Recent content by speary

Thanks to Jan and Ian and everyone out there for such an invaluable resource.. My only wish was that I found this site earlier! See you all on the other side

If you don't want to get your schedule updated, why don't you just use the written down value and calculate the next years worth of depreciation?

To be honest I think its pretty clear based on the facts that you have presented. The ruling states a 'commercial establishment'. The fact that is says 'such as', in my opinion does not intend to be an exhaustive list of examples. Your example of a commercially operated caravan park (as...

Isn't that the same as going to the bank and saying can you increase my interest rate so I can claim more deductions. While it may provide an initial tax benefit, surely in the long run it will cost them more?

Ultimately the quality of the answers you receive is a function of the question you ask. As Phiber stated the costs involved with investing are relative to the property you are looking at. If you are looking at apartments in a block with lifts and pools it costs a lot to maintain them, hence...

Very valid points. Often we see on the Capital Works schedule from the depreciation companies, 'additional works' etc. but no detail of what this actually is. Surely if there is enough information to provide a construction date and a cost, then they should be able to identify the asset involved...

We did ours at home, and had a company come in and do wood-fired ovens pizzas. It really depends on what sort of wedding it is and what you guys want. Ours was really relaxed so the pizzas suited it, but if it was tuxedos and black tie then probably wouldn't have worked. Location will also...

While you are correct, if someone has no other income, the effective tax rate is still low, due to the tax free threshold. So, assuming absolutely no other income, if someone was paid a $70k FF div (i.e. 30k Franking Credit for a taxable income of $100k), they would still get a refund of over...

If your Pop bought it prior to 20/9/1985, then your cost base will be market value at date of death.

Agreed Dan, we have a client with about 10 IP's and they get charged between 2-3k, which is because their record keeping is almost non existent and their loans are crazy. Of course, not all clients keep an immaculately maintained spreadsheet.

No, the burden of proof is on you. But if it is not genuine, they will pick out all the discrepancies in your story.

Your accountant is correct in that there is a reduced benefit, however, that is not a reason not to get a schedule done. The same logic applies when getting a schedule for a property owned by yourself, you should get one unless a quantity surveyor tells you it isn't worth it.

The interest income would be assessable to the parents, but the interest expense would not be deductible to the child as the funds are borrowed to place in the offset and not for investment purposes.

And...right on queue, Watson blows another hundred and takes his tally to 9 scores between 80 and 100..

Wow that video is amazing!!!