So why are you claiming them?
Because, thanks to Leikela's link, I only just found out that I shouldn't be.
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So why are you claiming them?
Any expenditure of a general nature, ie. new power saw that will be apportioned over all houses
I think we have claimed a portion of all the tools we buy for use on our IPs so fairly sure power saw is fine, but really giving an example. I don't know why a power saw would not be allowed though? We use it at the IPs.
Like you, we let the accountant apportion them so mostly they are claimed for IPs. Mostly this is because they are used for renos that we do.
Etax is really user friendly, pretty much if you get it wrong, it tells you. It's easy to follow, and if you're stuck they have pretty clear instructions.
I just find it a little hard to read from the computer, so I got the tax department to send out hard copies of their guides on rental properties, and the depreciation guide, easier to refer back too. There should be workshops for investors on how to do your own basic returns, especially if it's pretty much the same each year.
Gee! fun for you.We use e-tax (always have) and Centerlink still ask for our accountant's details and the partnership tax return. The ATO doesn't *issue* partnership tax returns (its combined into your personal one), why is it even on Centerlink's forms? And the ATO has lots of lovely boxes to tick for the foreign income that I earn, Centerlink have this huge mental block when it comes to foreign income and I've still not worked out how to declare it to them, despite trying numerous times. There's no form for it so apparently it doesn't exist Fortunately they can average everything out at the end of the year as anyone else claiming FTA would know, but they still ask ...
Mind you they also want the annual statements, tax return, leases, rates notices and depreciation schedules for my 'investment property' without even considering the fact that it just my old PPoR for sale and I'm not going to make a damn cent off the house in CG, rent or *anything*, never have, probably never will, so why do I need to fill out a 20 page form for the place every 3 months?
Gee! fun for you.
yeah Ive used it for years now, its pretty straightforward. Didnt take long to fill it all out and check everything off now waiting for $3600 !