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]
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..
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]
I 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.
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’….
Ahhh’… 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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