FY 19/20 property interest already calculated!

Did I really compile all the Investment property interest I paid for 2019/20 between 2 and 3am Sunday 5th July just using apps and statements available in my phone?

Unbelievable.
Anyway, seems weekly interest is now all quite a bit lower than rent on all properties.

Nice.
Even if I've cut Airbnb income by around 50%.

Oh, made Airbnb superhost again. But current tenants want to stay for 12 months, so it's a fat lot of good, reckon I won't have any status though later if/when it returns to being a STR.

And a quick question. Can I work out my 19/20 share trading info for tax purposes using the Commsec app?
Or do I need to use the normal browser?
Or does it have to be done in some other way?

 

Weekly interest ? I have never seen that. All loans I have seen charge monthly. You didnt add up your weekly repayments by mistake ? Tip - Most lenders show the annual interest at some point. And dont forget bank fees. Its a common missed item. (Tip its not a borrowing expense)

Commsecs data is crap for calculation of gains and losses. Their data is a strict buy and sell for the 12mths. Anything acquired re- 30 June 2019 wont be shown (it is priors years). And ETF and Managed Funds wont reflect costbase changes. Same with corporate actions like NAB issues in May etc.....

You can download excel (not using app or phone but desktop) and then compile and adjust and calc gain and losses. There will be three totals needed

1. Loss sales
2. Profit sales > 12mth
3. Profit sales < 12mth

And if your are a share trader the above isnt needed.... the report will help you with the THREE numbers needed = Sales, Purchases, On Hand 30 June 2020.

 

Thanks Paul,
I worked out what the interest would be if I was to make it a weekly figure.
Good tip on the bank fees.

for the shares side

 

Commsecs reports are really poor guidance for taxpayers. It is rocket science if you are a Comsmec customer. Their information is NOT at all tax ready when compared to other broker reports. (eg NAB Trade, Westpac broking etc). In rare cases it may be acceptable but that is a generalisation and a warning.

eg Owners of VAS or other ETFs - The income WILL BE WRONG and unusable for tax purposes. Ditto reinvested units wont appear in Commsec. Other items not to appear in Commsec include rights issues,. DRPs, new retail offers, demergers, share splits, conslidations, code chanbges, and more.

 

I am waiting on statements from my old bank. Refinancing has saved me a ton of money, but complicates the admin slightly. Also frustrating that I have to wait for the statement from the salary protection insurance - everything else is ready to go!

Cheers,
Inertia.

 

Some lenders have aweful cycles and it can be up to 6 months wait. Changing to monthly and online can avoid this problem where postal delivery is a delay.

For IP insurance paid directly you can easily work out the deductible if its ONLY IP insurance and not a life + IP policy. Just add up debits on account between July 19 and June 20

Common mistake - people think super IP cover is deductible. It is not. The FUND claims a deduction not the member.

 

There seem to be a million new investors flooding Facebook and Reddit sub-fora with questions like "Hi all, I lodged my tax return last week, I bought VAS shares during the year. Should I have reported the income showing in Sharesight / SelfWealth?"

Seems everyone discovered Barefoot, share trading and FIRE this year. The ATO is going to be busy amending so many returns in August.

 

And as many know, but not those above it would seem, a lot of ETFs haven't paid the June quarter distribution yet let alone issued the Annual Tax Statement.

A good lesson for them. I know it's a nasty attitude but I for one will not be shedding any tears for their subsequent discomfort.

 

A lot of ETFs may not pay a Q4 / June distribution. Some will. Some ETFs pay annually.

The ATO have briefed tax agents on why lodgement before the end of July is fraught with peril. In some cases they will bump a lodgement if the taxpayer could have ommitted data that is unpublished for prefill. I have seen a few of these cases. The ATO indicated on Friday it may bump more as they are seeing loads of stuff missing including Centrelink benefits, jobkeeper eligible business participant benefits, interest, divs, ETF income. CGT events etc.

And just because you lodge doesnt mean the ATO will process it. They can hold and defer notices of assessment for those with risk indicators eg No div income and no CGT events but ATO data shows shares were sold during the year.

 

That is very interesting. I wonder if some are lodging asap because they assume the ATO will "fill-in" the gaps due to data collection.

The "Oh, but I thought...." brigade has quite a few members.

 

Many people also think ozbargain is a source of tax advice. IMO its all numpties and halfwits who are asking for troubleand 90%+ of the replies are false and just some tool with a phone who has a thought not unlike a brainfart. Its like listening to someone on the train for legal advice. I wont even subscribe its so bad. I saw a thread yesterday where a completely illogical post suggested a illegal super release idea then followed it with ...perhaps check with terryw before acting. Others (many) suggested they would do it and didnt care what the ATO thinks. Its a potential s264 Notice waiting to be issued. I read that and reckon terry would have been horrified. I cant imagine terry wanting a bunch of anon enquiries asking whether a illegal scheme is a good idea or not.

The ATO will auto amend later. They usually (but dont have to) waive penalties but do impose interest and backdate it. The ATO had played with the concept of imposing an administrative amendment charge and this could be a trigger. .