Honest Accountant Wanted in Sydney

letsplayludo on 16/07/2016 - 12:07

Dear All

I'm working full time as a supply chain professional with a bit of account management built in. Hence, I have a car allowance thrown into my package as I am required to travel.

I have been lodging my own tax return for the last 10 years as it was very simple and nothing extra was part of my role so it was as basic as it could get, ending up with me paying $4k or so to the ATO every year.

This year though, I have had this new job and I have had various expenses and I need to know how best to maximize my tax return legally. I have very limited knowledge on what is required to claim some things and if it is possible to claim something or not. The only thing I want is that I need to claim everything legally i.e. I am not willing to take even a slight risk with my return.

However, on hearsay, the stories I know about your regular tax return agent is that they can usually be dishonest, not knowledgeable enough, careless and generally incompetent themselves, and can suggest things which may be potentially illegal. Very simply, I do not know who is good at their job and so I cannot trust these guys. Also, their mission seems to be making the client happy with maximizing their return regardless of how much falsification is built into the return. I do not expect a return, but I want to minimize the bill I pay every year and I think this year, it may be possible by just claiming things which I may not know could be claimed.

Secondly, no matter what the accountant suggests, at the end of the day, if there was anything wrong, the accountant gets Scot-free but I would get in trouble with the ATO as I cannot deflect blame.

Now, I have a dilemma - either lodge it myself with next to no knowledge and potentially rip myself off by a few grand, or find a accountant that has an idea of what they are doing. Honestly enough, I am having trouble understanding what I should claim and what I shouldn't.

Can you guys vouch for someone? I guess Ozbargain is a community that will not tolerate getting ripped off.

Thanks for your help.

Financial

Comments

  • Diji1 on 16/07/2016 - 12:22

    Go to a large, well established firm.

    The upside is they will be by the book, the downside is you will pay more.

    • mskeggs on 16/07/2016 - 16:32
      +5

      Problem with using a large firm is you will almost certainly get the green new kid doing your work.
      Similarly, I notice some firms outsourcing some work to overseas. My SMSF admin company do this.
      That is fine for my SMSF admin, where I am seeking procedural proficiency, but for tax affairs where I am seeking advice and ideas it is good to have local experienced people to deal with.

      • letsplayludo on 21/07/2016 - 21:50

        That is what my worry is too - getting someone to practice on my case and charging me the same. Worse is wasting my time and clouding my judgement if the kid has no idea.

  • whooah1979 on 16/07/2016 - 12:30
    +1

    the stories I know about your regular tax return agent is that they can usually be dishonest, not knowledgeable enough, careless and generally incompetent themselves, and can suggest things which may be potentially illegal.

    You make it sound like they are incompetent criminals. Bad experience?

    • letsplayludo on 21/07/2016 - 21:50

      Not experienced personally but I know some of these agents as friends and I would not trust their advice.

  • mskeggs on 16/07/2016 - 12:35
    +3

    I can give a personal recommendation for my accountant for the last 15 years if you want. He is thorough and able to discuss what strategies will lower your tax payable.
    If you turn on messaging or send me a msg I will give his contact details.

    • letsplayludo on 21/07/2016 - 21:51

      Thanks for that - please send me a private message with the details!

      • mskeggs on 22/07/2016 - 07:39

        you have private messages turned off. Got to your account, settings, messaging to turn it on, or select 'start a conversation' by clicking on my profile to msg me.

        • letsplayludo on 23/07/2016 - 17:47

          Turned them on now. Thanks.

        • pchenholdings on 21/09/2016 - 22:35

          hi, can you pass on the details to me as well

        • hhbb555 on 04/12/2016 - 15:59

          Hi,
          do you mind to pass me the details as well?
          thanks

  • holdenmg on 16/07/2016 - 12:50
    +1

    The thread title reminds me of the Lawyer from The Simpsons:
    http://ih1.redbubble.net/image.27179556.1269/sticker,375x360…

  • garetz on 16/07/2016 - 12:57
    +1

    You cannot trust anyone but yourself in these matters, goto an accountant for advice, but learn from them and then use that information to your advantage.

    btw asking for an honest tax accountant is like trying to vote in an honest politician, doesn't exist.

    • letsplayludo on 21/07/2016 - 21:52

      It really is worrying if we do not have honest accountants and mechanics - both things I have very little idea of.

  • plmko on 16/07/2016 - 13:38

    You're a bit confused here by 'tax agent' and 'accountant', not the same thing. Anyone can be a tax agent, but wearing the accountant name requires qualifications unless they are lying.

    Also if they tell you the tax return is your complete liability they are lying, the place that lodges and prepares your tax return has due diligence to do some investigation on the content of your claims.

    • holdenmg on 16/07/2016 - 13:51
      +1

      But you can't be a Tax Agent if:

      You are convicted of a serious taxation offence
      You are convicted of an offence involving fraud or dishonesty
      You are penalised for being a promoter of a tax exploitation scheme
      You are penalised for implementing a scheme that has been promoted on the basis of conformity with a product ruling in a way that is materially different from that described in the product ruling
      You become an undischarged bankrupt or go into external administration
      You are sentenced to a term of imprisonment.

