Recent content by syba

Good point Terry. I should have clarified - I'm talking about your typical P&I home loan purely related to the property and not contaminated with other things. Typically that is the loan used in PPORs (in my experience anyway), although IO are becoming more common nowadays.

When you say original loan, the only bit deductible would be the loan balance as at the time it became an investment property. Eg if you originally borrowed $400k, but after making payments over the years the loan was reduced to $250k, only the interest on $250k is deductible. Interest on...

It isn't a depreciable asset and not a repair. It is a capital item and can be written off over 40 years, ie 2.5% pa.

Are you saying that you can't include builder's margin in the depreciable item? I beg to differ....

What Scott is saying is a good rule of thumb - if it is hard you can claim it, if soft you can't. However I believe the reason is more to do with what the "improvement" is doing. When you install a hard item like a house, a fence, a driveway, etc you aren't making an improvement to land but...

I'm not on here to drum up business - just trying to help people out where I can (not on all the time). That being said, if anyone wanted to contact me I will always respond to them or refer them to one of our other offices if they are in a different state. People on this forum seem to be happy...

Nothing against Depreciator or any other reputable QS's out there, but as a QS working for a company that does traditional "core" QS services such as cost planning and estimating for construction projects from conception through to completion, we also produce depreciation schedules but is not...

Either 2 options: 1. He is an electrician and can do it himself 2. Many cooktops nowadays have a plug in connection rather than being hard wired so it's just a matter of unplugging the old, loosening the mounting screws in the old cooktop and doing the reverse to the new cooktop.

One other thing relating to the snide comments about Taxation Ruling TR 2009/4 which has been withdrawn - this gets withdrawn and resubmitted in July every year (I presume fullylucky is aware of this and has read and understood all 250 pages of this ruling and has researched into the relevant...

I hope fullylucky is the only one here who thinks his "report" (picture my fingers doing the inverted commas here) is suitable to use in his tax return. Reading his comments in this thread made me have a right chuckle and shake my head in disbelief. I see some pretty graphs but where is the...

Depends. Do you have Landlord Protection Insurance and are claiming the damage through that? If so any excess you have to pay on your policy is deductable, but the cost of repair is cancelled out by the payment from the insurer. If you don't have landlord insurance - go get some. Is pretty...

Agree when doing kids tax returns. I didn't want to do all this so I just used etax as normal but didn't lodge electronically. Instead I printed their returns, signed them and posted them off. Have already received their refunds but am waiting on mine which was lodged electrically at the same time!

I'd suggest to do it now. You'd have all the costs for the kitchen refurb works to give to your accountant and they'd know what to do with it. They'd also be able to scrap any depreciable items that were disposed as well by using the depreciation schedule.

I presume you bought it in May 2014 (not 2015). Yes you can use the Depreciation Schedule in the 2013/2014 FY tax return. You can also amend tax returns already completed for up to 2 years (noted in case you had already submitted your tax return for that FY).

In relation to the depreciation schedule, all the cupboards, etc would write off at 2.5% and the appliances at a higher depreciation rate.