#etax return

[mtantenna]

スマホで確定申告｜イータックス(e-Tax)で青色申告(個人事業主)のやり方 スマホ版のイータックス(e-Tax)で確定申告しました。私は個人事業主なので今回は青色申告で提出しましたが・・確定申告書B等は作成できるのですが、損益決算書や貸借対照表等は後に提出しなければなりません。 確定申告の日は毎年2月16日～3月15日ですが令和3年は4月15日まで延長してます。 スマホで確定申告するのは、主に社員さん等の給与や年金暮らしの人、あと白色申告の人がおすすめだと思います。法人格や個人事業主の人はあまりおすすめしません。 用意するもの ・自身の収入や経費等がわかるもの｜損益決算書等 ・マイナンバーカードと利用者選別番号とパスワード(暗証番号) ・マイナポータルのインストール及び登録 ・青色申告の場合、時前に税務署に青色申告承認申請書を受理されてる事 ・青色申告した場合、後に損益決算書と貸借対照表を提出 スマホで確定申告｜イータックス(e-Tax)で青色申告(個人事業主)のやり方ユーチューブ長編動画へ https://youtu.be/D2r2TUofhwU Final tax return on smartphone | How to file a blue tax return (individual business owner) with e-Tax I filed my tax return with the smartphone version of e-Tax. Since I am a sole proprietor, I submitted it in blue this time ... I can prepare tax returns B, etc., but I have to submit the income statement and balance sheet later. The final tax return date is from February 16th to March 15th every year, but the 3rd year of Reiwa has been extended to April 15th. I think it is recommended that people who file tax returns on their smartphones are mainly employees who live on salaries or pensions, and those who file tax returns in white. I do not recommend it to those who are legal persons or sole proprietors. 猫とトキは、初心者でもできる簡単DIYをご紹介していきます。またhowtomakeに対してのおすすめ工具の紹介、猫に���してのDIY等の組み立てや作り方の動画を配信していますので、���しくお願いします。 DIYではカズチャンネル/Kazu ChannelさんやDIYをめぐる冒険さんやJSK-koubouさんを参考にさせて頂いてます。ありがとうございます＾＾ スマホで確定申告｜イータックス(e-Tax)で青色申告(個人事業主)編 #スマホで確定申告 #e-tax #青色申告 #確定申告 #イータックス #やり方 #確定申告書き方 #マイナンバーカード #個人事業主 #納税の書き方 #納税 #ふるさと納税 #etax #おすすめ #個人事業 #スマホ #フォロー #フォローミー #いいねした人全員フォローする #フォロバ #フォロバ100 #いいねした人で気になった人フォロー #いいね返します #フォローバック #フォロー返します #フォロミー #フォロワー募集中 #follow #followme #likeforlike https://www.instagram.com/p/CLjpc0eBNX8/?igshid=htng1hoa8ccr

[unclesuru]

LIRS urges employers of labour to file annual tax returns on or before January 31 deadline

LIRS urges employers of labour to file annual tax returns on or before January 31 deadline

In line with the Personal Income Tax Act (PITA) Cap P8 LFN 2011 (as amended), The Lagos State Internal Revenue Service (LIRS) urges all employers of labour in Lagos State to file their Company’s Annual Tax Returns on or before the statutory deadline of January 31, 2021 to avoid penalties.   The Agency’s eTax platform, launched in October, 2019 gives taxpayers the opportunity to comply with all…

[sfzpro]

Sforzando 利得稅 2020 十大常見問題丨香港創業營商冇難度

與其他發達城市一樣，香港 2020 年因 COVID-19 暫時陷入了經濟困頓。滿懷創業理想，或已初試啼聲的你又會否受疫情而卻步，放棄成立公司或草草收場？無論你是否在爭扎，還是努力求變，創業路上，Sforzando 始終與你並肩同行。適逢利得稅報稅季節，新手上路的你既要為公司資金而忙碌，又要為創業報稅而頭痕。

·         到底網上報稅���電子報稅有分別嗎？

·         報稅表又怎樣填？

·         退稅程序又是怎樣的？

以下 Sforzando 便特別整理了十大香港利得稅的常見問題，減輕你的經營煩惱。

Sforzando 利得稅常見問題 1

利得稅的課稅年度（Year of Assessment）怎樣計算？

在香港稅制下，無論是薪俸稅、個人入息課稅還是利得稅，課稅年度是指每年 4 月 1 日至下一年 3 月 31 日期間的 12 個月。

Sforzando 利得稅常見問題 2

每年公司利得稅（Profits Tax）的報稅表（Tax Return）甚麼時候發出？

稅務局（Inland Revenue Department／簡稱 IRD）每年會在 4 月份第 1 個工作天和相關納稅人士及團體發出大批利得稅報稅表，其中利得稅報稅表分別為 BIR51（法團）、BIR52（法團以外的人士）或 BIR54（有關非居住於香港的人士）。

