Frequently asked questions

The main business structures are a Company, Trust, Partnership or Sole Trader. The type you choose to run your business depends on many factors. Will it be a family-run business or will you have business partners? Do you need good asset protection or is a simpler structure sufficient? Speak to us about the best option for your business.

We recommend Xero as a user-friendly, comprehensive and affordable cloud accounting solution for our clients. We also support clients using MYOB, QuickBooks, BankLink and Cashflow Manager.

You can claim a number of expenses against your rental property including (but not limited to) advertising, bank charges, rates, land tax, depreciation, repairs, interest expenses, property management fees and capital works. Ensure you keep good records relating to your investment property as this will greatly assist you come tax time!
Sources: ATO Website (www.ato.gov.au), Fairwork Australia (www.fairwork.gov.au)

Generally speaking, the very minimum records you are required to keep for your employees (and contractors) are as follows;

• copies of tax file number declarations or withholding declarations
• copies of any contracts you have with contractors
• records of wages, allowances and other payments made to workers
• copies of payments and reports provided to the ATO
• copies of payment summaries
• super records, including payments you made and records that show you have met your choice of super fund obligations
• records of fringe benefits provided, tax calculations, worksheets, declarations, elections and supporting details.

From 1 July 2014 the minimum Superannuation Guarantee contribution rate on salary or wage payments is 9.50%. This amount is due on the 28th day following the end of each quarter, although payments can be made more regularly if you wish. For example, if you paid a staff member $1,000 in wages from 1 July 2015 to 30 September 2015, you would need to make a payment of $95.00 to their chosen superannuation fund by the 28th of October.

How much you pay your staff depends on whether their employment is covered under an award, enterprise agreement, the national minimum wage or other registered agreement. The best resource for all employment questions is Fairwork Australia. You should always keep thorough records relating to staff payments and employment.

Individuals, partnerships and trusts who lodge their own tax return must lodge by the 31st of October following the end of the financial year. Companies lodging their own return must do so by the 28th of February the following year. If lodging through a tax agent the due date for all entities is generally extended to May the following year (with some exceptions who may be due earlier).

The ATO is entitled to issue penalties to tax payers who fail to lodge certain documents by the assigned due date. For information on how the ATO calculates penalties, please click here. If you have been issued with a penalty please talk to your accountant as these penalties can be remitted in certain circumstances.

You can claim a number of expenses against your rental property including (but not limited to) advertising, bank charges, rates, land tax, depreciation, repairs, interest expenses, travel, property management fees and capital works. Ensure you keep good records relating to your investment property as this will greatly assist you come tax time!
Sources: ATO Website (www.ato.gov.au), Fairwork Australia (www.fairwork.gov.au)