Just read about “benefits” of tax credits.Does anyone have experience with clocking them up,&/or using them?Pro’s & cons?[confused2]
What do you mean by Tax Credits? Is it GST related? Or shares related?
Don’t know if this will answer your question, but for FY 02/03 my taxable income was -$107K, so I can carry that forward to FY 03/04 and have to earn $113K before I will pay any tax at all[biggrin]
Cheers
Melwell,i reckon u’v answered my qu! I figure i will be in the serious negative this yr,& was wondering what happens when “in the red”. Cheers.
Hi melbar,
How on earth do you manage to have a taxable “income” of – 107k ?
Is this from capital losses, or is this neg. income…
As the great Pauline said……..please explain..KP
Mel,
Can you explain a bit how this can be done?
What allowed you to carry over your taxable income? Was is the sale of something, or the re-financing of something.
Very interested. [biggrin]
Kind Regards,
Orion [evo]
Originally posted by melbear:Don’t know if this will answer your question, but for FY 02/03 my taxable income was -$107K, so I can carry that forward to FY 03/04 and have to earn $113K before I will pay any tax at all[biggrin]
Cheers
MelI don’t know the details of how Melbear got a large loss, but here are a few thoughts…
1) Deprication amounting to many $$$; esp. if the place is new;
2) Neg. Gearing to a degree;
3) Give a large % of income away is loans (pls note you need an excellent tax advisor for this, and I have diliberitly left this point vague).
4) He has massive legally deductable expenses and uses loans on his IP/PPOR to pay for this.Am I getting warm Melbear???
Rgds.
Lucifer_auHey Lucifer
Melbear is a ‘she’ [
], but other than that you were partly right.1. Depreciation benefits on 6 newly constructed units.
2. Stamp duty deductions ($50K alone for FY 02/03)
3. Interest paid to friends/family (50%) for loans to enable us to purchase aforementioned units.As for carrying the ‘income’ (or lack thereof) over, there’s a spot on the tax return where you can input your ‘losses carried forward’….
Cheers
MelAhhh’… My complete apologies… It’s just too easy to press reply and not double check!…. A 107 thousand apologies!! (I have tripled checked this reply!).
Rgds.
Lcifer_au
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