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  • Profile photo of nemonemo
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    @nemo
    Join Date: 2004
    Post Count: 38
    August 5, 2011 - 9:37 am

    Does anyone know how they would calculate how much I can claim if i rent out some rooms and how they work out the percentage claimable??

    Profile photo of nemonemo
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    @nemo
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    August 4, 2011 - 4:39 am

    Sorry, I know what the word "substantiate" means but would what I've suggested above be considered adequate by the tax office as substantiation. i.e. If I have only paper invoices and cash but no transaction record.

    Grace

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    @nemo
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    August 4, 2011 - 4:29 am

    What do you mean by substantiate?
    Would the signed invoices be adequate if tenant payment was being made by cash??

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    @nemo
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    August 4, 2011 - 4:10 am

    Would we be under increased scrutiny by the tax dept if we manage the renatl it ourselves by organising a rental agreement or get a family member to rent the rooms ( which is always better renting to a family member than a stranger…in most cases.
    Regarding a receipt book for the rental payments,  are some better than others? I would just place our details, the tenants details and how much they paid, and get them and us to sign it and date it and obviously keep it for taxation. We would then use the cash to go and purchase groceries and deposit or spend the rest-  so there wouldn't be a transaction trail for the funds.
     
    Grace

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    @nemo
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    August 4, 2011 - 3:34 am

    Isn't the CGT only an issue if we were to sell the house at a later date.
    What if we keep it for 30 years and only rent it for 5 years??

    Grace

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    @nemo
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    February 3, 2005 - 11:02 pm

    A 5×5 year lease in the name of the vendor. Only just signed up

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    @nemo
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    February 3, 2005 - 10:24 am

    I should add that it is located in a town with about 10000 people

    Profile photo of nemonemo
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    @nemo
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    January 12, 2005 - 9:58 am

    Any other suggestions would be appreciated

    Profile photo of nemonemo
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    @nemo
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    April 18, 2004 - 12:08 pm

    What if you have placed a deposit on a property without viewing the property, and are subsequently inspecting it or pre inspecting it a day before settlerment. Can you claim those travel expenses?

    Profile photo of nemonemo
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    @nemo
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    April 13, 2004 - 8:01 am

    similar in some ways to the “investors club”

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    @nemo
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    April 11, 2004 - 2:47 am

    The break costs are around $5000 and our broker has agrred to pay $2000 which we have in writing. Our savings with the new rate will be around $4000/year. So we will definetely be better off by refinancing

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    @nemo
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    April 3, 2004 - 2:27 pm

    To avoid this problem I just pay the amount up front by cheque and don’t reveal my bank account details to anyone

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    @nemo
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    March 24, 2004 - 4:59 am

    I totally agree. the current loan I am refinancing will definetley not have an offset link. The money sitting in the account could easily be earning interest elsewhere, used to purchase another property etc. It might have advantages for some, but I personally don’t agree with all the praise that offset linked mortgages are given by brokers.

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    @nemo
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    March 22, 2004 - 2:14 pm

    I’m looking at now refinancing my loan with ING who have released a new 5 year fixed rate at 6.75%. Best 5 year rate around from what I can see

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    @nemo
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    March 15, 2004 - 5:11 am

    Anyone else know of any good accountants?

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    @nemo
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    March 15, 2004 - 5:08 am

    What does PPOR stand for again?

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    @nemo
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    March 14, 2004 - 1:36 pm

    And for a large loan that is “interest only”, the only way to reduce the loan is wait for capital gains, which at present are low and getting lower in the current market

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    @nemo
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    February 4, 2004 - 6:55 am

    Thanks for your replies.
    After discussion with my lawyer and the agent, I have faxed them the reports as requested and made another lower offer. The agent said that instead of taking up the lower offer , they may choose to treat the problems themselves and still accept the current offer, which would suit me fine.

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