All Topics / The Treasure Chest / tax deductions

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  • Profile photo of montymonty
    Member
    @monty
    Join Date: 2002
    Post Count: 6
    November 23, 2002 - 1:34 am

    Has anyone come across a comprehensive list of eligible tax deductions for a rental property, or where you can get one ?
    I recently purchase my first investment property.
    Thanks
    Monty%)

    Profile photo of TaraTara
    Member
    @tara
    Join Date: 2002
    Post Count: 11
    November 23, 2002 - 8:54 pm

    I phoned the Australian Tax office and I asked them to send me 3 booklets they have.
    1. Personal investors guide to capital gains tax.
    2. Rental properties.
    3. Guide to depreciating assests.

    http://www.ato.gov.au
    Tara

    Profile photo of FWFW
    Member
    @fw
    Join Date: 2002
    Post Count: 478
    November 23, 2002 - 11:13 pm

    Try the site at http://www.gatherumgoss.com , this is the site for Dale Gatherum-Goss & Associates, and he has released the “Tax Battles Manual”, an easy read with lots of creative ideas for deductions. You’ll find it under “shopping”. Or go straight to http://www.gatherumgoss.com/shopping.htm

    Keep smiling
    Felicity 8-)

    Profile photo of Brett_2Brett_2
    Participant
    @brett_2
    Join Date: 2002
    Post Count: 47
    November 24, 2002 - 3:34 am

    Hi Monty

    This sounds like something a tax accountant could help you with. Do you know one or have one as part of your investment ‘team’ yet? If you dont I would STRONGLY recommend doing so as he will be one of your most valuable members in minimising your tax liability. If you already have one, have you consulted him regarding your purchase?

    Regards,
    Brett

    Profile photo of ADAD
    Participant
    @ad
    Join Date: 2002
    Post Count: 636
    November 24, 2002 - 6:35 am

    Gotta go with Felicity and Brett on this one. Firstly Dale’s book is excellent and he is an excellent accountant who is very familiar with Property as an investment. Secondly you do have to build a team you are comfortable with. The people on your team will cost you money but if they are worthwhile they will save you or make you a whole lot more. If you need help with sugestions ask around as you will find people are always glad to share their knowledge and contacts on this forum.
    Hope that first property catapults you into dozens more.

    Enjoy
    AD

    A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
    -Sydney Smith

    Profile photo of Property TraderProperty Trader
    Participant
    @property-trader
    Join Date: 2002
    Post Count: 111
    November 24, 2002 - 10:21 pm

    AD,

    Please call me and I can refer you to someone here in Brisbane.

    Regards,

    JUason Moore

    Property Trader | Boston West Pty Ltd
    http://bostonwest.com.au
    Email Me | Phone Me

    Private money lending opportunities available paying upto 12%, secured by bricks and mortar!

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