Accountants Charge

Discussion in 'Accounting & Tax' started by miscg, 14th Jul, 2019.

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  1. miscg

    miscg Active Member

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    Hi Just wondering roughly what accountants charge for end of year accounts for say 3 to 4 properties and a business operating as a trust with a turnover under $500,000?

    In Sydney please. I usually provide summaries for all the IPs and business accounts are in MYOB.
     
  2. Trainee

    Trainee Well-Known Member

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    How much are you currently being charged?
     
  3. miscg

    miscg Active Member

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    About 4K which I think is way to much.
     
  4. Trainee

    Trainee Well-Known Member

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    On what basis are you saying its too high? Some other accountant quoted less? How much do you think would be reasonable?

    Who is the trust distributing to?
     
  5. miscg

    miscg Active Member

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    My wife and I
     
  6. miscg

    miscg Active Member

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    Based on a couple other business I spoke to, it seems almost double the rate. Especially that I am already providing summaries for the IPs and the p and l is already in MYOB.

    Just keen to see what others are paying and a good recommendation in Sydney.
     
  7. Trainee

    Trainee Well-Known Member

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    So why not just move to those used by other businesses?

    At some point it becomes fill the boxes instead of checking whats in the boxes are correct. Really depends on how much you know. Remember accountants have to eat too. If they charge little, you have to ask how they can make bank. Probably by having a lot of clients. Then how much time do they spend on your stuff, and how much time to they have to do courses that help you?
     
  8. Mike A

    Mike A Well-Known Member

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    You have a trust operating your business as well as holding 3 to 4 investment properties ?

    Or you mean a trust and individuals holding 3 to 4 investment properties ? What is it ? 3 or 4 ?

    Do you have any unpaid present entitlements to a company ? Division 7a issues ?

    How are things funded ? Who from ?

    Payroll tax recs ? Workers comp recs ?

    Any vehicles in the trust ? Fbt issues ?

    Tax planning ?

    Cashflow forecasting and business advisory services ?

    Do they lodge your bas returns ? Do they do payroll ? Advice re single touch payroll ?
     
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  9. miscg

    miscg Active Member

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    Business operating as a trust.
    4 properties personal name
    No payroll
    Distribution to beneficiaries (2)
    Very simple structure
     
  10. Mike A

    Mike A Well-Known Member

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    agreed doesnt sound overly complex but not sure if they are doing bas returns, etc ?

    Rates would generally be between 2k to 4k depending on services provided. 2k would be very basic with no advice during the year. No emails. No calls. Basic service. You do your own trust distribution resolution. You manage your own asic compliance.
     
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  11. Scott No Mates

    Scott No Mates Well-Known Member

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    When does it become a matter of picking up the phone and speaking with a couple of firms for a quote?
     
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  12. miscg

    miscg Active Member

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    When I get a feel for what other people are paying and when I get a good .recommendation
     
  13. Mike A

    Mike A Well-Known Member

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    Unless you know what service level you want or need its irrelevant what others are paying. You havent provided near enough information about your needs or wants or desires. Sounds like you dont even know what value is.

    If you want premium service expect to pay a premium price if you pay cheap fees expect the service to be basic. Work out what you want first.
     
  14. miscg

    miscg Active Member

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    I know exactly what I want, just my returns done. Basic service. Which is what I am receiving but feel that I’m paying premium rates, hence the bloody question. Don’t need any advice. And thanks for the insult.

    You come onto the forum to get information or and all you receive is insults!
    It’s a simple question, it’s like people are afraid to share what they spend on accounting fees. FFS.
     
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  15. Mike A

    Mike A Well-Known Member

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    Then you have your answer above. Around 2k. Basic fees. Basic service.
     
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  16. Trainee

    Trainee Well-Known Member

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    The thing is, do you know enough to realise when something is not being done properly? Thats the risk you run with ‘basic service’.
     
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  17. Trainee

    Trainee Well-Known Member

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    Its simple to you because you are only focused on price. Others are thinking about value. You want cheap? Go to the pop up stand at your nearest shopping centre.
     
  18. Terry_w

    Terry_w Broker, Lawyer, Tax advisor Business Member

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    You got an answer to your question it seems, yet you abuse the answerer.
     
  19. Joynz

    Joynz Well-Known Member

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    A couple of the replies to the OP came across as unnecessarily harsh and somewhat scathing.

    The OP was definitely not abusive, just expressing frustration.
     
  20. Angel

    Angel Well-Known Member Premium Member

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    I pay my accountant about $200 an hour plus GST, in Brisbane.
     
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