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I have just received a PBR from the ATO agreeing that letting the interest capitalise on a rental property loan and using the rent to pay off your own home is not caught by Part IVA in the circumstances I outlined. Open the flood gates this means my client will be able to shift all her non...

TD 2009/17...

From the ATO: 19 November 2008 Claiming interest deductions in certain uncommercial trust arrangements We have released a draft taxation determination which provides the Commissioner's preliminary, though considered, view on interest deductions relating to money borrowed by taxpayers...

I rang a legal firm in Perth yesterday because someone had given me their deed to read, asking whether it was a HDT. It certainly seemed so to me so I rang hoping that they would have some advice on what these people should do. The solicitor I spoke to clearly agreed that it was a HDT in fact...

Thanks for all the advance orders we assume were from somersoft forumites, while we were still testing the web site shopping trolley. I am pleased to announce that the book arrived from the printers today and every order should be filled and in the post by Monday. Hope you enjoy Saving Tax on...

Interest not deductible and payment was ETP 24 April 2008 Case 2/2008 2008 ATC ¶1-001 The AAT has held that interest payments on loans taken to purchase units in a trust were not deductible, and that payments received by a taxpayer were eligible termination payments despite being in...

Hi All I have been very busy lately, finally finished the book but still haven't done by 2006 ITRs, so I have not been watching the posts here for a while. Has anyone drawn your attention to PBR 69725. Gives us a bit more certainty on using lines of credit and capitalising interest but...

Has anyone had experience with Oz Invest? Are they reputable?

Is this the final straw for Hybrids or will this PBR be challanged. http://www.ato.gov.au/rba/content.asp?doc=/rba/content/66298.htm Basically says that you only get a deduction for the interest equal to the amount of income received. Seems to cover typical Hybrid arrangement but there...

Is there anyone out there who has a HDT and receives Centrelink family payments? I was just wondering how diligent Centrelink is. With income and the interest expense from the HDT going into item 12 on the tax return but showing an overall loss do they pick this up and add it back or just...

Hi All, Does anyone out there know what banks are HDT friendly? So far only the Bank of Qld has be interested. Julia www.bantacs.com.au

Has anyone received a ruling or passed an audit of a HDT that made a distribution to the discretionary beneficiaries? Julia www.bantacs.com.au

Its finally finished and on the web site. This booklet explains the fine line between developer and merely realising an asset. With lots of examples from rentals, farms, land, specs etc. Then all the tax ramifications including GST. The margin scheme is also explained. Its in the free...

Imagine how you would feel if you borrowed $100,000 to invest in shares. Then when it came time to do your tax return your Accountant told you the interest is not tax deductible because the money went from your loan to your cheque account so you could write a cheque to your broker. A recent...

Site underdevelopment www.bantacs.com.au is under development but already has far more info than other sites. No passwords or e-mail addresses needed. A straight google search. It is growing so fast so check it out in a months time as well.