Posted by admin on 18 June 2010
June 30th is almost here and property investors looking for a hand maximizing their refund cheque from Mr Swan might like to take a look at the ATO’s rental property info paper. It’s easy to leave the claims to your accountant but most of this info is easy to follow and one fresh idea might save you some serious dollars.
Many of us get embarrassed admitting we don’t know some of these rules. We say it’s better to ask than make an expensive mistake! Some errors we’ve seen clients make in past years: using the date of settlement of a sale when calculating CGT (it’s usually the date of the contract) or claiming travel expenses where the main purpose of the trip was a holiday (driving past the house on the way to the Port Douglas golf course mightn’t be enough!)
The ever-tricky one seems to be mistaking an improvement for a repair. There’s a ruling on the ATO website that’s worth a read if you love that kind of thing! It says works may go further than being a deductible repair if it “changes the character of the property or does more than restore the efficiency of function”.
And, as always, please talk to an accountant and don’t look to your real estate agent for tax advice!
Tags: Australian Taxation Office, Brisbane rental, capital gains tax, investment property deductions, repairs versus improvements
Posted in Brisbane landlords, property taxes and rates etc | No Comments »
Posted by admin on 29 December 2009
After taking on several managements in a CBD apartment tower that have been previously handled by the short term rental pool I have found the landlord having to fork out for replacement items, cleaning and damages.
I found the rice cooker, saucepans set, toaster, some bedding and a fork and spoon missing, the carpet in the bedroom was stained, the lounges were both covered in black scuffs from shoes, there were heavy dents on the entry walls and the coverlets on the beds had a few hairs, dust and marks on them.
Unfortunately, in accordance with the previous management agreement these items are not replaced or repaired by the outgoing hotel guests or by the management. The landlord has to fork out several hundred dollars so I can let it again in a long term tenancy agreement.
When I explained to the landlord that when our new long term tenants move out they’ll be paying for any replacements or damages from the bond, they were surprised but of course happy.
I don’t really understand how the landlord can just accept that nobody went to check the inventory, or cleaned the property to a standard high enough to re-let. The hotel cleaners obviously wipe over and clean general items, but a thorough clean is not within the terms of the management agreement.
At Bees Nees the landlord can rest assured at the end of the tenancy we completely finalise the vacate inspection with an inventory check. It takes longer, but we take that into consideration with our fees.
If the rice cooker is missing, sorry Mr Tenant that is coming out of your bond and means a trip down to Kmart for me!
Tags: Brisbane CBD apartment, Brisbane executive property, Brisbane furnished apartments, Brisbane landlord, Brisbane property manager, Brisbane rental, Brisbane short term rental
Posted in Brisbane landlords, Brisbane's rental market | No Comments »
