PropertyInvesting.com | Edvico_kvn | Activity https://www.propertyinvesting.com/members/edvico_kvn/activity/ Activity feed for Edvico_kvn. Mon, 13 Apr 2026 02:43:10 +0000 https://buddypress.org/?v=2.8.1 en-US 30 hourly 2 dd61309184a21ae8ed7ffea156bb320b Edvico_kvn replied to the topic 10% deposit - interest deductible? in the forum Finance https://www.propertyinvesting.com/topic/4396580-10-deposit-interest-deductible/#post-4605760 Mon, 29 Jun 2009 13:23:11 +0000 Lil,I would redraw the 10% deposit and split your loan (if your loan product allows splitting) into the 2 subaccounts.  The 10% deposit as one sub-account and the remainder in another subaccount.  The interest expense from 10% subaccount will be all tax deductible while the interest expense from he other subaccount not tax-deductible.In fact, if…[Read more]

]]> 38ce8b72ae7020fb3d824f8a426d8fc1 Edvico_kvn replied to the topic PPOR and IP Account Structure. in the forum Finance https://www.propertyinvesting.com/topic/4396513-ppor-and-ip-account-structure/#post-4605442 Tue, 23 Jun 2009 13:30:55 +0000 Hi Terry,I like your idea of having the LOC pay for the IP running costs (including interest of the I/O loan) and thereby increasing your tax deductible LOC liability over time while at the same time the I/O loan for the IP remaining the same balance and the offset balance increasing over time.Do you recommend using the investor's salary/other…[Read more]

]]> d2ed655dec9301a4ead2fa7dfe89b99f Edvico_kvn replied to the topic HELP! Capital Gains Tax and the Six Year Itch in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4396285-help-capital-gains-tax-and-the-six-year-itch/#post-4604281 Sun, 31 May 2009 06:51:45 +0000 Hi Dan42,Continuing our conversation on this matter, the following ATO PBR is pretty much the same situation as "Stage's" circumstances.  i.e Property was purchased after Aug 1991, was let out immediately after purchase, become PPOR for 2 years and then was rented once again for several years.This PBR confirms that the interest costs an (rates,…[Read more]

]]> 7c39fe65032726e890aa5bb5671facf6 Edvico_kvn replied to the topic HELP! Capital Gains Tax and the Six Year Itch in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4396285-help-capital-gains-tax-and-the-six-year-itch/#post-4604279 Mon, 25 May 2009 04:55:27 +0000 Dan42,I didn't say the holding costs (interest, rates) etc were to be claimed  as a tax deduction.  I said you can add it to your cost base and hence reduce CGT payable."One trick that a lot of people don't know is that during the the holding costs during the PPOR years when you did NOT claim tax deductions on can be added to your cost base (…[Read more]

]]> c6aabaf6d204fda0feec16c7cccf8b1b Edvico_kvn replied to the topic HELP! Capital Gains Tax and the Six Year Itch in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4396285-help-capital-gains-tax-and-the-six-year-itch/#post-4604276 Fri, 22 May 2009 13:05:28 +0000 Stage,Your property won't be able to use the 6 yr absence rule since it was rented out as soon as you purchased it.  Living in it for the last 6 months prior to selling it won't make the place a main residence for CGT exemption purposes. One trick that a lot of people don't know is that during the the holding costs during the PPOR years when you…[Read more]

]]> 9b5df99fa2b90f6986b034e4cfaee924 Edvico_kvn replied to the topic Sell it or Rent it? in the forum Finance https://www.propertyinvesting.com/topic/4396283-sell-it-or-rent-it/#post-4604272 Fri, 22 May 2009 12:47:32 +0000 Investajt,One thing you can do is get a Line of Credit facility and borrow up to 80% LVR of your existing property.  Split the facility into 2 subaccounts.  One subaccount for investment purpose and the 2nd subaccount for PPOR purposes.  You will be able to claim interest on the investment subaccount only but the interest on the other PPOR suba…[Read more]

]]> d4f5739f3fa4fae6e8ddc2174f265074 Edvico_kvn replied to the topic Placing my PPOR on rent in the forum god_of_money https://www.propertyinvesting.com/topic/4396120-placing-my-ppor-on-rent/#post-4603345 Fri, 01 May 2009 04:07:16 +0000 god_of_money wrote:
Kevin,What is your suggestion if the PPOR has been paid off prior to renting out??

