Archive for the 'Tax Tips' Category
The most recent MYOB Business Monitor found that some business owners have difficulty with marketing to attract new customers, access to affordable and reliable business advice and getting finance to grow their business.
The MYOB business survey found that getting affordable and reliable business advice was a difficulty for more than one in four Australian small businesses.
Newly established and businesses with fewer than 20 employees had the most difficulty.
We provide affordable taxation and business advice
Rent Manager is a simple computer record keeping system to help you keep excellent records for your investment property.
If you have an investment property then your are required to include a rental property schedule with your income tax return.
Some property managers provide Annual Taxation Statements that contain a lot of the information necessary to lodge your tax return. However, if you have multiple properties or manage them yourself then we recommend Rent Manager software.
Does your rental property have a tax depreciation schedule?
If it doesn’t and it was built or renovated after 1985, then you could be missing out on THOUSANDS of dollars worth of tax savings every year!
Regardless of the date of construction, all investment properties have depreciation in the form of depreciating assets, commonly known as Plant and Equipment. Over time, these assets wear out and decline in value.
Examples of Plant and Equipment include carpets, ovens, cooktop, dishwasher, clothes dryer, window blinds, air conditioner, heater and hotwater system.
RENTAL PROPERTY + DEPRECIATION SCHEDULE = MAXIMUM REFUND
Every year, more and more people are investing in residential rental property. When done tax effectively, property investment is a great way to maximise your future income streams and minimise your tax obligations.
Many of our accountants have made rental property investments and all of us can assist you in preparing your rental property tax return.
I have an investment property. What can I claim? How can I get myself organised?
Maximise your tax refund and minimise your accounting fees with the help of one of our free tax return checklists.
Personal Income Tax Returns
It pays to be well organised. Our tax return checklists are designed to help you prepare your receipts, payment summaries and paperwork so that we can prepare your tax return as quickly and as affordably as possible.
DOWNLOAD OUR PERSONAL TAX CHECKLIST
Small Business Tax Returns
If you own and operate a small business – either as a sole trader, partnership, company or trust – then ideally, you will be able to prepare a set of reconciled accounts in MYOB, Quickbooks or Cashflow Manager before making an appointment.
DOWNLOAD OUR SMALL BUSINESS TAX CHECKLIST
We have created this checklist to help clients get their paperwork organised and to give you some guidance on what you need to provide your tax account and what can and can’t be claimed on your 2009 tax return.
If you have any questions or need additional information then please don’t hesitate to contact the office via telephone on 08 9400 8400.