      So that just leaves a very few people… or else lots of people that haven't been convicted or penalised. lol

    • letsplayludo on 21/07/2016 - 21:53

      Can you give me any source from ATO or anything which specifies that they share the liability with me? Thanks.

  • Edsanwong on 16/07/2016 - 14:30
    +2

    Understand your dilemma. I am still struggling to find one myself. Just to add you also need knowledgeable one too.

  • pgcs on 17/07/2016 - 07:40
    +1

    The one I have been using for the past 15 or so years I would have no hesitation in recommending. He has moved from Sydney to Gerringong, will do them remotely, travel to Sydney (extra charge) or you can visit him at the beach - drop the kids off (yes, in this weather, I know) and claim the travel expenses. He was an accountant at 3M in Sydney for years before retiring from it.

    Any time I have had something that looked out of whack, it is questioned and corrected as need be.

    Not sure if I can put his details directly here, so message if you are interested.

    • letsplayludo on 21/07/2016 - 21:55

      Really appreciate that. However, with the lazy person that I am I will keep on delaying travelling there. Depends on what he charges to travel here. Might be worth asking him so can you PM me his details please?

    • aragornelessar on 13/09/2016 - 16:54

      Would you mind sharing your recommendation via message? I can't message you directly as you seem to have messaging turned off

    • Pacolito on 06/12/2017 - 03:59

      Hey, late reply on this. Would you mind dropping me a private message to discuss? I tried to message you but it won't let me as I'm currently overseas (a frustrating restriction I wasn't expecting), so I'm hoping that if you initiate contact we might be able to communicate. Thank you!

  • pjcook on 17/07/2016 - 09:28

    Firstly, if you are in a PAYE role and have been paying around 4K in additional tax each year then you definitely need a Tax Agent to help you.

    Go to any of the larger tax agents and you will get an honest appraisal of your tax obligations, they will maximise your return within the legislation. It would not pay for them to be dishonest as they would soon be out of business, and as you are paying a fixed rate then they get no additional benefit from falsifying your return,

    • letsplayludo on 21/07/2016 - 21:56

      Sorry what is the PAYE? I pre-pay about $4k tax during the year for my interest earnings. Is that what you mean?

      • pjcook on 22/07/2016 - 08:30

        PAYE is Pay As You Earn, basically the money your employer takes out of your pay as Tax.

        If you have interest earnings that result in 4K tax then you really should be using a Tax Agent to minimise the amount you are paying.

  • accountant4Jesus on 17/07/2016 - 09:51
    +1

    I am not based in Sydney, but I am able to travel to Sydney for you if you want to talk about your tax return and get me to do it for you. The travel will not be charged as I need to go to Sydney soon anyway. I know all the parts of the legislation that lead to questionable deductions so I am able to steer clear of those for you if you would like and just claim the things that are set in concrete in the legislation as definite deductions with no questionable aspects. If you want to talk with me about this, message me on here or reply to my comment and I will message you my contact details.

    • Gershom on 17/07/2016 - 17:08
      +1

      Does Jesus have a big requirement for accountants? Must be murder doing a stocktake of the loaves and fishes!

  • JasparCarrot on 17/07/2016 - 12:23

    We use Greg Brown of Gamble Brown and co in Gladesville. Used him since 96 for our tax returns. He won't let you claim anything even the slightest bit iffy. We moved to brisvegas more then 10 years ago and still use him for our tax. Highly recommended.

    • letsplayludo on 21/07/2016 - 21:57

      Thanks for the information. Will try and speak to him.

  • chumlee on 23/07/2016 - 17:54

    I think accountants would like honest clients rather than the other way.

  • JetLi on 22/09/2016 - 14:03

    Go to someone with proper qualifications (Chartered Accountant) instead of your cheap charlies.

  • danielkcheung on 05/12/2016 - 08:59

    Peter from http://www.andrewspartners.com.au/ is ace. Most of Sydney wedding photographers (sole traders, some pty ltd) use him. Really top bloke with good (and often free advice). He doesn't do/suggest anything grey. He (and the small practice) are in Marrackville.

  • echelon6 on 06/12/2017 - 12:19

    who cares if they're honest - you want a prudent and experienced mofo that knows how to weave your situation around legal obstacles to maximise your risk-adjusted return - i.e. someone who can take calculated risks for you

    • mskeggs on 06/12/2017 - 12:36
      +1

      i.e. someone who can take calculated risks for you

      I think you misunderstand how this works. 100% of the risk is on your shoulders, zero on the accountant.
      Honest is an advantage if you don't want the hassle of a challenging audit, as it eliminates the process of having to keep track of lies.

      • echelon6 on 07/12/2017 - 09:27

        that's what i was referring to - of course the risk is on the client, a good accountant knows what one can reasonably get away with, pushing the limits of plausible deniability, knowing the audit triggers / ratios for the industry / audit procedures etc

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