GOM,In Hsingh's case, it is probably not a realistic situation for him/her to have their loan fully paid off as he was a FHB only 2 years ago.  Not many ppl can pay off the loan of their 1st home in 2 years!But if we continue with your…[Read more]

]]> d36e63f4afd3caefdf48c05d2c1d4c1a Edvico_kvn replied to the topic Placing my PPOR on rent in the forum Hsingh10, I would get a QS https://www.propertyinvesting.com/topic/4396120-placing-my-ppor-on-rent/#post-4603338 Thu, 30 Apr 2009 12:09:52 +0000 Hsingh10,I would get a QS report asap to work out how much depreciation you may claim each financial year.  Then I would look at getting landlord insurance to insurance against loss of rent and/or tenant damage.I recommend you structure your loan repayments to be Interest only.  There's no point paying off principal on an investment loan.  If you…[Read more]

]]> 2ae95a885e6eaea59476c5bf895c34a8 Edvico_kvn replied to the topic What do banks want to hear when applying for a first home loan? Recommendations ? Bankwest Tracker Ultra? in the forum Finance https://www.propertyinvesting.com/topic/4395899-what-do-banks-want-to-hear-when-applying-for-a-first-home-loan-recommendations-bankwest-tracker-ultra/#post-4601977 Wed, 22 Apr 2009 12:29:13 +0000 BB8,Shopping around, looking for the lender that offers 0.1, 0.2, 0.3….% rate lower than other lenders is a waste of time as far as I'm concerned.  Sure you might save a little interest but if structured and "used" incorrectly, you loan will cost you much more and cause you to pay more tax than you have to.I agree with Richard in that you may…[Read more]

]]> 4488fcb18c679b2b7885106824f75924 Edvico_kvn replied to the topic Fix Rate or Variable Rate? in the forum Finance https://www.propertyinvesting.com/topic/4396018-fix-rate-or-variable-rate-2/#post-4602859 Tue, 21 Apr 2009 13:57:31 +0000 While there are certainly benefits in fixing your home loan rate (e.g certainty in your interest expense and potentially paying less interest than you would under a variable rate), one must not forget that you lose flexibility in your property investment/ownership decisions (Or at least it is going to be very expensive).What I am referring to is…[Read more]

]]> 852ee23228f0719b4b3728c65b8f8f87 Edvico_kvn replied to the topic Young investor looking for advice in the forum Hi LGBW, Since your Broker https://www.propertyinvesting.com/topic/4395884-young-investor-looking-for-advice/#post-4601916 Fri, 03 Apr 2009 22:38:48 +0000 Hi LGBW,Since your Broker advised that you don't have enough borrowing capacity to purchases another IP, you should perhaps consider renting out your current property and then yourself live an another rental property.That way you can claim tax deduction on the interest on the mortgage you are servicing (in addition to the other running costs plus…[Read more]

]]> 2766ad2e3186fb94c77f7f2dbae87b86 Edvico_kvn replied to the topic any advise we need please in the forum Help Needed! https://www.propertyinvesting.com/topic/4395821-any-advise-we-need-please/#post-4601508 Fri, 27 Mar 2009 11:42:11 +0000 Kev2008,Probably the most important thing to keep in mind when renting out your place is to ensure the loan principal owing on your investment poperty (i'm assuming you've got a geared IP) is and continues to remain as 100% investment related.  In other words, ensure the purpose of the original loan drawdown and subsequent redraws/drawdowns are fo…[Read more]

]]> 0ca807f7449215cabdf0d918309a4254 Edvico_kvn replied to the topic Rental property deductions estimate in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4395780-rental-property-deductions-estimate/#post-4601303 Tue, 24 Mar 2009 11:21:10 +0000 Hi Not so Lucky,I'm assuming your $53k deductions is made of your figures of $25k interest + $10k bills+ $18K "negative gearing"Firstly, the $25k interest sounds a little high for $400k property.  You'd be lucky to get a loan with 95% LVR so I;m assuming a LVR of 90% on the $400k loan with 6% interest rate.  This gives you 90% x $400,000 x 6% = $…[Read more]

]]> c2a7e0ab43722fd2a1f39d4c91c6d3ef Edvico_kvn replied to the topic Tax Variation Penalty? in the forum Finance https://www.propertyinvesting.com/topic/4395172-tax-variation-penalty/#post-4597900 Wed, 21 Jan 2009 11:39:06 +0000 I haven't seen a specific amount or percentage that could apply if you overestimate your deductions.But I have seen on the variation form that if you lodge a variation and you end up with a tax liability (as opposed to a tax refund), the ATO reserves the right to NOT allow you to lodge a variation form for the following tax year.  So they can p…[Read more]

