We bring you the best possible solutions for your company.
Located in the Hunter Valley, and working hand in hand with our Financial Planning and Lending division, PFP Accounting provides taxation and advisory services to our Australian wide client base, specializing in investment properties and SMSF’s. Our history of dealing with property related taxation requirements ensures that we thoroughly process our clients returns and advice with a view of achieving the best result possible.
Karlie Dicker leads our accounting division, and she strives to ensure no stone is left unturned when assessing our clients tax returns. Attention to detail is paramount when dealing with your tax affairs and the ATO.
Additional accounting services
Our taxation services are not just limited to property.
- Advice on the appropriate structure/ entity to purchase a property
- Personal Tax Returns
- Business tax returns
- Trust/ Company tax returns
- PAYG tax Variations
- Tax Planning Advice
- Capital Gains Tax Analysis and advice
- SMSF Tax Returns
Exceptional Accountancy Resources.
Depreciation Schedule
Obtaining a depreciation schedule for your investment property can assist in creating significant tax deductions that can greatly reduce the cost to hold a property. There are 2 types of depreciation, Capital Works and Plant and Equipment, which allow you to claim a tax deduction for the declining value of the asset(s) as it ages. To see if your investment property qualifies, contact one of our friendly staff.
PAYG Variation (ITWV)
A tax variation allows you to claim your negative gearing benefits each month (or pay cycle) instead of annually. This is usually done so that you can reduce the cost to hold a property by reducing your tax paid each month resulting in more funds in your pocket.
PFP Accounting advises the ATO of your reduced income and the ATO in turn notifies your employer to deduct less tax from your pay. This tax variation needs to be lodged each year, usually around May.
Keep Good Records
Like any tax situation, the better records you keep the easier it will be to make sure you are claiming the maximum deductions each year. We recommend keeping a folder with all your property income and expenses recorded so that it is easy to access, saving you time, and resulting in a healthier tax return.
Consider Paying Interest in Advance
Depending on your personal situation, you may be able to pre-pay your loan interest for a year in advance resulting in a greater tax deduction for that year. There can be dangers with this so to see if it suits you please contact our staff.
Claim Your Borrowing Expenses
The loan expenses you incur to obtain an investment property loan are usually a tax deduction. Some costs such as mortgage insurance are often overlooked but can be claimed over a 5 year period. Be sure to check all of the fees the bank has charged you to make sure you are maximizing your deductions.
Capital Gains Tax
Capital gains tax can be a significant tax but sometimes it can be managed with careful tax planning. Selling your asset at the right time and calculating the correct gain plays a vital role in managing the tax you may be liable to pay. Planning your sale requires appropriate advice before you start the process.
