2007 tax returns

B

Belu

just submitted mine via e-tax, which is so easy to use its not funny.

As i have an accounting background and have a very easy tax return to do I use that as it only takes me 20min to do my tax and i should have a cheque in 2 weeks :) - which unfortunately will go straight on the car insurance!

Just wondering with people on here with such large and varied investments, how do you do your tax? yourself or the accountant? also - if negatively gearing, do you wait for a nice fat refund at tax time or get your PAYG reduced during the year?

Cheers
 
The return: part me, part accountant - I do work-related everything, investment income and property income & expenses - he does depreciation schedules and CGT calculations (I just couldn't be bothered these days).

A fat refund at tax time: hubby's PAYG income is a bit like a rollercoaster ride (way up or way down), so it's too difficult to do an ITWV - love those big cheques at tax time! :)

Cheers
LynnH
 
Belu

Well, as an accountant and tax agent I do my own!

Most of my clients are small business people and investors with varying degrees of complexity. I can generally value add with some advice and not just do the compliance work.

Only a small percentage of clients utilise the PAYG variation, most like the big fat refund. Mainly those who are cashflow sensitive use the variation.
 
I also use the e-tax it really is very simple to use and with the direct feed these days, it makes it so much easier.

Refund....I wish!!! living off passive income means I end up paying at the end of each year, I make quarterly payments but always end up making more money than the estimate so end up paying!!!

Not really complaining.....you have to earn it to pay it I suppose :D

Chris
 
I've used eTax for the past three years... this year I did it in about 15 minutes as I'm so used to the process now.

But I didn't have any investments plans in place until now... and by this time next year I'll have a a trust, company trustee, at least two IPs with loans and LOCs, possible development in process, capitalising interest etc... so it will be too complicated and I'll need to use an accountant from now on.

Cheers, Shadow.
 
let the accountant do mine.
we did my partners with the actual tax pack, as she doesn't know where last years NOA was... (she has much to learn about record keeping)

chances are, i'll getr mine back before her.
 
I have an HDT and my understanding is that I must use a registered tax agent to submit that one. As they are doing that, it doens't really add much to the cost to do my personal one as well, even though I essentially do it myself when calculating the figures.
 
Ive been using a ITWV for years now..

Why use your money to cover your property portfolio expenses when you can use the tax mans?

The extra cashflow allows you to purchase & service more IPs thus increasing your asset base & net worth alot faster.

A no brainer really :)
 
ITWV for my family as well. Too much deductions not to take account of variations during the year. It's too costly to let ATO keep my money and interest.

Tax is always complicated. Takes at least a week for me to sort out and summarised all expenses and income. It would cost me $000 more if the accountant has to wade through the documents and ask all sorts of questions to understand.

This year will be more work as burglar stole my laptop. :mad: Thank God for old laptop but with old Excel tax returns recoverable. Great software that 'Get Data Back'. :p

F
 
Rixter said:
Ive been using a ITWV for years now..

Why use your money to cover your property portfolio expenses when you can use the tax mans?

The extra cashflow allows you to purchase & service more IPs thus increasing your asset base & net worth alot faster.

A no brainer really :)
Click to expand...

Not much use if you are running at a profit !!

I did use the old 221D yrs ago but found it was too difficult to predict my income.
Now we just make a a profit so no need for the variation.

As far as the accounts go, definitely use the accountant.
Definitely one of the better things to outsource.

The point of all this investing is to get back your time.
My time is more valuable than the cost of having an accountant do the returns.

kp
 
kph said:
Not much use if you are running at a profit !!


My time is more valuable than the cost of having an accountant do the returns.

kp
Click to expand...

As an accountant I appluad this sentiment. If I wasn't an accountant there is no way I would wade through the reams of legislation, rulings etc to try to keep up to date with the specifics.

In areas outside of my working life I will often think, gee I could do this myself or it will cost me $200 to pay someone to do this for me. But in that time I could have earned $500 so it becomes economically more viable to outsource it.

As an accountant I have from time to time come across clients who are so fee concious they will bite their nose to spite their face. The worst one I had was a client looking at buying a business. He asked me to look at the books (accounts and tax returns) of the prospect and comment on anything that I saw that could help him with his decision. I informed him that it would take at least 3 hours, maybe more depending on what I found etc and that I expected that it would cost him $X for my time. He was mortified that I would charge for my time and so didn't use my services and simply made the decision himself. He bought the business for $150,000 and it was a complete flop!!!

Off soap box.
 
Tax Return 2007 - Help for e-tax

Hi guys

Yeah I am using e-tax for 2007. It's a good software for self-assessment.

However, I faced some problems to fill up the section called "foreign rental property income source". This software isn't accepted my rental expenses unless I have rental income. But I have no any rental income for the year. The message shows "deductible expenses is greater than income" something like that.

what should i do now?

Thanks guys.

Nesta
 
:cool: Thanks Marina

After tried $1 but the e-tax software is still not accepted it as " income less than deduction". Nevermind I should ring ATO directly to solve this out.

Thanks again.

Have a nice day.

Nesta
 
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