Monthly archives: May, 2012

Pre-payment of rates, strata and electricity deductable?

Question I have two investment properties. Because I am in the highest tax bracket this year but in the lowest next year I want to pre-pay as much expenses as possible. I know it’s possible with the interest for the loans.What about estimating strata, council rates and electricity for the next year based on the …

Asset Substitution and Investment Loans

Question Hi Julia,I am currently living in my owner occupied home and I have several split loans against it which were used as a 20% deposit to purchase an investmentproperty and 2 more splits to fund the construction of an investment property. I claim tax deductions on these splits as the purpose of these loans …

gst and margin scheme

Question HiMy wife and I signed up to build a rental property. We signed up to buy land and subsequent house on 28/8/10. At this time I was earning reasonable money.We took possession of house at end July 2011 .To save costs we were doing , or organised tradespeople, ourself to finish house. My work …

Starting a new period of absence from main residence

Question My wife and I bought a house in Sydney s joint tenants in September 2005, moved into it right away and lived there until August 2006, when moved to the USA. We have rented the house continuously since we moved, and expect to utilise the Absences rule in section 118-145. However we are approaching …