[GNC] Am I in business?

[davidcousens49 at gmail.com]

Arthur,

While forums may be useful to gain some understanding of financial matters and
accounting for them, you always need to check carefully that any
advice/procedures provided on a website or forum (including anything said in
this forum) is actually applicable to your situation and in your jurisdiction.

You are operating a business a business and possibly are in a partnership with your ex if you both own the properties. 
Setting this up is really going to require professional legal and accounting
advice to ensure proper legal protection for you and your ex and compliance with
tax legislation on both your parts. Apart from that, those of us also in
Australia, would likely be breaking the law, if we provided such advice.

David Cousens.

On Sat, 2022-05-14 at 15:05 +0800, Bret Busby wrote:
> 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.
>