Scott, please forgive me while I geek out on tax. Please correct me if I have missed something.

My understanding is Livewildcard has involuntarily disposed of the original A/C unit and received a new replacement A/C unit.

Based on my understanding, for tax this means;

You have a balancing adjustment on the disposal of your original A/C…[Read more]

Not an easy situation to analyse. Is the diagram below what you are trying to do?

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Question: Are contributions made into super taxed at a flat rate of 15%, or do they increase as you salary sacrifice more income into it?

Answer: Concessional contributions (where a tax deduction is claimed, or paid from pre-tax dollars such as 9% super guarantee or salary sacrifice) are taxed at a flat 15% in the SMSF. Non-concessional…[Read more]

My understanding is the book makes reference to having multiple trusts (with corporate trustees) borrowing from different lenders. The difference I believe is going to one bank and asking to borrow $450,000 in your own name, versus going to three different banks and borrowing $150,000 in each of three seperate trusts (and giving your personal g…[Read more]

Hi ptn,Is your concern that you will earn too much income in the year you sell the land, and therefore pay high marginal tax rates?Or is your concern about simply accessing the money tied up in the land and trust?RegardsRichard

Dan42 wrote:
Hi Emma,It's calculated on taxable income + reportable fringe benefits + reportable super contributions + investment losses.

Hi Dan, that is the standard income test for most items such as medicare levy surcharge and certain tax offets. The super co-contribution income test is more strict. Taxable income is not necessarily used,…[Read more]

Only allowable business deductions are taken into account. I.e. a work-related expense or a rental property loss is not taken into account.Alternatives to a personal co-contribution might include a contribution on behalf of your spouse, which can get you a tax offset or claiming contributions as a tax deduction (if employment income is <10% of…[Read more]

Definately see your accountant, however I agree with Paul's post. Issue is likely to be, whether you are repairing (immediate deduction) or improving (capital depreciation deduction).Catalyst, interest can be claimed if a property is not available for rent so long as certain critea are met. To this extent, if you were to purchase a vacant block of…[Read more]

Thanks to all for your comments, much appreciated.

I would also agree that LAFHA is unlikely to apply.How does your employer report the housing allowance? Does it appear on your PAYG summary (group certificate)?Also, do you know if your employer withholds PAYG tax from the housing allowance?

Thanks for the feedback Michael, much appreciated.When I found this forum I was amazed at the talent and information available. I particularly admired your recent input into what looks like a tricky situation https://www.propertyinvesting.com/forums/getting-technical/finance/4338851 I just had to join in.

Congrats!  I hope mum and baby are doing well.It is necessary to declare your spouse details under certain circumstances. The biggest issues revolve around the medicare levy surcharge (ie private health insurance), child support debts and spouse related tax offsets.Below is an extract from the 2011 income tax return;Spouse details – married or de…[Read more]

http://www.ato.gov.au/individuals/content.aspx?doc=/content/00120268.htm&pc=001/002/064/007/006&mnu=0&mfp=&st=&cy="Under this condition, less than 10% of the total of the following must be in respect of your employment activities:your assessable income for the income year your reportable fringe benefits for the income year the total of your…[Read more]