Hi,
Just wondering what other property investors are paying for there accounting fees on SMSF, Unit & Discretionary Trusts and personal tax returns.
I Just got a bill from my accountant and want to get some opinions from other property investors.
I have the following;
1). SMSF owns 1 property (Fee $5,500, includes audit fees)
2). Unit Trust (Fee $1,750)
3). Discretionary Trust owns 1 property (Fee $2,400)
4). Company owns 1 property (Fee $2,800)
5). Personal owns 5 x properties (Fee $900)
All prices include GST.
I supply accountant with all MYOB files which are fully reconciled, so I don't turn up with a shoe box of receipts.
Thanks for reading.
,
Gee that is very high.
I could put you onto someone who could more than halve your bill.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Wow i agree.
My SMSF fee is about the same but then mine is fairly complicated.
Many properties a swag of UK / US / Australia shares / a number of Vendor Finance deals / some secured finance and a bit more.
My 5 DFT's own 40 properties between them and we don't pay much more than you are being charged.
Take Terry up and get a referral to an alternative Accountant.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Wow you are getting ripped off. My SMSF has one house and my SMSF tax return including audit was $660. This was with very clear record keeping being provided to the accountant so he didn't have to guess what on earth each of the transactions in the SMSF bank account were.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
It's always hard to tell, but from the information you have provided, it looks as though you have been overcharged.
The trusts and company could easily be done for half of what you paid, and the SMSF for a third of your bill. It does depend though, as Jac said, on how good your record keeping is.
Where are you and your accountant located?
Accountant based in Brisbane
Was this also the year in which the structures were set up ?
If you cart everything to a new accountant, the initial due diligence checking deeds, constitutions, etc. will cost.
Ongoing fees should be a lot lower, depending on your record keeping.
Cheers,
Rob
No, trusts etc have been set-up years ago. I am very very fussy with providing records to accountant. As mentioned before everything is given to accountant via MYOB all reconciled for all accounts.
Hi Terry,
I'm based in Sydney. I have been paying my accountant $950 for the SMSF, which is sitting in a bank account for cash at the moment, and the audit report costs me $250.
I'm not sure if these fees are right, but the work doesn't seem complicated to me. For the tax returns, what I need to provide my accountant is just the bank's annual statement, showing the balance and its contributions.
Have I been paying too much?
Kind regards
PropertyNovice wrote:Hi Terry,I'm based in Sydney. I have been paying my accountant $950 for the SMSF, which is sitting in a bank account for cash at the moment, and the audit report costs me $250.
I'm not sure if these fees are right, but the work doesn't seem complicated to me. For the tax returns, what I need to provide my accountant is just the bank's annual statement, showing the balance and its contributions.
Have I been paying too much?
Kind regards
Hi PN,
I can put you on to accountants that i work with in Sydney who would charge much less than that.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks Terry!
How can I be in touch with them? I want to get a bare trust ready for an investment property inside the SMSF as well if it is the way to get in.
PN,
Best to email me and I will give you their number privately rather than put it on the forum.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Have you talked to your accountant about the level of your fees?
Is your accountant possibly doing more work on your MYOB file than you think? Accounting fees can always blow out on this.
Otherwise, for $13k of fees per annum I would expect to be getting a lot of personalised advice.
My accountant wants to charge $770 for set up of a discretionary trust. Is this a good price?
What ongoing costs can I expect come tax time?
Rory Breaker wrote:My accountant wants to charge $770 for set up of a discretionary trust. Is this a good price?What ongoing costs can I expect come tax time?
Is it a good trust deed? Does he know what he is doing?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
TerryW is now working with House of Wealth who have opened a Sydney office. Those prices are crazy.
SMSF with one property and assuming it has borrowings and therefore a warrant trust no more than $3,300 including audit
Unit Trust about right
DT with one property no more than $1,320 including GST
Company with one property no more than $1,320 including GST
individuals about right
I'd chat with TerryW and Martin Wilson at HOW. There number is 1300 481 280.
Your current accountant is too expensive.
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