Success Tax Professionals Canning Vale

Success Tax Professionals in Canning Vale cater for services by appointment and also on a walk-in basis.

‘We are happy to see clients if we have the capacity and they just happen to walk in, otherwise we will provide the option to wait or to make an appointment. Business consultations and business advisory however require an appointment as these types of services are often quite involved, Plus we usually let business owners know in advance of the documents to provide us with to assist in talking about real concepts that can apply to their specific circumstances,’ says Nishi Gupta, the principal of the Canning Vale practice.

The practice delivers services for a wide range of accounting and taxation including:

• Business activity statements,
• Business advisory,
• Cash flow improvement for business,
• Instalment activity statements,
• Review of tax refunds,
• Salary and wage tax return preparation,
• Self managed superannuation funds,
• Tax return preparation and compliance for partnerships, companies and trusts, and
• Business structure review and set-up.

The Canning Vale practice manages a significant number of clients with tax-related rental property requirements.

Nishi says, ‘Rental property repairs are a frequently discussed topic. Over 8% of the Australian population report to the ATO that they have an investment property. Around two out of three investors – so around 1.2 million of these taxpayers involved negatively geared property and reported losses on their rental property.’

Nishi adds, ‘This can get quite involved. Landlords are able to claim a deduction for repairs to rental properties that meet the criteria and arise from the use of the property for income-producing purposes. But it is more involved than that. Replacing a section of tiles on the roof that are damaged would be a repair, but replacing all the tiles would not be – it would be capital. Initial repairs are also capital – these are repairs that relate to damage, deterioration or defects at the time of purchase. Sometimes it is also possible to claim repairs occurring after the property ceased to be rented if those repairs relate to a period when it was rented out for income purposes. An example of this might be the landlord moving into the property and repairing damage caused by the tenants. The expenditure would also need to be incurred in the financial year the property was rented out.’