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Let me share with you a story that happened not too long ago....I was
on one of my Interstate trips a couple of weeks ago and I also meeting
some of my existing clients for their log
book training and also doing some 6 or 12 monthly reviews.
One particular client lives in Brisbane and he worked in the IT industry
for the Ipswich council, I was going through the Log Book with him
and we were talking about what we can and cannot claim against his new
investment property he had purchased and he said to me.
"Dino...did you know that some Accounting software programs have
problems with them that they don't even realise as I have found with my accountants software".
And now with the mistake he had found in the software, he has now gone back
and checked all previous year’s tax returns that proved also to be at
fault.
Result?
He is now claiming for all the loss he had missed out all those years,
which means this year he will acquire himself
a good tax return.
 Its funny isn’t
it, don't we all take the computer too much for granted these days, and
I personally have found mistakes with my property manager’s end of year
reports.
We all use the computer for everything these days and it's so easy
to accidentally type in one wrong letter or digit and it has gone into
someone else’s file or wrong area and that could be YOUR loss.
So what does this tell you?
You must check everything, even if it means writing all exp and incomes on a hard copy
or have your own software system that follows it all.
Then check it against what you get from the Accountant or Property
Manager.
We double check every single statement that we get from our Accountant
and
 Property Manager, we physically write all expenses in property log book,
(this
is what all my clients get and are trained with after the property has
settled).
At the end of the year when I do receive the financial year statement
from the property manager we double check every single entry making sure
everything all
is in place and claimed for.
When you do this exercise and double check all statements, you may be
surprised with the mistakes you find. So take nothing for granted and
check those statements.
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Did you know that when you
sign off on your tax return from your Accountant, this means you
have checked the return and everything is in order and correct. So
if there is a mistake with the return you do acknowledge and take
full responsibility and not the Accountant. |
Remember Dream big dreams because they have magic,
small dreams create nothing.
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