Its not a book just a booklet but it is free. Go to http://www.bantacs.com.au to free publications and download the rental property booklet.

http://www.julia@bantacs.com.au

learay,
Before you go any further please read the following:
It is dangerous to use a line of credit facility on a rental property loan when you will be drawing funds back out to pay private expenses. Based on the principle that the interest on a loan is tax deductible if the money was borrowed for income producing purposes, the interest on a…[Read more]

Patrick,
Go to http://www.bantacs.com.au to free publications and download the rental property booklet. See what you think. Our closest office to you is Ningi Plaza on Bribie Island Road. About 3/4hr from Brisbane

Julia Hartman
Julia@bantacs.com.au

Jwhat,
Because you say you are receiving the age pension I assume you are both over 65 and do not have an employer through whom you can salary sacrifice.

You cannot claim a tax deduction for any superannuation contribution you make once you are over 65 or 71 I can’t remember which it is. Not my area of expertise. If you are under 71 let me know…[Read more]

Really “glad” you got there before me Derek. You opened a whole can of worms that I would not have considered in my original answer.
I’ll tell you what I do know but you can take decide what their motives are.

An Active asset cannot be an asset just used to derive rental income it must be used in the course of a business and not as part of…[Read more]

Salla,

http://www.bantacs.com.au/booklets/Rental_Properties_Booklet.pdf

Should give you a free booklet on rental properties.

Julia

Matt,

I am an Accountant on the Sunshine Coast. If you organise that get together I would be happy to do a presentation on the tax treatment of Wraps. May even be able to persuade a solicitor to come along.

Julia Hartman
julia@bantacs.com.au
http://www.bantacs.com.au

To All,
Great discussion. Two things I would like to add:
1) If the properties in the trust or company are negatively geared they cannot be offset against other income unless that is also earned by the trust or company and not from personal services.

2) Unless you have a company as trustee of the trust you do not have adequate asset…[Read more]

Location 1
Companies are not entitled to the 50% CGT discount. Discretionary trusts allow you to change whoe receives the profits each year. Neither of the above let you offset the losses against other income unless the business is in the same structure. If that is the case you have an asset protection problem.
That is just for starters without…[Read more]

BigBen,
Tree removal is claimable if the tress have become diseased or infested during the time of ownership. Removal is also claimable if the tree is causing damage such as roots interfering with pipes and the damage was not present when you purchased the property. If a tree is removed because it may cause damage in the future or you are fed up…[Read more]

BigBen,
Tree removal is claimable if the tress have become diseased or infested during the time of ownership. Removal is also claimable if the tree is causing damage such as roots interfering with pipes and the damage was not present when you purchased the property. If a tree is removed because it may cause damage in the future or you are fed up…[Read more]

Bart,
The basic rule is if these renos improve the property beyond the state it was in when you purchased it no tax deduction will be available. There are some small exceptions: Structual improvements, kitchen benches etc can be depreciated at 2.5% prime rate per year. If you replace the stove or hot water system they can be depreciated over 12…[Read more]

If the Vendor Finance arrangement has the following features the income stream received, once the wrap arrangement has begun, is considered to be principle and interest by the ATO. The income stream received before the wrap arrangement is entered into is considered rent. Reference ID2003/968.
Typical Features of a Wrap (Vendor Finance…[Read more]

If the Vendor Finance arrangement has the following features the income stream received, once the wrap arrangement has begun, is considered to be principle and interest by the ATO. The income stream received before the wrap arrangement is entered into is considered rent. Reference ID2003/968.
Typical Features of a Wrap (Vendor Finance…[Read more]

Steve,
Be concerned, very concerned that is exactly the sort of situation that may be caught. The case was decided in August so it is not yet clear how it will be used and abused by the ATO. Part of the problem is the taxpayer represented herself so did not put forward all the available arguements. But based on the ATO statements at paragraph…[Read more]

Stormbiz,
I agree with all the above responses but would like to add that seeing a client in this family room will really help your case.

Julia Hartman
julia@bantacs.com.au
http://www.bantacs.com.au

Pete,

No need to move back in before you sell just as long as you have not been absent for more than 6 years in a row and you did live there first no CGT.

Julia Hartman
julia@bantacs.com.au
http://www.bantacs.com.au

Onthego,

The 12 months starts from when you entered into the contract to buy the land.

Julia Hartman
julia@banacs.com.au
http://www.bantacs.com.au

g7,

How can you transger ownership of a trust that has your family members as beneficiaries without tiggering a CGT event by changing the beneficiaries.

Julia Hartman
julia@bantacs.com.au
http://www.bantacs.com.au

What a mess.
You can purchase another property & live in it and still exempt as your PPOR a property you previously lived in. You just can’t exempt both unless limited application of 6mth overlap see below.

The benefit of the six year rule (118-145) can be totally lost if you go one day over because of 118-192:
Make sure you count your fingers…[Read more]