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It is that time of the year again? Tax time already? As they say, “It’s not now much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” so get your tax return organized asap. Click this link to download the "Individual Tax Check List" and "Business Tax Preparation Check List" With the Australian coronavirus stimulus packages and payment from the Scott Morrison government, there are some questions lots of sire team members and sire clients are asking. We always remind everyone to start to start your tax return in the beginning of the last quarter. With the covid 19, we are already a month later than we normally would be.
Today we are going to answer 5 of these most asked questions related to income tax returns and stimulus packages.
1. Work from home deductions
2. Can self employed or sole traders receive the Job Keeper payment?
3. Cash flow boost – how do I get it and how does it work?
4. What to do with superannuation during covid 19? withdraw, not contribute or personal contribution to reduce tax payable
5. Jobkeeper payments– how does it work with tax
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Call The SIRE Team 0404 331 310 As Early As The Initial Project Feasibility Phase.
a) initial project feasibility;
(b) preparation of preliminary architectural drawings getting ready for submission to Council for Development Approval;
(c) DA granted;
(d) Preparation of Contract Documentation for off-the-plan sales;
(e) Work proceeds on the architectural drawings for Building Approval submission;
(f) BA granted;
(g) Operational Works;
(h) Building works commence;
(i) Practical completion;
(j) Council issues Certification - Dept. of Natural Resources issues Titles (and if there is a Community Titles Scheme, the Scheme is Registered and so created);
(k) The Body Corporate Manager holds the First EGM for the Scheme/s;
(l) Settlements begin to take place.
The Body Corporate is formed automatically when the titles and Community Management Statement(CMS) are Registered by the Dept. of Natural Resources - and this occurs at stage (j) when the buildings are completed and have been Certified by Council.
As for the Body Corporate Manager - as part of the First EGM agenda. One of the Motions on that EGM is for the Body Corporate to enter into a Caretaking and Letting Agreement with the resident management entity (often a private company or family trust owned by the resident manager). Sometimes the Body Corporate will enter into the Caretaking and Letting Agreement with an entity owned by the developer, and he may assign the Agreement to another party at a later time.
Any residential Scheme of about 30 Lots or more can generally support a Resident Caretaker/Manager - for the Manager's Letting side of the business to be viable he needs a reasonable percentage of the building to be owned by absentee Owners letting their units.
As to whether the benefits to Owners justify the cost to Owners in having a Resident Caretaker - from our experience there is justification. The benefits a good Resident Manager brings to the complex include:
(a) increased security - more heightened awareness of what visitors are on the complex and what they are doing;
(b) increased supervision and control of inconsiderate behaviour, and stricter application of By-laws to control such behaviour;
(c) better maintenance of the buildings and grounds;
(d) removal of a significant amount of the burden on the Committee as a lot of the maintenance issues are taken care of by the Resident Manager, including arranging for quotes from trades for larger jobs, and then supervising the caring out of those jobs by the chosen contractors;
(e) improved liaison between Owners and a 'point of contact' at the complex.
For all of these added benefits to their investment, each Lot Owner contributes about $20 a week i.e. their share of the Manager's salary (factored into this is a reduction for what the building would have been paying to outside contractors for the maintenance that the Resident Manager does himself).
If you need to find a good resident manager or sell your management rights for a profit. Fill In Your Contact Details Below To Get The SIRE Team To Call You Back.