All Topics / Legal & Accounting / What questions to ask an accountant?

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  • Profile photo of tktingtkting
    Member
    @tkting
    Join Date: 2006
    Post Count: 13

    Hi everyone,

    I am currently shopping for an accountant and will be ‘interviewing’ some this week.

    As I have never used accountant services before I don’t really know what information I should be looking to get.

    Would anyone kindly provide some pointers on what questions I should be asking?

    My objectives for getting accountant services:
    1. Advice on a suitable structure for property investment and possibly company/trust incorporation
    2. Tax returns

    Thanx in advance,
    TK

    Profile photo of sam2009856sam2009856
    Member
    @sam2009856
    Join Date: 2006
    Post Count: 79

    Hi there tkting

    Thats a smart move and ive been thinking the same.

    I purchased a number of IP in the past 12 months and i regret some things I did because I should have consulted an Accountant first esp for setting up Trusts ect.

    It is one of the most important factors with investing to have a wizard accountant. Taxes are one of our biggest expenses, thats for sure.

    Profile photo of tony wpbtony wpb
    Member
    @tony-wpb
    Join Date: 2005
    Post Count: 88

    Hi tkting,

    Very smart move, if you are just starting out , many investors look back and only wish they began with the right advice.

    Some good questions are:

    Have they invested themselves ?

    If yes.Ask for specifics.

    Were they successful?

    What are there personal beliefs of property? (negativity is not going to help you)

    Ask about hybrid trust structures versus a discretionary trust.

    Do they have many clients that invest in property?( this will also reflect their understanding)

    Do they encourage their clients to invest in property ?

    Are they proactive or reactive? (do they just look at what you have done and try to tidy it up at the end of the financial year or do they make suggestions to help improve your circumstances)

    I would suggest not to concern yourself with their fees and determine their ‘value’ by how much can they help you. Good Luck

    Profile photo of tony wpbtony wpb
    Member
    @tony-wpb
    Join Date: 2005
    Post Count: 88

    Apologies for the silly looking post! I tried to make it look fancy , with dot points and made myself look like an idiot.

    Profile photo of tammytammy
    Member
    @tammy
    Join Date: 2005
    Post Count: 155

    Dont worry Tony, It did look fancy (until you gave it away!!)[laughing]

    Profile photo of tktingtkting
    Member
    @tkting
    Join Date: 2006
    Post Count: 13

    Hi all,

    Thanks for the reply. Will keep them in mind.

    Thanx again,
    TK

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    A lot of people complain about their accoutnants not telling them things such as how to save tax, how to structure etc. I have experienced this myself in the past. I have come across some information asked the accountant and he said, yeah that would be possible, and I have thought why the hell didn’t you tell me this before, I could have saved xxxx$ in tax!

    Terryw
    Discover Home Loans
    Parramatta
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of 2Bsecure2Bsecure
    Participant
    @2bsecure
    Join Date: 2006
    Post Count: 5
    Quote:
    Originally posted by Terryw:

    A lot of people complain about their accoutnants not telling them things such as how to save tax, how to structure etc. I have experienced this myself in the past. I have come across some information asked the accountant and he said, yeah that would be possible, and I have thought why the hell didn’t you tell me this before, I could have saved xxxx$ in tax!

    Profile photo of 2Bsecure2Bsecure
    Participant
    @2bsecure
    Join Date: 2006
    Post Count: 5
    Quote:
    Originally posted by Terryw:

    A lot of people complain about their accoutnants not telling them things such as how to save tax, how to structure etc. I have experienced this myself in the past. I have come across some information asked the accountant and he said, yeah that would be possible, and I have thought why the hell didn’t you tell me this before, I could have saved xxxx$ in tax!

    This is exactly what has happened to me Terryw and it is SO annoying. Maybe members have a great accountant they could recommend? I’m looking for a good one in the Brisbane city area. Am totally sick of doing their work for them and getting charged a premium, not to mention never receiving any advice or recommendations on better ways to manage the $$ (BTW it is my understanding that you can submit claims against previous tax years – I intend to to do it for last financial year as I’ve now discovered I’m entitled to a rebate for dental and medical expenses – no thanks to my accountant!).
    So – any fabulous accountants in Brisbane anyone?
    (sorry folks, hope it works better this time!)

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