Accountant fees Strategy & setup

Discussion in 'Investment Strategy' started by homeland, 25th Mar, 2020.

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  1. homeland

    homeland Active Member

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    Hi,

    i had a consultation with property accountant and he gave us some good advice, it cost $300 but came out without a solid plan with a lot of questions. So we engaged property accountant for second opinion and they quoted us $5500 to Build a IP Portfolio Strategy & Setup see below scope is that a reasonable price?

    Design a Complete Strategy to build an IP Portfolio. This should include:
    • Full review of our financials & Assets documents (Company, Loan, SMSF, Tax, Plan..etc),
    • Check our PPOR options (Rent or Renovate)
    • Advice on a strategy with supported detail plan PDF.
    • Setup per plan
    Thank you in advance
     
  2. MWI

    MWI Well-Known Member

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    Run.....
     
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  3. Player

    Player Well-Known Member

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    Fast!
     
  4. Sackie

    Sackie Well-Known Member

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    Wow this thread has just saved you from wasting $5,500.


    I can tell you in one sentence what your strategy should be moving forward.

    Wait for the incredible, once in 100 year, absolutely breathtaking, low risk, deals which will be coming on the Australian market in every city over the next 12 to 36 months.

    Save money.
    Acquire the knowledge.
    And wait to pounce.
     
  5. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    As a property tax adviser I would never provide a plan. Its unregulated "advice" and dodgy as and contrary to tax practitioner or professional accounting body ethical guidance. Lemme guess they recommend buying property. Voodoo maths = recommend you buy and demnstrate some fancy graphs. And credit support. And kickback from who ? Money maker 101 and you pay them on top :cool:

    Spruiker 101
     
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  6. homeland

    homeland Active Member

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    Hi Paul,

    Thank you for your reply, So what is the best way to do this, get a separate advisor for each task i.e property accountant for tax advice, financial Strategy advisor for strategy/structure...etc?
     
  7. homeland

    homeland Active Member

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    Regarding my OP i must add that this accountant did recommended an initial consultation $400
    " most of our client choose this option as they find most of the information they need" when i ask few more questions and scope they said they will get a couple of more people for each task and this is what it will cost.

    From my experience over the years doing it the right way from the start will save you money, time... i understand you need to take the chance and do it, but if your foundation are weak your structure will fall, i don't like to do things backwards and i'm not in a rush to do that kind of decisions until i examine all the information, anyway this has always worked for me.

    i appreciate your help and will be interested to know what is the best way to get this scope above done?

    Thank you
     
  8. ttn

    ttn Well-Known Member

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    if you dont know what to do with your own PPR, i dont think anyone else can ;)
     
  9. Lindsay_W

    Lindsay_W Well-Known Member

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    Have a search of the forum, there a plenty of investors here that have done what you're trying to do, without paying $5500 to someone to tell them how to do it.
    Getting the finance side mapped out is important first step, a good broker can do this for you.
     
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  10. homeland

    homeland Active Member

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    Let me explain what i meant about the PPR options, the situation is we need to upgrade the home as space is becoming limited. the options are 1. keep the PPR and renovate buy IP 2. sell the PPR buy new PPR buy IP 3. Rent PPR, buy IP 4. Rent PPR, Rent bigger PPR, buy IP... all this options has many variables in terms of tax, strategy, structure, SMSF, Loan...etc that require someone to look at, i'm good with technology however i'm not and expert in any of this areas, hope this make sense.
     
  11. Ross Forrester

    Ross Forrester Well-Known Member

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    I cannot comment if your accountants advice is worthwhile or not. The wording is quite vague and your affairs could be complex.

    If you have a smsf, trust and company with international assets with family members moving around and you want somebody to review the prior years work and it is all a mess it could easily cost more.

    the fact that you have been given a low cost entry option is good. And you have been told that most people do not need more than that.
     
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  12. homeland

    homeland Active Member

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    This is exactly what i'm trying to do, i would never pay this price. however i still didn't find the right professional yet. thank you will keep searching this forum.
     
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  13. ttn

    ttn Well-Known Member

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    Since you're in IT, why dont you do your own IF statements and for every elseif you can see the costs for each ones and let's see which ones suitable for you and family? ;)
     
  14. homeland

    homeland Active Member

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    Thanks Ross, i Agree, our account are pretty organised i'm just looking for restructure it to fit our portfolio plan nothing complicated probably something standard. i felt there offer would not achive what we need. thank you
     
  15. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    You can only receive tax advice from a lawyer or tax agent. Legally they are the only ones that can advise.

    You can only receive legal advice from a lawyer as legally they are the only ones that can advise.

    same with credit advice = mortgage broker.


    Strategy - anyone can advise as this is not regulated, as long as it doesn't involved legal, credit, or financial or tax advice.
     
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  16. homeland

    homeland Active Member

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    Yes you right i can if i have the time which i don't, i prefer to spend my time running my business and generate income instead of doing it all my self. let the expert do their job, it will be more efficient. :)
     
  17. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    You would need a tax agent for this. If you want someone to crunch the numbers an accountant who is a tax agent would be good. If you are considering sale to another entity then you need a lawyer for advice, but prob best to see the tax agent first and then see the lawyer if you decide it might be owrth transferring. There are generally no SMSF issues in relation to the main residence.
     
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  18. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Probably the best place to start is a broker as if you could only afford to borrow $XX it might stop you in your tracks before you need to worry too much about planning an empire.
     
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  19. homeland

    homeland Active Member

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    We already been approved for two loans PPR +IP Total $3.65m i will follow your suggestion
     
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  20. ttn

    ttn Well-Known Member

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    Too easy ;) just pay for all your legal, property and financial advices and voila :D
     
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