no no. the tenant was renting it before and left with a mess.
Iam repairing the property back into livable condition before putting back onto the rental market.
Understand all my labour hours can not be claimed as deduction. But does the bunning receipts and other repair bill - could...
Hello tax experts,
Iam currently doing some handywork myself for one of my previous tenanted damaged investment property.
It is very hard work and possibly the last time i'll be doing this type of hard labour work.
I have kept all the bunnings receipts and recorded time spend on the property...
I work fulltime for a consulting company so there is a limit to what i can claim unless they are related to work of course.
But it seems like reading on the forum, ppl creates a business on the side with an ABN and somehow offset and deduct via their business to reduce tax...
sorry i wasnt clear. Iam also talking about top-up.
1. Exisiting loan $300K
2. Re-val / Re-finance with top up equity $100K
3. So the new $100K would go to the sub-account to prevent loan contamination?
Is this correct?
Thanks MIW, i do agree with some of your points.
Understandably when one is working hard to make a better life for the family then looking at a massive tax bill which the government meant to utilise it usefully but hasnt. Then one will feel better to have that money in their own pocket...
so you mean:-
zoning = R3 medium density - so can expect to build more than a duplex
size block = depends on council?
frontage = depends on council?
so what where is this information shown about size and frontage so one can assess whether multiple townhouses...
thanks for the advice Andrew.
Yes my current IPs are quite low in LVR.
Are you saying that if i re-finance my existing loans to a bigger loan for each of the properties resulting in a higher LVR then i can claim more deduction in tax?
A recently received an email from Mark Rolton massland - Maxima delivers $13,516 worth of tax savings per year!
would you consider...
hahhaa great answer =) love it.
yes, Scott corrected me before. Iam on $150K so it will be 39% tax bracket.
I asked this question because many assumes that the fee of $300 is 100% deductible which is not the case as it comes under your tax bracket.
thanks again Paul. looking forward...
one thing iam not 100% sure is for example if i approach a tax agent for 1 hour meeting and just say they charge $300.
How much percent % of claim of the $300 will get back?
My income is $150K so the tax bracket is 49cent per dollar. Will i get 49% back?