Is it true that one can claim “a fair & reasonable amount” for doing their own book work, compiling receipts,etc? if so,what rates are “reasonable” if i am not a qualified book-keeper,but HAVE had a few formal lessons??[confused2]
No except if your IPs were held say in a trust or company and that trust/company paid you for bookkeeping. Of course then you as an individual taxpayer would have to include this income in your tax return.
crj
I should think that costs associated with lodging a return yourself would be deductible. E.g. stationary, home office, etc.
Yes you can, you simply put it on your own personal income statement or your trust (you hold your IP’s in) can pay your company for you to do the book keeping (just right down how many hours you have to do, for proof – and you’ve got your certificates too! (so slam dunk against the ATO!)).
Rgds.
Lucifer_auoh,pooh! my i.p’s are not under a co or trust…
If your properties are in your own name, there would be no point in paying yourself for this. Even if you could deduct the amount (Which I’m sure you can’t), you would have to declare an equal amount as income so they would cancel each other out.
Terryw
Discover Home Loans
North Sydney
[email protected]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
Fantastic post Misty, We have a trust and i am wrapped I’m claiming till the cows come home..
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