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How much for tax returns?

Discussion in 'Accounting & Tax' started by Peter Taffa, 30th Aug, 2016.

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  1. Peter Taffa

    Peter Taffa Active Member

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    25th Aug, 2015
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    Location:
    Sunny Belfield NSW
    Hi Guys,
    What do you generally think is OK to pay for your yearly tax return? $150-200-250-300 or more. We just had our tax returns done, very basic stuff, no rentals or investment properties or depreciation sched's etc etc. Not complaining mind you, just me being a purchasing manager wanting to benchmark everything.
     
  2. MikeLivingTheDream

    MikeLivingTheDream BCOM MCOM MTAX CPA CTA Registered Tax Agent

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    24th Jun, 2015
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    Location:
    Philippines
    it depends on what you need both short term and long term. longer term you are looking for someone who can provide advice on the tax issues of structuring, interest deductibility, treatment of costs, etc. I've seen many examples when things could have been done one way and that would have affected the tax outcome. Accountants today should be helping on the investment journey not just punching in numbers.
     
  3. Scott No Mates

    Scott No Mates Well-Known Member

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    It's not a "tax return". It's a redistribution of your income. You can't take it for granted that you have overpaid your contribution to society if your sole income is PAYG.
     
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  4. Peter Taffa

    Peter Taffa Active Member

    Joined:
    25th Aug, 2015
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    Location:
    Sunny Belfield NSW
    yes agree, however I was asking what would people expect to pay for a basic tax return? Ours was basic, we collated all the docs required and did it all online with zero face to face. For the previous 10+ yrs we have paid 100-150 for just a normal payg return. This year the wife and spent 250 ea + tax for the above. We changed from our normal accountant to someone recommended as very IP savvy. I just think at present we may have paid a little too much.
     
  5. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

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    From $120 per individual for basic PAYG. Easy enough to DIY.

    Mine was closer to 10k last year for accounting fees :eek:
     
  6. pinewood

    pinewood Well-Known Member

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    8th Jul, 2015
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    @Peter Taffa can I ask why you switched to the IP savvy accountant if you have a basic return and no rentals. I think you may have paid too much too for what you require for now. Recently, I got a few quotes from accountants ranging from $175-$300. You might find those that appear to specialise in IP might charge more, it really all depends on the accountant/company. I settled for one that allowed me to ask all the Qs I needed without charging for time unless it was something complex and they had to spend time preparing the answer for, so I thought it was reasonable and so far I just send emails and he replies promptly. He was recommended by a broker and says if I can provide good info I can expect to pay in the lower end of $175-250 plus GST.