[GNC] Am I in business?

[Nathan Ellery]

You haven't even mentioned which country you are in let alone which state.
Obviously you need to relate the question to the tax jurisdiction you are
in.
GST? Australia?   I don't know if other countries call it a gst but it's a
common tax.
This question would be better addressed to your local accountant or the
relevant tax department, don't trust random comments from here.
I am also into property and yes you should be keeping excellent records
otherwise you are probably missing out on allowable deductions.
Property is probably one form of investment where good record keeping is a
must otherwise you are wasting your time.
If Australia, you can go to the ATO website and search for lots of
questions on keeping records for property investment.

On Sat, May 14, 2022 at 10:32 AM arthur brogard via gnucash-user <
gnucash-user at gnucash.org> 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
>
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-- 
best regards

Nathan Ellery
Building designer
Grandesign Pty Ltd <http://grandesignwa.blogspot.com.au/>
m: 0417 951575