留意：因新冠肺炎疫情影響，今年稅務局應於 4 月份發出的上一課稅年度（2019/20）的利得稅報稅表已於 2020 年 5 月 4 日大批發出。

Sforzando 利得稅常見問題 3

利得稅報稅表要甚麼時候遞交？

一般來說，稅務局規定利得稅報稅表及任何所需補充表格應該在發出日起 1 個月內交回稅務局。提交期限在利得稅報稅表第 1 頁上已列明。如小型法團或小型合夥業務利用電子報稅，稅務局會允許較正常期限多兩星期的延期申請，納稅人士或團體可考慮額外申請延期。

Sforzando 利得稅常見問題 4

利得稅網上報稅和電子報稅有分別嗎？

沒有。無論是網上報稅（Filing of Profits Tax Return through the Internet）或是電子報稅（eTax），均指納稅人士透過互聯網填寫及遞交利得稅報稅表，只是字眼上稍有不同。只要是納稅人士、其法團或業務秘書，甚至是稅務代表，無論有沒有「稅務易」帳戶，均可透過「填寫利得稅報稅表」服務為納稅人士或團體在網上填寫報稅表。至於「提交利得稅報稅表」服務，即經互聯網簽署及提交利得稅報稅表，便需要（A）該法團的董事、秘書、經理；（B）該合夥業務的首合夥人；（C）獨資經營業務的東主（只限在相關課稅年度內從合夥轉為獨資經營的情況）才可執行。

Sforzando 利得稅常見問題 5

是不是任何公司都能使用網上報稅服務填寫及提交利得稅報稅表？

不是。目前只有小型法團及小型合夥業務才能透過網上報稅填寫及提交利得稅報稅表。被納入適用於網上報稅的小型法團及小型合夥業務的條件，主要是集中於相關課稅年度期間的入息、業務規模及業務地區，例如：

1.       於課稅年度的總入息��超過 HKD$200 萬；

2.       沒有申報扣除 R&D 研發開支或 R&D 活動產生的知識產權獲得收入或售賣得益；

3.       沒有申報扣除能源效益建築物裝置開支；

4.       沒有申請避免雙重課稅安排的稅務寬免；

5.       沒有取得任何稅務事項的事先裁定；

6.       無須提交任何補充表格（S1 至 S10）；

7.       合夥業務不可多於 6 名合夥人（包括已退出的合夥人）。

Sforzando 利得稅常見問題 6

如果我要為公司透過網上報稅服務提交利得稅報稅表，公司是不是要開設「稅務易」帳戶？

目前「稅務易」帳戶只提供個人身分開設服務。若你想為公司透過網上報稅，則須由公司持有個人「稅務易」帳戶的董事、秘書、經理，在網上簽署及提交該公司的報稅表。即使沒有「稅務易」帳戶，只要有利得稅報稅表的「報稅表編號」，均可透過「填寫利得稅報稅表」服務為納稅人士及團體在網上填寫報稅表。

Sforzando 利得稅常見問題 7

如果公司已透過相關人士經互聯網提交利得稅報稅表，還需要遞交核數報告嗎？

需要。因為提交利得稅報稅表後，稅務局仍有可能向公司索取核數報告等佐證文件，估你仍需要為公司聘請專業的核數師撰寫核數報告及保留其餘相關的財務佐證文件。

Sforzando 利得稅常見問題 8

如果公司是剛剛才成立並登記業務，甚麼時候才開始要報利得稅？

一般來說，公司登記業務後的首份利得稅報稅表會於業務開業或成立為法團，即持有由商業登記署（Business Registration Office）發出的商業登記證上的註冊日期起計約 18 個月後發出，而公司或法團均需要在開業或成立後 1 個月內便向商業登記署遞交商業登記證申請。

Sforzando 利得稅常見問題 9

如果我的公司因為疫情緣故而停業，還需要填寫及提交利得稅報稅表嗎？

需要。因為在上一課稅年度（每年 4 月 1 日至下一年 3 月 31 日期間），你的公司仍有經營業務，只要有應評稅利潤，即依照《稅務條例》對收入及可扣除項目的規定，計算出在香港產生或得自香港的利潤，你便需要提交利得稅報稅表。

