There are a number of circumstances under which you should consider forming a trust, and several different types of trust structures that can be used. Your circumstances will determine which structure is most appropriate for you. Some types of trusts include: Single/Umbrella Trust – all assets are transferred to one trust Parallel/Mirror Trust – each settlor (for example a husband and wife or de facto partners) transfers assets to separate
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Aug 2019
Records management for small business
As a business owner, you’re required by the Australian Taxation Office (ATO) to keep records for a minimum of five years, in plain English, and in a way the ATO can access if they need it. A simple advice from a small business consulting services group is that you should find out what records you should keep, and evaluate how well your business is keeping records by using the ATO’s record keeping evaluation
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Aug 2019
Common property depreciation explained
Shared assets in strata title lucrative for investors A strata title is used when individuals own part of a property, usually called a ‘lot’. This is generally an apartment, unit or townhouse complex which shares ownership of common property including driveways, foyers and gardens. The ownerships are combined through a legal entity called the owners corporation, commonly referred to as a body corporate. Strata title can include residential and commercial
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Aug 2019
Checklist: bookkeeping services
Less time doing bookkeeping means more time running your business! When do you need a bookkeeper? These are some of the signs you should look for when deciding to hire a bookkeeper: Doing the books is taking you away from working on your business. The business transactions have substantially increased since you first started. You’re not sure that records are being kept correctly. Your tax and/or other compliance is getting
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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
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Aug 2019
8 to-do list productivity boosters
Small business owners will all know that feeling of task anxiety; that moment after you frantically write down a list of projects, tasks and due dates when you ask yourself, Also go to my site to check out how to reduce your anxiety. How am I going to get everything done? Is this possible? It’s not because you have too many tasks to complete, it’s because you haven’t structured your to-do
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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
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Aug 2019
6 questions to ask this tax time
With the new financial year upon us, you might be thinking about getting ready to lodge your tax preparation, either on your own or through the help of registered tax accountants or tax consulting firms that can provide professional tax services. Ask yourself (or your tax agent) about tax extension to make sure you get your tax right and use this tax time to set yourself up for a great
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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