Recent content by u3228133

I am lucky, I got sent two of these letters. They are exactly he same. Maybe i will be targetted! Kissfan, just a letter to remind you of your obligations, no need to reply. Yes it is like Buzz's post from last year.

Risky, you are correct regarding the shares thing. It will also apply to FTB payments too. It is basically an equity issue, and also a budget one. Expect to see your 2010 tax return to look alot more complex than it already is.

You will only have a problem if you plan on using an ITW variation, and don't tell the ATO at that time that you have a HECS debt. I told them two years ago when i had a HECS debt and they incorporated the HECS debt into the rate they calculated for me. And come lodgment it was all ok.

I think you are all missing somethign here. Any negative rental income is added back to your taxable income when calculating your HECS repayment income. So the example given above is wrong, you would still be liable for HECS on the $50k. Getting this wrong will cause a nasty suprise at...

Iwent along to the Canberra 'consultation' session. I came away disappointed. 1. The room was mainly filled with self funded retirees complaining about not getting enough support from the Govt due to impacts of GFC. 2. There were a couple of 'know it alls' that had all the solutions for the...

more data, http://www.ato.gov.au/corporate/content.asp?doc=/content/00177078.htm interests 2005-06 ----- 2006-07 1----------- 1,081,067 ----- 1,118,260 2----------- 272,677 ----- 281,944 3----------- 82,283 ----- 85,193 4----------- 29,738 ----- 31,227...

Are you allowed to deduct car expenses relating to your IP when using your packaged car, since in effect they have already been deducted from your salary so claiming them again as an IP expense is double dipping? I thought that you could not. Anyone else know??

http://www.ato.gov.au/superfunds/content.asp?doc=/content/00100435.htm&page=13&H13 the total asset ranges of smsf over a four year period. As you can see there are many smsfs with not much assets, and this is before the financial crisis.

I just installed some fake grass two weeks ago in the backyard my PPOR. It looks great, and suits the backyard very well. It is in a 2 bed townhouse, with backyard being a 7x7 courtyard. Have paved about half, fake grass half with some garden beds around the outside. It has transformed the whole...

Getting back to FTB calculations, i made a little spreadsheet to estimate what someone could get via the FTB system, see attached. It currently assumes that each kid you have is 5yo or below. It can factor in rent assistance too if applicable. Feel free to use, but remember that it is not...

have you been claiming any depreciation on the property while it was an IP? If so you i thought that you will need to lower the cost base accordingly?

Some ideas/thoughts. Is it a possibility for them to move into the current IP, sell current PPOR (CGT free)? There will be issues about giving the kids the proceeds as centrelink can include that back into the asset mix when determining eligibility (not sure what the threshhold is, i remember...

I think that salary packaging rental interest repayments is only in operation for those people that were doing it at the time the last budget was announced, and will be finishing at the end of this FBT year. So unless you were in it before then, you can't get into it before it closes in 5...

I got a second hand portable unit last year (1.5 hp, hotpoint) and it works well, best part is that only had to pay $270 for it. And where i live you only need air con for a few weeks a year (if your house is properly insulated etc), so the rest of the time it lives in the garage with all of the...

I will. I have been with them for about 6 months now. And find thier service very good. They have very good communication (phone and email), and are happy to help me in any way they can. I have spoken with a few of the people that work there and they are genuinely intersted to help you get...