SELECTING A PROPERTY ACCOUNTANT (AND WHAT TAX STUFF TO CONSIDER)… HELP!

Hi Mike,

There’s a couple of things to consider. It is usually helpful if your accountant has their own experience with investment property. And It is also important to educate yourself as much as you can so you are literate enough to follow what is going on. Last thing you want to do is put blind trust in anyone on your team.

As for structures, I’ll let someone else follow that one up. It’s so individualised to each person’s situation.

Andrew

Hi Mike, – talk to lots of professionals who invest.. not just an accountant.. I am currently assisting a client whose accountant gave him reasonable accounting advice but sent him in completely the wrong direction and the result is he is now considering selling his entire property portfolio, again on his accountants advice. When in fact what he needed some better advice on the right properties to purchase in the first place. Sorry but 50 year old houses in country towns might look good on a quick cash analysis that shows positive cash flow (what his accountant did for him) but it is not the whole picture. When you consider the lack of capital growth, lack of the ability to add value and ongoing maintenance costs the picture starts to look completely different. Build a team of property expert – Accountant – Real Estate – Finance – Legal services