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So since July 2015 this year, we have had this question asked about half a dozen times. So after some inspiration from our most recent engagement, we decided it was time to put together a blog about this. And to think that we are just known as bean-counters!!! Usually we are also – part-time advisors, part-time counsellors and part-time fortune tellers too!!!!

Over the past 10 years or so, we have seen a huge spike in interest in property investment, particularly for first timers.

Having been around this environment for quite some time, and making one or two mistakes ourselves with our initial investments, we have put together the 8 deadly sins that a first timer can commit, unknowingly.

GST mistakes are common and are made all the time, by small business owners and by those that manage their activity statements by themselves. Here are some tips on what to look out for!

Having worked in various accounting firms, and now running our own, we have seen many technology mistakes and businesses in really sticky situations, all of which could have been avoided had they followed our tips!

 For property investors with negative geared properties, tax time is like Christmas time. They are usually the first clients in the door, after the 1 July, as they know that there will be a pot of cash that will be lying there, waiting for them to collect.

We have been heavily promoting end of year tax tips for business owners, and for those that are self employed. But what about property investors? This is sometimes overlooked by accountants, as property is usually an investment vehicle for long term growth. We however, see property investing as a business. And when you are running are business (in property investing), then there are definitely tax tips for you!

At JTR & Associates, one of the things we love most, is assisting those that are starting a new business. We absolutely love the enthusiasm and the mad rush that comes with this stage of the process.
Finding ourselves constantly repeating the process with each new business owner, we decided to put together a guide, an 8 step process, on getting it correct from the start.
We hope you enjoy this, as much as we have enjoyed putting it together!

Are you finding that sometimes, cashflow can get a little bit tight? Do you need more money in your pocket? Well there are two ways to increase your profit, and consequently your cashflow.

1) Increase sales volume or your prices OR
2) Decrease your business costs

So you have purchased your first investment property. You found yourself the perfect property, and then the perfect mortgage broker. What happens next? Do you sit back and relax, and enjoy the ride? Or do you get in there, spanner and tools, and change the oil yourself?

In which structure should I buy my property?
Although we would love to say that this is a common question asked by clients to their accountants, it is usually a question that is never asked. Only the experienced and astute property investor take the time and understands the value in obtaining proper advice. This is why we have included this guide, in the pre-purchase section, so that your property portfolio is set up correctly, from the very beginning.

In the last few weeks, we have seen an influx of new clients, wanting to change to Xero, to start off the new financial year with a clean file. Some clients prefer to DIY (Do-It-Yourself), others prefer that we handle the  complete setup process. We have since compiled a list of the things that most clients overlook, when they set up their own Xero file:

What is capital gains tax? It is definitely one of the most misunderstood taxes, with many clients often coming up with their own strange and elaborate calculations.

Capital gains tax (or otherwise know as CGT), is the tax that is charged on the gain that you make on selling or disposing of any asset (such as property or shares), of which the date of acquisition of the asset is after the 20th September 1985.

We have gathered over the past few years, some of the top complaints people have about their accountant. It is usually one of the complaints listed below – see if your one is on this list!!

See attached file for all you need to know for the 2016 Tax Return.

Uber drivers appear to be lost in the world of GST and tax, because their accountants are either too conservative, or do not even know what Uber is.     

As an accountant and business advisor, we are privy to an abundance of information that pertain to our clients.

From a person’s spending habits to their ability to save, we have direct insight, and although we do not use it for any other purpose other than for its intended use, we cannot help but analyse and assess, to see if it can be improved upon in any way possible.

Coming up is some of the obstacles that we have seen clients experience, as a working business mum. Of course these are not hard and fast rules – each person copes with the changes very differently. 

In this day and age, when every man and his dog has a business, or a business idea, it is no wonder that “start ups”, “incubators”, “accelerators” and “entrepreneurs” are the hot topic. It will be that way for many years to come, as there is a general shift of the population from being employed, to being free from the nine to five slavery.     

The ATO, whilst it is manned by people, relies on certain key indicators, or “red flags” as we accountants know it as, to pull taxpayers up for closer scrutiny.

These flags are sometimes very honest mistakes made by the accountant. In other instances, it is clearly a misinterpretation of the tax legislation or just plain wrong.

Do you procrastinate about taking care of the financial matters in your life? If the answer to this is yes, then it is likely that you are part of the epidemic that is taking over the world. We call this epidemic the “financial procrastination”.