tax

  1. J

    Finding an accountant

    Hi folks, I've stumbled upon this forum as I was googling investment properties. Happy to be here! Recently, we have put out our home on the rental market and about to move to a new place. It seems my tax process has got little more complicated by doing this and I may need an accountant...
  2. L

    Debt shuffling and tax deductibility

    Hey All! I have had a great time reading your forums for the last few months and I finally got around to signing up! I am really excited to join the SS club ;) A little about me... I am 20-something just finishing up my undergrad studies which is very exciting! On an impulse of sorts with...
  3. Beelzebub

    Where can I find details on age/cost of extension?

    Hi guys I have recently purchased my first IP which has had a previous extension. My understanding is that as the extension is less than 40 years old I can depreciate the cost of the extension? My question is: Do I need to find out the details of this extension in order for a quantity...
  4. cmafra

    PPOR into IP1

    Hi SS Gurus, I seek your suggestions on how to structure the mortgage/mortgages on my situation for the best finance and tax outcome. Actual scenario: PPOR - unit with value around 275K , paid in full , no mortgages bought an off the plan apartment for 540k (deposit 54k) , I plan to...
  5. C

    Property tax advice in Melbourne CBD?

    I've been a regular reader of Somorsoft for the past 12 years, first time poster! My husband and I are doing a townhouse development in Melbourne (east brighton) and realise we now urgently need tax advice ASAP, before we get any deeper. Can anyone recommend an accountant who specialises in...
  6. P

    Financing a renovation to IP

    Hi, I have a LoC that I intend to draw on for a deposit on an investment property. However, I also need funds to undertake a renovation to the IP. I intend to claim the interest on the LoC in my tax return as the purpose is investing. If I were to use the LoC for the reno as well, can I...
  7. B

    Good & Cost Effective Accountant - WTB - BRIZ

    Hi Everyone, I have always done my own tax, had never been that complex, at most was on STS as a non-GST reg ABN and/or general ?employee? type return. In the last couple of years, due to property investment (I?m new to this), I decided it was time to use an accountant. The first one was...
  8. D

    CGT where PPOR first rented then you move in

    Hi Wondering if anyone has experienced this or knows how to tackle it. I bought a house in Aug 2005 already rented and moved in 12 months later after I gave the tenants notice. I then lived there from Aug 2006 until I sold it in April 2013. When I moved in within 12 months of purchasing it, I...
  9. R

    Alternate tax system

    So I was watching some Alan Watts videos below earlier today and he discussed an interesting concept for a replacement tax system. As our population keeps expanding and we keep creating more and more "value" by producing goods etc the government injects money into society via inflation so that...
  10. P

    About to buy first IP now, then PPOR later...

    Hiya folks newbie here. Was reading a lot of stuff on here and the verdict is in - Somersoft rocks! My wife and I want to buy a PPOR then use the equity to fund an IP as ya do. However just recently I have been approached to go JV in an 8 pack of units 50/50 type deal. The figures add up...
  11. P

    Lenders Mortgage Insurance.... deductable?

    Hi all, I think this may be my first post to the forum. I registered in Dec but then enjoyed xmas and now I am getting back into learning about property investing before taking the jump on my first proper investment property. I say proper because I have recently moved from the uk and rent...
  12. E

    Term Deposit vs. IP offset

    Hiya, I'm calculating whether I should pit the money in deposit or IP offset. The number a bit rounded, but I need keen eyes to see whether the process is correct... Term Deposit Balance $51,500 Term deposit rate 5.9% running until 2016 - I have the choice to keep it or release it...
  13. 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)...
  14. P

    Offset account needed?

    I have a home loan with a 5.2% variable rate and offset account. Basically, I am wondering is it necessary to have the offset account home loan for taxation purposes (as I claim tax deductions for the properties home loan interest expenses). I have heard it is is complex to not have an offset...
  15. 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...
  16. sashatheman

    Parental Leave Payments & Tax Return

    My wife received parental leave & Family Tax Benefit A payments this year. Does anyone know how to account for this when doing a tax return? I heard that Centrelink doesn't issue a statement any more. When I pre-filled information on e-tax I didn't get any information about these payments we...
  17. Shaggy

    Capital Gains Tax Question

    I just wanted to clarify something about Capital Gains. I have a property I've owned for quite long time (can't remember exactly right now). I lived in it initially and then I rented it out for more than 10 years and now I am considering living in it again for a period of time. As I...
  18. A

    Amazing opportunity... but now what!

    Hi guys, I've been lurking in the background of this forum for a while now and thanks to many of the resources on here I was ready to enter into the real estate market last year. I had saved up a $85,000 deposit, finished my studies, had a salary and a strategy in place (buy IP with a view...
  19. jsoe

    existing garage conversion granny flat

    hi guys, I've read a few threads but my situation is slightly different. There's an existing garage and shed that we're planning to turn into a two bed 1 bathroom granny flat. We're living in the main house now. Since, we're using the existing structure, roof, etc. we're getting my brother to...
  20. K

    We bought our first house by cash…Need help from accountants and brokers!

    Hi everyone, We are new migrants and bought our first house in Melbourne by cash one year ago. Now we are thinking to buy another bigger house (for owner occupied) and turn our first house to an investment property. Our first house is worth about $330K now and our budget for the second house...
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