Sforzando 利得稅常見問題 10

如果我的公司才剛剛開業，會計帳目的結算時間與課稅年度不同，那麼利得稅的評稅基期該如何計算？

利得稅的評稅基期計算方式有兩種，一種是以利得稅課稅年度計算，即每年 4 月 1 日至下一年 3 月 31 日；另一種便是當公司會計帳目結算日與利得稅課稅年度不同時，按課稅年度 3 月 31 日起計一年內終結的公司會計年度計算。假設公司的會計帳目結算日定在每年 5 月 31 日，那麼該公司於 2019/20 課稅年度須申報利得稅的帳目便應由 2019 年 6 月 1 日起至 2020 年 5 月31 日為止。假設你的公司在 2019 年 7 月 1 日開業，會計帳目於每年 12 月 31 日結算���利得稅的評稅基期在 2019/20 課稅年度便會是 2019 年 7 月 1 日至 2019 年 12 月 31 日；而在 2020/21 課稅年度則是 2020 年 1 月 1 日至 2020 年 12 月 31 日。

[essencepoints]

LIRS urges employers of labour to file annual tax returns on or before January 31 deadline

LIRS urges employers of labour to file annual tax returns on or before January 31 deadline

In line with the Personal Income Tax Act (PITA) Cap P8 LFN 2011 (as amended), The Lagos State Internal Revenue Service (LIRS) urges all employers of labour in Lagos State to file their Company’s Annual Tax Returns on or before the statutory deadline of January 31, 2021 to avoid penalties. The Agency’s eTax platform, launched in October, 2019 gives taxpayers the opportunity to comply with all…

[vishsharma19blr]

Rushing to file your tax return increases the chances of error, which can delay your refund, trigger an audit or cause you to have to pay more later. Here are five common tax mistakes on tax returns and how to avoid them.

1. Incorrect Social Security Numbers They must match perfectly with what’s on Social Security cards because the IRS compares tax return information with the Social Security Administration’s database.

2. Misspelled names All names on returns must also match Social Security cards. Pay special attention to dependents’ last names, as those tend to be misspelled.

3. Filing status errors There are five filing status options. Your filing status is used to determine your filing requirements, standard deduction, eligibility for certain credits and deductions, and your correct tax.

Choosing the best filing status for your situation is one of the first steps in filing your federal income tax return.

4. Miscalculations In addition to math errors, taxpayers often miscalculate amounts related to their taxable income, withholding and estimated tax payments, the Earned Income Tax Credit, the Child and Dependent Care Credit, the standard deduction for age 65 and older or blind, and taxable amounts of Social Security benefits.

5. Incorrect bank account numbers for direct deposit or payments Double check the routing and account numbers for your financial institution so that you either receive your refund in a timely fashion or pay your balance on time (thus avoiding penalties and interest).

Remember: If you over-claim your deductions and get a bigger tax refund than you’re entitled to, the ATO can ask you to repay some or all of your refund – plus interest charges and possible penalties as well. That also goes for claiming big deductions that you can’t prove. If you have a question about a particular deduction or expense you’d like to claim, contact your Etax Accountant by clicking ‘My Messages’ when logged-in, or when you fill out your tax return. You’ll get expert advice to ensure you get the best refund possible and to lodge your return legally & correctly.

[thebtrader]

Tax Deductions for Sales Professionals

The post Tax Deductions for Sales Professionals appeared first on Etax – 2019 Tax Return Online. from The B-Trader https://thebtrader.com/2019/06/21/tax-deductions-for-sales-professionals/?utm_source=rss&utm_medium=rss&utm_campaign=tax-deductions-for-sales-professionals

[thebtraderblog-blog]

Tax Deductions for Sales Professionals

Tax Deductions for Sales Professionals

The post Tax Deductions for Sales Professionals appeared first on Etax – 2019 Tax Return Online.

[livewellwealth]

Claim the tax deductions you’re entitled to

The nature of their work means that tradies often incur expenses and buy equipment that others – such as office workers – don’t have to. Because of this, tradies are able to legitimately claim many of these expenses as part of their tax return. However, it’s important to know what you can and can’t claim.

  When you’re a busy tradie who works long hours and is under constant pressure to meet deadlines, it doesn’t leave you with much time to think about taxes. However, with a bit of forethought, planning and record keeping, you could recoup hundreds – if not thousands – of dollars each year in claimable expenses.

  The Australian Taxation Office (ATO) explains that what you can and can’t claim depends on whether you’re an employee, or a small business (sole trader, partnership, company or trust).

If you’re an employee tradie

You can claim a deduction for expenses incurred as an employee tradie if you spent the money yourself, were not reimbursed for it by your boss, it was directly related to earning your income and you have a record to prove it.

If your expense was for both work and private purposes, you can only claim a deduction for the work-related portion.

  If you’re a small business

You can claim a deduction for expenses as a small business if the money was legitimately spent on your business. That is, it was not a private expense. If it’s for a mix of business and private use, you can only claim the portion related to your business. And you must have a record to prove it.

Here are some common tips on tax deductions for tradies, broken down into these two categories so it’s easy to see what you’re entitled to.

