Prepaying expenses up to 12 months ahead are allowed as a deduction in the earlier year. In this case 2014. Prepaying expenses increases your deductions, reducing your tax. Most people prepay the following types of expenses – Rates – Council & water – interest – Body Corporate Fees –
Every year at tax time property investor’s need to collate all their income and expenses for each rental property. To make it easier for your accountant this year, I’ve created as simple Form or Excel Spreadsheet to download and complete. Rental-Schedule PDF or Rental-Schedule Excel
The Margin Scheme came about so those in the business of selling real property only paid GST on the Buy / Sell Margin – if they weren’t able to claim GST when they purchased the real property now that they are on selling. The purchaser however cannot then claim any GST
In general you can only claim for wear or damage caused during the period the rental property was rented or available for rent – however the timing of the expense can be during or after the period – provided it relates to wear or damage through rental activities. video links Claim
It never ceases to amaze me how many property investors don’t obtain a depreciation schedule from a quantity surveyor, before trying to get their tax returns completed. Clients will come in expecting a big tax return to help offset / fund the negative cash flow they have suffered month after
Generally when you build a new home, or buy an existing home which you intent to repair or renovate before moving in. The ATO will allow the home to be deemed your principal home for CGT purposes (no capital gains tax) provided you move in within 4 years from the
Don the developer Don has decided to go into the business of buying residential houses with the view to develop small unit complexes. Don seeks advice, registers for GST and on the 1 February 2010 Don buys a home on a 1200m2 block from John & Mary for $600,000.
A client was wondering how to treat the GST, on a typical example – Buys a house from a person not registered for GST for $300,000 Does the renovations at the cost of $55,000 Claims the $5,000 GST, then sells the property for $410,000 Question – Is GST Payable on the
