What questions to ask an accountant?

Viewing 9 posts - 1 through 9 (of 9 total)

tkting
Member
@tkting
Join Date: 2006
Post Count: 13
August 23, 2006 - 10:49 am
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
sam2009856
Member
@sam2009856
Join Date: 2006
Post Count: 79
August 23, 2006 - 10:55 am
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.
tony wpb
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@tony-wpb
Join Date: 2005
Post Count: 88
August 23, 2006 - 12:55 pm
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
tony wpb
Member
@tony-wpb
Join Date: 2005
Post Count: 88
August 23, 2006 - 1:24 pm
Apologies for the silly looking post! I tried to make it look fancy , with dot points and made myself look like an idiot.
tammy
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@tammy
Join Date: 2005
Post Count: 155
August 24, 2006 - 6:15 am
Dont worry Tony, It did look fancy (until you gave it away!!)[laughing]
tkting
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@tkting
Join Date: 2006
Post Count: 13
August 24, 2006 - 11:29 am
Hi all,
Thanks for the reply. Will keep them in mind.
Thanx again,
TK
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
August 24, 2006 - 12:06 pm
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
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2Bsecure
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@2bsecure
Join Date: 2006
Post Count: 5
August 28, 2006 - 2:12 am
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!
2Bsecure
Participant
@2bsecure
Join Date: 2006
Post Count: 5
August 28, 2006 - 2:15 am
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!)