Hi Guys,
Hope all forum G's & G's have a safe and happy Chrissy and New Year. I am glad it is the holis, so now I can catch up on the SS forum and get 'property thinking' again.....albeit only for 2 weeks.......oh well.
I have been meaning to query this for a while and forgot about it. It may come in handy for next years tax (and also last years tax if I can back date it).
With regards to time spent on managing the business side of all my rental properties (i.e. not Property Management side), I am trying to figure out how to claim time spent on doing various 'property investment' activities.
Some examples include:
1. Reading / Sorting / Filing all mail relating to investment properties.
2. Updating relevant spreadsheets (from accounting spreadsheets for submission to accountant at year end (this takes a bit of time, so that when I give the accountant the excel doc at end of financial year, they don't need to sort everything out and charge me more money in the process) to analysis spreadsheets for determing potential properties)
3. Reviewing all Property Management letters from all PM's (including invoices, and updating spreadsheets etc)
I know I can claim all telephone, travel, etc,but when it comes down to hours spent doing something like above, how do you allocate an hourly rate.
Do you just find out rates for bookkeppers and use that.
Also, can this time (or allowance for time) be broadened to cover time spent on internet searching for properties (in areas where you already have property), composing emails and letters to bank managers, broker, insurance, PM, etc.) telephone calls.
Interested in replies.
Cheers,
F
Hope all forum G's & G's have a safe and happy Chrissy and New Year. I am glad it is the holis, so now I can catch up on the SS forum and get 'property thinking' again.....albeit only for 2 weeks.......oh well.
I have been meaning to query this for a while and forgot about it. It may come in handy for next years tax (and also last years tax if I can back date it).
With regards to time spent on managing the business side of all my rental properties (i.e. not Property Management side), I am trying to figure out how to claim time spent on doing various 'property investment' activities.
Some examples include:
1. Reading / Sorting / Filing all mail relating to investment properties.
2. Updating relevant spreadsheets (from accounting spreadsheets for submission to accountant at year end (this takes a bit of time, so that when I give the accountant the excel doc at end of financial year, they don't need to sort everything out and charge me more money in the process) to analysis spreadsheets for determing potential properties)
3. Reviewing all Property Management letters from all PM's (including invoices, and updating spreadsheets etc)
I know I can claim all telephone, travel, etc,but when it comes down to hours spent doing something like above, how do you allocate an hourly rate.
Do you just find out rates for bookkeppers and use that.
Also, can this time (or allowance for time) be broadened to cover time spent on internet searching for properties (in areas where you already have property), composing emails and letters to bank managers, broker, insurance, PM, etc.) telephone calls.
Interested in replies.
Cheers,
F