1. CosmicTrevor

    New ATO Exposure Draft on SMSF Borrowing

    ATO Page On the face of it this appears to be welcome news for those that have properties on bare trust. I must admit I was surprised to see this as if limited recourse borrowing is going to be banned why even bother going to the effort of releasing new rules - unless the intent is to just...
  2. S

    LMI Tax query

    I have just refinanced to open a line of credit which is to be exclusively used for property investment. We had to leverage to 90% to get a satisfactory amount, thus incurring LMI. I mistakenly believed the LMI would all be placed on the LOC (tax deductible over 5 years as an investment expense)...
  3. wategos

    ATO Data Matching and Tax Evasion

    Does ATO data matching actually work or is it all mostly bluff to scare people into declaring everything ? I declare everything so have nothing to worry about but I know someone who has not declared any property income on a place rented out for over 10 years through a real estate agent, the...
  4. K

    Bank guarantee and tax implications

    Hi, If I'm purchasing a PPOR off the plan, does anyone know if the related bank guarantee fees are deductible? They are usually charged every 6 months. It seems unfair that all the interest is taxable but due to the bank guarantee fees; I'm actually only receiving a proportion of the...
  5. A

    Super co-contribution when you have IPs

    I'm debating whether to make a voluntary contribution of $1k into my super for the co-contribution. I earned $30k gross this financial year but had $40k rental income (and $40k deductions). If I owned the IPs on my own, my assessable income would be $70k so I wouldn't be eligible for the...