Forum Replies Created
Thanks Derek, I might give it a go myself then. I was worried that the ATO would want them lodged by an accountant rather than the individuals.
Thanks for the info. Tools, were you successful with your ruling? Did you just send all the information to them and wait for a reply or did they contact you to discuss the situation?
Sarah Melbourne
Thanks Derek. I decided to call the ATO and apparently its correct. Although there is a ruling where you can declare unavailable days, this is not taken into account to determine the FBT rate. It is used once the FBT rate has been determined and will reduce the liability slightly. This doesn’t really help us as we are under the 25k km for the year so our FBT rate changes from 11% to 20%, costing us about $3k extra. The ATO agreed it seemed unfair as the accident wasn’t our fault and sujggested we apply for a private ruling. Has anyone had any experience with these, how long they take etc.?
Also on a different note, I want to apply for a tax variation for the first time. When does it have to be lodged by for next financial year and what is a reasonable price for an accountant to charge for doing this?
Thanks!!
Sarah Melbourne
I see that a few people have read this but not yet replied.
I have looked through previous posts and seen that some of you believe it doesn’t matter where the accountant is located as you don’t necessarily need to visit them, what with email etc. I do agree and would therefore consider anyone in Melbourne, as I would like to meet them the first time at the very least !
Thanks again!!!!
Sarah Melbourne
Thanks guys.
Reading the ATO ruling it looks as though what we are doing is not right??
Also we have bought another house in Melbourne and we live in it, does this mean that we have claimed it as a PPOR and will have to pay CGT on the Qld property?
Sarah Melbourne
I have a cat called Jabba (after Jabba the Hutt) and a puppy called Chewie (after Chewbacca). We have another cat called Tonka although we mainly call her princess because she acts like one and it keeps in the star wars theme (Princess Leia of course!!!)[biggrin]
Sarah Melbourne
Torachan, you are venting at the wrong person. I was the one who wrote about you giving negative feedback because I was dissapointed that you did the same thing to my post as well as to this post. I’m sorry that you are so angry about all of this and I’m suprised to see a response like this as I have been studying this forum for some time and haven’t really read anything like this before. Good luck with your investing and I hope it makes you happier soon.
Sarah Melbourne
Yes the property is negatively geared and yes $100 is under the current market value. Why do I need to be careful, sorry if this sounds naive but we have discussed all this with our accountant who advised that as long as our tax returns reflect the current market rental value then what we are doing is ok? Surely there are others out there who help out family in similar ways?
Sarah Melbourne
Originally posted by Torachan:My husband and I are 24 and have 5 rental properties plus our own home.No – the bank owns them you manage them.
A 20% price “correction” will make life very interesting for you. Keep us posted [biggrin]
It seems you take great pleasure in others poor situations, as this reply isn’t helpful nor is the one you posted to my query. We are both new to this forum and are asking for some advice, not negative unconstructive feedback/critism.
Sarah Melbourne
Thanks for your concern but in our tax returns we offset our expenses with rent at the current market rate, not what they pay us. We are not trying to do anything dodgy, just help them enjoy their retirement. My husband and I are lucky that we both have well paid jobs. My query is more to do with whether we can still help them but at a lower cost to ourselves.
Sarah Melbourne
