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

xhay

I've read thro all posts in this thread, couldnt find the answers I wanted. So, here we go:

I & my partner formed a company via respective family trusts. We both work in the company and get paid for our hours. I dont really like the idea of getting paid via wages (due to obvious reasons). I am wondering if we can get paid via the family trusts instead. I.E the family trust provide a service for the company, therefore it can bill the company for this service.

Would the above work? Thanks

shuangchao

原帖由 xhay 于 2009-12-2 23:18 发表
I've read thro all posts in this thread, couldnt find the answers I wanted. So, here we go:

I & my partner formed a company via respective family trusts. We both work in the company and get paid fo ...

ato have some very specific requirements when it comes to service trusts. if you want to bill your company for services your service trust provide, we need to look at a few things such as the nature of business, the level of the service trust fee you propose. However, before we go into a complex structure, we probably should look at whether it is better off for you to simply trade through a trust. this is a complex area, and i'll be happy to answer any queries you have if you give me a call on the numbers below.

lovesunday

Hi David,

A question about the investment property rent income. If the tenant pays all half year's rent in advance in June, do I have to claim the money as this year's income? Can I split the money into parts and claim this year's part in this year's income and next year's part in next year's income?

Many thanks.

shuangchao

原帖由 lovesunday 于 2009-12-4 15:42 发表
Hi David,

A question about the investment property rent income. If the tenant pays all half year's rent in advance in June, do I have to claim the money as this year's income? Can I split the money ...

assuming you are an individual, the rent is to be taken up on a cash basis, so if you receive the income in june, it is to be declared in june entirely, rather than apportioned.

lovesunday

Thank you so much. In that case I had better only take the rent to the end of June and get the tenant to pay the rest beginning of July.

lovesunday

原帖由 shuangchao 于 2009-12-4 16:02 发表


assuming you are an individual, the rent is to be taken up on a cash basis, so if you receive the income in june, it is to be declared in june entirely, rather than apportioned.

Why do you mention "cash basis"? can it be not-cash basis?

shuangchao

原帖由 lovesunday 于 2009-12-4 16:11 发表

Why do you mention "cash basis"? can it be not-cash basis?

it means you declared the money when you receive it, so if you receive the money in june 09, it falls in the 2009 financial year

lovesunday

got it. thanks a lot.

hardlife

Hi shuangchao, I understand that if I have a line of credit account and use the money only to pay bills for the investment property, I can claim tax on the interest charged. Is my understanding correct? If I have more than one investment properties, can I pay all related bills from this account and claim interest? do I have to setup 2 line of credit accounts to pay the bills for 2 investment properties respectively in order to separate the interest charged for the money used on them? Thanks.

[ 本帖最后由 hardlife 于 2009-12-4 21:56 编辑 ]

shuangchao

原帖由 hardlife 于 2009-12-4 21:08 发表
Hi shuangchao, I understand that if I have a line of credit account and use the money only to pay bills for the investment property, I can claim tax on the interest charged. Is my understanding correc ...

that is not necessary, but it is a good idea to use the account only for investment properties, do not taint your interest claim by paying private expenditures. (it can be an accounting nightmare when you mix private & investment in one)

hardlife

Thank you very much. One more question. The hot water tank of the rent property needs service and the service guy said it's too old and I need a new one so that I got a new one. Should I claim maintain cost for the cost or should the cost go into capital cost and depreciate every year?

shuangchao

原帖由 hardlife 于 2009-12-4 22:13 发表
Thank you very much. One more question. The hot water tank of the rent property needs service and the service guy said it's too old and I need a new one so that I got a new one. Should I claim maintai ...

:) its capital and subject to depreciation

xhay

Thanks David. I will give you a call to discuss further.

hardlife

Hi Shuangchao, could you please tell me if my calculation for capital gain is correct? unit bought at 300k  and sold for 400k. $5000 has been spent on new stuff like carpet, curtain, etc. Have claimed $4000 depreciation on tax return. capital gain = 400k+4000-(300k+5000) = $99000.

shuangchao

原帖由 hardlife 于 2009-12-5 09:49 发表
Hi Shuangchao, could you please tell me if my calculation for capital gain is correct? unit bought at 300k  and sold for 400k. $5000 has been spent on new stuff like carpet, curtain, etc. Have claimed ...

hi,

you bought for 300, sold for 400. let's ignore agent cost, stamp duty etc etc, you have a gain of 100k, which is entitled to 50% concession if you hold for more than 12 months.
in relation to the fixture & fitting of $5000, you have claimed $4000 of $5000 in the past, upon sale of the property the balance is written off, so you claim $1000 in deduction in the year of sale.

hardlife

原帖由 shuangchao 于 2009-12-6 21:15 发表

hi,

you bought for 300, sold for 400. let's ignore agent cost, stamp duty etc etc, you have a gain of 100k, which is entitled to 50% concession if you hold for more than 12 months.
in relation  ...