]]> ed1fc7a3247dfbff53a9c828728ea1ee Edvico_kvn replied to the topic New investor in Inner west, Sydney in the forum General Property https://www.propertyinvesting.com/topic/4395189-new-investor-in-inner-west-sydney/#post-4598025 Wed, 21 Jan 2009 11:22:30 +0000 Rambo,Renting it out in the first 6 months would be a big mistake!1.  You will breach the rules of the FHOG and could be asked to cough up the $24k back if you are unlucky enough to be audited.2.  You will lose the eligibility for the 6 year CGT main residence absence rule (and have to end up paying CGT when you eventually sell the IP).  The ex…[Read more]

]]> 79e1035aa82f74e5dc8c5f5efd648a42 Edvico_kvn replied to the topic Tax deduction on investment property in the forum General Property https://www.propertyinvesting.com/topic/4395113-tax-deduction-on-investment-property/#post-4597695 Sun, 11 Jan 2009 04:28:53 +0000 Also in the first tax return, you can claim strata, water rates and council rates you would have paid to the vendor on settlement of the IP.  The settlement letter will show the amounts you can claim in the 1st year tax return.With regards to claiming depreciation of building and fittings, they are certainly deductible during the years of…[Read more]

]]> 7780507e510fef3cdc30e8a09a18cc24 Edvico_kvn replied to the topic Why & How Do Investor Rent their Own Ppty? in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4395022-why-how-do-investor-rent-their-own-ppty/#post-4597202 Thu, 08 Jan 2009 14:02:43 +0000 Ptykit,A valuer can provide a backdated valuation – thats not a problem.Based on the info provided so far, it sounds like you might be able to apply the 6 year CGT absence exemption rule (provided you haven't purchased another property while owning this property).  In that case, you can sell in 2010 CGT free and a backdated valuation is not…[Read more]

]]> b65334a1e640f1a2b6f8f516fce231b8 Edvico_kvn replied to the topic Are you liable for Capital Gains tax on your PPR if you claim a small portion of it as a Home Office tax deduction? in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4395074-are-you-liable-for-capital-gains-tax-on-your-ppr-if-you-claim-a-small-portion-of-it-as-a-home-office-tax-deduction/#post-4597480 Thu, 08 Jan 2009 13:52:05 +0000 I'd also be careful of the Land Tax implications.You may cop a land tax assessment (i.e losing the main residence land tax exemption to some extent) due to claiming occupancy home office costs in the tax return.The ATO and Office of State Revenue do sometimes corroborate taxpayer's information. So consider both the CGT and Land Tax implications…[Read more]

]]> 47d5bf45b826d56d27e0907441dc3856 Edvico_kvn replied to the topic Investment property in the forum Help Needed! https://www.propertyinvesting.com/topic/4394835-investment-property-6/#post-4596169 Mon, 01 Dec 2008 09:56:49 +0000 Kvkr,Any decent Quantity Surveyor can knock up a report for you that summarises how much you may claim each financial year.It will cost you approx $500 and the cost of the report is tax deductible as well

]]> 79210bafd99a8763d5506525ae8944fa Edvico_kvn replied to the topic First time investing in Sydney in the forum General Property https://www.propertyinvesting.com/topic/4394663-first-time-investing-in-sydney/#post-4595293 Wed, 05 Nov 2008 11:05:45 +0000 Hi Dacloud,The rent looks pretty healthy for a $350k price and strata is reasonable at $500/qtr.Some other things to consider is how much money is in the sinking fund and if there have been numerousmaintenance jobs done to the units in the building.  If there is a history of maintenance work required in theunits, then it's not a good sign. The…[Read more]

]]> 3d3d4260c52c0a3001822aa2e75ba53c Edvico_kvn replied to the topic Help! New to property investing... in the forum Help Needed! https://www.propertyinvesting.com/topic/4394621-help-new-to-property-investing/#post-4595103 Fri, 31 Oct 2008 12:17:38 +0000 Hi Lizzie,By purchasing your PPOR and living in it for the first couple of years before renting it out, provides you the opportunity to take advantage of the 6 year main residence CGT exemption. I have written an article on this topic which you may find useful.  It contains a simple numerical example to help you understand this very i…[Read more]

