These items can often save a lot at Year End!

23 March 2018

THESE ITEMS CAN OFTEN SAVE A LOT AT YEAR END!

Purchased a new rental – Is it worth getting a chattels valuation done?  www.valuit.co.nz has some great information, along with my past article  "You're Missing Out if You Haven't Had a Chattels Valuation Done!"  Click here to read the article or email mareese@cswaikato.co.nz to organise a free 5 minute chat with me to check whether you should get one or not. 

 
House Building business – We need to calculate any income in advance at 31/3/18.  So we need a list of any houses that are in progress at 31 March, plus details of the total sales, total costs, and costs to date.
 

Businesses – We need to know your Work in Progress (WIP) and Stock on hand, as at 31/3/18.  Both at cost and excluding GST.
 

2018 Annual Questionnaires – Instructions on how to complete your 2018 Annual Questionnaires will be emailed to Coombe Smith clients next week.  2018 Questionnaires will be available for completion on our website after 4 April 2018.



 
Great Accounting Records Tips 

 We have set up some standard folders and information to help you put together your 2018 financial records   This lets you know what information we need from you and will hopefully save you time.  These can be easily downloaded from Dropbox to your computer - Just follow the PDF instructions given ("How to Download Accounting Folders for Coombe Smith from Dropbox").  We also recommend that you read the "Great Accounting Records for Coombe Smith Clients pdf.  Click here to access.

Also, if you put the information in the correct accounting records folders, we will discount your fee by $50 + GST!      (Note:  This discount does not apply to monthly fixed fee clients).
 

• To reduce your time putting together information, this year we are NOT going to ask for copies of tax invoices.   So that means less time for you scanning them through to us.  Should we require extra information, we will contact you for details about specific expenses or ask for a specific invoice.  Generally, it is a lot quicker for you to find an invoice in your system, rather than us searching for it.

• ​Within the Accounting Records folder, there is a Current Year Expenses folder which contains spreadsheets you can use for a Cash Book and Expenses Paid Privately, and in the Travel folder, there is a mileage log book.  

• The Invoice Folder is for you to keep all your invoices in one place, but we DO NOT need a copy of this.

• The Long Term document folders are for your own record keeping only.  You DO NOT need to send these into us.

   
SAME PRICE, NO INCREASE 

We are keeping our prices the same this year.  So, as long as you haven’t had any changes (eg. sale or purchase of properties, etc), then our price to complete your 2018 financial statements and tax returns will be the same as 2017.  We are including a new section in our annual questionnaires where you can confirm you have had no changes and are happy with the price remaining the same as 2017.  Then we won’t need to bother you by sending a quote to be signed. 
 

Thinking about property trading – We have free property trading notes and a spreadsheet  that we can email through to Coombe Smith clients at any time.
 

Thinking about buying a rental – We have a free rental property spreadsheet that we can email through to Coombe Smith clients at any time.  This looks at current cashflow, as well as the expected revenue, expenses and tax over the next 10 years!
  

If you are not a Coombe Smith client

 
Haven’t done your 2017 tax returns – you are officially late!  But we can often still help.  Best starting point is to email mareese@cswaikato.co.nz to organise a quick 5-10 minute telephone chat with me to see how we can help.  

 
Would you like us to do your 2018 financial statements and tax returns?  Obviously we then ensure you claim key expenses like chattels depreciation, but also by doing your financial statements, it gives me a great picture of your affairs.  I can then suggest improvements, such as a better structure, or how to move debt from your personal house to rentals (more tax deductions = less tax!) or a change of shareholding for an LTC to be more tax effective.
 

Or you might need someone to review your rentals and help you move forward.  Is one rental dragging you down?  Or are you worried about your risk or overall strategy.  I love reviewing property investors' portfolios and helping them get ahead long term.  The nature of property investing is that there is often a mistake or property holding an investor back, so identifying this, and ways to improve the situation, can greatly help a property investor reach their goals.  Click here to organise a free 5-10 minute telephone chat with me.


Kind regards
Ross Barnett