Many employees may have a residential rental property (or even a portfolio of such properties). Most of them would pay for the expenses relating to those properties out of their after-tax income. However, by salary sacrificing those expenses (i.e., by getting their employer to pay, or reimburse them, for the
Prepaying expenses up to 12 months ahead are allowed as a deduction in the earlier year. In this case 2014. Prepaying expenses increases your deductions, reducing your tax. Most people prepay the following types of expenses – Rates – Council & water – interest – Body Corporate Fees –
Every year at tax time property investor’s need to collate all their income and expenses for each rental property. To make it easier for your accountant this year, I’ve created as simple Form or Excel Spreadsheet to download and complete. Rental-Schedule PDF or Rental-Schedule Excel
If you have a family trust that will distribute the net profit to beneficiaries for the 2014 financial year, you need to create and sign a trust resolution by the 30th June 2014. A Trust Resolution is a statement of intention to distribute the profits to the beneficiaries you have
The Margin Scheme came about so those in the business of selling real property only paid GST on the Buy / Sell Margin – if they weren’t able to claim GST when they purchased the real property now that they are on selling. The purchaser however cannot then claim any GST
In general you can only claim for wear or damage caused during the period the rental property was rented or available for rent – however the timing of the expense can be during or after the period – provided it relates to wear or damage through rental activities. video links Claim
It never ceases to amaze me how many property investors don’t obtain a depreciation schedule from a quantity surveyor, before trying to get their tax returns completed. Clients will come in expecting a big tax return to help offset / fund the negative cash flow they have suffered month after
