Latest ATO Legal Update (Apr2)

From: Duncan M


Lots of lovely new interprative decisions to review in the latest update
from the Tax Office,

The complete list can be found at:

http://law.ato.gov.au/atolaw/whatsnew.htm?20020402.htm


Of particular interest are the following:


1. Are the costs incurred for the rebuilding of an external protective wall
of a rental property deductible repairs under section 25-10 of the Income
Tax Assessment Act 1997 (ITAA 1997)?

http://law.ato.gov.au/atolaw/view.htm?docid=aid/aid2002292/00001


2. Is a taxpayer entitled to claim a deduction under section 8-1 of the
Income Tax Assessment Act 1997 (ITAA 1997) for legal expenses incurred for
unsuccessful legal action taken to recover lost rental income?


http://law.ato.gov.au/atolaw/view.htm?docid=aid/aid2002315/00001


3. Is the taxpayer entitled, under section 25-10 of the Income Tax
Assessment Act 1997 (ITAA 1997) to a deduction for expenditure incurred in
removing worn carpets and polishing existing floorboards in a rental
property

http://law.ato.gov.au/atolaw/view.htm?docid=aid/aid2002330/00001


4. Is the taxpayer is entitled to claim the full amount of the interest paid
on a mortgage for a rental property under section 8-1 of the Income Tax
Assessment Act 1997 (ITAA 1997) when listed on the title deed as the sole
owner, but the mortgage is held in joint names with the taxpayer's spouse?


http://law.ato.gov.au/atolaw/view.htm?docid=aid/aid2002363/00001


5. Can the taxpayer claim a deduction under section 8-1 of the Income Tax
Assessment Act 1997 (ITAA 1997) for rates, mortgage interest and real estate
agent fees for a rental property from the date the property is listed for
rent with a real estate agent if the property was previously their private
residence?


http://law.ato.gov.au/atolaw/view.htm?docid=aid/aid2002364/00001




Regards,


Duncan.
 
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