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  1. syba

    Is this allowed?

    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.
  2. syba

    Is this allowed?

    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...
  3. syba

    Plumbing depreciate or cost base?

    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.
  4. syba

    Building a new investment property

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

    landscaping and tax

    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...
  6. syba

    Deprecation report

    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...
  7. syba

    Deprecation report

    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...
  8. syba

    Repair Cooktop or Replace with New at Investment Property

    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.
  9. syba

    Can you send me your Depreciation Schedule?

    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...
  10. syba

    Can you send me your Depreciation Schedule?

    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...
  11. syba

    Depreciation write off

    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...
  12. syba

    ETax 2014

    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!
  13. syba

    Depreciation Schedule is it worth it ?

    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.
  14. syba

    Depreciation Schedule is it worth it ?

    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).
  15. syba

    Renovation Kitchen, Interest & Depreciation

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

    Depreciation Prime v diminishing cost over long term

    Most people use diminishing value rather than prime cost. Reason is that when they first buy a property things are pretty tight and the increased deductions are more beneficial (the first few years in particular are much higher as the depreciation rate is double prime cost, plus you can write...
  17. syba

    Depreciation Schedule from previous owner

    Personally I would suggest you get a new report done. If the depreciation report was included in the contract (very unlikely) then you have to use it. You can use the original opening values and get the accountant to "recalibrate" it (eg things that were say $300 and completely written off may...
  18. syba

    depreciation schedule for 1970's property

    Even if the capital allowance is added back when you sell, wouldn't most people prefer to have say a $10k tax deduction today and have to pay it back when you sell 10 years later (which assuming you hold the property for more than 12 months the CGT is reduced by 50% making it $5k).
  19. syba

    Site Inspector

    I know some people who have done this and generally they get paid a fee per job plus an allowance for travel/accommodation if necessary. Sometimes they get paid per hour but I think that doesn't happen too much as the company gets paid a fixed fee to do the job so also want a fixed fee for the...
  20. syba

    Depreciation Schedule Question - for Unit

    I beg to differ about the sinking fund (not the special levy). Direct copy from the ATO website: "Payments you make to body corporate administration funds and general purpose sinking funds are considered to be payments for the provision of services by the body corporate and you can claim a...
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