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Hi,
If i have an offset account, how do we suppose to calculate the interest IP expenses on F3? Do we assume how much money will be on offset account and deduct money borrowed to this amount?
thank u.
For one to achieve $0 taxable income, does that usually involve "capitalising" interest expenses of some sort with very high LVRs?
We received the lower income tax benefit! Woo hoo!
Just curious as I haven't done my tax return yet and this will be the first time that I'll get to do one since acquiring my first IP as well as a third income. I have no idea how I would ever be able to get my taxable income down from approximately $200K. Would that even be possible without having an immense IP portfolio?
:
Buy shed loads of land and start building in this ever expensive construction market. The holding cost will kill you but at least you'll be able to wipe that $200k down to $0..
do I hv to adjust this to current variable rates in the market.
Does the deduction include depreciation?
I mean, with the ITWV, can we reduce our PAYG each month by declaring depreciation?
Yes, there is a special section for declaring depreciation on the form
How does this affect child support, or does it not
What if you get to a 0% tax status and pay child support
Do you now earn no income
Or do they base it on your earnt income before deductions
If you earn an average wage and then have a number of neg properties do they add your income plus the rents as income, or take your end of year income and add back the neg gearing benfits only
I queried this with the Child Support Agency. They assess your income based on your taxable income per your Tax Return, but have a mechanism whereby they add back losses from property investments (I assume losses from other investments, too, but I only queried property).
To get your taxable income to 0%, the sum of your cash taxable deductions and non cash taxable deductions (ie depreciation) must be greater than the sum of all your gross assessable income.
The greater the sum of all your non cash taxable deductions, the greater your cash flow will be.
This is one reason why part of my purchasing criteria involves acquiring new or new new property so as to maximise my non cash deductions.
Hope this helps.