Accounting Fees For Tax Return

Thats a real terrible way to do tax. Slow and cumbersome and you are paying for them to fluff about with loads of paper. Real old school and costly. If you completed a reasonable summary it should cost way less.

A sign of a tax adviser who doesnt do much in property - Doesnt provide a CGT record keeping summary or a tax checklist etc to assist to keep costs and mistakes in the future down. In the world of property tax we are too busy to want clients who want us to add stuff up.
I prefer to add value than add costs.

 

if an accountant is willing to charge $240 and give advice during the year, make sure its all done correctly, tax planning, submissions, keeping up to date with legislative changes and informing you of that, responding to queries within a timely manner, etc may as well stick with them.

they wont be making much of a profit but that's not your problem.

 

Tax advice ?? No... just completing a return. Maybe cuts costs by employing unqualified staff or juniors who have no idea.......Or they tell you they have "done a course"...Plenty of profit when you do that.

I reckon the mistakes made ARE the taxpayers problem.

 

ah ok. so would have been better to have done it on mytax.

i guess that is why the Commissioner of Taxation says that tax agents are making more mistakes and errors than those self lodging.

 

I read that comment and went to source and seems as a % of returns lodged tax agents make fewer errors however as a % of all lodgements its too high vs self prepared. The Commissioner did single out specific firms for generic type claims (ie $300, uniforms, travel, overtime meals etc). I see that in many franchised firms and under-experienced preparers. There is a TV ad I dislike by a firm. They claim to make larger deduction claims and "maximise refunds" more than others...A worry. It suggests that tax advisers will claim more or larger deductions that others may. Could be a serious concern.

I believe finding a good tax adviser makes all the difference.

IMO most tax agents also dont know that much about property tax. They will tell you they do...but. I wish there was a way to be accredited as a property tax specialist but its not available. May even be unethical to make that claim until an accreditation become available.

Our software that allows a person to easily self prepare and lodge through us. We refuse to activate that aspect as its a serious compliance risk. I see SO MANY possible errors or mistakes and our role is to help guide what cant be claimed, what can be claimed and what could be claimed. Sure I could probably get 1,000 new returns at $88 a piece (?) but our PI insurer would flip and I would go nuts trying to review them all. I cant see how I can comply with the TPB code and do this. But some franchise firms do it.

There is a major tax franchise that offers a basic return from $9.50...WTF. And they "train" people to prepare a tax return. Imagine if your Doctor or a Surgical Consultant possess those equivalent skills (nil) and did that? And what makes my skin crawl is they tell you that you can then become a tax consultant...A embellished credential. I would consider a consultant must possess all the skills and qualifications to advise on broad tax matters. In reality that person can consult on jack shif. Only the registered tax practitioner can give advice and consult

What does the TPB do ? Nothing.

 

Hi,
can anyone advice a good accountant/tax advisor in Gold Coast who charges reasonably. I am looking for someone to do own tax return and for 1 IP. I also would require some advices regarding property tax planing in general.

 

Very cheap

 

i bought some cheap shoes in Vietnam as well. Lasted 2 weeks.

 

Did you expect more?

 

Yes i thought they would last for 20 years. Could be used in combat if needed. Wet weather. Cold weather. At the beach. All for $1.

My mates at the bbq said they were the best shoes they ever had. One of them said he even used them to go tight rope walking over the grand canyon. Got ripped.

 

If you want cheap (and often nasty) go to Wish.com
If you want quality then price alone is a terrible measure.

 

Mistake was buying them in the first place

 

Hi, my accountant gave us a quote of $1700 + gst for my partner and myself and our 5 IPs.
They already done it last year so I thought this year would be easier for them and price would be cheaper but no

Does it sound about right? Or expensive?

 

Depends. Our "standard"is around $850 BUT....If you hand me a load of paper in a bag it could be twice the fee quoted. Quoting the price of stale apples and expecting juicy fresh big mangoes arent the same.

The quality of your information and other factors will impact time and therefore cost.

 

They ask us to fill out forms with all the details so I suspect their work is just copy paste more or less.
And check that's everything is correct.

Sounds still a bit expensive then!

Actually given we have bought the last IP this year they asked us to add another $600 to add it on top of the original quote

 

Copy and paste ? In 25+ years I cant say I have seen that. I think you misunderstand the difference between asking a taxpayer to provide information. 90% of taxpayers would love to say - Same as last year but if we did that we would be struck off.

We are legally obliged to obtain taxpayer information and to consider it as we go. I reckon 30% will tell us to claim laundry. That they cant claim. Or they throw in lists of $300 deductions thinking they can claim more than they can substantiate.Or show "repairs"for a property for $6K....It means we have to ask. Easier if the checklist guides you to provide that information anyway.

A summary typically should assist as a checklist so nothing is missed by the client. So they ask further questions or tell us more. For us a checklist helps us consider if a item needs further information. If it does whether we see any issues that affect the amount shown or even if its too low. A opportunity for discussion and further information.

 

I don't know about most but I pay much much much more than any of the threads above.
However, I do look at it this way, I don't mind paying for the value provided. If my accountant is able to advise and save me some money I don't mind paying the accountant part of it too.
I like to pay for the value not just being cheap.
Also, I like the quick responses from the owner/director so one point of contact rather than dealing with many accountants, the overall advise over all structures and entities, the friendship we also form as we meet on regular basis with our families, and whether their is continuity into the future too.
As with any business or organisation people forget that companies are really just 'people dealing with other people' hence personally, I like that trust and friendship factor too.

 

Good point. Relationship is important. Discussing things that they often wont share with their spouse or business partner and problem issues. Confidential guidance and direction is sometimes worth more than a hourly rate. That the rate we charge not what we do for people.

Had such a issue this month. While o/seas I advised a client NOT to make some changes they wanted to quickly make. On my return I spend a few hours carefully considering all the key issues. A quick chat and he may save a few million in tax. Happy days.

 

As someone learning about this right now, I can tell you that it's a tax practitioners board code of conduct requirement for tax agents to maintain due care when ascertaining a client's state of affairs or when making statements on the client's behalf.
I think you might be looking for a tax agent to just hit the ''submit'' button? Have a look in shopping centres, you might find someone cheap but know this, the ultimate legal liability for providing incorrect information lies with the tax payer. So you'd hope either you know what you're doing or have a good tax agent to pick your errors.

 

Exactly this. We have dealt with the same accountant for many years (since he was a trainee 20 years ago) and his employer before him. This has given us 40 years of continuity so far. As we transition into retirement we still have entities and structures to unwind. Some will take some time to do in the most effective way. Some may well become part of our estate. We have paid a lot for good accountancy over the years but have received a lot more in return.