any issues having my wife do the work of a property manager with an IP in my name only ? Does she need an ABN or realestate qualifications ? Does the lack of qualifications affect what she can invoice me the work as far as the tax man is concerned ?
My draft plan is for her to manage the property, invoice me accordingly for her time expenses etc ( our tennants and IP are very low risk and user friendly and hassle free, hence need for manager is questionable)I think you will need RE qualifications to manage property. Maybe there is another job she could do? (not bookkeeping either unless she is a registered Tax Agent or registered bookkeeper under the new Tax Agents Act)
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Technically you as the sole owner and the Landlord hence your circumstnaces are taken into account for tax purposes. Hence your time / expenses are taken into consideration. …and any other professional & legitimate expenses.
another point; the ATO does not consider managing 1 property as a business.
if the IP is low maintenance – YOU do it and factor your time.
I hope this helps. Good Luck
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