Accountant or not?

Discussion in 'Accounting & Tax' started by milobear, 1st Jun, 2016.

Join Australia's most dynamic and respected property investment community
Tags:
  1. Heinz57

    Heinz57 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,961
    Location:
    Paradise
    Margaret Lomax says, would you take out your own appendix based on a medical you tube video you had seen or what you had learned on the Internet?

    I don't always agree with what she says, but I agree that one should pay professionals - Accountants, Lawyers, Property Managers etc to employ their expertise. Meanwhile you earn money from your skills and training to pay their fees.
     
  2. Terry_w

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

    Joined:
    18th Jun, 2015
    Posts:
    41,670
    Location:
    Australia wide
    Not an appendix, but maybe a gallbladder. (joke)

    Some things are easier than others and failure is no big deal. I think you have have you have to look at what could go wrong and what the consequences could be.

    I once fixed my washing machine by watching a youtube clip. With a broken washing machine the consequences of failure was not an issue.

    With tax failure could be costly.
     
  3. wogitalia

    wogitalia Well-Known Member

    Joined:
    28th Oct, 2015
    Posts:
    872
    Location:
    Perth
    Or even doing a half decent job could be costly. You could lodge a perfectly legitimate tax return and still short change yourself because you don't know of deductions or offsets available to you.
     
    Terry_w likes this.
  4. Sonamic

    Sonamic Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,340
    Location:
    Sunny QLD
    This is what I was referring to. The 2 existing IP's. Need the Schedules before the end of this month.
     
  5. BMT Tax Depreciation

    BMT Tax Depreciation Chris Business Member

    Joined:
    22nd Jun, 2015
    Posts:
    361
    Location:
    Australia
    People tend to panic about the EOFY and it sure makes June a healthy month for us. The truth is that, unless you're seeing your tax agent at 9 AM on the 1/7, you don't need the schedules by the end of the month. The timing won't affect their contents at all.

    What matters more is when you pay the fee. Technically, you want to pay for the schedules before the end of the month. You only need the schedules in time for the actual filing of your return.
     
    apk, wogitalia, Phantom and 1 other person like this.
  6. Sonamic

    Sonamic Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,340
    Location:
    Sunny QLD
    True.
    Still something that OP needs to get rolling on though regardless.