https://www.propertyinvesting.com/members/fletchertax/activity/ Activity feed for FletcherTax. Sun, 12 Apr 2026 16:50:54 +0000 https://buddypress.org/?v=2.8.1 en-US 30 hourly 2 f194260279152546e7ad63f048e2d718 https://www.propertyinvesting.com/topic/4398487-ppor-in-changing-status/#post-4615486 Sun, 24 Jan 2010 06:30:56 +0000 Sounds like your capital gain will need to be apportioned between when the Investment Property was your PPOR and when it was not.An accountant would be able to work this out for you,Fletcher Tax Accountantswww.fletchertaxaccountants.com.auPlease note comments made should NOT be taken as specific taxation, financial, legal or investment advice.…[Read more]

]]> 8108d04d4d5e77f1ebda91f71db7204c https://www.propertyinvesting.com/topic/4398411-capital-gains-tax-and-exemption/#post-4614995 Thu, 21 Jan 2010 20:56:39 +0000 What would be the point of doing this restructure?The property is dually CGT exempt as it is Pre CGT and your parents' PPOR in its current state.Changing titles is a change of ownership hence causing a capital gains event and loosing the pre-CGT status going forward.Fletcher Tax Accountantswww.fletchertaxaccountants.com.auPlease note comments made…[Read more]

]]> 51e5c074c8cea1711e473820779b9bbb https://www.propertyinvesting.com/topic/4398218-trust-v-smsf/#post-4613756 Wed, 06 Jan 2010 07:19:31 +0000 May I suggest discussing your plans with an accountant and a financial adviser. Both look at your situation from a different point of view and hopefully between the 3 of you lead to a beneficial scenario.My advice would be to give your accountant/adviser as much information as possible about what exactly you want to invest in and any family…[Read more]

]]> e4baad9aea3faf7341b736e56170b1e8 https://www.propertyinvesting.com/topic/4398199-advice-for-financial-planning/#post-4613653 Wed, 06 Jan 2010 07:12:55 +0000 I refer my clients to 2 financial adviser firms depending on the client and their needs.Navigate Wealth – PeterFinancial Spectrum – BrentonBoth based in Sydney CBDHope that's of help!Fletcher Tax Accountants http://www.fletchertaxaccountants.com.au

]]> 77caf9c44ec51ce589dce4c874160432 https://www.propertyinvesting.com/topic/4397277-principal-residence-to-investment-property/#post-4609178 Fri, 18 Sep 2009 09:45:42 +0000 As per Terry's post – intention can change and the name under which you financed initially whether investment or home doesn't matter.Just remember to note the exact dates the property began earning income.Also be careful not to dilute the loan (ie. with drawing down for private purposes), as then the interest expense will need to be…[Read more]

]]> 41a3b79fe964b1b1cdb8bf5ab86b2cab https://www.propertyinvesting.com/topic/4397058-can-anyone-recommend-a-good-accountant-in-melbourne/#post-4608270 Thu, 03 Sep 2009 10:56:09 +0000 Try Sygroup – a group of very professional accountants in Melbourne.

]]> 7ef17f02b4b39b44f486464ddd680eb2 https://www.propertyinvesting.com/topic/4397105-primer-on-cgt-or-ip-taxation/#post-4608514 Sun, 30 Aug 2009 03:02:22 +0000 JoeYou need to be careful when you are doing these renovations ie pre tenancy or during tenancy as both have different tax implications.Also need to distinguish between repairs (deductible) and capital improvements (depreciated)The ATO is coming down very heavily in this arena with a rise in desk type audits of rental/IP claims.Fletcher Tax…[Read more]

]]> 42c58c67cdef591a4a0a252c09fd3867 https://www.propertyinvesting.com/topic/4397063-family-trust-silly-question-time/#post-4608285 Mon, 24 Aug 2009 02:08:41 +0000 MattRegarding the trusts' carrying forward loss – is it a carrying forward tax or capital loss? You can only claim the capital gain against a capital loss but not against the tax loss.In regard to calculations – have a look at the following link (also includes talk about applying…[Read more]

]]> 1d38ef93ad107fa684663ef5ddb98fc7 https://www.propertyinvesting.com/topic/4397035-tax-implications-5/#post-4608153 Sat, 22 Aug 2009 06:25:17 +0000 Thanks Kenny – I think you've covered all bases.

