Recent content by craig73

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    A quick tax deduction question

    Thanks again. Yep, I have been to the accountant and I could claim a trip to meet with the managing agent for renting it out but for all else he will put it in the depreciation schedule. Craig.
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    A quick tax deduction question

    Thanks everyone. Yeh I have a feeling it should be considered an expense of building therefore it's capital. I will still take records to account and see what he says because it is quite a bit if it's claimable. Craig.
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    A quick tax deduction question

    Hi, I'm wondering can I claim travel/phone/postage expenses incurred during the construction of a rental home or is this considered capital expense? Thanks, Craig.
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    can he claim both renovations on tax???

    My understanding is that you can only depreciate renovations for rentals. So if he renovates both and moves into unit one and rents out unit two, he can only depreciate the renovations carried out on unit two. I don't think what you described qualifies as repairs.
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    Tax on building & selling spec homes

    Thanks Letiha, Can anything else besides interest be claimed during development eg rates, bank account maintenance fees, construction loan fees, borrowing costs like mortgage duty, house insurance? What worries me about claiming as if it was always a rental is we had it listed a short time...
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    Tax on building & selling spec homes

    Oh I see, well that's fair enough then. Thanks, Craig.
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    Tax on building & selling spec homes

    The fact that we can't claim anything before we changed our minds is pretty rough I think. If we were to sell it as planned then all of that interest would have been claimable - if it was always going to be a rental then all of that interest would have been claimable. The other problem is...
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    Tax on building & selling spec homes

    Thanks for the responses. Yes the initial query was about CGT but as Poppy mentioned - it is not CGT but GST that would apply in my case. I thought GST was meant to simplify taxation, but from what I have read it looks horrendous. Craig.
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    Tiles V Vinyl

    I think that tiles are more popular in Brisbane than vinyl. We paid $22 sq.m for our tiles on a sale at 'Uptiles'. If you decide to go with tiles I can give you the details of the tiler that did our place at D'bay - it was the same tiler our builder used for the wet areas. He did a really neat...
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    Tax on building & selling spec homes

    Thanks a lot for the link to that website, I think I managed to gain some understanding from it. So 1/11 of sale price will be GST - but the GST paid by the investor whilst building can possibly be claimed. I read that the ability to claim GST credit somehow depends on if a margin scheme was...
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    Tax on building & selling spec homes

    Hey there, I hope your house is going well. I haven't been to the estate for a while but I plan to go tomorrow and will try to get a pic of yours again while I'm there. We haven't made any claims yet which may be a good thing since the market doesn't look good here for selling at the moment and...
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    Tax on building & selling spec homes

    Hi, just wondering if someone can shed some light on the tax payable when building then selling spec homes. As an example let's say (rough figures): $180,000 for the land $170,000 for the house $350,000 And then there's all the other costs (rough figures again): $5,000 Stamp duty on...
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    Tax Returns - Cost or DIY

    I paid about $280 last year for 2 IP's and income tax. I initially did it myself using QS reports but when a sump pump had to be replaced for one of the properties I had no idea how to incorporate that into the depreciation schedule so I decided to go to an accountant. The main reason for me...
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    6 year rule

    Hey thanks Pat - I'll have to remember that line :)
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    6 year rule

    Hey thanks for your info. I have scoured the ATO site and can't find anything about depreciating a main residence while renting it out. I went through the CGT tool at http://tinyurl.com/24b5zy and it said I will be exempt (there were no questions about depreciation). CGT and depreciation have...
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