Sunshine Coast Region, Queensland
Accountant in Maroochydore
Company accounts, director loans and the unit you rent out
Company, trust and partnership tax returns, compliance and rental property returns for Maroochydore business owners and investors, from a CPA practice.
Maroochydore's CBD is on Horton Parade, and the suburb is home to the Sunshine Plaza shopping centre and the Sunshine Coast's major bus interchange. Moving the golf course to Bli Bli in May 2015 allowed the council to develop the land into a new city centre for the region, known as Sunshine Central. Andrew Petrie named the area in 1842, from the Yuggera word for the black swan.
A CBD suburb of units, townhouses and renters
Who lives here, according to the 2021 Census.
Surveyor Thomas O'Connor subdivided the town from the Cotton Tree reserve in 1908, and the post office opened on 4 October 1922. Today the suburb counts 20,629 residents, a median age of 47 and a median weekly household income of $1,360.
Of the occupied homes, 36.6% were flats or apartments, 24.1% were semi-detached or townhouses and 37.5% were separate houses. Renting was the most common tenure at 42.1%, ahead of owned outright at 31.5% and owned with a mortgage at 21.7%. Professionals made up 20.5% of employed residents and Managers 12.6%, and 13.7% worked at home.
The three rules below cover two groups: owners of private companies, and investors who own a unit or townhouse that someone else rents.
Company owners and investors: three rules to know
Taking money out of your company
Why it happens
In a small private company the director may also be the shareholder, and money moves between the company account and personal spending during the year.
Why it matters
Under Division 7A, a loan from a private company to a shareholder or associate can be treated as a dividend unless it is a complying loan. The written agreement must be in place before the company's lodgment day for the year the loan was made. Minimum yearly repayments must be made by 30 June of the year they fall due, and a shortfall is treated as a dividend. The maximum term is 7 years unsecured, or 25 years if secured by a registered mortgage over real property.
How we help
Lomandra Accounting offers company, trust and partnership tax returns prepared with evidence for every claim. Complex topics such as capital gains tax, trust distributions, company tax and superannuation are explained in plain English, with written advice where it matters most.
Keeping a company in good standing
Why it happens
A company carries obligations beyond the tax return: activity statements, ASIC documents and, for employers, FBT and payroll tax.
Why it matters
Each runs to a separate calendar, and a missed ASIC or ATO date can bring fees, penalties and letters.
How we help
We prepare and lodge income tax returns, activity statements, FBT, payroll tax, and ASIC documents on time, with reconciliations that stand up to review. When rules change, we translate what is relevant for your position and update your compliance calendar.
Buying an established apartment to rent out
Why it happens
An investor buys a unit that already has carpet, blinds, an oven and an air conditioner, or rents out a unit they used to live in.
Why it matters
From 1 July 2017, the ATO does not allow a deduction for the decline in value of certain second-hand depreciating assets against residential rental income, unless you carry on a business of letting rental properties or are an excluded entity. The rule covers assets acquired after 7:30 pm on 9 May 2017. New depreciating assets you buy for the property remain claimable. If you turn your own home into a rental on or after 1 July 2017, you can't claim decline in value for the assets that were in it.
How we help
Ask for a depreciation split between assets that came with the unit and assets you bought new.
Frequently asked questions
What is a Division 7A loan?
It is a loan from a private company to a shareholder or their associate that meets the Division 7A rules, so it is not treated as a dividend. It needs a written agreement in place before the company's lodgment day, an interest rate at least equal to the benchmark rate, and minimum yearly repayments paid by 30 June.
Can I claim depreciation on a Maroochydore apartment I bought established?
Not on most of the fittings that came with it, if you bought after 7:30 pm on 9 May 2017 and don't carry on a business of letting rental properties. New assets you add yourself can still be claimed.
What do you need for a company tax return?
Last year’s tax returns and financials, current Xero or bookkeeping files, bank and loan statements, payroll reports, BAS and IAS history, ASIC company statements, trust deeds and minutes.
What if the ATO asks questions about my company?
If the ATO or a regulator asks questions, we respond with complete documentation and context.
Where to next
Have a question?
Talk to Lomandra Accounting
Fixed fee options aligned to scope and transaction volume with clear inclusions and timelines. Advisory and virtual CFO sessions can be packaged monthly or quarterly.
Lomandra Accounting is a CPA Practice, registered with the Tax Practitioners Board and an SMSF Specialist. Emma, the Director, is a Certified Practicing Accountant (CPA) with extensive experience in commercial business management, and specialises in Self-Managed Super Funds (SMSFs).
- 07 5234 9201
- admin@lomandraa.com.au
- Sunshine Coast, QLD
- Monday to Friday, 9am to 4:30pm