Forum Replies Created
If you’re making structural changes i.e. knocking out walls, relocating plumbing, you need to let the body corp know.
But if you’re just hanging a door and calling a ‘sunroom’ or a ‘dining room’ a bedroom, no need to tell anyone.
As a rule of thumb in units, try and be discreet about what you do and certainly keep the noise to business hours – there is always somebody in a block who will have nothing better to do than pester you.
ScottTax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.auThe relevant date is when the contracts are signed. It’s not the settlement date.
ScottTax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.auI knew people who did it in Sydney during the Olympics. They rented a small mini storage unit and put alot of personal stuff in there. The garage took some of their excess furniture. It actually turned out to be a great opportunity to have spring clean-out. Then they headed out of town for a month on a holiday. Of course, they missed being in Sydney during the Olympics, which was an amazing experience.
I’d be tempted for $5,000.
ScottTax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.auOutrigger are a brand. There are Outrigger resorts all over the place – I think they might be a US company (possibly started in Hawaii)
Be aware that with many of these places the cleaning/laundry costs can absorb 15-20% of gross rentals. They never have this on the glossy literature.
ScottTax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.auWill anybody go to the Commonwealth Games? They’re a bit of a quaint anachronism. Howard will love them – he’ll be channelling Menzies for the entire time and revelling in the glory days of the commonwealth.
Any talk about property prices set to boom will be developers trying to offload stock they’ve been stuck with.
I don’t imagine there have really been any ‘apartments built purposely for the games’ despite what the developer ads might say.
I imagine there are several accomodation sites up and running. House/apartment owners would register and be checked out – they need to meet certain standards.
The most lucrative short term tenants would be the media who usually arrive some time before the events to get organised. Most of them would have booked accomodation ages ago.
If you rent your house out (and yours would be contender, Tools), make sure insurance etc is in order.
When are the games?
ScottTax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.auWhen you sign your tax return you accept responsibility for everything in it.
Tax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.auYep, as soon as developers head off shore to flog apartments the warning bells should ring. I remember last year or early this year somebody on this forum was lamenting a Docklands (Melbourne) purchase they made after a slick seminar in London.
ScottTax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.auI’m not an accountant, but I assume the cost of borrowing money for a renovation or improvement would be deductible. You would have to make sure you don’t use any of the borrowed funds for private purposes.
Further to Dazzling’s point, I had a great accountant years ago who I suspect stopped me getting into strife with the ATO. Whenever I had an idea with my tax that was a bit clever, I would run it past him at our bi-annual meeting.
He would sigh, and say: ‘Okay, let’s pretend I’m the ATO…’ Then he would grill me in a pretty humourless fashion in much the same way I imagine an auditor would. Within minutes, he would nail me.
Taking on the ATO just isn’t worth it. And when it comes to depreciation, I think the benefits are pretty generous anyway.
ScottTax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.auI agree that Property managers can be a mixed bunch. Guess I’ve just been lucky with mine. And some of them have handled some tricky situations.
Tax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.auFind a good Property Manager.
Tax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.auSokos,
There would be quite a few Interpretative Decisions on this in the ATO data base.
Do a search under ‘initial repairs’ and you will probably find your investor friend is indeed treading on thin ice.
Strictly speaking, if a property is in a state of disrepair at the time of aquisition, any repairs are capital in nature.
So how long would a property need to be rented out before any work could be claimed as repairs?
Certainly longer than a week.
It would depend on the extent of work being done. Let’s say you rent a place out for 3 months and then paint the entire interior and try and claim it as a repair. You’d be pushing it.
It’s one of those ones where you have to use some common sense. If you think you may be being a bit cheeky, you probably are.
ScottTax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.auYou don’t need an architect – there will be no designing. You just need someone who can draw up what is there. Look for a local draftsperson. They will no doubt know a surveyor.
ScottTax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.auSounds like the owner was to blame. It’s no big deal – certainly not worth getting worked up over. Just request that the lock be changed. The reason being you’re not sure how many keys are floating around.
Tax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.auRight now the building is on one title. It would need to be put on two titles. Not impossible, but the cost and logistics of doing it might outweigh the benefit. For a start the wall dividing the two would have to be fire rated. First thing to do would be to talk to the local council.
ScottTax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.auHave you tried Michael at Guardian Partners? He’s a very switched-on accountant and property savvy also.
Michael Armstrong CPA
Partner
Guardian PartnersTel 43234596
Fax 43234135
Website http://www.guardianpartners.com.auScott
Tax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.auHi Giddo,
We’re affiliated with the Count Wealth group – 700 or so accounting/planning practices across the country. We do Tax Depreciation Schedules for their clients (accountants like our schedules).
There are a few Count Members in Toowoomba. I don’t know these ones personally, but I do find members of this group tend to be reasonably switched-on. They have access to training and Count BDMs who keep them up to date. They may be a good place to start your search. You’d still need to make sure they are property savvy. Some of these firms will have a planning bias, some an accounting bias. Obviously, you’re looking for the latter, though a planner with an affinity for property might be a useful find too.Moore Lewis & Partners Pty Ltd
Mr David Fitzgerald
Phone :07 4638 5300 Fax :07 4639 2118
Email: [email protected]Ridgway and Nolan Financial Services
Mr David & Helene Ridgway
Phone :07 4688 9111 Fax :07 4688 9199
Email: [email protected]Robertson Scannell Financial Services Pty Ltd
Mr Michael Locke
Phone :07 4638 1155 Fax :07 4638 5916
Email: [email protected]Talbot & Purves Financial Planners
Mr Gregory Purves
Phone :07 4639 1099 Fax :07 4638 4051
Email: [email protected]Taxation Professionals P/L
Mr Graham Woods
Phone :07 4632 4588 Fax :07 4639 2942
Email: [email protected]Tax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.auLots of good accountants around. You might need to tell people where you are to narrow it down.
It’s stating the obvious, but you need an accountant interested in what you’re into – so if you’re a property investor you need one with experience in property.
I also like one who can explain things very simply without needing to use too much jargon.Tax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.auYou can claim the costs you incur once the property becomes an investment property.
So that’s 5 months of interest payments and a 5 month proportion of the rates and insurance.
Of course, if you get landlord’s insurance you’ll be claiming all of that.
100% of the QS fees would be claimable. Depreciation will be pretty good on a 2 year old home. If you built the house and have the original contract we could do a schedule for $250.
ScottTax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.auI’m uncomfortable with single industry towns.
I’ve seen people paying $80-$100K for older houses sitting on cheap blocks of land just because they provide a bit of cash flow.
Make sure you talk to other investors and agents about which parts of town to steer clear of.
ScottTax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.auHi Carl,
As you know, the building depreciates at a fixed rate of 2.5% per year.
Your main concern is the Depreciating Assets (Fixtures and Fittings).
Strictly speaking, the depreciation clock starts ticking from when you acquire the assets i.e. settlement. So there is some depreciation you will lose. There is a way to ‘slow down’ the clock, though. This will legitimately minimise the amount Assets are written down for the period when you lived there.
It’s hard to explain how in writing, so feel free to call me.
Using your existing schedule, we could put a new one together for $200. (The added benefit would far outweigh this fee – I can roughly calculate this.)
ScottTax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.au
