DAMProperty replied to the topic Has the removal of early exit fees changed anything? in the forum Finance 8 years, 9 months ago
Thanks for the article Jamie.I have had a few interest only loans come up for expiry this year and contacted my banks and got extensions and a better interest rate with no paperwork. Very happy with that.
A friend purchased a property in Ashtonfield (near Maitland I'm told) in November 2009 in a new estate. They have had a change in tenants but have had no problems in renting and the rent has increased substantially so they are very happy with it.
DAMProperty replied to the topic Can I claim back the GST when I build or buy a new investment property in the forum Legal & Accounting 8 years, 10 months ago
What are you trying to do?Be a developer (business) or an investor?If you are in business you need to have an ABN. If your turnover is over $75,000 then you need to register for GST. As you are selling a house that is more than $75,000 this is why you need to register for GST. You can be a sole trader, partnership or a company. If you are p…[Read more]
I have found it cheaper to have a building insurance policy with one company and then the landlord insurance policy with another. I think EBM have one of the best landlord insurance policies around and are quite reasonable with their prices. I have done claims with them and haven't had issues.Perhaps also look at the excess on the policy. If yo…[Read more]
Haven't used them. Did a google search and they seem to be part of another company called Ascentiv Group. Also, did an ASIC search on their name. The business name has been registered since 14 Jan 2008.
DAMProperty replied to the topic Declaring rental income in Taxpack Option #24 after some adjustment ? in the forum Legal & Accounting 8 years, 11 months ago
It seems strange that you would be paying for a tenant's phone use, electricity and gas when you moved out of the property. If you are paying for these they would be deductible. If you are renting out the property then the rent and therefore any deductions should go at 21 Rent on the tax return, not at 24 Other Income. Don't forget that you…[Read more]
If you get the information from the builder then I think the amount would be "builder costs" and not the cost that you would have to pay, i.e. retail should you need to replace anything. The best approach is to get a depreciation report from a qualified quantity surveyor. This way it's done right.
DAMProperty replied to the topic Depreciation and Capital works Deduction on new property in the forum Legal & Accounting 8 years, 11 months ago
I would suggest getting a depreciation schedule done and then doing an amended tax return for last year. Then do this year's tax return and if you are a normal employee look at putting in the ATO's Income Tax Withholding Variation Application for 2011-2012 so that you receive the money back during the year to help you fund the investment…[Read more]
The ATO has put out some information regarding this. Have a look at this article: Has Your Rental Property been damaged or destroyed by a natural disaster?http://www.ato.gov.au/content/00275211.htmThis should let some light on the subject for you.
The legal costs are considered a capital item so these are not expenses. The borrowing costs are expensed over 5 years or the length of the loan whichever is the shortest. They are pro-rata each year. You will need to know the settlement date of the property and then the date when the property was available for rent. You will only be able to…[Read more]
DAMProperty replied to the topic Is the interest on closing costs (LOC account) tax deductible? in the forum If you are only buying in 8 years, 11 months ago
If you are only buying in your name then using it for the costs for future IPs won't be a problem as the interest is deductible under your name. (It's when you buy in more than one name it can be a problem). The only thing I would want to know is how much interest for each investment property as I like to know what each investment property hol…[Read more]
DAMProperty replied to the topic claim depreciation of more than a year in a single year tax return in the forum If you have purchased the 9 years ago
If you have purchased the investment properties in your own individual name (not sure about trusts, partnership, companies) then you may be able to re-allocate the depreciation which may give you more depreciation but there are rules that apply to this. <moderator: delete advertising>
If you have a property manager and they receive the rent by 30th June but don't put it in your bank account until 1st July (just to use an example date) then you must include the rent received by the 30th June in the 2010-2011 tax return. This is because the agent is acting on your behalf so it is when they receive it, not when you receive it.
DAMProperty replied to the topic claim depreciation of more than a year in a single year tax return in the forum Have you purchased the 9 years ago
Have you purchased the investment properties in one name or more than one name?
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