Person (“Y”) came in to my Cairns accounting practice from a referral. He had wages and a rental/investment property. He complained that he was paying too much income tax in spite of the fact that his rental/investment property was negatively geared.
I analysed his last personal income tax return, in particular what claims were being made regarding the rental/investment property. Well, I was rather surprised to see what was not claimed!
I handed him my specially designed Cairns rental/investment property check-list and instructed Y to go through it, in detail, and gather the missing data/information for me. I advised him that it will be best to amend the income tax return with this additional data that I required. He agreed and diligently prepared for me the missing data.
An amended income tax return was prepared and lodged resulting in a net additional refund of $1285.30. It cost him $275.00 (incl. gst)!! Was he happy or was he happy?