]]> 89386aabb7fcffa1be15d036f59d61b9 Edvico_kvn replied to the topic LOC Deposit for New IP Deductable? in the forum Finance https://www.propertyinvesting.com/topic/4394478-loc-deposit-for-new-ip-deductable/#post-4594409 Mon, 27 Oct 2008 12:06:39 +0000 Terryw is correct.  The interest repayments on the "mixed" LOC will have to be portioned based on the existing % between private and investment portions of your LOC principal.Read Tax Office's TR200/2 – paragraph 20 explains how to calculate the deductible investment portion of interest expense.  But you will find it is a very messy pro…[Read more]

]]> c27cc8b964ae67112f97cc840b8572e2 Edvico_kvn replied to the topic Financial Advice- Renting out my home in the forum Help Needed! https://www.propertyinvesting.com/topic/4394409-financial-advice-renting-out-my-home/#post-4593999 Thu, 09 Oct 2008 04:08:46 +0000 Hi Gyn,I posted a reponse in a similar thread this morning:You also have to be careful how much you claim as a tax deduction on the "first" property you purchases (the one that will become your IP).   You gotta be careful that your current loan balance on that IP is not "infected" by redraws for private usage.  E.g redrawing from that home loa…[Read more]

]]> 37f2611350e2be99e1ca3d49f7a32993 Edvico_kvn replied to the topic what does a 1% drop in rates do for us? in the forum General Property https://www.propertyinvesting.com/topic/4394401-what-does-a-1-drop-in-rates-do-for-us/#post-4593888 Thu, 09 Oct 2008 03:50:51 +0000 Its crazy times at the moment……banks all over the world going bankrupt/bailed out by Gov't, sharemarkets crashing, central banks slashing interest rates…..its probably a good thing in the long run to get excess debt unwound and asset values to deflateif we're not at the bottom of the sharemarket, we sure are much closer to the bottom than i…[Read more]

]]> 5d4d2e1cb471d9c5b11a94ca90b2ea2f Edvico_kvn replied to the topic investment loan in the forum Finance https://www.propertyinvesting.com/topic/4394408-investment-loan-2/#post-4593997 Thu, 09 Oct 2008 01:12:10 +0000 Kev2008,Yes you can do that as long as you have enough equity or cash to satisfy your Lender(s) LVR and have sufficient rent income + salary to service these 2 loans.You also have to be careful how much you claim as a tax deduction on the "first" property you purchases (the one that will become your IP).   You gotta be careful that your current lo…[Read more]

]]> fe8d28b0a8c221ef1f819433ce2be833 Edvico_kvn replied to the topic what does a 1% drop in rates do for us? in the forum General Property https://www.propertyinvesting.com/topic/4394401-what-does-a-1-drop-in-rates-do-for-us/#post-4593886 Thu, 09 Oct 2008 01:04:05 +0000 If you've got excess cashflow and have an offset account (linked to your home or investment loan)……park it in the offset account.It will guarantee you around 8% AFTER tax return on investment which equates to around 11% before tax (if marginal tax rate is 30%) and 14.5% before tax return on investment (if your marginal tax rate is 45%).  It…[Read more]

]]> 3fe85187274c09cada881f175d8af406 Edvico_kvn replied to the topic Apartment Investment in Sydney CBD in the forum General Property https://www.propertyinvesting.com/topic/4394400-apartment-investment-in-sydney-cbd/#post-4593878 Thu, 09 Oct 2008 01:03:36 +0000 Besides the high strata fees associated with Sydney CBD apartments, is the posibility of having MANY uni students as residing in your apartment.  Sydney CBD is a favourite location for Uni students due to its proximity to everything.I'd hate to stereo-type uni students but alot of real estate agents I have spoken to, admit that some investment…[Read more]

]]> 42a2ee3f88384e35dfc1d9bc58d6e2ef Edvico_kvn replied to the topic Any advice - for or against "off-the-plan" properties for investment ? in the forum Help Needed! https://www.propertyinvesting.com/topic/4394343-any-advice-for-or-against-off-the-plan-properties-for-investment/#post-4593432 Wed, 01 Oct 2008 06:44:15 +0000 Hi Kwarrior,I'm personally not a big fan of "off the Plan" purchases as I like to see and touch the final product before putting my hard-earned dollars in such a large investment.When I inspect properties I like to see to quality of the finished product, how my particular unit compares to the rest of the complex (and how it is comparitively…[Read more]

