Monitoring financials and keeping track of rent payments coming in are aspects of rental property ownership which landlords often struggle with. With all the changes to rental property taxation like depreciation and the LAQC changes and new LTC's it will be more important than ever to keep on top of the financials and budgets to make sure you have sufficient cash flow and plan for taxes before the end of the financial year. The reason landlords and property investors often struggle with this area is that they do not have an adequate system in place. Xero is an ideal solution for property investors whether they are small scale investors with only one or two properties or have large investment portfolios.
Topics: financial report, Firm News, investment property, invoices, online accounting, rental property, xero, accounting, automated bank feed, Blog, deppreciation, income, IRD, landlord, LTC, rent, wise advice, accountant
Working from home as a contractor sounds like the ultimate dream for anyone who is sick and tired of the rat race, but be cautious as contractors still have more than their fair share of challenges. In fact, perhaps the most important challenge they face is their ability to be fully responsible and accountable to themselves, at the same time being wholly responsible for their own financial management.
Since the weekend all ATO systems have been offline as the ATO suffers a "World First" system failure for a government tax authority. Apparently the hardware supplied and supported by Hewlett Packard has crashed as well as their backup systems.
Please note from June through to October the Melton Council is rejuvenating the area out the front of the Melton office which has resulted in Palmerston Street being closed and much of the area fenced off. Here is a MAP for our clients to find there way into the office. If you have any problems simply give us a call and we can assist.
Case study: for $35 per week, you could own an investment property too
Owning an investment property can be far more affordable for potential investors than they think, particularly when they claim all of the tax deductions available to them.
To explain how claiming these deductions can assist an investor to purchase a property, let’s examine the situation of two average Australian taxpayers; John who feels he currently is unable to afford an investment property and Lisa, who owns one investment property.
Tax fraud is one of the quickest growing areas for scams which tax payers need to be aware and protect themselves against. One such scam which I have experienced many times is where the scammers call you claiming to be from the ATO and advise you that you have an outstanding debt. After making threats of investigations, charges and even jail they demand payment immediately for the debt.
Ever since Budget Night on the 12 May 2015 any small business with turnover of less than $2,000,000 was able to purchase assets up to the value of $20,000 and get an immediate tax deduction for them rather than having to write them down over an extended period. Many business owners have forgotten this benefit is still open to them until 30 June 2017.
Small businesses win work by using sales quotes. Yet they often don’t realise that how they prepare quotes can cost them business. Many lose revenue by not following up on quotes or turning quotes around fast enough.
Your employees are the blood of your entrepreneurial life. No start-up will survive without a good set of people making sure that things run perfectly. The problem for you and any other entrepreneur is making sure that the people on your team are trustworthy and reliable. Some people have a sixth sense when it comes to reading people, but if you're not that lucky you can simply keep an eye out for a few warning signs.
Everyone would like to become a better investor. People get into a twist trying this method and that only to abandon them for the next new thing. There's an easier way, and it involves following a few simple suggestions.