Several things before your first return: commission a depreciation schedule from a quantity surveyor (the cost is deductible and the ongoing annual benefit is typically significant for new builds), keep all purchase-related costs for your cost base calculation, and set up separate accounts for rental income and expenses. Come and see us before July and we’ll make sure the first return is done correctly.
Home-based businesses can claim occupancy expenses based on the floor area used exclusively for business. There are two methods — fixed rate (simpler) and actual cost (often higher). We’ll model both for your situation and explain which suits you better.
My partner and I have very different incomes. Can we reduce our combined tax?
There are legitimate strategies — spouse super contributions, appropriate investment structuring, and income splitting through a family trust for business owners. These need to be done carefully and correctly to withstand ATO scrutiny. We’ll look at your combined picture before recommending anything.
Call 1300 110 120 or email admin@rpsaccountants.com.au. We’ll have a brief conversation about your situation, tell you exactly what we’d do and what it would cost. No pressure, no obligation.