  What you can claim

  1. Protective clothing

Employee tradies can claim a deduction for protective clothing your employer requires you to wear (for example, hi-vis vests and steel-capped boots) and protective equipment such as safety glasses, sunscreen, sunhats and sunglasses where you’re required to work outdoors. Small businesses can generally claim a deduction for protective clothing (for example, hi-vis vests and steel-capped boots) and costs for safety glasses, sunglasses, sunhats and sunscreen when your business activities require outdoor work.

    2. Work tools

  Employee tradies can claim a deduction for tools or equipment required for your job. If you also use the tools or equipment for private purposes, you can’t claim a deduction for the private use. If the tools or equipment are supplied by your employer or another person, you can’t claim a deduction.

  Small businesses can claim a deduction for most costs incurred in running your business. This includes assets, which you can immediately write-off if they cost less than the relevant instant asset threshold, for example, drills, electric sanders, electric saws, grinders, leaf blowers, lawn mowers, nail guns, ladders, tool boxes, work lights, high-pressure water cleaners, concrete mixers, computers, laptops and tablets.

  You may also be able to claim additional items as operating expenses, for example, drop sheets, masking tape, gaffer tape, oil, and replacement belts for machines.

  3. Transporting bulky tools for work

Employee tradies may be able to claim the cost of trips between home and work. One case is if you carry bulky tools or equipment for work (for example, an extension ladder), as long as your employer requires you to transport the equipment for work, the equipment is essential to earning your income, there’s no secure area to store the equipment at the work location, the equipment is bulky and difficult to transport. Small businesses will be able to claim motor vehicle expenses to the extent to which the vehicle is used in carrying on your business.

  4. Other common tax deductions

  Laundry or cleaning of work-related clothes (this generally means they carry a logo)

Work-related tablet, computer and mobile phone expenses

Home office expenses

Training courses, licenses and certifications related to your role

Car expenses including parking, tolls, running expenses, fuel, and distance driven

Travel and accommodation expenses when working away from home

Union fees

The costs of managing your tax return

  Record keeping

This is an important part of claiming deductions, as the ATO needs to know your claims are legitimate. For employee tradies, if your work-related deductions are more than $200, your records must be able to show what you spent the money on, who the supplier was and the date of the purchase. Bank or credit card statements usually don’t contain this information. After you’ve lodged your tax return for the year, you must keep your records for a minimum of five years.

  Small businesses also need to keep records that substantiate their business income and expenses. Your records must explain all transactions, be in writing (electronic or paper) and must also be kept for five years. You may also need to keep records for GST, fuel tax credits and records relating to your employees and contractors.

  No fake claims

The ATO is good at spotting fake or inflated tax deductions and they’re getting better at it. They have access to powerful new tools to follow up on taxpayers. They can even check your private details, including bank account transactions.

  It’s important to claim legitimate deductions only; things you paid for which are directly related to your work. According to etax, if you are caught claiming items you didn’t pay for, that your company paid for, or that you can’t prove with a receipt, the result can be painful. The ATO will demand pay-back and they might investigate your tax returns from previous years as well.

  Getting your taxes in order is one of the ways to grow and protect your wealth. This is where expert advice can more than pay for itself. It not only maximises your tax deductions but also makes sure you don’t fall foul of the ATO.

  How LiveWell can help

If you’re serious about your financial future, including getting a handle on your tax, talk to us. Our free service provides you with great tools to cut through the numbers and get to the heart of your financial situation. We help lift the hood, so you can see how things are tracking, including how you’re positioned with your tax.

  A great place to start is with our free 10-point financial health check. Then, get in touch to set up an appointment to talk about minimising your tax position, maximising your legitimate deductions, and keeping your returns up-to-date.

The post Claim the tax deductions you’re entitled to appeared first on LiveWell.

[olliejennabn]

Tax returns issued

The Inland Revenue Department today issued 190,000 profits tax returns, 130,000 property tax returns and 310,000 employer's returns for the 2018-19 year.

 About 2.68 million tax returns for individuals will be issued on May 2.

 In this year's Budget, the Financial Secretary proposed a one-off reduction of 75% of profits tax, salaries tax and tax under personal assessment for 2018-19, subject to a ceiling of $20,000.

 The reduction will be incorporated into this year's tax bills once the relevant legislation is enacted.

 Under a two-tiered profits tax rates system implemented from the 2018-19 year, tax for the first $2 million of profits of corporations and unincorporated businesses will be lowered to 8.25% and 7.5% respectively.

 Profits above that amount will be subject to the rates of 16.5% and 15%.

 Taxpayers have to state whether they are chargeable at the two-tiered rates.

 For those with any connected entities, they have to provide a complete list of connected entities carrying on a trade, profession or business in Hong Kong in the specified supplementary form.

