HiI think you need to look at IT 2167 (Income Tax Ruling – just look it up on the ato website)Arms length letting of an identified part of a residence, e.g. a bedroom, with access to general living areas 9. This heading typifies a situation which is commonly encountered. A variety of arrangements may occur in situations of this nature. The rent…[Read more]

joanne76 wrote:
sorry Anne,I have no idea what you mean, I'm just someone that wanted to share the story I have with others.Sorry if i have offended  you with my grammatical errors, I sometimes get a little carried away and don't reread what I'm about to post.

Hi Joanne You have not offended me in any way. I just think there is a general…[Read more]

joanne76 wrote:
"We then booked a visit into there office and went in there last week 7/8/2008 and they took us through their presentation and discussed with us about commercial property as well as residential property.

Hi Joanne76I was just wondering how all of these "promotional emails" contains the same grammatical errors and spelling…[Read more]

Terryw wrote:
I think that as long as you intend to build on the land and to rent, then you can claim interest and other costs from day 1, as per Steele's case.

Hi TerryThat is actually not correct. You have to prove that it is more than just an intention and a very active pursuit. You need to show how you have arcitectural drawings/plans for…[Read more]

Hi GuysI live in Emerald In Central QLD, in the centre on the Bowen Basin.  Yes, Emerald has boomed and prices has not moved since Nov 2006, but rent are still very strong and demand is not met. Emerald is a Hub Town – population of Approx 18,000 where most miners and other workers buy their own house, after some years of renting. Yes there is a l…[Read more]

Hi CHISYou have to refer here to the High Court Case of Steele v Deputy Commisioner of Taxation. The link is belowhttp://law.ato.gov.au/atolaw/view.htm?rank=find&criteria=AND~steele~basic~exact&target=JA&style=html&sdocid=AID/AID2001479/00001&recStart=1&PiT=99991231235958&recnum=4&tot=188&pn=ALL:::ALLIn certain circumstances interest and other…[Read more]

Hi ChewyFirst of all, you need to establish if your investment property is a residential property or a commercial property. If you just have a residential property (house, flat) that you rent out permanently (not like a holiday rental) you are not deemed to be carrying on a business and if you are not deemed to carry on a business you don't…[Read more]

Hi TerrywI have attached some reading for you from the ITAA97 regarding this matter. You can do a search on the ATO website on adjacent land and read the legislation for yourself.  This expemtion to adjacent land only applies if the PPR and adjacent land is sold at the same time to the same purchaser at the time when you dispose the PPR and if…[Read more]

Hi McNormanOn page 71 of Lance Spicer's book the tax solution it states as follows"LAND next door……" It is only vacant land not another house and there are conditions for it to be deemed part of your PPOR 1. The land is primarily used for domestic or private purposes in association with the dwelling2. The land area does not exceed 2…[Read more]

Hi AnGelcAkEJust to make sure that  I understand what you did.You purchased a new Principal Place of Residence (PPR) interstate. In order to afford this purchase you increased the loan on your previous PPR – now your rental property. In short you drew on the equity in your first PPR?You will still be able to claim part of the interest on the loan…[Read more]

Hi ChrisThank you for a well formulated economic response. Some of the other "ideas & opinions" discussed here was a bit "out there". Mind you I am not an economist (just an accountant)Annemarie

Hi LeanneHave a look at http://www.appliancesonline.com.au/ and also have a look at ebay, http://cgi.ebay.com.au/New-RANGEHOOD-COOKTOP-PLUS-OVEN-COMPLETE-PACKAGE-DEAL_W0QQitemZ290237750561QQihZ019QQcategoryZ20712QQssPageNameZWDVWQQrdZ1QQcmdZViewItem#ebayphotohostingthey have some new packages going and I have purchased a ss oven cooktop and r…[Read more]

Hi BenAll I want to say is that "people's" opinions can cost you a lot of money. Educate yourself, save your deposit and research in your own backyard. There are very good buys in Robina and Varsity Lakes at the moment but they will still get better in 2009. CheersAnnemarie

Hi ThereThe tax law clearly states that "there are no tax consequences where the owner of a residence permits persons to share it on the basis that all the occupants, including the owner, bear the appropriate proportion of the costs actually incurred on electricity, food etc. Refer to Taxation Ruling IT 2167 on the ATO website. It would be much…[Read more]