Recent content by dan c

I think you're on the right track. The splitting of the loan only creates two loans for the asset, rather than a loan for each unit. Therefore each loan is effectively 50% of each unit, so only 50% deductible.

My practice will match this offer!

It's only a zero sum game if the amount of the insurance payout matches the cost of the new carpet. Most insurance policies have some form of excess that the OP would have to fund out of his own pocket.

The basic answer is yes you can. The first carpet is written off, the replacement is added to the depreciation schedule to offset the income received from insurance. After the second tenant leaves, that carpet that has been added to depreciation in the current year is also scrapped. The...

None of those 'quotes' in the OP were said by the alleged quoter. It's a list of funny sports quotes, and some people change the names to make it sports specific. http://www.brainyquote.com/quotes/quotes/g/gregnorman140566.html...

Sounds to me like an initial repair, which would have to be depreciated.

You did dispute it in your first post. Anyway, to the OP, you can choose on an asset basis if you want to.

Sure, QS reports usually list a DV schedule and a PC schedule, and almost always the DV method is chosen because it provides the higher deductions in the first few years. But, if you then purchased, say, an Air Conditioner, you CAN choose to depreciate it using the PC method if you want to...

My understanding is the opposite, that you can choose to have one asset depreciated by DV, and another by PC. Once a method is chosen it can't be changed, but you can have assets in the same asset register depreciated by different methods. Agree, most would advise that DV is the way to go...

I doubt that's anywhere near true. There are regions in Mexico, run by drug cartels that would have more murders in a day than Adelaide has in a year. I think there has been a lot of unsolved, intriguing cases that have garnered a lot of attention. Cases like the Beaumont children (a case...

I was answering Allgood's specific question.

Unfortunately no. Ignoring GST, assets up to $20,000 can be written off 100%. Assets over $20,000 are to be added to the Small Business Depreciation pool, and depreciated at 15% for the first year and 30% thereafter. So in your case, the whole purchase price of $31818 would be depreciated...

My understanding is that for small business to access the $20,000 deduction, pooling has to be used.

Agree, they'll change the FBT rules soon enough. My cynical opinion is they left it alone this time, because they kicked up such a fuss in opposition when Labor tried to change the FBT car rules a few years ago.

That's why it's so crucial to get good advice before, for example, signing a lease. Many people think they'll save a few bucks and not bother the accountant / lawyer, but in many cases it ends up costing them more money and creates more headaches in the long run.