On 14/5/22 10:31 am, arthur brogard via gnucash-user wrote:
Hope this is the right way to introduce a new question/thread.
I and my ex jointly own four properties two of which are rented out.
We are not registered for gst and are not in business though I have an ABN
leftover from when I attempted an online business.
Are we conducting an enterprise? Will be be eligible to pay GST when we sell
any of those properties?
Should we be keeping certain records?
Should the arrangement be formalised as a partnership or something?
What should we be aware of?
I'm putting my personal household expenses etc. into gnucash but not in any
really strict or serious way. Should I be getting that more properly organised?
This is the only forum I know of where I can ask such questions. If it's
misuse of this forum and anyone knows a more fitting place please let me know.
:)
ab
This is a software users list, for seeking assistance in using the
particular software.
Asking what you have, is like going and sitting in the waiting area of a
medical practice or a hospital, and seeking qualified medical advice
from the people waiting to get medical advice and treatment.
If you want to get brain surgery, or, your house built and maintained,
or, your car serviced, by a layman, who might not have relevant skills
or experience, then, okay, do it that way.
As an unqualified layman, my personal opinion, of no consequence, being
not a qualified professional, is quite simple - you are renting out at
least one property - you are obtaining income by other than direct
payment for your labour (wages); therefore, you are operating a business.
Go to a qualified and accredited, practising accountant.
Whilst you conspicuously omitted the information of where you are
located, with the use of the terms GST and ABN, in combination, you
appear to be in Australia.
Therefore, you would be subject to Australian taxes and tax laws.
Which means that, ever since you started renting out your properties,
you are supposed to have been declaring all income and expenditure,
related to them, and, possibly your residence.
In Australia, I believe that the applicable term for whom you need to
see, is a CPA - a Certified Practising Accountant.
You need to consult with one, as soon as possible. Find one in your
area, and, make an appointment, and explain all of your sources of
income, and, seek CERTIFIED, QUALIFIED, advice, as soon as possible.
Fines for not having met obligations regarding tax laws, can be
expensive, and, provide no benefits (other than an expensive learning
experience) for the individual.
Lack Of Knowledge is no defence (people often quote the malapropism
"Ignorance is no defence", but, ignorance involves a deliberate act to
ignore knowledge, which is different to lacking the knowledge).
Asking here, for the advice that you have asked, is the same as getting
sex education from a group of idiots hiding somewhere, inhaling toxic
smoke, for the fun of it (mostly, purely because it is forbidden and
unhealthy, making them, more the idiots) - you might get someone who
knows what they are talking about, and, you may not.
This is a software users mailing list, not a forum for getting the
advice that should be available from a Certified Practising Accountant,
and, a Certified Practising Accountant, of Australia, familiar with
Australian tax law, is the only kind of person, from whom you should be
seeking the advice that you are seeking, and, the only source of advice
of which you should heed, other than the advice to go and consult with one.
--
Bret Busby
Armadale
West Australia
(UTC+0800)
..............
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