Just running some figures with my withholding variation.
Deductions:
Rates: $600
Depreciation: $3000
Insurance: $450
Interest: $10,800
Pest Con: $82
PM Fees: $684
Maintenance:$200
Water: $200
Tax agent; $550
Total: $ 16566
Income:
Job: $60,000 approx
Rental income: $9880
Total $69,880
Taxable income: $53314
tax i pay a fortnight is $405
As the IP is in joint names i have only included my 50% of the deductions. This change later in the year once i get the transfer of the property into my name after buying out the EX.
there by the figures that i seem to have run it seems that its not even worth doing, i dont know if im am missing some thing out here... any one that has had much to do with this your input would be much welcome
Cheers
Luke
I
Deductions:
Rates: $600
Depreciation: $3000
Insurance: $450
Interest: $10,800
Pest Con: $82
PM Fees: $684
Maintenance:$200
Water: $200
Tax agent; $550
Total: $ 16566
Income:
Job: $60,000 approx
Rental income: $9880
Total $69,880
Taxable income: $53314
tax i pay a fortnight is $405
As the IP is in joint names i have only included my 50% of the deductions. This change later in the year once i get the transfer of the property into my name after buying out the EX.
there by the figures that i seem to have run it seems that its not even worth doing, i dont know if im am missing some thing out here... any one that has had much to do with this your input would be much welcome
Cheers
Luke
I
