Property accountant/ financial planner Sydney

hi there. I'm looking for a recommendation for a property accountant/ financial planner in Sydney. Preferably in the eastern suburbs (I live in randwick). Thanks.

 

Hi Gary, what are you hoping for them to do?

There's some great accountants on the forum who can work long distance if need be. @Paul@PFI might be in Sydney I think?

Depending on what you're after, it may be that many of the brokers here can help with the planning side - just depends on your needs.

 

Thanks for the replies. Let me elaborate. I've just bought my first PI. I now want to know what position I need to be in for to finance my next PI. Even though I probably have funds for another PI, I want someone to help me do this in a safe way, while maintaining a financial buffer.

 

Sounds like you need a broker

 

I get a lot of these requests and I would generally agree that if you have questions about affordability etc then a broker would be best to assess the credit issues and they know how not to muddy the credit file in the process. One good broker is far better than shopping around - That doesnt gain a thing. . I recommend the calibre of brokers on PC as they all know their industry and products well.

 

For a good accountant I can recommend @Paul@PFI above - I use his services and so do some of my clients.

For a broker - there's not many to choose from on here (insert little sarcastic emoji)

Cheers

Jamie

 

My understanding is that Mortgage Broker can conduct some analysis based on the current debt/income and advise on how much loan an individual can get from a bank/other money lending organisation (Best Deal).

But if someone wants to put some structure in-place for couple of years down the track(short term but also long term (retirement,super etc.)) and also want to seek advise on selling or not selling current assets, reduce tax, things to do to achieve best outcome then - Can an accountant put/recommend financial structure or one has to see a financial planner?


Note:After reading the above I think it is indicating See financial planner but would like to hear from the experts as there may be other options.

 

Plenty of accountants/planners also have broking functions, so there should be a few that can provide holistic view of what your looking for. You could also get credit & buffer advice from a broker, tax advice from an accountant. Brokers usually will be able to ascertain your pre and post purchase position & help discuss buffers/risks with you. Not sure whether a planner is necessarily required for what your looking to do, especially if looking at property solely.

 

Thanks @Simon Hampel , well said.

 

Hi @Redom are you refering to cash buffer?

 

You don't need a financial planner. I would talk to a good broker on here who also invests in real estate. Keep it simple at this stage cos imo what you want to do is pretty simple.

 

Welcome to the forum @Garry from a fellow eastsider!

We also use & recommend @Paul@PFI if you're looking for a good accountant who understands property. Sounds like you're a step ahead of this though.

 

only lawyers can advise on structure because it is legal advice. think about it - a trust is a legal relationship in equity, with the obligations outlined in a deed. Various laws need to be considered - taxation, land tax, stamp duty, family law, trust law, bankruptcy act, equity

Similar with companies - the Corporations Act, insolvency law, equity

The tax agents act empowers tax agents (not accountants though some accountants are tax agents) to give financial advice in relation to taxation law as administered by the Commissioner of the ATO - so tax and some superannuation law. Not state law such as stamp duty or land tax.

Financial planners = not legally empowered to give any structuring advice at all unless they are lawyers. If they are registered tax agents they could advise on the tax aspects.

A non lawyer might be able to say a discretionary trust may be a wise choice as the tax on income and sale would be blah blah blah

Where it is general advice about something that is not a financial product then anyone could advise really as there is no regulation - should I buy a property for example - this is unregulated unless the advisor is involved in selling the property and they would need to be licenced agent.

 

Thanks for the clarification @Terry_w

It means one needs to involve all 3 to make things work properly but then the charges will be too expensive.

 

A planner isn't needed. All you need is a lawyer that can advise on tax as well as structuring.

 

Would you get a will done by an accountant? If not then why a trust?

If the accountant is only getting a boiler plate off the shelf why not bypass them and go to the shelf directly if legal advice is thought to be not needed.

What if the client has questions such as
- What is the role of the appointor?
- Will the trust have to pay the stamp duty and land tax surcharge?
- Who should be the trustee?
- What happens if the appointor goes bankrupt?
- What happens to the trustee position if I die?
- Can you explain what clause 25 means?

An accountant cannot answer these questions as this is legal advice. What if the deed needs amending? Can the client review the deed before it is finalised?

I can’t see the point in paying an accountant to set up a trust.

People jay walk everyday – but that doesn’t mean it is lawful.

 

Alot of great info and input by all of you and I am thankful to @Terry_w @Simon Hampel @Redom but I am still confused because following are the things I need help/assistance or clarification that I am on the right track:-

1. I already have PPOR and IP's and want to put strong strategy in place so I can buy another property (that will become our PPOR and existing one can go on rent) in couple of years as servieability is an issue atm :- so Broker or structuring Lawyer will be able to assist (am I right ?)

2. In an event where we sell 1 of the IPs (in order to get deposit for the property (as above) we want to purchase ) this year or next year and CG tax comes in play + our current earnings and expenses, super contribution (salary sacrifice/pre tax), child care payments etc etc :- An accountant will be required i guess.

3. I got young family so need to arrange Testamentary Trust Will (if required) or any other arrangements that are important in case something bad happns to me ---A Lawyer required

4.if me and my wife both are aiming to retire early then my understanding is that an overall wholistic financial checkup is required to conduct assessment on the current portfolio/risks involved and goal to be so that a comprehensive plan can be made to achieve that goal and mitigate those risks- So Financial Planner is required

In a nutshel - Me (existing portfolio) and my wife (from this year)have decided to buy small parcels of LICs regularly for as long as we can (long term plan) and also reinvest any divis we will get while maintaining the current IP's (factor in the point #1 and 2 from above).

Hence my question is -will I be able to combine all above mentioned professionals (broker, structuring lawyer, accountant, Lawyer and financial planner)into 1 or do I have to use all of 'em or do I really require all of 'em ???

Ps:I do go to a local accountant
Who does our yearly tax returns but it was very simple tax returns-I send him all the documents , (work group certificate, property statements, expenses, small share sell/buy/divi info) and he does the tax return. Is that the only thing he can do or will he or any accountant will be able to do.more ??

PC forum is a wealth of information and since I have started reading -I am kicking myself that why I didn't find it before hence I wanna make it right by involving the right people to make up for the time I have lost.

Thanks in advance.