Which accountant do you vouch for?

[Cartman]

just bouncing in here in between the workings of why the eur/usd and usd/chf are slightly out of whack temporarily

tax men (accountants) need share stuff to be fairly specific because the Gov (big brother) knows ALL about it ---- if u make a falsey, the "suits" will eventually catch up with u (unless you have "no fixed address" --- ive never been caught cause i live in a cave, but that is another story !!!

if u keep good records, as TH says, nothing wrong with doing yr own thing ----

i personally use an accountant cause i cant read or write !!!

all u need to give them is totals (assuming u have added up correctly) --- u bought X u sold Y u made how much !!!!!!

bottom line is the accountant will make u sign the dreaded "indemnity" to alleviate themselves of ALL responsibility in case the cr@p hits the fan

YOU are responsible for your own book keeping ---- totals are all u need to give to the accountant -----

ps i do all the hard work every tax year and he still charges me a squillion bucks ---- forget being a trader; become an accountant !!! lol

 

[Trembling Hand]

If you accountant tells you he/she needs to "know" every transaction for what ever reason RUN!!

It is nonsense. Just a way to charge you for more than what it takes.

Will someone who is defending the accountant getting every transaction tell me why they don't want to do this for every business??

because they would be laugh at then lose all the clients. :

Surely yrs is not done transaction 1 at a time TH?

Would be funny wouldn't it. I wouldn't need a shoe box to pass them the records - i would need a shoe factory

 

[Gillie]

If you accountant tells you he/she needs to "know" every transaction for what ever reason RUN!!

It is nonsense. Just a way to charge you for more than what it takes.

That's funny....

We don't want to charge more for the services we offer, which is why I stated:

"Firstly, the client minimises their expenses if the accounts are ordered and straight forward, by saying to the client this is going to minimise their expense is also a good way to retain future business as well - nothing worse than turning up to your accountant with a shoe box full of receipts - had that done...."

We don't need to know every transaction (but it could be a good idea), but, we need to be able to reconcile the items back to the figures you have given us and the ATO will also want to reconcile it if you are ever audited. Also, some times on trades you need to work out an adjusted cost base for the securities as well.

A spreadsheet containing hundreds/thousands of trades isn't all that difficult to manipulate to give you the answers you need, as there are formulas/functions/macros that you can use to accomplish this. I prefer to use macros, because as long as the data is in the right fields all you have to do is click a button. If you can do this for your clients, then a click of a button could cost $100 instead of $1,000. Plus, this frees me up to do other things to bring in revenue.

 

[Kez180]

This is exactly my point of why accountants lose their brain when it comes to traders. Their default position is CGT.

If I had a coffee shop would you ask for documentation and P&L on every latte' I sold?

Depending on the nature of your trades any gains may be either capital or revenue in nature... ATO has specific rules on that which you are welcome to google....

Lol and if you can't even give your accountant a shoe box full of trade confirmations we can always search your HIN....

 

[Trembling Hand]

You guys are full of it!! but I guess if your clients cannot figure out weather they are a trader or investor and subject to CGT etc then I guess thats why you rip them off with the rubbish you have stated!! :

 

[Kez180]

You guys are full of it!! but I guess if your clients cannot figure out weather they are a trader or investor and subject to CGT etc then I guess thats why you rip them off with the rubbish you have stated!! :

It isn't about ripping clients off... if the client wants to hand us a figure stating that they made a total of $500 capital loss for x year then we will use their figures... and they might get charged $100-$200 for the tax return...

if they don't know whether it would be more beneficial to index the cost bases, take the 12 month discount or what elements to add to the cost base, then they are better off supplying trade information and letting us figure it out...

oh and you are a turkey...

 

[Gillie]

I always thought turkey tasted a bit fowl....

 

[Kez180]

I always thought turkey tasted a bit fowl....

I bet you are a father....

 

[Gillie]

What gave that away?

 

[awg]

I bet you are a father....

What gave that away?

heres one for both of you then.

can be used in the office as well

Q) (kid doing homework/ workmate).... have you seen a ruler?

A) (father)....yes you are talking to one

Can also be used with variations when asked about "rubber"