Discussion in 'Accounting and Tax' started by fullylucky, 4th Nov, 2014.
Try again now.
Okay so the first video no longer exists.
The second talks about what % different things are claimed at. There's nothing new there.
So when ATO asks you to substantiate your numbers, what happens then?
And surely you've spent more than 2 hours on this thread so far, so could have paid a QS by now.
No way! Pay a professional? He'd only do that if he could pay in jelly beans!
If fullylucky spent all his cumulative hours of this thread, the other couple of threads on the subject, and the many hours creating and fiddling with his own (inaccurate) schedule, he could have instead earn more income to well cover the costs of a professional (accurate) schedule.
Here's a life lesson fullylucky:
Saving is finite; earning income is infinite.
Think about it!
We just love how you love memes;
FL - you keep referring back to "the video". You know, the one on you tube (which is a clear and obvious substitute for a real qualification) and focus your attention on one small point "you can do this calculation yourself..." However you seem to ignore the second, and probably more pertanent point where it says "however, you may need to substantiate your calculations". it is this one very quick quote, the one which you are choosing to ignore, which will ensure Bubba is your new best friend.
Like I say. I hope this works out well for you.
That's because you rushed to your IT professional instead of just practicing yourself, you're probably laying in bed with them instead of doing up a spreadsheet yourself based on half information
Maybe Use an Online Version
I've used this site before: www.depreciation.com
where you can do a report online and they will tell you approx how much you will get back.
Perhaps you can just use their questions to work out what to put in your report.
"Hi just wondering is anyone willing to send me an example of their depreciation schedule or just the numbers and years table.
Need one for a property worth around high 700k range."
a property worth 700k could have 400k worth of improvements or could be a dump with nothing to depreciate
Actually I believe sanj is a very successful investor, even developing.
All while using professionally prepared depriciation schedules, an accountant, and I assume a savvy lawyer.
Fullylucky, the law is going to catch up with you if you continue with this nonsense. Even more nonsensical is your use of memes to deflect the very real consequenses that can come of your behaviour.
Quite frankly - You ARE the idiot. You ARE the idiot in the sense that only you believe you are right. How many other posters in this thread, professional or otherwise have helped you back up your claim? None, exactly.
If 100 people in a room think one person is an idiot, and 1 person thinks the other 100 are the idiots - who is statistically right?
Hahaha this is too good. That post wasn't even directed at you, I brought up a very valid point. It is the building that depreciates not the land so looking simply at the overall value of the property is not the way to do it. A $700k brand new apartment and a $700k dump will have extremely different depreciation schedules
Keep insulting me though, I have no need to get into any d##k measuring contests with you.
ok very successful investor... tell me how can a dump be worth $700k?
You are just using the extremes. instead of typicals.
That's what they want you to feel. Oh you are really unique. Just like everyone else in the world
You know statistics now? Do you know most things in life are normally distributed about the mean? Explain standard deviation. and outliers to sanj. He doesn't have a clue.
I think you mean standard deviation.
I have bought dumps worth 700k where it was rentable but effectively land value as I was going to build apartments on it.
There are plenty of instances of properties being effectively land value, the fact that you don't even realise this shows how little you know.
Are you serious? Considering Sydney's median price reached over $800,000 a few months back, I'd say there are plenty of "dumps" in the $700k range.
Judging by your posts about your own IP it sounds like you own one yourself!
yes you're right. typo.
Btw I don't need to understand standard deviation my friend, you focus on being the smartest idiot in the room, I'll concentrate on making money
How about a burnt out house on a $700k piece of land? Are you able to determine the scrapping value of that house?
You are unqualified to ascertain value given to a specific house. Example:
2x houses on the same street, both worth $700k. 1st house has sea views, 2nd house across the road is beside an industrial shed. Which has better depreciation benefits or are they the same?
Separate names with a comma.