From: Adam Randall
hello
Last night I tried very hard getting my head around these new tax changes regarding depreciation (low value pool, loss of accelerated depreciation for investors etc). Anyway I gave up and know less now than when I started. However I am in the process of refinancing my loan which is at 7.75% fixed for 3 years, so I will incur a $10000 break fee from my existing bank, however with the new structure I will have gained that back in under 6 months so its worth it in my situation (4.99% honeymoon VS 7.75%).
Anyway cut a long story short the $10,000 is fully tax deductible in the financial year it is incurred. I did not know this, and thought I'd better mention it incase anyone else is in my situation. Of course I may well have misread it so check either the rental PDF or Depreciation PDF it mentions it in one of those documents (downloadable from the ATO web site). I am very happy as usually only bad news comes from the ATO.
Regards Adam
hello
Last night I tried very hard getting my head around these new tax changes regarding depreciation (low value pool, loss of accelerated depreciation for investors etc). Anyway I gave up and know less now than when I started. However I am in the process of refinancing my loan which is at 7.75% fixed for 3 years, so I will incur a $10000 break fee from my existing bank, however with the new structure I will have gained that back in under 6 months so its worth it in my situation (4.99% honeymoon VS 7.75%).
Anyway cut a long story short the $10,000 is fully tax deductible in the financial year it is incurred. I did not know this, and thought I'd better mention it incase anyone else is in my situation. Of course I may well have misread it so check either the rental PDF or Depreciation PDF it mentions it in one of those documents (downloadable from the ATO web site). I am very happy as usually only bad news comes from the ATO.
Regards Adam
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