Individual items/upgrades under $300. can I claim

From: Denise Macadam


Greetings:
Have been reading all your quest/answers and have been impressed with your knowledge and experience. I have just bought my first Ip 3 weeks ago - then found the book!!!! isnt it true what they say about timing?
Did it all wrong and took the banks advice and went with a P&I loan, anyone know what sort of $$$$ they charge to change to Interest only!?. Anyway, I am very happy with my purchase $280,000. bank valuation of $300,000 - for all you Brissy types its a jump from Oxford Street at Bulimba. I have heard you can claim on individual items costing under $300.00 each if I did these things quickly -(not claiming against wear and tear). e.g putting in new ceiling fans,smoke detectors etc. Would you have any advise for me on this subject.

Secondly: Have been looking at the software demo and to a "virgin"looks very impressive - do you all use it?, thats a thought, can I claim the purchase of it?
Last thing: Do you have any thoughts on this bit of information from a real estate seminar - Insurance bonds purchased before June 2002 - are a good investment as you can access them after ten years without tax penalties, as opposed to all the negatives of Superannuation? any thoughts?

Good luck with all you Ip's and I look forward to learning lots from you.
Any Brisbane investors out there!
Have fun, keep smiling
 
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Reply: 1
From: Eddy Morris


Dear "virgin" :)-)),

Firstly, congratulations on your first IP! Well done.

No, I have the software but have looked at it before and it appears excellent. I currently use a spreadsheet to keep track of my IPs..works well for me. I believe the full cost of the software is deductible in your first year (because it is software).

Others can air their knowledge on the other ?'s you raised.

Regards.

Eddy
 
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Sim

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Reply: 1.1
From: Sim' Hampel


On 11/22/01 2:53:00 PM, Eddy Morris wrote:

>I believe the
>full cost of the software is
>deductible in your first year
>(because it is software).

This has changed (as of 10am on the 11th of May, 1998 !).

You must now depreciate software over 2.5 years. Refer to page 14 of the depreciation guide:
http://www.ato.gov.au/content/individuals/downloads/GuideDepreciation2001.pdf

 
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Reply: 1.1.1
From: Dale Gatherum-Goss


On 11/23/01 12:02:00 AM, Sim' Hampel wrote:
>On 11/22/01 2:53:00 PM, Eddy Morris
>wrote:
>
>>I believe the
>>full cost of the software is
>>deductible in your first year
>>(because it is software).
>
>This has changed (as of 10am on the 11th
>of May, 1998 !).
>
>You must now depreciate software over
>2.5 years. Refer to page 14 of the
>depreciation guide:
>http://www.ato.gov.au/content/individual
>s/downloads/GuideDepreciation2001.pdf
>
>

Hi

Actually, that is for software costing more than $300. For software less than $300, you can still write it off in one go.

Cheers

Dale
 
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Reply: 2
From: Dale Gatherum-Goss


HI

Insurance bonds are a waste of money and a very poor investment. If you want a good investment, I strongly recommend that you stick with IP's and/or shares.

Dale
 
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Sim

Administrator
Reply: 1.1.1.1
From: Sim' Hampel


Oops... of course... I missed that part of the subject line.

I've had to buy too many expensive software programs of late. *sigh*

 
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Reply: 1.1.1.1.1
From: Owen .


But Max Payne is only $89 isn't it Sim'?



Owen

"Gambling promises the poor what property performs for the rich – something for nothing"
 
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Sim

Administrator
Reply: 1.1.1.1.1.1
From: Sim' Hampel


On 11/23/01 3:45:00 PM, Owen . wrote:
>But Max Payne is only $89
>isn't it Sim'?

Umm... excuse my ignorance, but... huh ?

 
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Reply: 1.1.1.1.1.1.1
From: Owen .


Sorry Sim'. I being a computer head I thought you might be into games a bit. Max Payne is a good one and that was my attempt at humour.



Owen

"Gambling promises the poor what property performs for the rich – something for nothing"
 
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Sim

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Reply: 1.1.1.1.1.1.1.1
From: Sim' Hampel


Who has time for games ?

I must admit to being partial to a game of "Command & Conquer: Red Alert 2", but I haven't played that for some time now.

*sigh*

 
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Reply: 1.1.1.1.1.1.1.1.1
From: Owen .


This was just a demo off the front of a magazine. I've never actually bought a game though coz like you, who has the time. Fun though...



Owen

"Gambling promises the poor what property performs for the rich – something for nothing"
 
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