]]> f8aff208289d8a26e4c4772746bfd111 https://www.propertyinvesting.com/topic/4397035-tax-implications-5/#post-4608146 Fri, 21 Aug 2009 04:47:10 +0000 Repairs to a newly acquire IP are not deductible but repairs resulting from rental use are.I would argue that the power bills during renovation would be a deduction as they are needed to actively market and rent out the IP. (Not so much water though!?) And I would assume this will be very minimal amount being as it is for 2/3 weeks. You could even…[Read more]

]]> 420e7f513eb4863562f3a832ac07586d https://www.propertyinvesting.com/topic/4397035-tax-implications-5/#post-4608143 Thu, 20 Aug 2009 12:37:20 +0000 For your expenses to remain deductible the IP must be 'available for rent' (ie genuinely marketed which sounds like you will be) or actually rented out, during the renovation time. This ensures you do not need to do apportionment of any expenses at financial year end.Fletcher Tax Accountantswww.fletchertaxaccountants.com.au

]]> e353dd28c9ecda15c86280199d1bb522 https://www.propertyinvesting.com/topic/4396977-need-some-rental-help-asap/#post-4607864 Fri, 14 Aug 2009 06:21:54 +0000 Check your Property Management Agreement terms. To terminate an Agreement with your agent it must be in writing. How much notice is required depends on your actual Management Agreement. If you stick to this – you shouldn't be liable to the agent for anything. As for the proposed tenant – she hasn't signed up for anything as yet – no lease…[Read more]

]]> 0dce0a96e95e1d72b60ad19451963fb2 https://www.propertyinvesting.com/topic/4396968-accountantlawyer-etc-in-ballarat-any-recommendations/#post-4607848 Fri, 14 Aug 2009 05:48:06 +0000 BenAsk your friends/colleagues whom they use and go from there. Often they will point you towards a compatible accountant for you.Fletcher Tax Accountantswww.fletchertaxaccountants.com.au

]]> d6ed1f51f410426fcba59979978192a1 https://www.propertyinvesting.com/topic/4396941-abn-renewal/#post-4607604 Tue, 11 Aug 2009 09:13:59 +0000 The ATO does not cancel ABN's on its own accord. If you have not used your ABN within 2 or 3 consequetive tax returns it will spark a letter asking if you are still using the ABN or not. If you do no reply to the letter within the certain timeframe – the ATO will then proceed to cancel it.Fletcher Tax Accountantswww.fletchertaxaccountants.com.au

]]> 3a4f6b58d81bc4586f9448a30a925dbd https://www.propertyinvesting.com/topic/4396674-advice-on-renting-out-primary-residence-and-renting-elsewhere/#post-4606272 Mon, 10 Aug 2009 09:42:36 +0000 Just be mindful that the CGT exemption only applies for 6 years of absence from your PPOR. Afterwhich, an apportionment will apply (ie not be fully CGT exempt) or you need to reoccupy the PPOR to get a further 6 year exemption.Fletcher Tax Accountantswww.fletchertaxaccountants.com.au

]]> cf40cd3b844e658855400e8075cc867d https://www.propertyinvesting.com/topic/4396917-do-i-apply-to-be-gst-registered/#post-4607521 Sun, 09 Aug 2009 04:41:27 +0000 Hi HelenaYou cannot claim GST on residential property expenses and you would not issue any tax invoices with GST from a residential property either.Hence if your bookkeeping business is under the $75k mark – save yourself all the admin involved of being GST registered as you will be lodging NIL statements all the time. Hence you will claim the…[Read more]

]]> b034ed21189b58c69b9eddae0c311d82 https://www.propertyinvesting.com/topic/4396915-stopping-payg/#post-4607479 Sat, 08 Aug 2009 09:47:37 +0000 You can vary your PAYG but it only gets cancelled/stopped by the ATO dependent on your profits/earnings upon lodgement of your next tax return.Fletcher Tax Accountantswww.fletchertaxaccountants.com.au

]]> 4ec0db0777faadb39de3327e78aca803 https://www.propertyinvesting.com/topic/4396883-moving-back-to-australia-shall-i-kick-out-my-tenants-and-move-into-the-property-myself-or-rent-out-a-property-for-myself/#post-4607151 Fri, 07 Aug 2009 21:30:29 +0000 Hi Nicole, basically any work that requires you to work from home and use your computer etc. Can't be just for convenience but rather an expectation and requirement of employment or type of work.Please feel free to email us direct if we may of any further help,Fletcher Tax Accountantswww.fletchertaxaccountants.com.au

]]> eecdea2fa98ef1b07a9df2431b3e6c17 https://www.propertyinvesting.com/topic/4396909-quantity-surveyor-required-2/#post-4607280 Fri, 07 Aug 2009 11:21:17 +0000 Try  Deppro – I think they have a Double Bay based office and quick turnarounds and are competitively priced.

