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Pitfalls with rental properties More than eight million individuals own investment properties, and they can be a valuable investment and an excellent tax vehicle but there are some pitfalls to be aware of.
Tansey Partners sharing their 30 years experience One of Ipswich’s longest established CPA Practices, Liam J Tansey & Co this week celebrates its 30 year anniversary with a new brand, a new office and innovative approach to promoting Ipswich as a destination of choice for visiting clients. Director Martin Tansey said they are excited to herald in an exciting new phase for the firm which sees them rebrand to Tansey Partners and move to modern new offices at 18 Limestone St, Ipswich. “Our new brand symbolises growth and partnership with our clients and community. We have advised businesses and individuals in the Ipswich region for many years, and as their businesses have grown, so have we. “Over the years we have assisted our clients through many changes in legislation and business trading conditions, always with an eye to protecting their wealth and future,” he said. The father and son CPA team, which has over 50 years’ experience between them, has moved to new offices that will offer a range of new services to the clients.
“Over half of our new office is devoted to client reception and meeting area, with room to host ‘hot topic’ seminars in tax, super and financial planning. We are always looking for new ways to add value to clients,” Mr Tansey said. To show their passion for the community which has been the firms home for 30 years they are taking the opportunity to promote Ipswich to new and existing clients. “Our firm is encouraging clients that live outside of the city to ‘Visit Ipswich for advice, stay for the day’. The promotion showcases family-friendly activities and suggests retail and dining experiences in the city,” Mr Tansey said. The ground floor of the new premises at 18 Limestone Street was formerly occupied by Doctors Laurie and Nili Wood, who are now enjoying a well-deserved retirement. Medical specialists Dr Holt, Dr Mulhearn and Dr Varghese continue to be located on the upper floor. For more information about Tansey Partners please telephone 07 3202 1222.
Our Accounting and Tax Services: n Income
Tax Returns Planning n Accounting and Bookkeeping n Building Services Authority certifications n Tax
Our Advisory Services: n Business
Start-Up Advice: Company, Trust Partnership n Business Exit and Sale Strategies
Our Wealth Strategies: n Superannuation
Planning Super Funds n Estate Planning n Self-Managed
Many investors make common mistakes in the preparation of their annual taxation returns with investment schedules. How was the income earned? Has the property been rented to a family member? Has the property been used by the owners for part of the tax year. Interest Expenditure claims can cause many issues. For example investment loans used for private expenditure. Travel expenses are another area of concern to the ATO. Expenses incurred prior to renting teh property can also cause timing issues. Is an item of expenditure a repair or a capital expenditure?
Tax Time.. are you ready for it? West Moreton Accounting & Taxation Services staff have been servicing clients in the Ipswich and surrounding areas for 20 years. At West Moreton Accounting & Taxation Services our professional and experienced staftt can attend to your taxation needs wherever you are, even if you move interstate or go overseas. We offer you a wide range of services and answers to your questions. We process investment property returns, supply depreciation schedules, rental property software, record-keeping folders, and worksheets for any business returns completed. The Australian Tax Office target audits for this year include individuals with self-education, travel claims, work related tools and internet transactions conducted on eBay and Gumtree etc. Businesses in the café and building and construction industry are in focus this year specifically targeting cash transactions and unpaid superannuation. We offer a 10 per cent Defence Force discount and your tax refund deposited
directly into your bank account, usually within a five to seven day turnaround. You will be provided with an annual informative newsletter and a comprehensive checklist. Call 3281 2422 or contact reception@ westmoretax.com.au.
Ian Fraser BEc CPA Certified Practising Accountant
Acumen, expertise, good ol’ fashioned service. Why compromise?
Ian Fraser is a CPA Practice
n For
all your Accounting and Taxation Requirements Twenty one years’ experience n Company & Business Advisor n Tax Planning & Preparation n Accounting & Auditing We specialise in advising clients with Investment Properties & Australian Defence Force personnel. n Over
‘Liability Limited by a scheme approved under Professional Standards Legislation’ BRISBANE OFFICE
18 LIMESTONE STREET, IPSWICH Car park entrance via Godfreys Tel: 07 3202 1222 Email: info@tanseycpa.com.au
Do you have a depreciation report from a qualified source? Furthermore many investors do not claim some expenditure at all such as borrowing costs or refinancing costs. Finally, if you dispose of the property what are the capital gains matters that need to be considered? Always seek professional advice and assistance in preparing your tax return if you have an investment property. For advice on this and other taxation, property or business advice, call Ian Fraser on 3054 3933 who has over 20 years experience as an accountant with specialist local knowledge.
07 3012 6203
Level 21, 345 Queen St Brisbane QLD 4000
DARWIN OFFICE
08 8941 1873
Level 1, Centrepoint Business Centre 48-50 Smith St, the Mall Darwin NT 0800
IPSWICH OFFICE
07 3054 3933
Level 3, Ipswich Corporate Office 16 East St, Ipswich QLD 4305
Postal Address: PO Box 390, Booval QLD 4304
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