Hi,
Reading another thread here got me thinking about my situation.
I have paid Depreciators to prepare a scrapping report and depreciation schedule with their new service which saves a lot as it requires me to take photos and notes and email them in instead of them physically visiting the property.
I will get the tax deduction for that fee this tax return but I'm wondering if I need to rush in (we don't get keys till August 1st) before July 1st and take photos so the report is ready this financial year? Would doing this save me waiting a year for the first tax benefits to be seen?
Also, I have a strictly investment related Line of credit which is partially drawn to supply deposit, fees, reno expenses, insurance etc for investment property. Once renovated and tenanted should rent income go into this account or does this dilute the tax deductions of the borrowings in this account? Which account ideally should it go to if not? The interest only fixed loan investment account for example.
Probably a silly question but can't find the answer easily - do I pay tax on rental income when negatively geared?
Thanks in advance.
Reading another thread here got me thinking about my situation.
I have paid Depreciators to prepare a scrapping report and depreciation schedule with their new service which saves a lot as it requires me to take photos and notes and email them in instead of them physically visiting the property.
I will get the tax deduction for that fee this tax return but I'm wondering if I need to rush in (we don't get keys till August 1st) before July 1st and take photos so the report is ready this financial year? Would doing this save me waiting a year for the first tax benefits to be seen?
Also, I have a strictly investment related Line of credit which is partially drawn to supply deposit, fees, reno expenses, insurance etc for investment property. Once renovated and tenanted should rent income go into this account or does this dilute the tax deductions of the borrowings in this account? Which account ideally should it go to if not? The interest only fixed loan investment account for example.
Probably a silly question but can't find the answer easily - do I pay tax on rental income when negatively geared?
Thanks in advance.