Is it true that interest on a part ip/part ppor is

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Misty1
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@misty1
Join Date: 2004
Post Count: 348
November 2, 2004 - 2:12 pm
I am concerned my accountant has mis-informed me. Is it true that for the property i am claiming as part ip(there are tenants living with me),& my ppor,that interest & borrowing expenses are still 100% deductable?Or should they be apportioned?[confused2]
Derek
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@derek
Join Date: 2004
Post Count: 3,544
November 2, 2004 - 2:48 pm
HI Misty,
Not an accountant so please check with a knowledgeable accountant.
You need a new accountant – under those circumstances claims and expenses should be apportioned.
I recommend you go to the ATO website and download a copy of the rental property guide 2003-04.
Derek
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depreciator
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@depreciator
Join Date: 2003
Post Count: 541
November 3, 2004 - 1:34 am
Don’t forget to also consider the CGT issues down the track in declaring income from your PPOR and claiming expenses. Discuss this with your accountant.
Scott
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
November 3, 2004 - 3:54 am
You should be able to claim a % based on the floor area. But, I agree wth Scott again. You will probaby lose the CGT exemption on your home. So it may not be worth claiming.
Terryw
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North Sydney
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