Ok still a bit confused.Lets say I own an IP in Australia earning me rental income of $20,000 pa.Lets say my Interest payment is $30,000 paNow lets say I earn GBP 15,000 during the Australian income tax year. During this year I am regarded as a UK resident for taxation purposes.What would be the scenario? Can I carry the full -$10,000 over to t…[Read more]
YvetteF wrote:
I admit I am a bit wet behind the ears when it comes to knowledge about properties and costings, but I have completed a subdivision on a residential block of land in South Coast of NSW. So far my subdivision (which had existing council approval when purchased) has cost about 60K, I understand the approval can costs up to 30k a…[Read more]
We purchased an investment property in the eastern suburbs of Melbourne….knocked it down and build 2 units. Bank valued the two properties together at $900k.We are now in the process of subdividing it. Cost so far is about $5k. Just getting the final papers done by the solicitor so unless he slaps us with a ridiculous bill then I think it wil…[Read more]
We purchased an investment property in the eastern suburbs of Melbourne….knocked it down and build 2 units. Bank valued the two properties together at $900k.We are now in the process of subdividing it. Cost so far is about $5k. Just getting the final papers done by the solicitor so unless he slaps us with a ridiculous bill then I think it wil…[Read more]
What state are you in? I'm in VIC and have been told I cannot claim purchasing costs until the day I sell If you find out otherwise please let us know.
If you are negatively gearing then it is better to put it in the name of the highest income earner, which sounds like your hubby.He has to pay more tax than you do, so negative gearing will work better for him.Ring another accountant to confirm