In need of a very good tax accountant in Sydney

Hi there,

Can anyone please recommend a very good tax agent without the ridiculous fees? My tax agent is charging me $1,045 for 2 investment properties and 1 car space. I have some stocks and just a normal standard employee. No business whatsoever. My tax agent got me a big return though as he also do my properties depreciation. Once i found someone good, I usually stay with them for a long time and recommend to my friends and family, unless they keep increasing like $400 each year in their tax fees then I will leave and try to find someone else (like now). Please kindly recommend someone good or if you are a good tax agent that can think outside the box and do numerous deductions, please reach out to me.

Thank you so much!

Julie

 

By the way, my tax agent also said that most tax agents/accountants charge 10% of the tax return that we will receive from the ATO. Can someone confirm if this is true??

Thanks.

 

What amount of fees were you expecting to pay for your setup/situation?

 

Mine is $250 and I’m really happy with him, have been using him several years. We have two IPs as well. We do our tax over the phone as he’s in Hurstville and we don’t live near there anymore, just email all the documents in in advance. I’m not sure if I’m allowed to recommend someone who isn’t on here though?

 

My tax return is currently showing tax losses. If the above was true, my accountants would pay me 10% of those lossses .

They don’t. I better change tax agents .

Can you post the contact details of your tax agent please?

 

@Paul@PFI is an amazing accountant - he sorts out my tax stuff and I refer my clients to him.

Cheers

Jamie

 

He did the depreciation report or he entered the figures provided by a quantity surveyor into your return?

 

Sounds like an awful client base.

But to be fair the client and accountant need to determine whether they are the right fit.

1. some clients merely want data entry. cheapest possible. for this you will get cheap, maybe good/maybe not and it wont be fast. could take months to prepare returns, additional queries never answered and service levels what you pay for (e.g. low cost airline)

2. others want a mid range price and ability to be guided along the way. price reflects the care taken to maximise deductions, ask additional questions, get things in order to minimise CGT in future, and keep people informed of changes along the way. Will be more expensive, possibly fast and good quality.

3. others are business owners who use property as a supplement to building wealth. many of these want structuring advice, strategic business planning (cashflow forecasting, SWOT analysis and assistance with implementation of weaknesses in the business model and processes, ongoing advice (at a minimum bi-yearly, many quarterly) and ability to ask many questions along the way.

many of these clients want advice on sub trust arrangements, division 7a and strategies for deferring tax liabilities and spreading tax liabilities to maximise capital opportunities.

that will be a higher end fee and good quality and depend on speed the price will reflect it.

Once you determine what you want then determine whether the price you are paying reflects that.

 

Not true and this is really silly. What if someone employer has taken too little tax and at the end of the year they get a large tax bill. Doesn't make sense.

 

if i had time i'd find it as well but believe CPA Australia and Chartered Accountants Aus & NZ do not allow this type of pricing. It is breach of the ethical standards.

 

WTF - Thats unethical v member professional standards and very likely a breach of the TPB code of conduct on top. The ACCC would also have issues under Australian Consumer Law. So no refund = no fee ? A $25K refund is $2500 ? Does that include GST or is that extra ? A gross generalisation and unfactual and likely to mislead. I have clients that get $50K refunds...I dont charge them $5K or anything close (ie 6 NRAS properties)

As Terry points out a refund reflects the difference between what tax you HAD to pay v's tax already paid through withholding, instalments and other credits. Some clients choose a variation to bring forward refunds in lower withholding. Some vary instalments to avoid overpayment. Some dont pay and rack up a debt to avoid paying !!

People like that shouldnt be allowed to practice. If they cant explain fees how do they explain a curly tax issue.

 

Totally agree.

Imagine getting a $100 tax refund for a very, very complicated tax return and the tax agent sends you an invoice for $10

 

There is a massive difference between an apparent cheap return for $89 and what most people on PC would need. The $89 return is being prepared by someone experienced, knowledgeable and qualified ? Maybe but unlikely. Could also be a student or someone who did a quick course run by the franchise firm looking for cheap staff. Its like comparing subway and a restaurant.

First exclude cross checking and adhoc advice. Then add extra for rentals, depreciation and likley missed issues like borrowing expenses. Add isome shares, CGT and its all more time. I'm often told bey people - I have a simple share portfolio all summarised and I have all the rpeorts. Then I find a handful of the "shares"are managed funds / ETFs and the reports are useless and we need the annual tax reports that split income into CGT, Trust income, Franked, Foreign and possibly impacts a CGT schedule too.

 

I also recommend @Paul@PFI whom I use for my investment portfolio and businesses - lots of structured systems in place, fair pricing and is available readily to answer questions along the way.

 

Btw forgot to actually mention that Nick Moustacas at Strategic Wealth Management is sydney based as well.