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Hi
Are you north or south of the river?Basically the actual taxable capital gain (amount after 50% discount etc) is added to your other income for the year and then taxed accordingly.
Example: If u had wages etc of $20k and had a taxable capital gain of $50k your taxable income would be $70k for the year.
You would pay exactly the same amount of tax as someone who earnt $70k from a job etc.Its doesnt matter what you earnt in the years previous etc. It is also worth pointing out that the disposal date for CGT is contract date and not settlement date.
Im pretty confident you cant claim the cost of seminars unless the ATO considers you to be 'in business' in relation to your rental properties.
http://www.ato.gov.au/rba/content.asp?doc=/RBA/Content/14120.htm
http://www.ato.gov.au/rba/content.asp?doc=/RBA/Content/52466.htm
Also your not able to can claim books/magazines based on this
http://www.ato.gov.au/rba/content.asp?doc=/RBA/Content/76764.htmHiya
I dont believe you could claim the full amount as an immediate deduction but u should be entitled to a capital works deduction.
Here is the link to the relevant page of the ATOs 'Rental Properties' guide.
http://www.ato.gov.au/individuals/content.asp?doc=/content/00237831.htm&page=22&H22
It should take approx 28 days so if you applied in November i would phone them up to check on the progress.
I have cut and paste the info below from the ATO website
We aim to give you a private ruling within 28 days of receiving all the necessary information from you. If we cannot give you a private ruling within the relevant time period, we aim to contact you within 14 days of receiving all the necessary information to discuss an appropriate reply date.
http://www.ato.gov.au/businesses/content.asp?doc=/content/34047.htm&page=20&H20
