I am giving a rent of car park in my apartment.
This guy who's using and paying wants to get invoice everytime he pays. Of cos it seems like tax purpose.
I find this is kinda meaningless to get him cuz this is not vaild case to tax deduction.
How u guys think?
Right didnt think about thats my extra income.
Thank you so much
he might need a tax invoice so he can claim it directly with his employer on weekly basis?
proofreading is a thing…
This guy whos using and paying wants to get invoice everytime he pays. Of cos it seems like tax purpose.
and fair enough. You are 'selling' your carpark space to them.
and of course, you'll be claiming that carpark income on your tax, as you're legally meant to do.
you better check your lease agreement (or whatever) and check that you can actually rent out your spot
OP could own the property.
OP may not own the property.
exactly, so these comments and the original comment bares no point the topic OP posted.
I disagree. Lease agreement (or whatever) could refer to Owners Corp rules. Rules may exist that prevent OP from legit renting his space. A lot of apartment buildings forbid it as they don't want non-occupants accessing their private carparks.
It is your comment that had no purpose. I posted to negate it.
ATO read these forums.
Hope you haven't done your tax for FY16-17 yet. You better go back and amend your income before they catch you. You can go to prison for income tax fraud.
You won't go to prison over failure to pay approx $750 in tax. We are pretty lax over premeditated white collar crime.
Yep. worst case, you'll have to pay the outstanding amount.
If he needs a Tax Invoice, then you'll need to have an ABN.
Personally, if I didn't already have an ABN and the person renting my spot expected a Tax Invoice, I'd either jack up the price to just under what it'd be to lease a spot in a public carpark or I'd just rent to someone else.
The amount of time and effort is just not worth it for the amount of income received.
Don't worry about it being a tax invoice or needing an ABN. If he must have a full tax invoice and require you to have an ABN he should be parking somewhere else.
Print out a bunch of invoices and have them ready to go. Fill in the amount, date and sign each time he pays. Simple.
It's only a tax invoice if you're charging GST. Otherwise it's just an invoice.
An invoice can be handwritten. All you need are:
Your name, Their name, Date, Amount, Purpose, Your signature. Would take you like a minute every time:
" [Your Name]
[Date]
To: [Their name]
For Car park spot from (date) to (date): $Amount
Total: $Amount
Signed,
[Your name]
Signature.
"
Done.
http://forums.whirlpool.net.au/archive/2548256
It is confusing. Some ppl says am not entitle to type in my income.
Here is my circumstance. I am renting a unit 630 dollars per a week and he pays 25 dollars in a week
$25 a week and he wants an invoice?! Tell him no, if he wants an invoice it will be $40 a week for your time and stationery costs, also tell him as your income for GST is below the threshold you don't have an abn so you can issue him with a receipt of purchase.
Thats what am saying.. its really annoying to keep make
$25 a week is a lot. It all adds up as that comes to $1,300 a year. This is by no means a small amount especially if he can get the amount deducted/reimbursed via ATO/employer
What the OP should do is to offer to do monthly/quarterly invoices rather than weekly. This will cut down on admin costs. Just create a simple template via Word/Excel and every month you can just easily change the dates and give him another copy. Should be able to whip one up a template in 10 minutes. The rest is just printing it out and handing it to him or even pdf it and email it to him if he will accept that.
spreadsheet and printer, or pdf and email.
just issue invoices for $25. no gst or abn required.
Careful with any official agreement and paperwork. Some councils charge a parking tax for example City of Perth do. Rules would very depending on council and may not apply to a single bay or they may never find out but the more paperwork there is the more likely
Invoice quarterly, and change the fee to quarterly in advance.
Problem solved.
Just make up and print off an invoice if that makes him happy.
Some people charge more if an invoice is required because it turns cash income into taxable income which you must declare - food for thought.
You can't tell whether it is a deduction for him or not.
You need to declare the extra income for your tax purposes.
I would tell him you will give him a statement quarterly or annually showing his payments so you don't have to do admin all the time.