Tax Accountant Quotes

[Kab]

What do people on this forum believe is a reasonable $$ figure for an accountant to charge to file 2 x individual tax returns (husband & wife) and also complete the relevant accounting paperwork to work out expenses & loses on a negatively geared rental property?

Not, I would say an extremely detailed and difficult task for an accountant, but we have been quoted a rather large figure by one well known tax accounting company!

[ChrisD]

Depending on the specifics, anywhere from $1,000 to $2,000 plus GST.

[Bluekiwi]

You dont need to give us the name, but how much is "large".

[Tan]

Depends on:

Are both people self employed or on PAYE?

Is the paperwork for the property in a shoe box, in an accounting program (correctly entered), complete?

[BusyLizzy]

I pay under about $900 for an accountant to do my simple LAQC tax returns, plus my personal tax return which included another rental in my own name. I thought that was getting a bit high, considering I provide everything in electronic format and all papers neatly filed and labelled for them.

[Bluekiwi]

Not bad, mine charges $125 for asking me what's the weather like outside.

[unhinged]

This year is my first year to have to do a return as an investor for one property in a LAQC (now have two and looking for the third). I have supplied everything to the accountant in a folder filed neatly by a tab system and have followed this up with income and expenses detailed in an excel spreadsheet. Quoted $350.00 to do the companies tax plus mine and my partners personal tax return. Thought that was quite reasonable. The accountant concerned is a one man band, verbal quote from a large company with ties to the NZPIA was near $1000.00, quite unreasonable I thought.

[Tan]

verbal quote from a large company with ties to the NZPIA was near $1000.00, quite unreasonable I thought.

I don't think this is unreasonable. Hopefully they can save you the difference in their fee. You are obviously growing your portfolio relatively quickly, and you will need the right advice on a number of things as you proceed.

I have decided to stick to large firms as I cannot see how any 1 person could possibly keep up with even half of the rules recently bought in, and there are heaps more coming. It's like an avalanche.

One of the rule changes concerns LAQC's. It would seem it is going to get more complicated to get losses out, with mortgages needing to be set up correctly and levels of equity needing careful monitoring. This could be incorrect, but the gist is there. I am no expert as I turned off during the LAQC section (not having one myself) to give my poor brain a rest.

I predict the end of one man bands.

[lidistick]

Pay peanuts get monkeys.

I pay close to $2500 for the LAQC and 2 personal income tax returns.
Very good advice on a loan break fee saved me $15K. Value for money IMO.

Cheers.

[Bluekiwi]

What do you reckon cost could be for 4 IP's in a Rental Trust

[thecodemeist3r]

Not bad, mine charges $125 for asking me what's the weather like outside.

I LOL'd at this

[ChrisD]

What do you reckon cost could be for 4 IP's in a Rental Trust

Again this is a pretty open ended question without some important details. But I would say at our firm (medium sized CA practice) you would be looking at $2,000 - $3,000 as a ballpark figure for financial statements, tax return for the trust and tax returns for two individuals on salary/wages. If either of you were self employed it could be a lot more, and it could be a lot more if it's a complex tax situation that requires careful management.

[Perry]

Pay peanuts get monkeys.

Some luck is often involved, as with most
anything to do with property. After all, look
at the drones in Wellington:

Pay bigger peanuts, gets bigger monkeys.
.

[muppet]

My laugh of the day.

Pay bigger peanuts, gets bigger monkeys.

Wouldn't the bigger monkeys become gorillas?

[Bluekiwi]

Again this is a pretty open ended question without some important details. But I would say at our firm (medium sized CA practice) you would be looking at $2,000 - $3,000 as a ballpark figure for financial statements, tax return for the trust and tax returns for two individuals on salary/wages. If either of you were self employed it could be a lot more, and it could be a lot more if it's a complex tax situation that requires careful management.

Okay then, both on salary but no tax returns for us, as the Rental Trust loss is contained therein.
Awaiting some Trading Trust profit hopefully in 2011.

And then if my Dad, old school retired Chartered Accountant (Not a Property Accountant specialist) did all the groundwork on paper, and I converted this to excel and took along to them.