What I am proposing is to write a monthly one-page summary on the topic issues accessible only to your clients and my practice clients. Access will be through a link to my website providing access to further information The aim is to get your clients exposed to my site and to question whether they are getting good service from their current accountant and if not to possibly change over to my firm.
Ownership and distribution of profit
- Owned by spouses
- Owned by siblings
- Owned by parent & adult child
- Owned by family trust
Capital Gains Tax on sale
- Completion of the CGT clearance
- Importance of dates
- What can the cost base of the asset contain?
- What is a reduced cost base – when does it exist?
- Which of my initial purchase costs are tax deductible or form part of the cost base?
Capital write-off or Capital allowance
- Capital Write Off / Capital Allowance / Instant Asset Write Off
- When can you claim? What proof do I need to claim?
Record Keeping
- Is it 2 years, 3 years, 5 years, or 7 years, or more that I need to keep my receipts etc?
- Must they be in paper format?
- Must they be in English?
Maintaining the property
- If I purchase a property and it needs work to make it habitable before renting it out can I claim the costs in the first year?
- If I purchase and it has maintenance issues known at the time of sale can I claim those in the 1st year/ 2nd year?
- If after the tenants move in property damage occurs (storm, tree falling on house, runaway car or truck, fire inside or out) can I claim it even though I just bought it?
- If I do the repairs/ maintenance myself what deductions can I claim?
