Also guys, regarding claiming of deductions. On settlement (Sept 2012), i pre-paid the council rates and also part of the strata levy. Can i still claim these (for the 2012-2013 yr) considering i wont have the receipts for them or would it still count because i've just simply prepaid it on settlement? ta

coolz thanks Qlds007

Thanks Derek for the info, I have contacted a company for a quote regarding the depreciation report and also booked an appointment to see an accountant about the whole thing. Should I do the variation through the accountant you think? Or it can be something I can do myself?

Thanks

Yea one of the tennants didn't have any documents, just an age card (no licence) which i found odd as he was
in his mid 20s.

Qlds007, i am employed and is PAYG. I have just settled this property 2 weeks ago, and have already lodged my tax return for last year. Should i still do a tax variation?

thanks everyone very insightful

Thanks everyone for your comments.

After trying to rent it out privately, and getting a few weird and dodgy applicants, i've decided to let  a REA manage it.
It was a lot more worrying after meeting the prospective tennants!

TheFinanceShop wrote:
G'Day,

Not entirely true re the valuation. If you have extensively renovated your property within a 2-3 month period then by all means you can re-value your property. I have done this with 2 of my own properties. I renovated and re-did a valuation within 3 months and got the increase. You do need to justify the…[Read more]

PLC wrote:
As Terry mentioned, you could have definitely structured your loans differently to be more tax effective.

The IP loan should be IO, and the deposit shouldn't have been so high. At worst case if you wanted to put 20% deposit on the IP and didn't want to pay LMI, you should have paid it into the first home loan (assuming it is a PPOR),…[Read more]

Terryw wrote:
You could have structured things more tax effective. Are you living in the first home?

yes Terry, i am living in the first home. It is my PPOR.

Qlds007, can you please send me a copy as well? ta

[email protected]

If i get the depreciation report done now, will i have to get it done again next year just before i do next year's tax return? I guess it will have to be a yearly thing?

thanks insanowayno for your advice. the depreciation schedule is still a bit confusing. i'll ask an accountant about that.