I've been invited to a "free rental property seminar" by the ATO

[poppy]

I've been invited to a rental property seminar by the ATO, available in two locations in Canberra, "bookings only".

They promise that I will learn about tax issues relevant to IPs and also RECEIVE ANSWERS to my questions.

Has anyone been to one of these? Would they be useful to an average IP investor who does their own taxes but already knows the basics? Would any questions of any complexity likely to be met by the reply - "Sorry, we can only answer questions of a general nature"?

 

[Homebrew]

I've been invited to a rental property seminar by the ATO, available in two locations in Canberra, "bookings only".

They promise that I will learn about tax issues relevant to IPs and also RECEIVE ANSWERS to my questions.

Has anyone been to one of these? Would they be useful to an average IP investor who does their own taxes but already knows the basics? Would any questions of any complexity likely to be met by the reply - "Sorry, we can only answer questions of a general nature"?

Poppy,
As I am also in Canberra how did you find out about this as I would be interested in getting a start and seeing what they have to say.

Cheers

Peter

 

[poppy]

Hi Homebrew,

I was sent a personally addressed letter by the ATO inviting me to the seminar, presumably due to having previously filed tax returns with IPs. If you would like to attend, you can go to www.ato.gov.au/seminarsACT_IND according to the letter.

 

[Homebrew]

Hi Homebrew,

I was sent a personally addressed letter by the ATO inviting me to the seminar, presumably due to having previously filed tax returns with IPs. If you would like to attend, you can go to www.ato.gov.au/seminarsACT_IND according to the letter.

Poppy,
Thanks for the link, have locked into Kambah seminar, it's not all that often that hold these so a start is good.
Thanks again.


Peter

 

[Dunsborough]

Hi Poppy and homebrew

I am in the west and went to the invited seminar you are speaking of, the speaker i found very good but most people there were 1 ipo owner just starting out, inexperienced, having said that i know i came away a bit clearer on a couple of things that were asked at the end, go along worth a hour or two even just for the possible networking and socialising

cheers
Peter

 

[Mry]

There are also letters going out at the moment for property investors about interest claims on their return.

 

[poppy]

There are also letters going out at the moment for property investors about interest claims on their return.

Hi Mry,

Just curious, are the ATO asking questions or just providing information?

 

[Rob G.]

There are also letters going out at the moment for property investors about interest claims on their return.

Do you mean questions about your details of your actual tax return - usually the sign of a pending audit.

Or is it a pro forma letter to all people who have filed returns with IP info ?

Cheers,

Rob

 

[Mry]

Just letters saying something like

"We noticed you are claiming interest! But did you know that you can't claim interest for example if you redrew money for a holiday! Here are some handy facts in a booklet!
PS We hope we scared you lots and that you wet your pants.
PPS We have our eye on you."

 

[kissfan]

Just letters saying something like

PS We hope we scared you lots and that you wet your pants.
PPS We have our eye on you."

Lol.......

 

[Pushka]

Just letters saying something like

"We noticed you are claiming interest! But did you know that you can't claim interest for example if you redrew money for a holiday! Here are some handy facts in a booklet!
PS We hope we scared you lots and that you wet your pants.
PPS We have our eye on you."

Yup, subtle as a sledgehammer!

The redraw thing is quite interesting though. One of our LOC was put into our normal savings account before being drawn down; all the expenses we have made for our fully furnished IP come to more than our total loan figure, so I guess the ATO appreciate we haven't made any personal expenses? The other loans on it went straight into settlement.

 

[poppy]

Just letting people know that I attended the seminar and thought it was pretty good. If you have one happening near you, it may be worthwhile going.

Despite being held over our normal dinnertime, both hubby and I found it enjoyable and interesting and were not thinking about our dinner.

I thought there was a reasonable mix of basic stuff and more complex information. Most people who weren't an accountant should have come away having learned at least a couple of new things.

The only negative was two people being told they couldn't claim interest on their rental property whilst it was being built (obviously incorrect).

I did get to ask a couple of questions and the answers were helpful. They had all the usual disclaimers about being only able to provide general advice, but still were willing to answer questions.

 

[travelbug]

Maybe they are sending these little "hints" to scare a few people.

My son works in a bar on the weekend. He received a pamphlet about declaring tips.