[withstupid] I have read a few posts stating investors rent a place,while renting theirs out. That they then claim the rent as a deduction.How? Is it sufficient to say that as an investor,we need to rent a house to live in,therefor we can claim it?? Me no understand!
Me No understand either Misty..
But from the looks of your recent Posts, your getting ready for June 30th [biggrin]
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorMisty
You may have mixed things up a bit?
A lot of people rent while investing. ie they rent out their own home and negative gear it, saving tax. The rent they pay would not be a deduction though.
Is that what you meant?
Or if you a renting a business premisis, the rent would be a deduction. Some people run a business from a portion of their home and can therefore claim a portion of the rent.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
i guess i got it wrong[angry2] Thought i;d found another gift from the tax office…..& yes,i;m gearing up for that most hated time of the year! i have only just discovered the joys of deductions,(as u can tell by my posts!) even tho i have had an accnt for several years now,they never ONCE told me,or offered ANY advice on what i could claim[angry2],so now i want to make sure i claim every penny,without having to rely on (new) accnt! Would it be slanderous if i named the previous accnt firm,so that others never use them???
Misty..
Same same here for many years, a work-mate would tell me what they’d been claiming for years , i’d ask my acc’t, he’d say, “hmm.. yes, we can do that also”
It’s annoying giving your accountant the information and ideas..my suggestion find an accountant who’s an avid property investor..
All the best..PS- great posts and relevant to this time of year also, Thanks..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorHi Misty/Redwing,
Consider buying Dales ‘TAx Battles’ manual. For $99 (tax deductible) you will get an extensive list of claimable deductions.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Thanx for the suggestions.
Derek,i tried link to find out about book,searched their books & library list,& couldnt find it. (but it is late…[sleepyanim] I’v requested they send me some info.Thanks Derek…
[thumbsupanim]
I also have the List you sent me,thanks for that also..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorOriginally posted by Misty1:
Thanx for the suggestions.
Derek,i tried link to find out about book,searched their books & library list,& couldnt find it. (but it is late…[sleepyanim] I’v requested they send me some info.Misty, I clicked on the ‘Shopping’ link on Dale’s website, and it took me to Tax Battles and Trust Magic info straight away[specool]
Cheers
Mel
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