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crj
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@crj
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Post Count: 618
July 21, 2015 - 7:03 pm
How have you used redraw, eg if you deposited your salary and then withdrew to pay expenses you might have very little of the loan that the interest would be tax deductible on, as most of the current loan would have been contaminated by redraawing for other purposes than earning assessableincome.
So as a corollary you cannot make more of your interest tax deductible by redrawing, nor can you by increasing the loan unless the increase is used for invrstment purposes.
The issue is not what the security for the loan is, the issue is what has the loan been used for.
crj
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@crj
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July 13, 2015 - 9:03 pm
do they hold 50% each directly or through a structure such as a trust or a company? the transfer would be a capital gains event, stamp duty would normally be payable, how us any depreciated plant to be treated, is the asset an active business asset for capital gains tax.
crj
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@crj
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Post Count: 618
July 3, 2015 - 6:27 pm
Look at your insurance, but unfortunately subsidence and movement except as a result of earthquake is not normally covered by insurance. Depending on the age of the building it might be s claim against the builder.
crj
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@crj
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Post Count: 618
June 25, 2015 - 7:10 pm
fees on discharge of mortgage will be tax deductible on income
crj
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@crj
Join Date: 2004
Post Count: 618
June 22, 2015 - 11:00 pm
http://moreegolfclub.com.au/2012/02/06/floods-again/
http://www.ses.nsw.gov.au/content/documents/pdf/floodsafe/42156/Moree_Residential.pdf
population likely to decline
crj
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@crj
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Post Count: 618
June 17, 2015 - 9:37 pm
You can redraw, but the interest on the amount redrawn will not be tax deductible and any repayments of principal will go both to the investment portion of the loan and the amount redrawn for the car.
crj
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@crj
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Post Count: 618
May 25, 2015 - 3:25 am
If you are repaying a loan the interest might be tax deductible but you didn’t provide that information earlier. Ask Tony and see.
crj
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@crj
Join Date: 2004
Post Count: 618
May 24, 2015 - 7:26 am
If current net profit is $100,000 is the rent to come out of that. If you mortgage the motel and use the cash to buy a unit to live in, the interest on the mortgage will not be tax deductible. Have you talked to Tony Neyle of statewide motel brokers. You are going to have to consider in the lease about who will pay for improvements to the units as after 30 years they are going to be outdated.
crj
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@crj
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Post Count: 618
May 23, 2015 - 7:10 am
Just remember that because you have just purchased the property anything you do will generally not be deductible as repairs but will need to be written off over time as they willbe classed as initial repairs.
crj
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@crj
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Post Count: 618
May 18, 2015 - 6:37 am
No you will not be grouped.
crj
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@crj
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May 17, 2015 - 7:33 am
buy $3,400,000 , stamp duty $187,000, planning fees $240,000 sel for $5,000,000 profit exit strategy 1 is $1,173,000 not $1,637,000.
crj
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@crj
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Post Count: 618
May 16, 2015 - 6:55 am
There are other ways that it could be dealt with eg making banks change their risk ratings on investment loans. The problem with these other methods is that you can have a credit squeeze which will affect sound operators too.
Back in the 80s and early 90s the banks did charge a higher rate on investment loans than on owner occupied housing.
crj
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@crj
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Post Count: 618
May 4, 2015 - 2:52 am
Section 6 Clause 10 of the form has the applicant authorising the Victorian office of state revenue to obtain information.
crj
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@crj
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Post Count: 618
April 14, 2015 - 3:24 pm
Look at p 9 http://www.bantacs.com.au/booklets/How_Not_To_Be_A_Developer_Booklet.pdf f you are not registered for GST possibly not
crj
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@crj
Join Date: 2004
Post Count: 618
April 14, 2015 - 3:10 pm
Do you expect your house to drop in value? Bear in mind the high costs of entry and exit probably about 10%. What will you do if prices don’t fall?
crj
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@crj
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Post Count: 618
March 25, 2015 - 12:26 pm
https://www.ato.gov.au/uploadedfiles/content/spr/downloads/spr46427n11032.pdf
crj
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@crj
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March 25, 2015 - 12:22 pm
http://www.fjmtax.com/tax-newsletter/4393-smsf-trustee-gets-14-days-jail-for-breach-of-rules-says-tax-office-57.html
crj
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@crj
Join Date: 2004
Post Count: 618
March 25, 2015 - 4:34 am
http://www.gthgroup.com.au/files/docs/gth%20publications/common%20mistakes%20when%20running%20a%20smsf.pdf
http://www.afr.com/it-pro/how-to-avoid-tough-new-smsf-penalties-20130120-k0n0i
http://www.topdocs.com.au/files/technical_article/Understanding_SIS_Concepts.pdf
http://www.fsadvice.com.au/media/library/FS_Advice/FS_SMSF_Advice/FS_Advice_New_ATO_SMSF_penalties-Colley.pdf
circumstances breach of sole purpose test
- This reply was modified 9 years, 8 months ago by crj.
crj
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@crj
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Post Count: 618
March 23, 2015 - 10:36 pm
Administrative penalty $10200, civil penalty potential $340000.
crj
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@crj
Join Date: 2004
Post Count: 618
March 23, 2015 - 12:03 pm
Why separate the property from the other assets of the SMSF? You’re paying cash and the other assets in the fund shouldn’t be risky enough to jeopardise the property