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Why can there be a significant difference for the cost of a tax return depending on which firm you go to?
As a financial adviser I have dealt with dozens of accountants over the years and reviewed even more cost proposals for clients.
There seems to be a positive correlation between the size of the accounting firm and the fees they charge. In other words, a top-tier accounting firm is likely to charge significantly more than a suburban accountant to do a tax return.
Over the past five years we have also seen the emergence of online accounting firms which keep overheads low and leverage technology to offer very sharp prices and in many cases, undercut even the most cost-effective suburban accounting firm for the same job.
Jordan Hendrix, director at low-cost digital self-managed super fund specialist firm Just Superfund, says: “The typical accountant will charge big bucks for SMSF work because they can get away with it. It is not because they have to charge the level of fees they do, but because they can.
“We see typical...