 The department reminds taxpayers to complete their tax returns properly and file them on time and also encourages them to use the eTAX system.

from news.gov.hk - Business & Finance http://www.news.gov.hk/eng/2019/04/20190401/20190401_143804_503.html

[aggelemou]

Tax Return: Etax analysis reveals tasks with biggest tax deductions https://careerjugglr.tumblr.com/post/178584381327?utm_source=contentstudio&utm_medium=referral

[perfectglobalsolutions-blog]

Taxation Services Melbourne

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Our taxation services include preparation and lodgement of Business Activity Statement, Income Tax Returns, Tax Planning & Structuring, Compliance Reports and Coordination with ATO to act on behalf of our clients.

*All taxation services are provided thru Etax Local Accountants – our affiliated taxation partner.

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[nancydpolardau]

'It was crippling us': How to avoid the pitfalls of holiday homes – Cadtle Hills News

Theresa Albioli and Tony have a portfolio of five homes on Stayz.com which are booked out for the next year. Photo: Justin McManus

Whether it’s a shack by the seaside or a hideaway in the country, an empty holiday property is money down the drain.

With the rise of holiday and short-term letting websites, it’s easier than ever to make your holiday house work harder, even if it is only to cover the costs of maintaining your holiday property. Many people are managing to get the best out of their holiday properties, especially if they are prepared to manage their properties themselves.

Theresa Albioli and Tony De Marco started buying properties in Daylesford, about 100 kilometres north-west of Melbourne in 2012. What started as some extra income has grown into a full-time accommodation business. They now have six properties available for short-term rent, as well as a house they are renovating on a farm and the home they live in, all in Daylesford.

They are doing very well out of their business, with their properties able to command up to $4000 a weekend. They were using a booking agency, but were paying too much in commission. They were also not paid anything until after the the holidaymaker had stayed, which could be six months.

Cash flow

“The lack of cash flow was crippling us,” Theresa says.

They decided to go with Stayz, which pays the deposit within days of the deposit being collected from the holidaymaker.

The remaining balance is paid to the owner within days of the traveller’s stay. They also use Airbnb, but not as much, and they have their own website – thehousesdaylesford.com.

Their properties range in size from three to nine bedrooms and they are mostly let to families from Melbourne; though they also attract visitors from further afield.

A group from Mount Isa in Queensland came to one of the couple’s properties for four days this week to celebrate a birthday.

More recently, they have moved into the corporate market – off-site meetings, team-building – which makes up about 20 per cent of bookings.

One of the advantages of Daylesford, instead of the coast, is they have strong demand throughout the year. All of their properties are booked for the weekends until May next year.

“To make money out of a business like this you’ve got to try to have the properties booked 100 per cent of the time,” Theresa says.

They buy properties that need work and they organise the refurbishments themselves.

“We’ve both done a bit of design work and that is a passion of ours as well,” Theresa says.

They also say it is very important to have a good support team. “Having good cleaners, for example, if very important,” Theresa says. “If people get there and there is a dirty shower they will never come back.”

They also have a maintenance person as there’s always something that needs fixing and an IT person who manages their website.

DIY not for everyone

Cathy Baker, a principal of Belle Property Killcare and Wamberal, which is on the Central Coast, has sold dozens of higher-end holiday homes and says most have sold for more than $1.5 million.

Upper-end properties close to the beach can lease for more than $10,000 a week during peak periods, she says.

Baker says it is very important to see your property from the point of view of potential renters. She is always surprised at the number of owners who rent out their properties but don’t update the furniture and interiors to increase their properties’ appeal.

Baker has a warning for those thinking of letting out their holiday homes on short-term rental sites.

“I’ve seen a lot of owners try and rent the properties themselves and come unstuck with the wrong type of clients in the property, with carpets in need of replacing and sometimes the furniture as well,” she says.

Owners have to be prepared to do thorough vetting it they want to manage the property themselves, Baker says.

But even then, having an agent looking after the house can be well worth the fees.

“There are quite a lot of tick boxes at the end of the rental period, for example, like checking the inventory list for damage and deciding whether the bond should be returned,” she says.

Sweet spot

Simone McDermid, the communications manager at Stayz, says while there is a reasonable number of international holidaymakers, the “sweet spot” for most holiday property owners is domestic tourism.

Short getaways are the most popular type of booking through Stayz; usually a couple of nights with long weekends particularly popular.

Holidaymakers want unique locations, space, and homely amenities that are ideal for group and family getaways, McDermid says.

“To increase bookings, owners should ensure their listing stands out with quality photographs, highlighting the unique features,” she says.

Comfortable furnishings and a relaxing living room where guests can put their feet up can help increase the appeal of the property.

“A welcome pack with recommendations of local activities can help generate repeat bookings and word-of-mouth recommendations,”McDermid says.

