[GNC] Am I in business?

[davidcousens49 at gmail.com]

Arthur,

You appear to be in Australia or somewhere that has a similar tax system.

Short answer - you derive income from the properties you rent out - you are
conducting a business.

If you are in Australia you will be subject to capital gains tax on all the
properties apart from your main residence - the one you live in.

You will need to maintain records for both income tax and capital gains tax
purposes. Some costs associated with the properties will be allowable deductions
for income tax purposes  and there may be costs associated with improvements
 which may be addable to the cost basis for capital gains tax purposes.

THIS IS NOT SPECIFIC ACCOUNTING ADVICE AND IS NOT NECESSARILY APPROPRIATE TO
YOUR CIRCUMSTANCES. Consult an accountant for specific advice relevant to your
circumstances. The ATO website  can provide a lot of information.

David Cousens

On Sat, 2022-05-14 at 02:31 +0000, 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
> 
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