Things that keep us awake at night?

Discussion in 'Accounting & Tax' started by Jimmy.C, 26th Aug, 2020.

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Things that keep us awake at night?

  1. Bad Tax and Accounting Advice.

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  2. Not enough communication with the Accountant/Tax Agent and ATO.

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  3. Complete package i.e. accounting, tax and bookkeeping not offered under one roof.

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  1. Jimmy.C

    Jimmy.C Member

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    Hi fellow investors,

    I am new to this forum. I want to start my journey as a property investor. I am a bit scared though as I want to do my research first before putting any money into property investing. I understand the investing side is about choosing the worst property in the best suburb. But what about the accounting side?

    What are the pain points of real estate investors and agents in terms of their accounting needs? Bad tax advises, not enough help by their accountant in terms of bookkeeping, lack of portfolio management services etc. I want to set up everything properly before I invest my hard-earned money.

    Any guidance will be appreciated.
     
  2. kierank

    kierank Well-Known Member

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    Need an option titled “None of Above”.
     
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  3. Stoffo

    Stoffo Well-Known Member

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    None of the above.

    I sign my return each year, in doing so I am (largely) taking liability that it is correct.

    Everything is the same in life, if it concerns or impacts you then learn about it yourself so you aren't as reliant on others (and can easily pick up their errors):p

    You should do your own due diligence for any form of investment, service or purchase, taxation is no different ;)
     
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  4. MTR

    MTR Well-Known Member

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    You don’t have US accountant, the amount of red tape drives me crazy.
    Had the same accountant in US since 2011, still does my head in. ATO is a walk in the park compared to compliance requirements with IRS
     
  5. MTR

    MTR Well-Known Member

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    Some people just get the wrong accountant to start with or outgrow their accountant.
    Some cant be bothered changing accountants

    it took me two accountants before I found the right fit. I cant learn everything this is why I pay for advice, its all about the results
     
  6. Mark F

    Mark F Well-Known Member

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    Could we have option for Possums dancing on the roof. :D
     
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  7. Jimmy.C

    Jimmy.C Member

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    Haha! sorry forgot about that option :D
     
  8. Jimmy.C

    Jimmy.C Member

    Joined:
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    Location:
    Brisbane
    Thank you for your response. So I need to get a proper accountant first and ask about the structures and tax implications and probably after that start investing.
     
    MTR likes this.
  9. MTR

    MTR Well-Known Member

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    Yes you need good accountant

    Perhaps do a search on PC see what comes up

    My accountant his very good his in QLD, I am in Perth. His a very smart guy
     
    Stoffo likes this.