All Topics / Help Needed! / wife manages property

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  • Profile photo of dirty sanchezdirty sanchez
    Participant
    @dirty-sanchez
    Join Date: 2008
    Post Count: 15

    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)

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    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 Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Anthony.AounAnthony.Aoun
    Participant
    @anthony.aoun
    Join Date: 2010
    Post Count: 27

    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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