You might have noticed that your invoice is a little bit more this year. Why?
Did you buy another investment property during the year? If so, that requires a bit more work to account for that, usually a couple of hours.
It might be a price increase. We haven't raised our prices in 3 years; meanwhile the CPI has gone up, and up. So we adjusted the base price by 2.8%. This is actually less than inflation, so doesn't really reflect the eroding dollar. We've absorbed some of that cost ourselves.
At the same time, accountants from this year onward will be required to comply with new AML legislation, which we estimate will add at least 1-2 hours per year to costs. However, we can't charge all that time. So we've added $55 to try and offset that cost a little bit.
We think this is fair/reasonable, but if you have any concerns, please contact us.
What does this have to do with your tax? Well, we might have asked you to supply information, clarify a request etc etc. We know you're busy! But we don't hear from you promptly. Instead, it drags on and on.
Frankly, that doesn't help you, us, anyone!
So, what we ask is this
1. stop for a moment,
2. send through the info,
3. get their tax refund sooner!
Moral: Stop and sharpen your axe. Work smarter, not harder!
Accounting for your rental residential investment property; general taxation advice.