged us $1700 last year, but we are self employed and have two IPs also.
We have also gone with a new highly recommended accountant this time, so I am also looking forward to seeing how he goes with our returns. (he's still looking over our books)
Cheers,
SueWe pay $200 each, 2 IP's and are employees. Usually takes 2 hours. Sounds kind of steep. Was he in an inner city office with huge overheads?
Firstly I must say that our return was significantly better this year however this was due to circumstances such as pre-paying interest etc. So in a way yes we have certainly got more this year and over and above $1200. That's what I was sort of thinking and hoping that it was right to think this way. So thanks this reassures me a little.
In regards to the location its outer Perth so I think its just the service??
Thanks
POB
Wow $1200
we also pay $200…. I can't see how any accountant can justify charging 6 times our current fee with out giving 6 times the service and 6 times the tax savings we already get now…
Your tax bill will depend on the amount of hours your accountant has to put into it,
Not the size of your tax return as alot of peope think,
The amount of time it takes to do the tax return depends on how complex the work is, For a employee with a few investment properties it is very straight forward and probally takes the accountant all of 30Mins,
For a self employed person running a company it might take 10hrs of work to complete the company and personal tax returns depending on the size and complexity of the company / companies you are running,
My tax bill was $3500 for my company and $800 personally.
To reduce you tax bill,….
Make the accountants job easy, collect as much infomation and have all documents sorted and labeled correctly prior to giving it to him,……..Find an accountant that has junior accountants and book keepers in the office,…. the accountant will hand the bulk of the tick and flick work over to them and there hourly rate is far cheaper,…. if your accountant is a solo operater he will probally be charging the $300 an hour for work a junior could do for $120
$600 for both my wife and I and the I.P's.
hi, my accountant charges me about $4oo for my wifes return, my return (i work for wages), some shares and two i.p.,
my wife has everything set out clearly and neatly for him.
Hi, interesting range of fees.
I summarise my income/expenses & clip together all statements from managers. One year, the manager left midway through & I had to sieve through the bank statements as well. I highlighted what I thought should be included in the income/expense. I also make notes on the properties in question.
At various times, I had 3 houses and 7 shops with around 8 tenants in total. Every year almost, I had conveyancing and refinancing fees as well.
I pay about $600 for the tax return and $350 to $500 for the GST returns. About $1000 to $1500 per year in total.
Kum Yin
One other piont to note is that going for the cheapest is not always the best,…. some accountants will do your tax cheaply but bill you for advice or other services given though out the year
I pay $1,200, for a few property transactions, a few buy and holds, 2 companies , two trusts and my wife's wonderings. This also includes a good chat/planning for the new financial year. I think is reasonable considering how much money my accountant has been able to save me over the years with good advice. In the whole scheme, $1,200 is not a lot of money. Happy investing
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