I found all of the recent recommendations on various threads re: perth tax agents (cheers!). I have called a few and got some quotes. I would just like to hear from others what they think of the set-price for tax returns versus hourly-rate. This will be our (husband and myself) first tax lodgement since purchasing our first IP. We own the property 50/50. It has been rented out by the same tenants since then, and we have not renovated anything, but we have fixed a few minor things like taps and a door. I assume this means our tax return will be relatively straight forward?
Those with a set price have been about $120 – $130 for the basic income return, and $80 – $95 for the IP. So for both of us it will be around $420.
Those with an hourly rate have been $360 – $385 per hour. (not sure how long it would take).
Can anyone share their experience on this?
Thank you
Personally, I'd be inclined to go with a fixed price provider.
Cheers
Jamie
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]
renel, regardless of the cost, make sure the tax agent knows their stuff in property ownership as this will cost you big time in the long run.
My wife and I have 3 properties and both work, our last years returns cost $260 each for preparation.
Agent manages 3 depreciation reports and I supply 3 excel spreadsheets with income and expenses sorted in categories to reduce their time in preparing.
Have all your documentation laid out and it will help them greatly.
Agree to getting a fixed price.
While cost of the agent is one consideration, as Queensland tourist points out, make sure they are property savvy and up on all the latest ins and outs. It sounds as though you got your recommendations through posters in this forum, which is great.
My accountant is probably on the more expensive side, but she knows all the ins and outs and provides me with advice during the year (I don't use her solely for the annual tax return but bounce my ideas off her through the year) and she gets me a great tax return to boot (even found deductions that the last accountant missed out on)!
In choosing my accountant, I interviewed a number of accountants, asking their comments on a range of investing topics so I made sure they were knowledgeable in the areas that I needed them to be knowledgeable in.
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
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