pale ale wrote:
Only myself and one other employee  have purchased our own homes

If this is your 'home' then you might not be able to access the LAFHA by definition.Cheers,Rob

pale ale wrote:
Thanks if anyone can enlighten me on the normal protocol.

It is up to you to get financial and taxation advice about the best combination of salary and benefits that your employer is prepared to offer as a salary package.The LAFHA has a number of tax benefits that your employer might pass on.However, it sounds like you chose a…[Read more]

Most likely stamp duty on acquiring your mate's share, the amount depending on your state.If joint tenants, both of you have a CGT event when the joint tenancy is severed.You may get some main residence exemption if you occupied it for some of the time.Better get some detailed advice from an accountant because joint ownership is complex for…[Read more]

AllanP wrote:
Hey all im new to the forum here so hope this is in the right section.My partner and i purchased a house in Adelaide at the start of 2010 and lived in it for 12 months while renovating it. We then moved to Brisbane and now rent the property out. We have a few questions about the tax side of things.Our accountant told us that we…[Read more]

If the PPOR is rented for the first time, you would likely need to get a market valuation of the PPOR for CGT purposes anyway. You could get all your schedules done at that date for convenience.Cheers,Rob

Money borrowed to pay interest on your investment loan would usually be an allowable deduction.The problem is the temporary redraw and parking with private funds (in the offset account) causes loss of traceability.e.g. $10k private funds in offset account.$10k interest payment is due. Redraw the day before and park in offset account.When you take…[Read more]

This thread is totally confusing.Maybe some terminology is incorrect, however I still cannot see the fund flows and purpose.Maybe some hypothetical accounts & transactions as examples ?Cheers,Rob

fredo_4305 wrote:
Hi all, I am expecting my rent for the last fortnight to hit my account tonight or tomorrow morning. If it hits my account after midnight June 30 does it get included in the next financial year?

From your tenant or from your PM ?Cheers,Rob

Ishtvan051 wrote:
My main interest is for the purpose of creating a last will and testament which is equivalent to a binding nomination. If you spend some money creating a SMSF then you are able to effectively create a set of death benefit instructions in the SMSF trust deed in your will which dont have to updated every three years as in the c…[Read more]

Ishtvan051 wrote:
When deciding how much is relevant to employ me as a bookeeper what would be a good resource for deciding how much would be appropriate to funnel through a trust?I mean I know there are many websites outlining average salories by hour in various roles but is there an official one which is perhaps run by the government giving a…[Read more]

fredo_4305 wrote:
I am in the process of subdividing a property. Can the soil test and Surveyor plot be claimed agains the existing dwelling?

If you are an investor, it would go into the cost base … apportion on a reasonable basis between blocks.If you are in a profit making scheme that is less than a business, gains/losses on land will be…[Read more]

You don't have to be in a business to claim personal super contributions.However, if you have some employment income (e.g. subject to SGC) then there is the additonal tests to fulfil.Cheers,Rob

There is no freehold in the ACT.Don't even bother to ask why … the whole state is another unhappy political compromise that reads better than a Monty Python script.Cheers,Rob

TD 94/89      paragraph 3.Cheers,Rob

keiko wrote:
I am selling one of my investment propertiesNow the contract date was last week and settlement date is in AugustI would like to know if I will be paying capital gains tax in the 2011 financial year as the contract date was in this financial year or will I pay CGT in 2012 financial year as that…[Read more]

A) Capital … initial repair even if deferred Maybe capital if the extent of repainting was beyond required, i.e. if only patches required repainting. Also, if you used a more durable weather resistant paint etc. Its a matter of reasonable judgement, but if choosing a different colour forced you to repaint the whole house then this may indicate…[Read more]

CheapAtHalfThePrice wrote:
Hi All,What are the extra clauses that experienced investors have put into their Discretionary Trust Deeds that are above and beyond what you would find on a standard deed from cleardocs or law central?I've just bought/read Trust Magic by Dale Gatherum-Goss (revised in Feb 2011) and would highly recommend it to anybody…[Read more]

Adz123 wrote:
If I purchase a property in my own name and live in it for 12 months then sell it and walk away with a $100k profit (after performing a $60k renovation) am I liable for CGT? (Note: The intended purpose of this property is to produce a profit)

If the ATO knows your purpose and determines it is a "business", you are up for full…[Read more]

JacM wrote:
Hi all,I am wondering: If I were to purchase a powertool such as a drill, sander, etc… for the purpose of being able to maintain and improve my IP, would the cost of purchase be a deductible expense?  If so, does it come under maintenance and repairs, or capital improvements?The same question applies to the accessory parts such as…[Read more]

Sorry, don't know anybody.You might not have a mess … you just have not provided sufficient information to know really what is happening.But it can't hurt to get a second opinion from another Accountant in Adelaide.Cheers,Rob

sml wrote:
I am buying my stock from overseas so there is no GST included in my purchase costs.

You didn't specify if your imported stock is GST-free, input taxed or otherwise eligible for customs concessions.The importer is normally liable for GST regardless of whether registered or carrying on an enterprise.The threshold test is based on b…[Read more]