CA (Chartered Accountant)/Tax Agent/会计 - 在线解答各类Tax/Accounting问题

shuangchao

原帖由 unununium 于 2010-4-14 19 begin_of_the_skype_highlighting              2010-4-14 19      end_of_the_skype_highlighting:00 发表
Hi David:
请问公司的季度GST报表最迟什么时候要lodge？
谢谢！

march quarter lodge by 12th of May if done electronically via tax agent.

shuangchao

原帖由 a1151971 于 2010-4-14 18:51 发表
Hi David,

Thank you for your reply. I am echo. I just would like to know there is any specific definition of "business service"? Just mean tax return, tax planning for big clients, like company or  ...

hi echo, business service is quite broad, it includes tax planning for clients (small, medium to large), accounts keeping, tax returns (trust & companies of different sizes), budget, forecast etc etc.
depending on the size of the company you work for or applying for, normally, if you want to get exposures to everything, may i suggest medium size chartered accounting firms of 50 - 200 employees.

silver

Got a client case here, David,

Client with a very high income wants to purchase investment properties for his children, get the negative gearing and protect the properties using a trust facility. Is it possible to use a hybrid trust, for the client to get the rental income part, so he can be entitle to the tax deduction, and the other trust members own the capital part of the properties.

Thanks in advance.

a1151971

Thanks a million for your reply David. I will work towards this.
echo

kitamj23

请问一下投资房产生的cost需要当年claim tax deduction还是5年之内都可以claim？

shuangchao

原帖由 silver 于 2010-4-15 15:55 发表
Got a client case here, David,

Client with a very high income wants to purchase investment properties for his children, get the negative gearing and protect the properties using a trust facility.  ...

No, i don't believe that is possible, as loss cannot be distributed out to the beneficiaries. even if you draft the deed properly and managed to stream the capital component out to the beneficiary. the negative gearing losses will still be trapped in the trust
personally, i am not a big fan of hybrid trust and use them only in very limited circumstances.

shuangchao

原帖由 kitamj23 于 2010-4-15 20 begin_of_the_skype_highlighting              2010-4-15 20      end_of_the_skype_highlighting:58 发表
请问一下投资房产生的cost需要当年claim tax deduction还是5年之内都可以claim？

deductible expenses need to be claimed in the year it was incurred, not any year you wish

thomas-wang

Hi, I want to rent out my current apartment to help pay off the mortgage and get negatively geared. I will rent a place to live, as I can manage to pay nearly zero rent on that.

Questions are:

1. Can i still claim interest exp, depreciation, capital allowance for my main residence that will be rented out? (More importantly, interest, depreciation and capital allowance)
2. If I move back to my main residence within 6 year, do I get exempt from CGT if say, I sell on the 7th year? (i.e. I will live in during year 7)

Thanks

shuangchao

原帖由 thomas-wang 于 2010-4-16 17 begin_of_the_skype_highlighting              2010-4-16 17      end_of_the_skype_highlighting:17 发表
Hi, I want to rent out my current apartment to help pay off the mortgage and get negatively geared. I will rent a place to live, as I can manage to pay nearly zero rent on that.

Questions are:

...

Hi Thomas,

yes, this will work, you have to live in the apartment for at least 6 months, and establish it as your principle residence, after that, you can move out. and treating it as a rental property (e.g. claiming interest, capital allowance). However, when you purchase your second property during these six year period and move into it. the six year rule will no longer apply to the apartment

shuangchao

原帖由 a1151971 于 2010-4-15 19 begin_of_the_skype_highlighting              2010-4-15 19      end_of_the_skype_highlighting:49 发表
Thanks a million for your reply David. I will work towards this.
echo

no worries

shuangchao

原帖由 IceCreamz 于 2010-4-9 12:53 发表
Hi,
ATO is introducing SBR as of July.  Do you know what accounting software will adopt this?

you can go to http://www.sbr.gov.au/contact_us and find out

silver

Many thanks David, very helpful.

thomas-wang

原帖由 shuangchao 于 2010-4-16 22:08 发表


Hi Thomas,

yes, this will work, you have to live in the apartment for at least 6 months, and establish it as your principle residence, after that, you can move out. and treating it as a rental ...

Thank you very much David.

I don't want to buy second property during the 6 years period, just want to rent a small unit to live. That way it's cheaper than I live in my own property and rent out only one room.

So, if that's the case, I just need to move back in to my own property within 6 years, and I can get the 6 years exemption, as well as all the rental property benefits. Is that right?


Many thanks.

shuangchao

yes, you can

shuangchao

IceCreamz

Hi David,
Can you do depreciation report for rental property, if so what is the process?
Thanks!

