Recent content by SliderC

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    Tax deductability

    ATC 4242; (1999) 41 ATR 139. Steele's case concerns, amongst other things, the deductibility of interest on money borrowed to purchase land intended to be developed. The case involves claims for interest incurred in periods during which no relevant assessable income was derived. Seems in line...
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    Tax deductability

    Hi Paul, My apolagies if my intent was ill communicated, I greatly appreciate your advice and was certainly not trying to fish for a yes answer. Its actually a little ironic that you interpreted it that way :) The main purpose for my re-raising the question was to determine if possibly the...
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    Tax deductability

    Possibly deductable vs not deductable? Not sure how this could be read as the same thing? Just wondering if this is a symptom of new build vs existing build>renovate. Cheers
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    Tax deductability

    Hi Paul, I noticed a different response here to that which you gave in my thread here: "Hi Paul. Are you saying that the 6 months interest paid during construction is non tax deductable? - No. The interest is possibly deductible" Is...
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    Borrowing Costs?

    Hi Guys, My understanding is that borrowing costs can be deducted over 5 years or the life of the loan (whichever is shorter). I know this includes mortgage insurance however had a few bank fees at settlement I wanted to query: * Land Titles Fee ~$1100 * Settlement Fee $200 * Bank...
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    Interest Costs during renovation for Rental

    Hi Everyone, Scenario: Bought an investment in QLD, performing some renovations to improve rental. * Replacing Bathroom * Replacing Doors, door handles * Installing dishwasher * Tiling living areas Question: * The renos have taken a couple of weeks during which I have paid...
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    Logan - arguments for and against capital growth

    Kick it off by sharing your thoughts on the matter
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    Landlord Insurance vs Building Insurance

    I just filled out a quote for landlords insurance on the Allianz page and it asked me to enter the estimated value of the home. Is it normal for people to take out building insurance and landlord insurance? Are they generally considered different policies, one covering your building, the other...
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    Depreciation / ETAX

    @Gary and @Costy Im not real worried if it triggers an audit tbh, it would just be another learning experience for me, got nothing to hide. The reason I chose not to use the schedule in the first place was my original question: "If I put ANYTHING in the Depreciation Worksheet, I cant put...
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    Depreciation / ETAX

    Heh Datto, Yea Got it in with around 6 hrs to spare :P Ended up ditching all the manual calculations on the Depreciation Worksheet and ditching the manual calculations on the LVP deductions page and simply entering them both as static values on the Rental Schedule sheet. So much easier, same...
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    Depreciation / ETAX

    Hi Paul, Awesome reply... What worries me is that the last year, I got the tax done by an agent and they did enter in the low value field so if I elect not to this year and just enter the deduction total into the I: Capital Allowances/Depreciation field it will probably stick out like a...
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    Depreciation / ETAX

    Also, the low value pool is pretty stupid, it doesnt allow you to select 50% ownership like the rental page...
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    Depreciation / ETAX

    Ok so I think Ive confused myself however want to ask: I have a depreciation schedule written by BMT with two options: Diminishing Value/Low Value Pool and Prime Cost. I went with Diminishing Value/Low Value Pool. This method has entries for: Div 40 (Plant and equipment) - Effective Life...
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    Ferny Grove, Upper Kedron and Capalaba

    In relation to Capalaba, I would personally invest closer to the coast (manly/thornside/birkdale/wellington point/ormiston). They are all less then 5 minutes drive from Capalaba however have the added advantage of sea breezes and the all important railway (connecting renters to the city). Of...
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    $350K Budget around Brisbane

    Ormiston is around a 40min trainride to the city. I cant comment on the crime rate however it has a good stigma due to the "upper class" side of the train tracks. Thorneside I'm not really sure about however I get the feeling that its kinda middle ground (between cleveland and the city but far...