Tax traps

Liz Russell, a senior tax agent at Etax, says sometimes owners do not fully understand the tax implications of short-term lettings and they need to keep good records.

All of the rental income is regarded by the Tax Office as assessable income, she says. You must declare all of your income in your tax return and you can claim deductions, such as the interest on a mortgage and other expenses.

With data matching, it’s very easy for the Tax Office to see if you have been earning income through short-term rental platforms.

“One of the things that a lot of people forget is to apportion the private use out of the deductions that they are claiming,” she says.

The reality is that many holiday properties will be empty for at least part of the year, Russell says.

If you occupy the holiday house for a month, you can only claim deductions for 11 months. But the property has to be genuinely available for rent to be able to claim the deductions.

Some people don’t want to rent it out, or they allow friends to stay for free and try to claim deductions for the part of year that they are not staying in the property themselves.

However, the Tax Office can easily check that your holiday house is genuinely available for rent. It could ask where it has been listed and can easily check the websites you have nominated.

Simon Curtain, a director and private client adviser at Hewison Private Wealth in Melbourne, says one of the potential problems with a holiday property is that the time you want it is usually the best time to rent it out.

It can defeat the purpose of having a holiday house.

“Typically, holiday houses are on the coast and the capital gains will often not be as good as the metro areas,” he says. “Most of the time I view holiday properties as lifestyle assets rather than investment and wealth creation assets. A holiday property can be a great investment but for wealth creation you’d probably want to be in the inner city where the property can easily be let out all-year round.

“If your mindset is to buy an investment, you should be looking at it from that point of view as an investor, without the emotion.”

It should be in a good location with good prospects for capital growth.

The story ‘It was crippling us’: How to avoid the pitfalls of holiday homes first appeared on The Sydney Morning Herald.

from End of Lease Cleaning Melbourne|Bond back cleaning|Bond Cleaning |Vacate cleaning Melbourne https://highpowerclean.com.au/it-was-crippling-us-how-to-avoid-the-pitfalls-of-holiday-homes-cadtle-hills-news/ from High Power Cleaning Melbourne https://highpowercleanau.tumblr.com/post/166468905771

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'It was crippling us': How to avoid the pitfalls of holiday homes Cadtle Hills News

Theresa Albioli and Tony have a portfolio of five homes on Stayz.com which are booked out for the next year. Photo: Justin McManus

Whether it’s a shack by the seaside or a hideaway in the country, an empty holiday property is money down the drain.

With the rise of holiday and short-term letting websites, it’s easier than ever to make your holiday house work harder, even if it is only to cover the costs of maintaining your holiday property. Many people are managing to get the best out of their holiday properties, especially if they are prepared to manage their properties themselves.

Theresa Albioli and Tony De Marco started buying properties in Daylesford, about 100 kilometres north-west of Melbourne in 2012. What started as some extra income has grown into a full-time accommodation business. They now have six properties available for short-term rent, as well as a house they are renovating on a farm and the home they live in, all in Daylesford.

They are doing very well out of their business, with their properties able to command up to $4000 a weekend. They were using a booking agency, but were paying too much in commission. They were also not paid anything until after the the holidaymaker had stayed, which could be six months.

Cash flow

“The lack of cash flow was crippling us,” Theresa says.

They decided to go with Stayz, which pays the deposit within days of the deposit being collected from the holidaymaker.

The remaining balance is paid to the owner within days of the traveller’s stay. They also use Airbnb, but not as much, and they have their own website – thehousesdaylesford.com.

Their properties range in size from three to nine bedrooms and they are mostly let to families from Melbourne; though they also attract visitors from further afield.

A group from Mount Isa in Queensland came to one of the couple’s properties for four days this week to celebrate a birthday.

More recently, they have moved into the corporate market – off-site meetings, team-building – which makes up about 20 per cent of bookings.

One of the advantages of Daylesford, instead of the coast, is they have strong demand throughout the year. All of their properties are booked for the weekends until May next year.

“To make money out of a business like this you’ve got to try to have the properties booked 100 per cent of the time,” Theresa says.

They buy properties that need work and they organise the refurbishments themselves.

“We’ve both done a bit of design work and that is a passion of ours as well,” Theresa says.

They also say it is very important to have a good support team. “Having good cleaners, for example, if very important,” Theresa says. “If people get there and there is a dirty shower they will never come back.”

They also have a maintenance person as there’s always something that needs fixing and an IT person who manages their website.

DIY not for everyone

Cathy Baker, a principal of Belle Property Killcare and Wamberal, which is on the Central Coast, has sold dozens of higher-end holiday homes and says most have sold for more than $1.5 million.

Upper-end properties close to the beach can lease for more than $10,000 a week during peak periods, she says.

