so basically if I buy gifts ie sex toys, alcohol for Christmas, give them to my friends/family, but keep the receipts and say I gave them to my property manager/accountant/tenant, then I’d be able to claim them? I don’t know that I would feel comfortable doing that… Is that what you do?
Cheers
rHi Richmond,
lol… i dont have any problems in giving gifts such as alcohol and sex toys for my accountant or solicitor, but im guessing if you have a really good accountant, they can almost justify everything, and put the sex toys, in your favour… [^]
Cheers,
sisok, so i give my accountant or PM a sex toy (bloody inappropriate gift, but I’ll use it anyway) and it costs me $100. Now why would i do that when I am only likely to get $30 back from the ATO? Am I wrong again, or is ridiculous to spend all our profits on “gifts” for others? Isn’t property about gaining a lifestyle? Not about giving gifts to others when we only get a percentage of that back?
kay henry
Hi Guys,
Many of those things are so easily able to be claimed, that is why you must have a good accountant. First up, alcohol is one thing, that most people dont realise you can claim, which in fact you can be able to to claim, even if you had one IP approximately 5 bottles of alchol. Or about 5 – 8 bottles a year, for one IP.
While travelling to view your investment properites, in most states you can claim about $200 dollars for each day of stay. (not including expense added in yet.)
There are so many things you can claim, if you have a really good accountant, he will be able to justify and prove everything you submit, as long as you have the supporting evidence and proof, there will be no problem in claiming these expenses/deductiblilites or goods.
Cheers,
sisI said:
“a sex toy (bloody inappropriate gift, but I’ll use it anyway)”.
I meant, of course, that I’ll use it as an example… [?]
I couldn’t find my edit code!
kay henry
so what happens if your bottles of alcohol aren’t given to the tenants of the IP, how do you prove that you’ve given them, or anything else for that matter, if the ATO comes a’knockin? It’d be pretty hard I would have thought. It’s well and good to claim these things on one hand, but proving that the actual gift-giving has taken place is another.
Cheers
rthats why you must have a very good accountant, who can justify and prove, such expenses and deductiblities. [:o)]
Cheers,
sisI always thought that you had to ultimately prove the deduction not your accountant.Just because your accountant claims everything doesnt always make them good to me a good accountant will explain to you what and how you can claim not just blindly accept that you gave something as a gift.
sis, how do you afford the upfront money to go and visit 13 properties all over Australia in one year?
kay henry
Originally posted by kay henry:sis, how do you afford the upfront money to go and visit 13 properties all over Australia in one year?
Ive only been on 2 holidays, for about 3 – 5 days each, but were the properties are situated, they are only driving distance, from my brisbane residence, so really its just been 2 plane tickets with returns.
Cheers,
sisThanks sis :o) As all my rents go to the mortgage, I sometimes find it difficult to find money upfront to do these “extras”.
I also find that, given we only get back 1/3-1/2 of expenditure, I wonder sometimes if it’s worth it. I’m happy to go on hols so I get something out of it, but extra trips- at only half back- are just more out of pocket expenses i have to deal with.
kay henry
sis,
Who is your accountant? Can you post his details, as I live in Sydney as well and wouldn’t mind having a chat with him…
Thanks
Rob
S.I.S won’t give you his accountant details if he does then he have to kill you. So take your pick.
Warm Regards
ChanDollars
[Keep going, you’re nearly reach the end of financial freedom]Ah, now we know.
The reason S.I.S. chooses to buy in the Brisbane area is to have a reason to get some tax deductable trips to see his family. [:o)]
Pisces
what possible reason would there be to not reveal who a person uses as an accountant?
CHAN$….
From what SIS says, the accountant does everything by the book, so there should no problems… If anything the accountant might be happy in getting some extra business his way!!! And of course if everything is above board and legitimate, as SIS says… then whos to worry !
so SIS, if you could make your accountant public knowledge it would be greatful… especially since he has a vast knowledge of expenses, and deductions….
I am sure I am not the only one who would be interested in having a chat with him….
Cheers
Rob
I dont think my accountant is working for me, I have to push issues!
Elves
Hi Guys
Thats all well and good claim for your easter eggs and screw the govt. for every cent you can legally get but dont get defensive when someone questions your morals when it comes to your responsibilities in regard to what some believe is rorting your HECS obligations.Yes everyone has rights but we also have responsibilities.
But doesn’t the Government screw the people for all its worth?
Regards
No we get what we deserve.
westan
I find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]
>>I dont think my accountant is working for me, I have to push issues!<<
Elves, your accountant appears to be taking you for a ride.
He is probably frightened that he may draw attention to himself and thus get victimised by the taxation department.
He forgets that his job is to represents you, do the best legally possible for the client.
He is taking your money under false pretences.
He is a mouse. Get rid of him and look for someone who is pro-active.Pisces
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