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A coupla curly ones,can anyone offer advice?
A)In a part I.P.,part PPOR,if i pay ALL bills myself,(eg; ph,mowing,repairs,etc) can i claim 100% on those items? Or do i have to pro-rata them regardless that i paid for them, because it is only a part I.P.? If i have to pro-rata,how do i work out how much i can claim on those things??[confused2]
B)I believe there is a ruling that allows certain “Landcare operations” to be fully claimable in that year.(even ATO couldnt answer this one,they said “You’d best send off for a ruling) So,if i had to replant indigenous plants to replace what was removed for construction site, prior to renting out,in an “environmentally sensitive” area,by council stipulation,is this under that umbrella? At first they said it was landscaping,but i disagreed,stating it was by ORDER (of council) as part of the permit, & that it was to stop soil erosion & weed growth in that area.
Any thoughts???Hi Misty
I like your curly questions.
1) I would say you would have to apportion any costs based on area rented out. eg if you have a three bedroom house and rent out one romm, then you could probably claim 1/3 of any repairs relating to the house in general. If something broke in your room, you probably could not claim the repair on that. If something broke in the rented room (eg light) you could probably claim all of that. I also think you can work out your claim based on the floor area of the rented room.
If you are doing this, also consider claiming portions of:
-depreciation of jointly used furniture such as TVs, Washing Machines etc
-costs of small items such as tea towls, knives and forks etc
– portions of fittings such as carpet etcBut what out as claiming these things may mean you lose your CGT exemption, so please talk to an accountant.
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
thanx terry.