Baker says it is very important to see your property from the point of view of potential renters. She is always surprised at the number of owners who rent out their properties but don’t update the furniture and interiors to increase their properties’ appeal.

Baker has a warning for those thinking of letting out their holiday homes on short-term rental sites.

“I’ve seen a lot of owners try and rent the properties themselves and come unstuck with the wrong type of clients in the property, with carpets in need of replacing and sometimes the furniture as well,” she says.

Owners have to be prepared to do thorough vetting it they want to manage the property themselves, Baker says.

But even then, having an agent looking after the house can be well worth the fees.

“There are quite a lot of tick boxes at the end of the rental period, for example, like checking the inventory list for damage and deciding whether the bond should be returned,” she says.

Sweet spot

Simone McDermid, the communications manager at Stayz, says while there is a reasonable number of international holidaymakers, the “sweet spot” for most holiday property owners is domestic tourism.

Short getaways are the most popular type of booking through Stayz; usually a couple of nights with long weekends particularly popular.

Holidaymakers want unique locations, space, and homely amenities that are ideal for group and family getaways, McDermid says.

“To increase bookings, owners should ensure their listing stands out with quality photographs, highlighting the unique features,” she says.

Comfortable furnishings and a relaxing living room where guests can put their feet up can help increase the appeal of the property.

“A welcome pack with recommendations of local activities can help generate repeat bookings and word-of-mouth recommendations,”McDermid says.

Tax traps

Liz Russell, a senior tax agent at Etax, says sometimes owners do not fully understand the tax implications of short-term lettings and they need to keep good records.

All of the rental income is regarded by the Tax Office as assessable income, she says. You must declare all of your income in your tax return and you can claim deductions, such as the interest on a mortgage and other expenses.

With data matching, it’s very easy for the Tax Office to see if you have been earning income through short-term rental platforms.

“One of the things that a lot of people forget is to apportion the private use out of the deductions that they are claiming,” she says.

The reality is that many holiday properties will be empty for at least part of the year, Russell says.

If you occupy the holiday house for a month, you can only claim deductions for 11 months. But the property has to be genuinely available for rent to be able to claim the deductions.

Some people don’t want to rent it out, or they allow friends to stay for free and try to claim deductions for the part of year that they are not staying in the property themselves.

However, the Tax Office can easily check that your holiday house is genuinely available for rent. It could ask where it has been listed and can easily check the websites you have nominated.

Simon Curtain, a director and private client adviser at Hewison Private Wealth in Melbourne, says one of the potential problems with a holiday property is that the time you want it is usually the best time to rent it out.

It can defeat the purpose of having a holiday house.

“Typically, holiday houses are on the coast and the capital gains will often not be as good as the metro areas,” he says. “Most of the time I view holiday properties as lifestyle assets rather than investment and wealth creation assets. A holiday property can be a great investment but for wealth creation you’d probably want to be in the inner city where the property can easily be let out all-year round.

“If your mindset is to buy an investment, you should be looking at it from that point of view as an investor, without the emotion.”

It should be in a good location with good prospects for capital growth.

The story ‘It was crippling us’: How to avoid the pitfalls of holiday homes first appeared on The Sydney Morning Herald.

from https://highpowerclean.com.au/it-was-crippling-us-how-to-avoid-the-pitfalls-of-holiday-homes-cadtle-hills-news/

from High Power Cleaning Melbourne - Blog http://highpowercleanau.weebly.com/blog/it-was-crippling-us-how-to-avoid-the-pitfalls-of-holiday-homes-cadtle-hills-news

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'It was crippling us': How to avoid the pitfalls of holiday homes – Cadtle Hills News

Theresa Albioli and Tony have a portfolio of five homes on Stayz.com which are booked out for the next year. Photo: Justin McManus

Whether it’s a shack by the seaside or a hideaway in the country, an empty holiday property is money down the drain.

With the rise of holiday and short-term letting websites, it’s easier than ever to make your holiday house work harder, even if it is only to cover the costs of maintaining your holiday property. Many people are managing to get the best out of their holiday properties, especially if they are prepared to manage their properties themselves.

Theresa Albioli and Tony De Marco started buying properties in Daylesford, about 100 kilometres north-west of Melbourne in 2012. What started as some extra income has grown into a full-time accommodation business. They now have six properties available for short-term rent, as well as a house they are renovating on a farm and the home they live in, all in Daylesford.

They are doing very well out of their business, with their properties able to command up to $4000 a weekend. They were using a booking agency, but were paying too much in commission. They were also not paid anything until after the the holidaymaker had stayed, which could be six months.

Cash flow

“The lack of cash flow was crippling us,” Theresa says.

They decided to go with Stayz, which pays the deposit within days of the deposit being collected from the holidaymaker.

