Recent content by ntowill

Hi, I have an IP which was PPOR for the first 6 months, then IP since then (about 4 years). I am trying to sell it at the moment and it is not tenanted now. A couple of questions: 1. As it is not tenanted/availble to rent, is the loan interest, etc. that I am paying still deductable, or do...

We prepare a lot of depreciation schedules and we also see a lot of our competitors schedules. The thing that worries me about this site is that they seem to be relying totally on the previous reports. Say the current report has an item depreciating a wardrobe. How will taxupdate.com.au know if...

You are right. The exchange date determines which laws/rulings apply, but of course you can only start depreciating the assets from the date of settlement. If you exchanged some time in June and settled after July, the old depreciation rates apply. You should also note that not only has the...

According to the latest ruling on the "effective lives of depreciating assets" it states that it only applies to assets aquired on or after 1 July 2004. However this is only applies to the assessment of the effective life of the asset (eg. 5 yrs, 10 yrs, etc). If the rulings states that...

I’m in a bit of a dilemma. I own a unit which I have lived in the past 2 years, so it’s my PPOR. I also rent half of my unit to someone else. I was advised a little while ago that I should claim deductions (interest, depreciation, expenses, etc) for the half that was rented as I still wouldn’t...

Valuer I'm in the same situation as this - about to move out of a PPOR which will become an IP. You stated I need to get a valuation (as high as possible) for the property. Who do I need to contact to get a valuation? I assume I need to get a Real Estate Valuer not just a Real Estate Agent...

Thanks Dale - you just made my day!!! :D

I bought a unit which I still live in (bought with 1st home buyers grant). I bought it about 1 year ago, and 6 months ago I started renting one of the rooms in the two bedroom unit to someone else. I basically have two questions: 1. How long do I have to have lived in the property (ie...