I have an accountant doing my tax due to multiple IP's...
Just a reminder for people to make sure you actually read the paperwork that the accountant gets you to sign, and not just sign it thinking your tax return is correct.
I have noticed on this years return so far:
1. Incorrect depreciation scheduled used against a IP. I am using prime cost in previous years but diminishing value method was used instead, i noticed this because the values in the fields where lower in capital allowances then expected and looked at my depreciation report..
2. Check if you have a low pool value that it is brought through from previous year
3. If u have a new IP and your using the method where it has a low value pool, make sure it gets included in your low pool value return and that it matches your depreciation report.
I've basically gotten a extra $500 back from these mistakes... :O
This is from an accountant that deals and advertises in IP's for tax returns before you say go to someone who deals with Ip's!
So just don't believe what they do give you, make sure you check yourself!
Just a reminder for people to make sure you actually read the paperwork that the accountant gets you to sign, and not just sign it thinking your tax return is correct.
I have noticed on this years return so far:
1. Incorrect depreciation scheduled used against a IP. I am using prime cost in previous years but diminishing value method was used instead, i noticed this because the values in the fields where lower in capital allowances then expected and looked at my depreciation report..
2. Check if you have a low pool value that it is brought through from previous year
3. If u have a new IP and your using the method where it has a low value pool, make sure it gets included in your low pool value return and that it matches your depreciation report.
I've basically gotten a extra $500 back from these mistakes... :O
This is from an accountant that deals and advertises in IP's for tax returns before you say go to someone who deals with Ip's!
So just don't believe what they do give you, make sure you check yourself!