Hi,
Could anybody help me with cash flow. We currently are not using the the withholding tax variation and are paying for the interest on our investment property. We were trying to do this to see if at the end of the year with our refund we could fund the deposit on another property. It is putting stress on us as the property is being built from scratch and so it is not income producing yet. I know that once it is completed and a tenant is installed it will ease the burden, but I'm still not sure how all the "info" we obtained before hand said that we would only be contributing around $80 a week. I'm not sure what we are doing wrong. Should we be utilising the withholding tax. How is everyone else doing it.
Would love to hear ideas
CHEERS
DLink to Explain
http://www.ato.gov.au/individuals/content.asp?doc=/content/00096541.htm&page=3&H3
Link of Form
http://www.ato.gov.au/businesses/content.asp?doc=/content/6650.htm
I recommend you visit an accountant, they will be able to explain the do’s and dont’s in detail and help you fill and submit the form
if it is a new building you can claim building write off depreciation but it increases capital gain over time as cost base is decreased by depreciation. I think the figure is 2.5% each year . A quantity surveyor would be helpful in organising a depreciation schedule for your accountant.
Who did you get the 'info' from?
Did they give you detailed figures.
JL
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