]]> 3416fa58a842f8d1e9e2434ed5e1eee4 https://www.propertyinvesting.com/topic/4396883-moving-back-to-australia-shall-i-kick-out-my-tenants-and-move-into-the-property-myself-or-rent-out-a-property-for-myself/#post-4607149 Fri, 07 Aug 2009 11:19:26 +0000 From a tax perspective, definitely better to rent out a separate place for you and your partner to take advantage of all the tax benefits of having investment properties, especially if you are applying negative gearing. Plus when you rent your own – you may also be eligible to deduct occupancy expenses depending on what kind of work you and your…[Read more]

]]> c8efe220bf8d6e1e9e5baee1538d8817 https://www.propertyinvesting.com/topic/4396873-interviewing-accountants-in-perth/#post-4607111 Tue, 04 Aug 2009 08:11:38 +0000 EmmaAsk for an engagement letter – this clearly sets out what your getting and for how much, in writing. Therefore no suprises! Fletcher Tax Accountantswww.fletchertaxaccountants.com.au

]]> 3089c9aa15eb37e16169df691fa09a29 https://www.propertyinvesting.com/topic/4396880-cash-gifttax-implications/#post-4607135 Tue, 04 Aug 2009 08:06:21 +0000 If you received property or shares – that would be a different story. But with cash – there shouldn' t be any tax consequence as your parents would have settled any CGT tax within their individual tax returns. You cannot be taxed on the proceeds twice. Tried to find a back up on the ATO site – but can't find one either.Fletcher Tax…[Read more]

]]> 2f06b17a6c5b4f42de2976761d367642 https://www.propertyinvesting.com/topic/4396713-good-accountant-needed/#post-4606450 Tue, 04 Aug 2009 07:44:28 +0000 Tam happy to help. We're based in Lindfield (Sydney) if that's of any help. Feel free to send us an email direct with your contact details and we'll take it from there.LindaFletcher Tax Accountantsmail@fletchertaxaccountants.com.auwww.fletchertaxaccountants.com.au

]]> 7208672b50078143a0ed03054a941650 https://www.propertyinvesting.com/topic/4396860-cgt-advice-4/#post-4607063 Sun, 02 Aug 2009 22:10:18 +0000 Hello againThe 3 valuations (and average of) can be used as the adjusted cost base upon the eventual sale. It is called "Market Value Substitution Rules"LindaFletcher Tax Accountants http://www.fletchertaxaccountants.com.au

]]> 2e64c5ad19a208e62601f75896676267 https://www.propertyinvesting.com/topic/4396861-cgt-6-year-rule/#post-4607066 Sun, 02 Aug 2009 09:39:05 +0000 Hi Tommy12, yes the 6 year cgt exemption applies.  You lived there for more than 3 months (14 months) hence satisfied occupancy.  You can only have one main residence at a time. The election is made via your Tax Return. So yes the cgt exemption can be claimed upto may 07 (date/time of switching official main residences)LindaFletcher Tax A…[Read more]

]]> 42fb84efe303cf5d14a8c84240907706 https://www.propertyinvesting.com/topic/4396860-cgt-advice-4/#post-4607061 Sun, 02 Aug 2009 09:33:57 +0000 TuggerSome food for thought:As per Richard's suggestion – I too would suggest to get a deduction or claim for any expenses/purchases done to your IP whilst its still your IP. Even if it is for 2/3 years.  (… Better than NIL once its your PPOR)Also I strongly suggest getting a market evaluation by 3 local agents in writing of your IP when your…[Read more]

]]> af70ab4b9e0a8209533a88e30b0fc49a https://www.propertyinvesting.com/topic/4396659-50-tax-bonus-for-small-businesses-and-laptops/#post-4606177 Fri, 31 Jul 2009 23:22:08 +0000 Terryw, the allowance is only available for new assets over $1,000 (after GST). The tax break is provided to the legal owner of the asset. Please feel free email us for any further information or help re the tax break on mail@fletchertaxaccountants.com.au

]]> 9a8ab2ec6325ca543221c16dd01a5b48 https://www.propertyinvesting.com/topic/4396699-renting-to-family-2/#post-4606405 Fri, 31 Jul 2009 23:18:03 +0000 Hi Molleye6, To answer your queries – market value is worked out using available data in the current market place. Usually the most efficient way is to take the average of 3/4 written rental appraisals from local agents. The ATO clearly states that should non commercial values be charged – an apportionment of expenses will also need to be made. It…[Read more]

]]> 0167fe4e35e3eeb74b07911c575337d7 https://www.propertyinvesting.com/topic/4396764-accountant-16/#post-4606653 Fri, 31 Jul 2009 23:08:08 +0000 Hi Badger101. Not sure what specific advice you are seeking. We specialise in sole traders and small business with an appreciation of all things property. Please feel free to pop us an email with your specific taxation requirements and perhaps we will be able to help you further.  Our email is mail@fletchertaxaccountants.com.au

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