Taxation – What Can a Property Investor Legally Claim

November 23rd, 2022 by admin No comments »

What and What not to Claim

The Australian Tax office (A T O) lists about 25 key areas in which rental expenses can be claimed.

What you can Claim:

- Advertising for Tenants
- Bank Charges
- Body Corporate Fees
- Borrowing Expenses
- Cleaning
- Council Rates
- Gardening and Lawn Mowing
- Insurance
- Interest on Loans
- Land Tax
- Legal Expenses
- Pest Control
- Property Management Fees Commissions
- Quantity Surveyor’s Fees
- Repairs and Maintenance
- Secretarial and Bookkeeping Fees
- Security Patrol Fees
- Servicing Costs (IE: servicing a hot water system etc)
- Telephone calls and rental
- Tax-related expenses
- Travel and car expenses (rent collection, inspection of the property, maintenance of the property etc)

(You can claim a deduction for these expenses only if you actually incur them.

What you cannot Claim:

The ATO lists some of the following expenses for which you are not able to claim deductions:

- The acquisition and disposal costs of the property (these costs include the purchase cost of the property, conveyancing costs, advertising expenses and stamp duty on the transfer of the property)
- Expenses not actually incurred by you, such as water or electricity charges borne by your tenants
- Expenses that are not related to the rental of a property, such as expenses connected to your own use of a holiday home that you rent out for part of the year.

Principles of Residence As They Apply to Taxation Law

April 13th, 2022 by admin No comments »

An individual is an Australian resident if he or she resides in Australia under the primary ordinary concepts of the test of residence or satisfies one of three statutory residence test. Residents in the primary sense is quite different from domicile, nationality and citizenship. Whether a person resides in Australia is essentially a question of fact and degree and there is no one rule which will determine issue in every case. The dictionary definition of reside is have one settled the blow, dwell permanently or for a reasonable considerable time leave in awe at a particular place. It is not necessary through person to reside in a particular structure such as a house. Whilst physical presence alone may be insufficient evidence of residence, it does seem to be a prerequisite to a finding of residence in a particular place.

A person may be resident in more than one place. An individual may be held to be resident Australia, even though living permanently abroad, if individual visits Australia for part of the year as part of the regular order of his or her life. Conversely a sailor, for example, would arisen in Australia if you she maintains a family home in Australia which the sailor spends time whilst in Australia, even though absent from the country to most of the year. Members of the defenceless is serving abroad retain their residency but may also be held to reside in the country in which they are serving. A person need not intend to remain permanently in place to be found to reside there but it seems that where the duration of the state is not decisive, the circumstances under which a person moved to that location should be considered.

Business Success Using Marketing Research

March 29th, 2022 by admin No comments »

Launching your product? Want to know what the market is all about now? What does the data say about the current market status? Is it a good time for your product to be launched? Will the audiences perceive your product? How different it is from other products? These questions might arise in your mind always. For that there is a solution which is called Market Research.

What is Market Research?

It is the process of assessing the market for the launch of new products with conducting a thorough research directly with the consumer. This lets the company to identify its target market and gather statistics and data from the opinions gathered from consumers regarding the product. Market Research are mostly done by the companies itself or through third parties who are experienced in the market research field. A lot of marketing strategies can be used for market research such as surveys, product testing and directly approaching the consumer groups for their opinions regarding the product.

Now the question is What is the need for Market Research?

The purpose of doing market research is to assess the market related to the product or service to gather results how the consumers will react to the product. The companies may try to find out what the consumer likes and what not and where does their product stand between these and how to make it better so that the consumer perceives it. They can remodel the product according to that and bring about changes to the actual product so that it fares successfully in the market after its launch.

How is market research done?

Market Research requires a lot of strategies and plans to be implemented to bring out fair amount of results for the company. The companies develops variety of steps with proper planning. It gathers information regarding the market and the company must analyze the data that has been collected to look after the relevant data that can be used later on to bring modifications to the product.

What is the use of Market Research results?

The company which is planning to launch its new product must conduct the market research to find out consumers views and also data regarding the product. These data helps the companies bring changes to the new products. If the company thinks that any alterations is required to bring to the product which may result in bringing success to the product right before or after the launch. To catch the consumers eyes the companies use this data and statistics to make sure the product is worth showing interest for and the consumers will be in benefit.