]]> 1bac0ee0c918cfa486a300da6fcd9bb2 Edvico_kvn replied to the topic Can i claim expenses on repairs to Common property (strata) on IP? Tax vaiation question also. in the forum Help Needed! https://www.propertyinvesting.com/topic/4394176-can-i-claim-expenses-on-repairs-to-common-property-strata-on-ip-tax-vaiation-question-also/#post-4592626 Thu, 11 Sep 2008 09:20:25 +0000 TracyD,Underestimating your expenses in the Variation form is a wise thing to do because if you get caught with a tax liability when lodging your tax return, the ATO may disallow you from varying your PAYG tax in future years (this rule is in place to prevent taxpayers from rorting the system by obtaining the benefit of higher cashflow during th…[Read more]

]]> 847e802000c8f1a37eb66d4b9541810e Edvico_kvn replied to the topic Tax Variation Form in the forum Finance https://www.propertyinvesting.com/topic/4394170-tax-variation-form/#post-4592607 Sun, 07 Sep 2008 08:36:51 +0000 PropertySeeker,In the accounting circles, its commonly called the Section 221D form.Its basically a form to instruct your employer to take out less tax each month in anticipation of a tax refund (due to negative gearing).  Instead of getting a big refund after lodging your tax return, you may get 1/12th of your refund every month instead (via…[Read more]

]]> 8b44ee09be5a2d34a181924bb5786ccf Edvico_kvn replied to the topic getting 1st mortgage - via broker or bank? in the forum Finance https://www.propertyinvesting.com/topic/4394103-getting-1st-mortgage-via-broker-or-bank/page/2/#post-4592310 Thu, 04 Sep 2008 02:05:58 +0000 Tess,Totally agree with Richard on his comments above:Bankwest have a track record of providing very slow service and causing delayed settlements (causing heaps of stress for FH buyers who are purchasing property for the first time).  This goes to show that borrowers should not think that the loan product  with lowest rate is actually best for you…[Read more]

]]> 21c3d59c1142784ffedb952920fa215e Edvico_kvn replied to the topic getting 1st mortgage - via broker or bank? in the forum Finance https://www.propertyinvesting.com/topic/4394103-getting-1st-mortgage-via-broker-or-bank/page/2/#post-4592306 Wed, 03 Sep 2008 03:38:26 +0000 tess85 wrote:
Meeting a potential mortgage broker today (guy from Mortgage choice). Do you think it is worth asking for a 30% or 50% rebate on commission? My husband & I have well-paying jobs, and though this is our first property and we are young, we expect to buy a couple of IPs before we are 30.

Tess,  I'd be interested in how that Mortgage…[Read more]

]]> 26429a3d20561f5cc04e9fd48d3eef80 Edvico_kvn replied to the topic getting 1st mortgage - via broker or bank? in the forum Finance https://www.propertyinvesting.com/topic/4394103-getting-1st-mortgage-via-broker-or-bank/#post-4592298 Sun, 31 Aug 2008 05:27:35 +0000 Hi Stuart Wemyss,I totally agree with your comment……….. "I would just say that you shouldn't act on tax or financial advice from a mortgage broker unless they hold an Australian Financial Services License or are a Registered Tax Agent".Only registered tax agents/accountants should provide tax advice. So if a borrower needs and wants tax a…[Read more]

]]> 09f6808fbc7b244e5a70ceef015c2181 Edvico_kvn replied to the topic One Stop Shop Real Estate Agents in the forum General Property https://www.propertyinvesting.com/topic/4394114-one-stop-shop-real-estate-agents/#post-4592390 Sat, 30 Aug 2008 01:01:25 +0000 D,I'm all for regulation that aims to achieve more disclosure for consumers.  Consumers benefit from understanding who gets paid what and from whom.  We can all understand the motives behind every player in the process better if all commissions and profit sharing are disclosed.  All mortgage brokers have an inherent "potential" for conflict of i…[Read more]

]]> 8607615fbf9b143dd98019972078036d Edvico_kvn replied to the topic early break fees - refinance in the forum Finance https://www.propertyinvesting.com/topic/4394113-early-break-fees-refinance/#post-4592388 Fri, 29 Aug 2008 23:43:14 +0000 ABC-09 is correct.Break cost refinance fees are considered a borrowing costs which can be claimed as a tax dedution over a 60 month period (5 yrs).The other thing you have to watch out for is whether "all" of the refinanced funds is used for investment purposes or not.  If you are extracting equity out of the IP and drawing down extra funding for…[Read more]

