Thanks for your reply, Hellman.
Will post on to Developing Forum as you suggest…

MIKALA

Tax wise the higher the interest amount paid the higher the amount of tax relief you get however remember that the tax relief is only as good as the rate of your tax liability so you will still be out of pocket by the difference between your expenses paid out and the tax refund you receive back.
If you do not need the cash for other purposes you…[Read more]

Hi Billray,

We have used BMT twice and found them very good.
Usual fee is $600 and they have a office in Townsville.
Reports seem to be very thorough

MIKALA

Hi there,

If I were you I would stay home, keep saving as much as you can – in the meantime find out as much as you can about investing in property (or the stock market if you are inclined that way – personally I like property!) – practise look for good positive cah flow properties and educate yourself on all aspects of financing and accounting…[Read more]

Hello,

Yes – you can definitely claim the building inspection as a deduction as it is a expense in the earning of your income on an investment property – it does not matter that you have earned no income yet – it is the intent which is important according to the taxation department…..see my earlier post…NO ICOME EARNED DEDUCTIONS YOU CAN…[Read more]

Hi Wake,

We are in exactly the same position – about to build no. 3 so couldn’t stick with someone who not only did not know what he was doing but was not willing to find out !
It just goes to show that even though we are paying for someone else’s experience we really need to keep our own knowledge of the tax situation up to date

Regards

MIKALA

Regrow,

Most definitely – that is our situation and why I rang the taxtion department to find out – I spoke to a taxation dept IP specialist there.
I also asked the question regarding time involved ( for future reference) and they said that they did not have a definitive time as each case is individual, They did mention that they had allowed…[Read more]

Originally posted by Regrow:
Mikala

Is this also the case with an IP under construction ?

Regrow

You are a fool for 5 seconds if you ask a question, but a fool for life if you don’t.

Judy Cooke

Hi Michael,

Thanks for your reply – on my first IP the taxation department has allowed for borrowing costs claimable over 5 years so wouldn’t it be the same for this one as long as the intent is for investment only even though no income has been earned yet it should be able to be claimed against other income such as wages or other rental income…[Read more]

Originally posted by MichaelYardney:
Most of the expenses you mentioned are capital costs – ocsts of setting up your business as a property investor and are unlikely to be deductible.

Interestingly the interst is deductible – there have been a number of test cases that have come down in favour of the investor for this.

Michael Yardney
METROPOLE…[Read more]

Originally posted by MichaelYardney:
Most of the expenses you mentioned are capital costs – ocsts of setting up your business as a property investor and are unlikely to be deductible.

Interestingly the interst is deductible – there have been a number of test cases that have come down in favour of the investor for this.

Michael Yardney
METROPOLE…[Read more]