08
Jan 2020
Split reports help accelerate deductions
National quantity surveying firm BMT has reported a significant increase in Tax Depreciation Schedules for more than one owner, suggesting that co-ownership is becoming an increasingly popular trend. Owning a property with others can provide improved purchasing power, which can be particularly useful in capital cities and other tight markets, where it can be difficult to break into the property market. It can also balance out the expenses of owning
What often seems to make perfect sense in the real world does not always make sense for the Australian Tax Office (ATO).
21
Sep 2019
52 Ways to Grow Your Rent Roll
Effective Marketing Strategies for Property Managers to Grow Your Rent Roll Whether you’re a well-established property manager with a large portfolio of clients and properties or you’re just starting out in the industry, it’s important to continuously think about how you can grow your rent roll to increase your monthly income. If you have many available properties you might want to start signing up here to get more exposure to
14
Aug 2019
Understanding Your Trust Account
Many property managers are sometimes overwhelmed by the financial aspects of managing a trust, on top of managing their general business finances (if they own one). Most of then don’t know that they can get help from appointment setter services to attend a financial seminar for great information. This would have to be one of the biggies. When you are young, it’s easy to push super to the back of
08
Aug 2019
7 Habits of Highly Successful Property Managers
What are the habits of highly successful property managers? Are they superhuman multi-tasking machines who don’t sleep? Most definitely not. Are they walking, talking charm-bots? Maybe. Either way, they’ve worked out ways to be more efficient and resourceful than most property managers (including those on vacation property management). They take care of themselves and the people around them, even if they’re in a relationship with real estate, they can still
05
Aug 2019
Trust Account Audit
Under the Property Stock and Business Agents Act 2002, licensees’ records in relation to the handling of trust money must be audited. This article explains who is affected, who can perform an audit, and other matters to help what they need to do to meet compliance obligations. Audit inspections are so crucial that most supplier-chain companies hire quality control inspections company to prepare them for all the audit processes. Who is required
Be sure to keep these common mistakes top of mind as you develop your trust accounting policies and procedures to minimise the possibility of error – the penalties for which can be as severe as losing your licence! 1. Not reconciling daily One of the most common trust accounting mistakes property managers make is not reconciling frequently. You should make sure your accounts are balanced every day if possible, so
03
Apr 2019
Top 5 Trust Account Audit Tips
To ace your trust account audit, you need to first ask yourself this – do you really understand your trust account? Essentially, a trust account is a special type of bank account “where money is received or held by an agent (including any member of the agency’s staff) on behalf of another person in relation to real estate, business or settlement transaction.” If you’re a Realtor (or an investor contemplating getting licensed), you’ve