I wouldn’t claim the books under self eductaion as the 1st $250 is not allowable.
I’ve always claim them under technical books in the rental statement. Doesn’t really matter if you allocated them or not as it’s consolidated in the tax return.
If your properties are in jt names, they have to be allocated accordingly.
Hi Shaun, my sister has a property in Shanghai. Bought it about 3 years ago. As far as I’m aware, she’s yet to see any returns. She paid cash for the property. Not sure if it’s a place you’ll want to invest in.
Hold on if you can. Should you decide to sell, think about the tax implications as well. It’s going to be a capital loss which can only be offset against a capital gains. That means it’s going to be years before you can recoup your losses. Seen in that context, you may be better off to continue to negative gear the property rather than selling…[Read more]
Like Carla I manage our own properties. Rent is increased every 6 months. The amounts vary depending on the market. I use the rental column as a guide but normally charges below market. With a good long term tenant, it’s worth your while to look after them as it benefits both parties.
Geraldton is still good buying. The average property is about $40,000 to $50,000 below those in Bunbury or Albany. Try looking up Beachlands, Beresford, Bluff Point, Mt Tarcoola & Tarcoola. There’s heaps of work going up there. Go up there for the weekend & you’ll be amazed.
Suggest you follow up on Midford and Deputy Commissioner of Taxation(2005) AATA623.
The tribunal ruling is very clear that both supplier & recipient need to address & document their GST intentions in regard to the supply by expressly agreeing in writing that it is a supply of a going concern.
With commercial property, you do need to register for both ABN & GST.
It is important as well that when purchasing a commercial property with a tenant that the going concern clause is completed. Otherwise, ATO will enforce GST on the sale price.
We have 3 commercial properties. As pointed out earlier, commercial properties are a pain if there are no tenants. Hence we stagger our buying so that the termination date of the tenants vary by at least a year.
It’s important to do a full due diligence before buying. It is also difficult to get good properties under $500,000. We keep in…[Read more]
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