]]> 24f73c3a7e9e34d2cea5bc8577897213 Edvico_kvn replied to the topic getting 1st mortgage - via broker or bank? in the forum Finance https://www.propertyinvesting.com/topic/4394103-getting-1st-mortgage-via-broker-or-bank/#post-4592292 Fri, 29 Aug 2008 13:27:05 +0000 Hi Tess,A good mortgage broker should be able to offer the same product (in terms of rates, fees, features ect) as all the 5 lenders you are about to meet.  So you would save yourself a lot of time by engaging a knowledgeable broker that can not only offer you the same product as the lender's loan Officers/Managers but be able to highlight the…[Read more]

]]> 0233370f6c45752778feddc9faa58976 Edvico_kvn replied to the topic Best free info ever from Residex in the forum Help Needed! https://www.propertyinvesting.com/topic/4393865-best-free-info-ever-from-residex/#post-4591064 Wed, 30 Jul 2008 11:33:10 +0000 I agree with rudo1ph, while some price estimates seem to be reasonable, other estimates appear to be way off the mark by hundreds of thousands of dollars.  Not sure whether to take the residex estimates seriously or not.In any case, the google map feature is really handy for home-buyers.

]]> a38426701cdc112642448c0dc3b2cabc Edvico_kvn replied to the topic Question for accountants in the forum Help Needed! https://www.propertyinvesting.com/topic/4393801-question-for-accountants/#post-4590726 Sun, 20 Jul 2008 14:18:46 +0000 Hi Chis,The Tax Legislation looks at the "purpose" of the loan taken out.  Because you will be drawing out a loan for the purpose of purchasing your "home" (and not to purchase/renovate an investment property), the interest on this loan wil not be tax deductible.Your rent will be considered income and you will be positively gearing while the int…[Read more]

]]> e90acee2b2b92c8d68d51ac5be1db978 Edvico_kvn replied to the topic Inheritance, investing & advice needed pls! in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4393778-inheritance-investing-advice-needed-pls/#post-4590530 Fri, 18 Jul 2008 13:26:22 +0000 Hi Justin,You mentioned you have a home loan.  If your home loan has an offset account linked to it, i would advise to put the whole lot into that offset account (as opposed to putting it into a term deposit). The tax benefits are two-fold:1.  The interest income you earn (or save from paying on the linked home loan) is equal to the home loan ra…[Read more]

]]> 4ca874fd7195a7327df6bcc1cb5b3034 Edvico_kvn replied to the topic sold property last fin year, still receivedincome this fin year in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4393642-sold-property-last-fin-year-still-receivedincome-this-fin-year/#post-4589785 Thu, 03 Jul 2008 14:01:50 +0000 Hi TD,I agree with mpertile.  The bond money you received should be refunded back to the tenant or used to pay for damages.  Its not income that needs to be included in your tax return.RegardsKevin

]]> 3b20646699295787a0fb2fa42df4f33e Edvico_kvn replied to the topic Help: Doing tax return for the 1st time with an IP in the forum Blaze, You cannot claim https://www.propertyinvesting.com/topic/4393147-help-doing-tax-return-for-the-1st-time-with-an-ip/#post-4586590 Tue, 24 Jun 2008 13:08:51 +0000 Blaze,You cannot claim deduction on $6k stamp duty and solicitor fees (it will reduce your capital gain instead).  You could claim 50% of other expenses but will also have to declare rent income received.You have to weigh up whether it is worth renting out one room (and getting relatively small tax refund each year) versus capital gains tax u…[Read more]

]]> 025026289d31dfa576fb8baa8a724156 Edvico_kvn replied to the topic The basics of changing from PPoR to investment in the forum General Property https://www.propertyinvesting.com/topic/4393563-the-basics-of-changing-from-ppor-to-investment/#post-4589395 Tue, 24 Jun 2008 12:57:20 +0000 Hi Mini,If you lived in the property as soon as possible after purchasing it, you have established the property as PPOR (and hence can use the 6 year absence rule to rent out it for up to 6 years and can sell it CGT free).Paper work involved would be just to have a lease agreement between yourself and the tenant.  If the property was built post 1…[Read more]

]]> c4f209cc3ef4de28e4353affb15db2a6 Edvico_kvn replied to the topic Good Depreciation Schedule in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4393572-good-depreciation-schedule/#post-4589442 Mon, 23 Jun 2008 13:16:36 +0000 Magic32,Not sure if you are getting a report for a strata title apartment/unit, but if you are, one thing to specifically ask the QS to do is calculate the depreciation and capital allowance in common areas of the block (you are entitled for a share of the common areadepreciation).RegardsKevin

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