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Can it work? Yes it can be done as s67 now contemplates refinance but your original loan must strictly comply or bank wont deal and could fail The limited recourse rules. But its very complicated and extremely expensive and if one thing occurs to stuff ip the chain you will have a non complying...

Qualified advice A taxpayer may amend a return in the instance of not previously possessing a depn schedule. There is a general two year limit based on date of the notice of assessment. However a taxpayer cannot defer such s deduction as this implies taxpayers can opt out of deductions and...

Terry when your legal qualifications in law come through pls explain how a trustee can steal assets as suggested? Total rubbish and imaginative. Legal personal representative becomes trustee and executor on death. No delays. Supreme court ? Please

Reply These posts are appalling, factually flawed and appear unqualified opinions. Thats what free advice gets? Financial and tax advice for free is probabably as good as asking someone who has first aid to do a bypass

Im an accountant and this comment is stupid. The costs of transaction fees, accounting and tax have all been ignored. Also Asic fees for trustee and smsf levy now $300. $115k is far to little to be cost effective as an investment strategy without significant gearing risk. A Licensed adviser...

Fences Mike is 100% correct. Fencing is never deductible even if replacing another fence. A repair that is deductible would be permitted for paling etc but not replacement, rejuvenation or similar. Its the old carpet issue issue with rentals... If old carpet is stuffed and is replaced its still...

Using BA / SMSF Agree with the basic issue of cost base. My post concerns the strategy. Lets Assume market value of prop is the contract price. You are buying at market plus legals plus duty plus agent. There is potential for recourse against the other assets of the fund. While its implied this...

Hmm if it looks and smells like a scheme it probably is. You sound like you have a vacant unit and no tenant and want it to be sold GC. I would think a binding private ruling disclosing this might be adverse. The "all things" test in GC addresses this fairly well but agree doesnt set rules. Risk...

Mike would you consider talking to A clever tax guy for $500phr or the itp guy doing tax for $70 if you had a bit of a tax problem. Doesnt this equate well to smsf too? I would have thought the guy who is busy and well demanded might be far more an expert than a fob with tafe cert doing smsf...

Actually my comprehension levels pretty good. Yawn

Deductible Yes it might be if you follow practical advice such as ensuring the temp funding is documented and not in cash. Bank account entries assist. Also weite down loan terms and make this an agreement. Then new funds documentd to repay first loan in same amnts all should be ok. Free advice...

Jonno Great question and my pal mike is correct. Reality is every vendor and buyer should check tax position and if works the GC should be pursued. Lawyers will insist contract has a failure clause too. This is example of when you should have a local tax adviser who you can refer to. I support...

Loan You want to ensure a few things: 1. The loan has recourse. That is if you dont pay they will carve off your left nut. If loan is later forgiven etc the whole thing would be seen as a sham and ATO likely to see it as avoidance and you can expect amendments to deny all interest for whole...

Partition NSW Partitioning is now a taxable supply for GST purposes. watch it cause what someone didnt tell you is that this creates a GST funding issue (Banks wont fund it). Someone has to pay the 10% now and hold it until dev is completed.

QS Reports Good QS experts access council records or make their own assessments. Leave it blank if you dont know. Better to do this than guess.

Price v's Cost v Value I will admit I make a living from supporting a lot of SMSFs. But I have to question someone trying the ebay gypsy approach to strategic professional advice and services which support their lifetime retirement savings in the world best tax concession driven scheme. $1.4m...

And then... Did you know not all investors claim tax deductions ?? So maybe the PAYG issue has run its course. Have you considered the other tax benefit? For some there can be CGT advantages of not claiming tax a deduction (which creates a loss or takes them under thresholds etc). A...

SMSF & Property Can a SMSF Neg gear...Sure. One overlooked issue with SMSFs acquiring property is that the loss from rental activities (an investment) can offset taxes on contributions. That said, we arent talking big $$ and with a tax rate of 15% the benefits are slim. For example if loss was...

Read http://www.ato.gov.au/corporate/content.aspx?menuid=0&doc=/content/00262404.htm&page=10 For those who can't read, the rules are pretty stright forward. If you rent out any part of your home its taxable. The ability to claim deductions is determined on another basis. For "board" to family...