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  • Profile photo of NoviceMNoviceM
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    Post Count: 17
    February 26, 2004 - 1:11 pm

    Just thought I’d add this info which I received in my email yesterday.

    “ATO consultation meeting on rental properties and capital allowances on 20 February 2004:

    Members will be aware that rental properties are a compliance area the ATO is currently focusing on.

    The ATO has concerns that rental property owners are not correctly distinguishing between Division 40 ITAA 1997 (depreciable assets) and Division 43 ITAA 1997
    (capital works). With this in mind, the ATO is preparing a comprehensive list of articles, furniture and parts of buildings etc commonly found in rental
    properties, indicating whether Division 40 (plus the effective life) or Division 43 applies. The ATO hopes to include this list in the July 2004 edition of its
    Rental Properties publication, with the depreciable assets effective lives to be included as a 1 July 2004 addendum to the effective lives taxation ruling TR
    2000/18.

    The ATO is still formulating its position on how it will apply the law as regards to mistakes it identifies in the course of its compliance reviews. For example, it may enforce the law prospectively from 1 July 2004 as regards “grey areas” where there has been genuine confusion. However amendments to prior year returns should be expected for mistakes where the correct treatment is clear from case law and/or rulings.

    It is anticipated that when this residential rental property project is complete, the ATO team working on it will commence working on a similar project focusing on commercial properties. “

    Regards,
    NoviceM

    Profile photo of NoviceMNoviceM
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    February 11, 2004 - 5:46 am

    Thanks for your input Erika…

    Profile photo of NoviceMNoviceM
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    February 10, 2004 - 12:41 pm

    Hello..??!!.. We’d really appreciate your comments… Thanks…

    Profile photo of NoviceMNoviceM
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    October 27, 2003 - 4:08 am

    Hi Fudge,

    Can you send me a copy please.

    Thanks,
    NoviceM
    [email protected]

    Profile photo of NoviceMNoviceM
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    August 10, 2003 - 6:26 am

    Hi every1.

    We have 1 PPOR and 1 negatively geared property… Unfortunately, tax minimisation was our main purpose hence the -ve gearing… It was only when I accidentally surfed into this website that I found out about the other options/strategies… Now concentrating on finding +ve cashflow properties… And learning more and more – via this site, Steve’s new book and tape, Anita Bell’s book and Jan Somers’ book…

    Good luck to all..

    Cheers,
    NoviceM

    Profile photo of NoviceMNoviceM
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    August 5, 2003 - 11:28 am

    Congratulations Steve and co… Bought “the” book first thing this morning at QVB for $29.95… Started reading on the train this evening and I nearly missed my stop… Great reading especially for a newbie like me…
    Regards,
    NoviceM

    Profile photo of NoviceMNoviceM
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    June 29, 2003 - 4:53 am

    Hi Smithers,

    We have an IP at Ashfield and our Depreciation Schedule was prepared by Washington Brown Depreciation P/L for $330.00. Their tel. # is 02 9906-1212 if you’re interested.

    Hope this helps.

    Regards,
    NoviceM

    Profile photo of NoviceMNoviceM
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    June 27, 2003 - 1:19 pm

    Thanks for your input guys…

    Cheers,
    NoviceM

    Profile photo of NoviceMNoviceM
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    June 26, 2003 - 12:49 pm

    ???????

    Profile photo of NoviceMNoviceM
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    June 8, 2003 - 12:44 pm

    Hi every1,

    Is the cost of a Deposit Bond (eg. $408.00 for $34,000 deposit) tax deductible?

    Thanks,
    Novice

    Profile photo of NoviceMNoviceM
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    May 18, 2003 - 12:56 pm

    Thanks David for your invaluable input.
    Much appreciated.

    Regards,
    Novice

    Profile photo of NoviceMNoviceM
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    May 18, 2003 - 12:53 am

    Thanks Pete. It now gives me some ideas as how we can improve our cashflow. But with the rental guarantee being above the current rent in the area, I think I can just sit back for 2 years and apply these strategies once the rental guarantee period is over. I guess these expenses are also tax deductible.

    Profile photo of NoviceMNoviceM
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    May 17, 2003 - 9:10 am

    quote:

    Hi Novice,

    Congrats on your 1st purchase. I have recently bought a house in melbourne as my IP and want to fix the loan for 5 years as well. You seem to be getting a very good deal. Could you please tell me which which bank offered you 5.97% for 5 years and what are the other charges on this loan like estd. fees, account keeping fees etc.

    Thanks in advance
    -D-

    Hi D,

    5.97% is actually a Bank Staff variable rate, no estd. fees.

    Happy investing and good luck!

    Regards,
    Novice

    Profile photo of NoviceMNoviceM
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    May 16, 2003 - 6:59 am

    quote:

    Hi,

    You can get a little more value out of that property if you claim depreciation. (Assuming you’re not already).

    For the building itself, you can claim 2.5% of it’s value until the building is 40 years old. There is a slightly different rate if that property was built between ’85 and ’87 but thats a long story.

    Also, things such as carpets, blinds, fittings, chattels are also claimable.

    In order to claim this you need to get a Quantity Surveyor to check out your property. http://www.deppro.com.au is one such QS, there are many others. They will give you a report, which you can show your accountant – and s/he will know what to do with it [:D]

    Hopefully you’ve already done this. I’ve seen on some $350k properties an $8k per annum deduction – just for depreciation. This helps [8D]

    – Regards

    Dave

    Thanks for your input Dave. I’m actually waiting for the depreciation schedule from the developer.

    Regards,
    Novice

    Profile photo of NoviceMNoviceM
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    May 15, 2003 - 6:28 am

    Hi all,

    Thanks heaps for sharing your knowledge and words of encouragement. I feel a lot better now and optimistic.

    Now, if it’s not too much to ask – how can I add maximum value for minimum cost????

    Thanks once again,
    Novice

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