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Some people are of the view that you can claim Land Tax Arrears in the year in which you paid the amount from the notice from the OSR. Not correct. Must be claimed for years to which it relates. Could be nasty if you can only amend 2 years worth of returns and land tax arrears is for many...

Had 4 clients receive letters recently from the ATO in relation to their 2012 returns. Basically letter says you may have incorrectly made claims to your borrowing expenses. They then show a schedule of the borrowing expenses claimed and show another table by the amount they intend to adjust...

Some non residents have positive rental income and want to make a contribution to superannuation and claim a deduction to minimise their overall tax position. Where the non resident provides a valid notice of intent to claim the deduction to the Fund and the Fund acknowledges receipt of this...

Budget 2014 seems to contain no changes for property investors as many scaremongers predicted.

A few clients have done some property investment courses and the promoters have been telling them that the fees are 100% deductible. Would like to refer people to ID 2003/324 http://law.ato.gov.au/atolaw/view.htm?docid=AID/AID2003324/00001 Had a client who owns NO investment properties being...

Mods if this isnt allowed here then feel free to remove. We have a lot of clients from Somersoft so thought it would be a good additional medium to let people know of our new yearly client meetups. As you know House of Wealth has been virtual for almost 8 months now and we thought it would be...

Well interesting day yesterday. Client situation PPOR turns to IP IP rented out until sold PPOR main residence absence provisions used for 6 years. First confusion for client was whether the cost base was the market value on the date 6 years after they moved out i.e. the end of...

The 2013 house of wealth tax checklists have been loaded http://houseofwealth.com.au/resources/checklists/ thought they might be handy for those who also arent clients and might help you when presenting your info to your current accountant so they can maximise your claims.

*''I'm saddened that both my girlfriend and I will have no choice but to work well into our 30s so we can squirrel together a deposit for that two-bedroom dive that she's so sure is just around the corner,''* this was a quote from a freelance writer in smh today. Pathetic. Myself, my parents...

House of Wealth is now taking instructions on the movement of real property in New South Wales from an individual to a trust, from a trust to another trust, from a trust to a self-managed superfund, from a company to a trust and other variations on same without there being a liability to duty...

Anyone else notice heaps of users logged in with strange usernames e.g b1dffg56. Heaps of rhem. Im guessing being used for spam. Having seen more of them lately I feel for the admin who have to vet it all.

For those dealing with an adviser who has been keep up to date the Queensland OSR has finally confirmed that property may be moved in Queensland without incurring a liability to stamp duty. The case in point was where a trust had two Queensland properties and the client wanted to move one to...

Thought the forum might like to know TerryW is now able to provide taxation and accounting services. Speaking with Terry the prices are very competitive. Some of the prices he discussed. - A DT with one property for $770. - SMSF basic including audit for $770. - Company returns starting...

Thought might be of interest as have had a few enquiries regarding this one. Property agents buyers that relate to the acquisition are not deductible. ID 2009/9 confirms this is the case. Therefore it is a capital cost. ID 2003/361 states that property agents buyers fees do form part of...

http://blog.xero.com/2012/05/pocketrent-online-property-management/?utm_source=twitterfeed&utm_medium=twitter&utm_campaign=Feed%3A+xerolive+%28the+Xero+blog%29 Check it out pocketrent integrates into Xero.

Looks like cheap labour resources have been approved. http://www.smh.com.au/national/us-workers-to-fill-shortages-in-australia-20120402-1w7pp.html

http://smh.domain.com.au/real-estate-news/strata-laws-up-for-state-review-20111214-1ouup.html Not quite sure what changes are proposed but if they limit the number of students per unit then demand will massively outstrip supply. Rents in the Sydney CBD could increase dramatically if they...

As we all know myself and a few other accountants have been using MGS HDT deeds for some time as we have felt confident in them passing an ATO audit. House of Wealth have just had an audit done on a HDT, with the amendments, and the audit has been completed without any issues...

Speaking to James GG today and sounds like things are going really well at House of Wealth. Congratulations !!! You have been subject to a lot of naysaying not being an accountant :p but your success is proof that knowing your stuff and being a registered tax agent is sometimes even better. :D...

Another predicted down day on the market. Which will mean we should hear from the day traders. I love how we never hear anything from them when the market is rising but the minute it starts falling we hear about the great trades being done. Would love to hear the other side of the story but...