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advice

  • advice replied to the topic What should paint be claimed as?? in the forum Legal & Accounting 20 years, 4 months ago

    Hi,

    Just a quick note.

    The ATO notified that rental properties will be one audit focus for 2004, as it has been in past years.

    They list some common income tax deduction mistakes.

    Top of the list is the following:

    Claiming the cost of carrying out initial repairs – such as rectifying damage, defects or deterioration that existed at the time o…[Read more]

  • advice replied to the topic What should paint be claimed as?? in the forum Legal & Accounting 20 years, 4 months ago

    Hi Misty1,

    My pleasure. I am happy that you got some benefit from it.

    I am based in Sydney, more specifically the Hurstville area.

    You or anyone else are welcome to visit my website and contact me if you wish.

    Regards,

    Glenn Wallace
    Chartered Accountant, Business Adviser and Registered Tax Agent.
    http://www.businessadviser.com.au

  • advice replied to the topic What should paint be claimed as?? in the forum Legal & Accounting 20 years, 4 months ago

    Hi,

    I wrote the following almost a week ago and decided not to post it as it probably was too wordy.

    Anyway seeing as I have written it I might as well post it, as someone may gey some benefit from reading it, although it may be questionable that it sheds any further light on the original question.

    Hi,

    I don’t believe that the original…[Read more]

  • advice replied to the topic What should paint be claimed as?? in the forum Legal & Accounting 20 years, 4 months ago

    Hi,

    The Tax Office view is that:

    Expenditure for repairs you make to a rental property may be deductible. However, the repairs must relate directly to wear and tear or other damage which occurred as a result of renting out the property.

    You can read further details…[Read more]

  • advice replied to the topic Family Trust Elections in the forum Legal & Accounting 20 years, 7 months ago

    Hi SMTM,

    My pleasure :-)

    Regards,

    Glenn Wallace
    http://www.businessadviser.com.au

  • advice replied to the topic Family Trust Elections in the forum Legal & Accounting 20 years, 7 months ago

    Hi Confused SMTM,

    The areas of trusts can be quite complex, there are definite advantages in having a trust if you know what you are doing.

    For a discretionary trust to be able to deduct a previous year loss it must pass four statutory tests.

    50% stake test
    Pattern of Distributions Test
    Control Test and
    Income Injection Test

    If it passes all…[Read more]

  • advice replied to the topic Company’s and Tax in the forum Legal & Accounting 20 years, 8 months ago

    Even if you are single it is best to set up the structure to be as flexible as possible.

    You may have the property for a long time and alot can happen in that time.

    As previously suggested a corporate trustee is desirable to help in trying to keep your other assets protected.

    As has been pointed out previously an insurance policy should help…[Read more]

  • advice replied to the topic Company’s and Tax in the forum Legal & Accounting 20 years, 8 months ago

    Hi Alison and Ian,

    I thought Ian did a pretty good job explaining the trust effect.

    I would add a few comments.

    As a general rule you don’t buy appreciating assets in a company. You miss out on the 50% capital gains tax exemption if you do.

    The more common vehicle is a trust.

    For limited liabilty purposes the trustee is often a…[Read more]

  • advice replied to the topic Business Forum?? in the forum No Subject 20 years, 8 months ago

    Hi,

    There is an Australian Business Forum at http://www.businessadviser.com.au.

    I run the site and you are most welcome to visit and join in the forum.

    Regards,

    Glenn Wallace
    Chartered Accountant, Business Adviser and Registered Tax Agent
    For your business, accounting, tax, investment, super, finance and internet needs.

  • advice replied to the topic Break costs in the forum Legal & Accounting 20 years, 8 months ago

    Hi,

    Penalty interest and mortgage discharge expenses are tax deductible to the extent that the mortgage is used to produce assessable income.

    Section 25-30 of the Income Tax Assessment Act 1997 refers to the expenses of discharging a mortgage being tax deductible to the extent that you used the capital to produce assessable income.

    You can read…[Read more]

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