Will my friends get caught by the ATO?

[kathryn d]

Hopefully, if someone does something wrong on purpose, they will get caught.
If the rules are open to interpretation, they can explain their side.

Taking $50k equity and not being able to show any deductions for it..may send up a red flag. Maybe not this year, maybe in 5 years time. (or before any statue of limitations, if there are any)

Having been thru an audit, it is not a pleasant experience.That was our first major year as a LL.
We expect one every year now, and try our best to keep our records in the best and easable format possible.

 

[Ocean Architect]

Ah yes, but again, if the ATO came calling that would be able to be substantiated.

just being a pain in the ***

betcha my roof is going to leak now

 

[Aaron Sice]

my understanding is that the $50k portion is not claimable.

the rest is.

just do the right thing. the claimback amount is such a pittance that the fine plus penalty interest would more than double what's owed.

it's only those RE magnates with billions of spare money can afford to do the wrong thing because the fine is cheaper than doing it the right way.

 

[Wunderbar]

People who focus on small money don't make big money. Let him be.

 

[NOT 2 L8]

I understand that Peter...and I think the original poster undestsoodf that clealry too, hence his concern for his friedn fdoing the wrong thing. I sz more repsonding to mike's sugestins of the need to have increased assetss if oyu ahve increased your loans/interest payments and how you wuold be caught out shoudl you not have this... anyway, splitting hairs now....

An inverease in interester ates of .21 percent

Is this english?????

Cheers.

Chris

 

[Rixter]

Is this english?????

Yes it is incorrect english

 

[Ed Barton]

Is this english?????

Cheers.

Chris

spanglish or chinglish?

edit - or just lazy editing.

 

[Melbournian]

what in the world is chinglish?

 

[redwing]

what in the world is chinglish?

Google...."Chinglish Signs"

 

[RumpledElf]

roof leak not withstanding

I had a leaky roof and it cost $8700 to replace the entire roof and gutters, not $50k (although some other company was happy to do it for almost twice what we paid)

My theory is if you're going to commit a crime, make it so big that you only have to do it once and never again. Putting yourself at that sort of risk for that sort of saving? An evil criminal mastermind, your friend is not

I have this picture of you with your pinky in the corner of your mouth going "one MILLION dollars". Do you have a white fluffy cat, perchance?

 

[The Y-man]

Google...."Chinglish Signs"

I prefer engrish.com

The Y-man