To claim rent expenses under the company or trust, you will need to have a genuine market rate rental agreement between the owner of the property and your business. If you do not own your property, you will need a contract with your landlord. Alternatively, you may claim occupancy expenses (subject to eligibility) in your personal tax return against your salary.
Examples of occupancy expenses are mortgage interest or rent, council rates, land taxes and house insurance premiums. Homeowners will need to consider capital gains implications should they sell their property in the future.
If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.
From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.
Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.
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