Thanks. You mean that the capital gain is 100k and I can claim $1000 deduction. I suspect this. If it cost me $5000 and I have claimed $1000 depreciation with previous tax returns, does it mean I can claim $4000 depreciation when I sell the property? Is it right to claim all the rest value when the good is still pretty valuable?  I think $4000 has to go into the cost and reduce the capital gain. Please correct me if I am wrong.

shuangchao

原帖由 hardlife 于 2009-12-6 21:40 发表

Thanks. You mean that the capital gain is 100k and I can claim $1000 deduction. I suspect this. If it cost me $5000 and I have claimed $1000 depreciation with previous tax returns, does it mean I ca ...

hi, hardlife, i hate to generalise and give "yes" or "no" answers in a public forum, because with most tax queries, the answers are rarely so black/white.
when you cease to hold a depreciable assets, a "balancing adjustment" event occurs. it does take a while to explain this concept. if you are considering selling your property and prepare your own return. Please give me a call, i am happy to quickly explain to you what you should do with your return. hopefully it will save you from paying more tax than necessary.
brief consultation over the phone are always free of charge, so please feel free to contact me.

chocachu

Good advise. thanks

liuweiqw

请问如果一个生意的TURN OVER在60万--70万

老婆不工作的话,对我公司能有多少TAX 减免?


如果有一个小孩的话,那会是多少?



谢谢

shuangchao

hi, when you run a business, you don't get tax back simply because your wife is not working. and it is impossible to tell you the exact tax benefit you will receive because of your wife/kids. you haven't provided me with enough information.
what we do is generally assess your business performances and decide on the best way to minimize you year end tax (which may include paying your wife an reasonable amount of salary)

liuweiqw

请问开的公司给自己开的工资是３万给老婆开的工资２万

公司ＰＲＯＦＩＴ是６万，

是不是６万用公司的扣税，３万工资一私人的ＴＦＮ扣税和退税？

如果申请个ＴＲＵＳＴ，把ＰＲＯＦＩＴ分给老婆一半，

是不是能少交税？

谢谢

shuangchao

原帖由 liuweiqw 于 2009-12-18 12:21 发表
请问开的公司给自己开的工资是３万给老婆开的工资２万

公司ＰＲＯＦＩＴ是６万，

是不是６万用公司的扣税，３万工资一私人的ＴＦＮ扣税和退税？

如果申请个ＴＲＵＳＴ，把ＰＲＯＦＩＴ分给老婆一半，

是 ...

I am assuming you are not caught under the PSI rules, in which case you can't pay your spouse any wages.

If the company only make 60k as profit, you can pay that 60k to you and your wife as wages to minimise tax, instead of leaving it under the company and pay a 30% tax

Trust will save you some oncosts (such as workcover)

liuweiqw

谢谢
请问BUSINESS的TURN OVER是70万

PROFIT总共是10万(包括了给自己的工资)

请问我是申请TRUST好呢,还是光COMPANY就可以了?

麻烦你了

shuangchao

原帖由 liuweiqw 于 2009-12-19 23:54 发表
谢谢
请问BUSINESS的TURN OVER是70万

PROFIT总共是10万(包括了给自己的工资)

请问我是申请TRUST好呢,还是光COMPANY就可以了?

麻烦你了

Personally, i would choose trust over company based on the limited information you have given so far.

shuangchao

顶

忘了

问题：还没有收到今年的退税，税局说还在调查，WAHT DOES THAT MEAN? ANYTHING I CAN DO TO GET THE MONEY ASAP? 补充：不是生意人，本分的上班一族。

Brother

when did you lodge the tax return? Oct?

忘了

SEP.

RICKY911

你好楼主~
我想问下关于GST CALCULATION WORKSHEET FOR BAS的问题。其中有一项G14 Purchases without GST in the price, 我这里发生一项费用不知道和G14有关系吗，此费用是我付给AQIS（澳洲检验检疫局）的IMPORT PERMIT APPLICATION FEE $150+goods assessment fee $480=$ 630, 这笔费用是GST EXAMPTION的（DIV81）。请问这$630是不是填在G14？如果填在G14，我的G16=$630( 我的G13，G15为零）,G12=$0, , 那么TOTAL PURCHASES SUBJECT TO GST G17=G12-G16应该怎么填？ 难道是-$630？ 我第一次填这个表格对这个问题不是很清楚，希望你能帮我解答一下谢谢！ 顺祝新年快乐！

shuangchao

原帖由 Brother 于 2009-12-25 23:22 发表
when did you lodge the tax return? Oct?

depend on if you go through a tax agent or not, also depend on the type of return and your prior year lodgement status. in general, individuals who do their own return have to lodge by end of Oct.