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.
Accounting for your rental residential investment property; general taxation advice.