Over the past week I have been in reflection mode…reminiscing about my trip to Paris that was taking place at this exact time last year, and thinking about all the changes that have taken place since.

I make it a deliberate act to be as positive as I can in business and across my social media networks, but I would be lying if I said this past year hadn’t had it’s challenges.  Challenges many of you don’t know about.

Some of the changes that have taken place relate to business, some of the changes relate to personal matters – and I am grateful for each of them, even the changes that may seem “not so good” from the outside.

One year on I’m still kicking, I’m still in business, I’m still learning, I’m still growing, I’m still contributing and I’m still doing the very best I can each and every day.

My year since Paris has been a rollercoaster of activity and emotions, then again, most of our lives are exactly that and I am rather proud that I am able to identify these emotions and work with myself instead of my old ways of just powering ahead regardless of how I feel.

So my friends, please, please look after yourself.  Celebrate your successes and achievements no matter how little or insignificant they may seem.  Talk about your problems and issues and do all that you can to deal with them.

You are worth it.

Regards

*photo credit unknown

The Australian Taxation Office (ATO) are encouraging all taxpayers with a rental property to ensure they understand their obligations and get their claims right.
Due to enhancements in technology, the ATO have increased their ability to identify incorrect claims, and they want to ensure you don’t get caught!
They’ve provided a number of case studies and I’ll be sharing them with you over the course of five weeks, here’s case study 4*:

Record keeping

Ethan was required to provide evidence to the ATO to show that his property was genuinely rented at market rates.  Ethan was unable to provide any documentation to show that a rental agreement was in place.

All rental income and expenses were removed from his tax return and he received a tax bill of more than $12,000.
Don’t be like Ethan.
Regards

*reproduced from NTAA

Looking for a hot tip for record keeping?  Here you go:

The ATO have an app called myDeductions.It is designed for use by individuals claiming work related expenses as an employee, and is not for small business owners including sole traders.

So if you are an employee who has difficulty keeping track of your bits and pieces of paper, take a look.

You can use the myDeductions tool to:

• capture and classify work-related expenses, gifts and donations, the cost of managing your tax affairs, expenses incurred in earning interest or dividends and other deductions
• store photographs of receipts
• record car trips

Take a look here.

You’re welcome!

The Australian Taxation Office (ATO) are encouraging all taxpayers with a rental property to ensure they understand their obligations and get their claims right.

Due to enhancements in technology, the ATO have increased their ability to identify incorrect claims, and they want to ensure you don’t get caught!

They’ve provided a number of case studies and I’ll be sharing them with you over the course of five weeks, here’s case study 3*:

Incorrect claims for a newly purchased rental property and false claims:

Nancy recently purchased a rental property and had her tax return amended by the ATO to remove deductions for repairs, capital works and incorrectly apportioned borrowing expenses.

Nancy had inappropriately claimed a deduction for repairs to defects present in the newly purchased property and the capital works and borrowing expenses should have been spread over several years.

Nancy also provided false receipts for property management fees undertaken by a family member.

Nancy was required to pay more than $57,000 back to the ATO as well as over $10,000 in penalties for making a false statement in her tax return.

Don’t be like Nancy.

Regards

*reproduced from NTAA