Evavala

Hi David,

I have a generic question, just wondering what's the benefit I can get from setting up a trust rather than under personal or company, besides the benefit that discretionary family trust can adjust the distribution to beneficiaries, what else trust can provide advantage over other status.

If I have a investment property, it seems I can only use negative gearing under personal name but not trust. But I can use negative gearing for the benefit get from unit trust?

If my income is mainly from personal services, can I set up a trust to distribute the profit?

One more question is if trust has 7k dividend income and 3k franking credit, and dedution of 8k bring the trust net income of 2k which need to be distributed to the only beneficiary, then how to allocate the franking credit?

I know the principle of trust, but in real life case, I am quite confused. Could you please give me some advice?

thank you very much.

shuangchao

原帖由 IceCreamz 于 2010-4-20 16:13 发表
Hi David,
Can you do depreciation report for rental property, if so what is the process?
Thanks!

well, you need a qualified quantity surveyor to do the depreciation report for your rental property, the process is that, you tell me the details of your property, construction date, renovations done in the past, size etc etc, i'll tell you whether it is appropriate to do the report based on the information. if so, i will then send one of my QS contractors onsite to do the report.

marsli800

David, 麻烦问一下，tax agent board 规定新注册的tax agent要有PI INSURANCE，你知道这是一个什么东西？还有，这个贵不贵。想注册张TAX AGENT的牌，不知道除了这个PI还有那500的注册费用之外，日常还有些什么费用。

shuangchao

原帖由 marsli800 于 2010-4-21 16:08 发表
David, 麻烦问一下，tax agent board 规定新注册的tax agent要有PI INSURANCE，你知道这是一个什么东西？还有，这个贵不贵。想注册张TAX AGENT的牌，不知道除了这个PI还有那500的注册费用之外，日常还有些什么费用。

it stands for Professional Indemnity insurance, for a newly started tax agent, it is not very expensive, alot of insurance companies offer concessional fees for low income earners, only $300 - $500 for concessional fees.
you also need a Public practising certificate if you are a CA, or a CPA.

marsli800

我是cpa，除了这个以外平常有没有什么其他固定的费用呢。

shuangchao

原帖由 marsli800 于 2010-4-21 18:39 发表
我是cpa，除了这个以外平常有没有什么其他固定的费用呢。

No, the other expenses are your general business running expenses.
good luck with setting up your business, i think its very good that there are so many new asian accountants emerging in the market, definitely makes it more competitive. maybe we will see some of the dodgy ones going out of business soon, as clients have more people to choose from and compare services.

shuangchao

原帖由 Evavala 于 2010-4-20 21:10 发表
Hi David,

I have a generic question, just wondering what's the benefit I can get from setting up a trust rather than under personal or company, besides the benefit that discretionary family trust c ...

Hi, trust is a complicated area, in relation to your questions:
1. trust is a great asset holding vehicle.
2. trust can't distribute losses, it does not work for negative gearing purpose
3. if you are captured under the PSI rule, all the net income has to be distributed to you solely, trust is not designed to overcome the PSI rules. however, just coz you are earning personal service income, it does not necessarily mean you are captured under the PSI rule, we still have to look at the results test, 80% rules etc etc

shuangchao

shuangchao

IceCreamz

Hi David,
Thanks for answering my question.
How much depreciation you can get for a 20 year old unit?

Thank you!

shuangchao

原帖由 IceCreamz 于 2010-4-27 12:51 发表
Hi David,
Thanks for answering my question.
How much depreciation you can get for a 20 year old unit?

Thank you!

based on my experience, assuming there is no major renovation since construction and this is a standard two bedroom unit, the estimate depreciation for the first year (highest) could you anything between $2000 to $5500

ECM

Hi David,

I I had some renovation done to my investment property, this includes a new kitchen (new appliance, new cupboard etc), a new bath room ( new shower set, toilet set etc). In terms of capital allowance for taxation purpose is my below understanding correct?

-        The fee that renovator charges (labor fee) is of capital work deduction ( 2.5%/40 years).
-        The cost to purchase new appliance, hot water system etc would be of capital depreciation nature.

What about the cost of the new shower, kitchen cupboard etc? are they of capital work deduction or depreciation?

Many thanks.

小妞儿

Hello David,

Could you please tell me how can we calculate pension bonus scheme? What rules will apply here?

Thank you so much!!!!

shuangchao

原帖由 ECM 于 2010-4-27 16:23 发表
Hi David,

I I had some renovation done to my investment property, this includes a new kitchen (new appliance, new cupboard etc), a new bath room ( new shower set, toilet set etc). In terms of capit ...

Hi, yes your understanding are correct, new kitchen appliances are depreciable items, if you don't have all the proper records to take up the appropriate cost base, i can arrange for a QS report prepared for your property