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What's the best way to work with an accountant?

Discussion in 'Accounting & Tax' started by eng, 12th Jul, 2015.

  1. eng

    eng Well-Known Member

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    Some of the brokers here act as mentors, and that's really awesome when you want to learn how to invest in property!

    How about accountants, are there some on here and can you work with them in the same way?

    The reason I ask is that we would like to take a DIY approach with our finances, but still have the best accountant looking over our shoulders. My wife has a degree in accounting, but we don't know anything about property. So to me an accountant would ideally be:
    - some who can help us to think through our goals, suggest trusts, financial structures
    - someone who can talk to, educate us
    - we can tally and do a cost summary, but we just need someone to check what we do
     
  2. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    If you want some outside input, perhaps a financial planner is the missing piece of the puzzle.

    I ask my accountant for advice on the more complex stuff (like legal structures, big financial decisions etc) but drop my well-organised tax-related stuff in their lap so we don't make contact very often.

    There may be accountants on there who specialise in the education/mentoring/consistent communication side of things, but I don't know of any myself.
     
    eng likes this.
  3. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Accountants (or tax agents) generally don't do the goal setting side.

    For trusts and structures you need a lawyer to advise as tax agents can only advise on the tax aspects.

    A Financial planner may be generally be more of what you are after. Some planners are able to advise on tax too.
     
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  4. eng

    eng Well-Known Member

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    Great thanks guys :)
     
  5. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    I am an accountant but refuse to assist clients to identify and choose property strategies as that is really financial advice. Its often very subjective and I don't seek to sway a decision either way. I address questions and issues and guide with tax related issues etc Most financial planners aren't qualified to give specific property advice either !! And if they do their own local area bias may affect their knowledge and judgement.

    One thing to watch with planners and "property specialists" that do focus on property is that they may also sell or introduce properties and develop lucrative fees from it. Not always a sign of independent advice. But some of them are also very good. Be wary of those in SE QLD.

    On the property financial matters have you considered buying a single license copy of the Property Investment Analysis software from Somersoft ?? Its brilliant and a good start point to hand to your financial adviser or discussions or to compare options etc. There is a trial version but the full version costs under $250

    http://www.somersoft.com.au/software.htm
     
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  6. Chilliblue

    Chilliblue Well-Known Member

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    Whilst our accountant can do both, we have a separate financial planner so that each party is reviewing the others work and can advise from different pespectives.

    It is a good idea to get independent advise from any many parties as possible. Reading and asking questions on this forum is also good.
     
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