The remaining balance is paid to the owner within days of the traveller’s stay. They also use Airbnb, but not as much, and they have their own website – thehousesdaylesford.com.

Their properties range in size from three to nine bedrooms and they are mostly let to families from Melbourne; though they also attract visitors from further afield.

A group from Mount Isa in Queensland came to one of the couple’s properties for four days this week to celebrate a birthday.

More recently, they have moved into the corporate market – off-site meetings, team-building – which makes up about 20 per cent of bookings.

One of the advantages of Daylesford, instead of the coast, is they have strong demand throughout the year. All of their properties are booked for the weekends until May next year.

“To make money out of a business like this you’ve got to try to have the properties booked 100 per cent of the time,” Theresa says.

They buy properties that need work and they organise the refurbishments themselves.

“We’ve both done a bit of design work and that is a passion of ours as well,” Theresa says.

They also say it is very important to have a good support team. “Having good cleaners, for example, if very important,” Theresa says. “If people get there and there is a dirty shower they will never come back.”

They also have a maintenance person as there’s always something that needs fixing and an IT person who manages their website.

DIY not for everyone

Cathy Baker, a principal of Belle Property Killcare and Wamberal, which is on the Central Coast, has sold dozens of higher-end holiday homes and says most have sold for more than $1.5 million.

Upper-end properties close to the beach can lease for more than $10,000 a week during peak periods, she says.

Baker says it is very important to see your property from the point of view of potential renters. She is always surprised at the number of owners who rent out their properties but don’t update the furniture and interiors to increase their properties’ appeal.

Baker has a warning for those thinking of letting out their holiday homes on short-term rental sites.

“I’ve seen a lot of owners try and rent the properties themselves and come unstuck with the wrong type of clients in the property, with carpets in need of replacing and sometimes the furniture as well,” she says.

Owners have to be prepared to do thorough vetting it they want to manage the property themselves, Baker says.

But even then, having an agent looking after the house can be well worth the fees.

“There are quite a lot of tick boxes at the end of the rental period, for example, like checking the inventory list for damage and deciding whether the bond should be returned,” she says.

Sweet spot

Simone McDermid, the communications manager at Stayz, says while there is a reasonable number of international holidaymakers, the “sweet spot” for most holiday property owners is domestic tourism.

Short getaways are the most popular type of booking through Stayz; usually a couple of nights with long weekends particularly popular.

Holidaymakers want unique locations, space, and homely amenities that are ideal for group and family getaways, McDermid says.

“To increase bookings, owners should ensure their listing stands out with quality photographs, highlighting the unique features,” she says.

Comfortable furnishings and a relaxing living room where guests can put their feet up can help increase the appeal of the property.

“A welcome pack with recommendations of local activities can help generate repeat bookings and word-of-mouth recommendations,”McDermid says.

Tax traps

Liz Russell, a senior tax agent at Etax, says sometimes owners do not fully understand the tax implications of short-term lettings and they need to keep good records.

All of the rental income is regarded by the Tax Office as assessable income, she says. You must declare all of your income in your tax return and you can claim deductions, such as the interest on a mortgage and other expenses.

With data matching, it’s very easy for the Tax Office to see if you have been earning income through short-term rental platforms.

“One of the things that a lot of people forget is to apportion the private use out of the deductions that they are claiming,” she says.

The reality is that many holiday properties will be empty for at least part of the year, Russell says.

If you occupy the holiday house for a month, you can only claim deductions for 11 months. But the property has to be genuinely available for rent to be able to claim the deductions.

Some people don’t want to rent it out, or they allow friends to stay for free and try to claim deductions for the part of year that they are not staying in the property themselves.

However, the Tax Office can easily check that your holiday house is genuinely available for rent. It could ask where it has been listed and can easily check the websites you have nominated.

Simon Curtain, a director and private client adviser at Hewison Private Wealth in Melbourne, says one of the potential problems with a holiday property is that the time you want it is usually the best time to rent it out.

It can defeat the purpose of having a holiday house.

“Typically, holiday houses are on the coast and the capital gains will often not be as good as the metro areas,” he says. “Most of the time I view holiday properties as lifestyle assets rather than investment and wealth creation assets. A holiday property can be a great investment but for wealth creation you’d probably want to be in the inner city where the property can easily be let out all-year round.

“If your mindset is to buy an investment, you should be looking at it from that point of view as an investor, without the emotion.”

It should be in a good location with good prospects for capital growth.

The story ‘It was crippling us’: How to avoid the pitfalls of holiday homes first appeared on The Sydney Morning Herald.

from End of Lease Cleaning Melbourne|Bond back cleaning|Bond Cleaning |Vacate cleaning Melbourne https://highpowerclean.com.au/it-was-crippling-us-how-to-avoid-the-pitfalls-of-holiday-homes-cadtle-hills-news/