Accounting fees

Discussion in 'Accounting & Tax' started by Yson, 8th Feb, 2017.

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  1. Yson

    Yson Well-Known Member

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    just wondering how much ur accountant charges u for the preparation of tax return if it is a discretional trust ( few properties ) with a company as trustee? As I have a bills of almost 4K.
     
  2. Terry_w

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

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    Depends what the trust holds
     
  3. Paul@PAS

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

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    Loads of factors influence this. I can do a simple property trust for $800+. Typically a range of $1200-$2K is fairly normal but it does vary. In some cases its much more. Year of acquisition may be more complex and your records impact this too. No of transactions, summaries ? etc... IMO the thing that will most substantially affect cost is time. That means YOUR records and information.
     
  4. Ross Forrester

    Ross Forrester Well-Known Member

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    The variation in price can be massive depending on the assets of the trust and the services offered as part of the statutory affairs.

    We have clients in the same situation paying significantly more and others paying a lot less.

    You should have an upfront price before starting.
     
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  5. Paul@PAS

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

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    And contrary to most peoples understanding a trust should not "just" prepare and lodge a tax return. I dont accept those engagements as its like buying a three wheeled car.

    A trust is a legal relationship and the trust property is ascertained by reference to its assets and its debts. The financials need to reflect trust property and who is also owed what - eg income entitlements, monies lent or borrowed etc. Then there may be resolutions to address or review, support with determining prelim tax calcs for maximising distributions, streaming issues, trustee ASIC services, BAS, business income, investment income and accounting issues and many other issues.
     
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  6. Yson

    Yson Well-Known Member

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    It's all residential properties with few new purchases in last financial yr in a trust because it's only $460 for personal tax with 2 properties.
     
  7. Mike A

    Mike A Well-Known Member

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    other things that may impact on the cost include offer, issue and acceptance of units if it is a unit trust and you have borrowed to acquire units in the unit trust. updating the unit register.

    reconciling loans taken out to property acquisition to ensure it ties back.

    $4k does sound on the high side. a range of between $1.2k to $2k for a DT with 2 or 3 properties is more reasonable.
     
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  8. Redwood

    Redwood Well-Known Member

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    Cost may include advice....
     
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