When to engage with an accountant?

Discussion in 'Accounting & Tax' started by db9, 19th Jan, 2017.

Join Australia's most dynamic and respected property investment community
  1. db9

    db9 Well-Known Member

    Joined:
    25th Jun, 2016
    Posts:
    254
    Location:
    SEQ
    Hi everyone,

    Quick question. When should I engage with an accountant?

    I have been working full time for a year and completed last years tax return myself online. I have never used an accountant. I plan on buying a property this year.

    When should I engage with an accountant? Once a find a house I want to buy? Once I buy a house? A bit before the end of financial year? Now?

    Thank you for your time.
     
    Madcatters likes this.
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,667
    Location:
    Australia wide
    If you mean a 'tax agent' then when you want some tax advice and/or when your tax returns starts to become a little bit more complicated - such as when you get an investment property.
     
  3. Ross Forrester

    Ross Forrester Well-Known Member

    Joined:
    30th Oct, 2016
    Posts:
    2,085
    Location:
    Perth, Western Australia
    Now.

    Start talking about your dreams and ask them what you should be thinking about.

    A good accountant will keep talking for 5 hours. An average accountant will look like a deer caught in headlights.
     
    Perthguy likes this.
  4. db9

    db9 Well-Known Member

    Joined:
    25th Jun, 2016
    Posts:
    254
    Location:
    SEQ
    Thank you! I will give an accountant and tax agent a ring ASAP.

    Glad to know it's appropriate to engage prior to purchase.

    Hope both of you are having a great day!
     
  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,667
    Location:
    Australia wide
    They are often the same person.
     
  6. wylie

    wylie Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    13,932
    Location:
    Brisbane
    If you are happy to deal via email and phone, we've moved to a young chap who we are very happy with (in Brisbane).
     
    Ross Forrester likes this.
  7. db9

    db9 Well-Known Member

    Joined:
    25th Jun, 2016
    Posts:
    254
    Location:
    SEQ
    Sounds great! What are their contact details? I go to Brisbane a lot so that might work well.
     
  8. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    23,319
    Location:
    Sydney
    There are a range of issues a potential property owner (investors developers etc) should become familiar with. The tax advice is just a part of that. Start with the ATO Rental Guide (google) and become familiar with all the concepts. Yes you will have a load of q's. PC may help answer some and you may even post a question or two. For others it may be helpfult o seek personal guidance ie : "who should own the property"...Once armed with the basic knowledge then you will be able to ask informed questions of your tax adviser rather than ask for guidance on all the basics. Far more time effective and more likely to be accomodated .

    Ditto get a good broker as part of your team too. I'm no fan of lender broker. There a many on PC to consider and all are very good

    And have a solicitor in mind too. When a contract appears and you want to sign it its essential to have it reviewed for any specific issued and they will give initial advice. Again some are alos on PC...eg Daryl @ RPI (Certus) is frequently found here and from what I see has reasonable fees
     
    Perthguy likes this.
  9. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    13,436
    Location:
    Melbourne
    When you are pretty sure you want to marry him/her. :D

    The Y-man
     
    db9, Mustafa Salehi, SteveM and 2 others like this.
  10. db9

    db9 Well-Known Member

    Joined:
    25th Jun, 2016
    Posts:
    254
    Location:
    SEQ
    Thanks for your help. I have now read the ATO Rental Guide - the information seems very logical. Certainly leaves me better equipped to talk to an accountant. Thanks for the tip about RPI and finding a solicitor - pity the fees are not deductible... at least it contributes to the cost of the asset which is handy down the track if I sell and am liable for CGT... ;)

    Thanks again everyone for the help! Loving reading through the forums... Lots of golden nuggets dropped all over the place.
     
    Paul@PAS likes this.
  11. Rdtn

    Rdtn Member

    Joined:
    27th Oct, 2015
    Posts:
    14
    Location:
    Brisbane
    Hi Wylie
    Could you please let me know the details of the accountant in Brisbane who you deal with?

    Cheers
     
    wylie likes this.
  12. wylie

    wylie Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    13,932
    Location:
    Brisbane
    Have sent details in a PM @Rdtn
     
  13. Mill

    Mill Well-Known Member

    Joined:
    7th Jan, 2017
    Posts:
    73
    Location:
    Brisbane
    @wylie Could you also PM me the details of your Brisbane accountant?