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How Much Did You Pay For Your Tax Return & What Did It Include???

Discussion in 'Accounting & Tax' started by MindMaster, 15th Aug, 2016.

  1. MindMaster

    MindMaster Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    73
    Location:
    China
    Just received the bill from my accountant for the 2015-2016 tax return which was a lot larger than expected so I'm curious to see what other people are paying.

    My accountant is well regarded and top value for money so I'll stick with them. Just curious to see what other people pay so I'm not blindly signing checks.

    2014 to 2015
    $685 for four property investment schedules and one individual tax return

    2015 to 2016
    $1110 for 5 investment property schedules, one CGT calculation and one individual tax return

    As an expat with only property income, the individual tax return would be a piece of cake to do.
     
    Dean Collins likes this.
  2. EN710

    EN710 Well-Known Member

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    18th Jun, 2015
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    2,106
    Location:
    NSW
    This year is about $480 for 2 ppl, 3 IP. I provide all summaries etc
     
  3. Joynz

    Joynz Well-Known Member

    Joined:
    5th Apr, 2016
    Posts:
    826
    Location:
    Melbourne
    $264 for one IP and one individual PAYE return for the 2014/15 year.

    Haven't done last year's yet.

    I provide a spreadsheet with all income and expenses entered.
     
  4. Scott No Mates

    Scott No Mates Well-Known Member

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    Sydney or NSW or Australia
    A pound of flesh to the taxman and a kidney to the accountant.
     
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  5. Shawn

    Shawn Well-Known Member

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    28th Jun, 2015
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    Location:
    Sydney, NSW, Australia
    I paid $242 to my CA-qualified accountant.
    TWO IPs, two PAYG jobs.
     
  6. Casteller

    Casteller Well-Known Member

    Joined:
    30th Jun, 2015
    Posts:
    344
    Location:
    Barcelona
    In Australia I always did my own but now in Spain it cost me about $5200 in accountancy fees to comply with their 5 different annual tax returns, painful.
    (Modelo 720, E6, DTE, Income tax return, Wealth tax)
     
  7. wogitalia

    wogitalia Well-Known Member

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    28th Oct, 2015
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    Location:
    Perth
    And I thought the amount of painful compliance grunt work in Australia was bad...
     
  8. mc123

    mc123 Active Member

    Joined:
    28th Jul, 2015
    Posts:
    28
    Location:
    Australia
    Paid $660 last year for two investment properties, salary income / ad-hoc deductions, shares including CGT and dividend income
     
  9. MindMaster

    MindMaster Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
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    Location:
    China
    Thanks everyone for your feedback and you Scott No Mates for your pound of flesh.

    Looks like my accountant is on the pricy side.
     
  10. r3ckless

    r3ckless Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    62
    Location:
    Sydney 2219
    $650 for 3xIP, 2 x ITR, 1x managed funds, 2x margin loans, misc share portfolio
     
  11. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

    Joined:
    9th Jul, 2015
    Posts:
    1,078
    Location:
    Perth
    Thousands and not much :D
     
  12. Redwood

    Redwood Well-Known Member

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    22nd Jun, 2015
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    Location:
    Melbourne
    Honestly - the OP - no issue with what you paid. Every accountant is different and it really depends on what you expect. A quality accountant and generally you get your return and donot question the output...why? value add. If you are unsure ask for a breakdown but ask for value they provide...what can you do to improve your return?

    Personally, my accountants do a good job and provide value and if not i'd expect people to ask the question for the break down and if no value is added you would seek a second opinion.

    ever asked a lawyer for charge out rates? see the different between city law firms and suburban firms? same applies to accountants.

    Cheers Ivan
     
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  13. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

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    Location:
    Sydney
    Really have no idea.
    When you work with an accountant who's helped you grow and profit, it don't really matter what they charge, as it works both ways.
    So the real answer is that we paid less than what we are willing to pay for the services rendered.
     
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  14. Cactus

    Cactus Well-Known Member

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    18th Jan, 2016
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    986
    Location:
    Melbourne
    I pay about $3k per annum for two individual returns and a trust return and four BAS.
     
  15. MindMaster

    MindMaster Well-Known Member

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    19th Jun, 2015
    Posts:
    73
    Location:
    China
    Excellent points Redwood and Ace and good reminders to focus on value not cost/charges. Now just to make sure for future tax returns that my top city accounting firm (thanks Redwood) is a good match for my very basic accounting needs.
     
    Beano likes this.
  16. JDM

    JDM Well-Known Member

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    19th Jan, 2016
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    Location:
    London (ex Brisbane)
    Exactly this. A big part of it is choosing the right accountant to fit your requirements (as with any professional advisor). A Big 4 firm is not going to add much value for a basic individual tax return and is going to charge through the roof so you would be better off going with a suburban firm. On the contrary, if you are a multinational corporation the Big 4 firm is likely to add great value and minimise your tax obligations far beyond what the suburban firm could even after considering the difference in their fees.
     
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  17. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    Location:
    Sydney
    It depends on what is involved too. A company return may cost $100,000+ in some instances ...eg think Wesfarmers / BHP consolidated affairs and subsidiaries.
     
  18. Lacrim

    Lacrim Well-Known Member

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    Location:
    Australia
    That's pretty damn reasonable
     
  19. D.T.

    D.T. Adelaide Property Manager Business Member

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    13th Jun, 2015
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    5,579
    Location:
    Adelaide, SA
    Personal tax return with several IPs, Unit Trust's tax return with 2 IPs, Business P&L / Returns, Trust Acct Audit.... lots.
    Knowing that its all sorted properly as well as getting advice throughout the year... priceless.
     
  20. lisawithane

    lisawithane Well-Known Member

    Joined:
    25th Aug, 2015
    Posts:
    49
    Location:
    Sydney
    Great question OP, was coming into this group to ask the same question as I felt like I was paying 'city' prices. I have a PAYG tax return and 5 x investment properties and I'm paying $2K!!!!!!