Terry's Tax Tips

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Tax Tip 295: Company Paid Tax is not the final Tax paid on its Income Tax Tip 295: Company Paid Tax is not the final Tax paid on its Income

Tax Tip 296: Selling Vacant Land and the Main Residence CGT Exemption Tax Tip 296: Selling Vacant Land and the Main Residence CGT Exemption

 

Could you do a post on scrapping for renovations on an investment.

 

I don't know much about this area. @BMT Tax Depreciation would be the one to ask

 

Tax Tip 297: Victorian Duty Exemption for Transfer of Farming Land to a Trust Tax Tip 297: Victorian Duty Exemption for Transfer of Farming Land to a Trust

Tax Tip 298: How to Tax Effectively Transfer a Property to a Trust Tax Tip 298: How to Tax Effectively Transfer a Property to a Trust

Tax Tip 299: CGT Trap if Leaving Shares on Death to a Non-Resident Beneficiary Tax Tip 299: CGT Trap if Leaving Shares on Death to a Non-Resident Beneficiary

Tax Tip 300: Strategy to Avoid Triggering CGT on Death with Non-Resident Children Tax Tip 300: Strategy to Avoid Triggering CGT on Death with Non-Resident Children

That is 300 Tax tips (and 300 legal tips) want more?

 

Yep - Terry arguably you are the most valuable resource for all on PC!

 

(Thanks, @Terry_w ; @aussie1 , I've responded to your message but will reproduce some of it here)

This article is contains general information: Add value & increase depreciation deductions when renovating

However, scrapping potential is highly dependent on a.) individual scenarios, and b.) eligibility of the assets and works being removed, so it's hard to give more general advice than what is in that article. I hope that's a good start, though.

The best way forward from here would be to talk about your individual properties, your history with them, what works you've performed/are planning, and what you're doing with the properties after that.

 

Tax Tip 301: The need to Apportion Borrowing expenses in the 1st and 6th Years Tax Tip 301: The need to Apportion Borrowing expenses in the 1st and 6th Years

Tax Tip 302: Not All Properties Purchased Prior to 1985 are Exempt from CGT Tax Tip 302: Not All Properties Purchased Prior to 1985 are Exempt from CGT

Tax Tip 303: 6 Year Rule Trap on Spousal Transfers Tax Tip 303: 6 Year Rule Trap on Spousal Transfers

Tax Tip 304: Split Loan as Needed Rather than a Big Split when Debt Recycling Tax Tip 304: Split Loan as Needed Rather than a Big Split when Debt Recycling
(came across 2 people just this week who have caused themselves lost deductions around not splitting loans properly when debt recycling)

 

Tax Tip 305: Supporting Immigrant Parents by Letting Them Live in your Property – Tax Effectively Tax Tip 305: Supporting Immigrant Parents by Letting Them Live in your Property – Tax Effectively

Tax Tip 306: Trusts, Death Near the End of the Financial Year and Tax Tax Tip 306: Trusts, Death Near the End of the Financial Year and Tax

Tax Tip 307: Transferring title to Bare Trustee without Triggering Stamp Duty Tax Tip 307: Transferring title to Bare Trustee without Triggering Stamp Duty

Tax Tip 308: Trusts, Profits used to reduce debt and Tax Tax Tip 308: Trusts, Profits used to reduce debt and Tax

Tax Tip 309: CGT when Beneficiary of a Trust Capital Gain has Carried Forward Capital Losses Tax Tip 309: CGT when Beneficiary of a Trust Capital Gain has Carried Forward Capital Losses

Tax Tip 310: Main Residence Exemption if You don’t Live in property but your kids do? Tax Tip 310: Main Residence Exemption if You don’t Live in property but your kids do?

Tax Tip 311: Taxation of a Dead Person Tax Tip 311: Taxation of a Dead Person

Tax Tip 312: Ex-Spouses and Taxation of Superannuation Death Benefits Tax Tip 312: Ex-Spouses and Taxation of Superannuation Death Benefits

Tax Tip 313: Strategy for Single Person to Save Tax on Super at Death Tax Tip 313: Strategy for Single Person to Save Tax on Super at Death

Tax Tip 314: Bare Trusts and CGT Tax Tip 314: Bare Trusts and CGT

 

Tax related:

Legal Tip 315: Estate Planning Consequences of Recording Beneficial Ownership Wrongly 2 Legal Tip 315: Estate Planning Consequences of Recording Beneficial Ownership Wrongly 2

 

Tax Tip 315: Loans and Capital Gains Tax Tax Tip 315: Loans and Capital Gains Tax

Tax Tip 316: What TFNs are Needed after Death? Tax Tip 316: What TFNs are Needed after Death?

Tax Tip 317: The 6 Year Rule for Non-Residents Tax Tip 317: The 6 Year Rule for Non-Residents

Tax Tip 318: Can you Claim 3rd Element CGT Cost Base Expenses while living there? Tax Tip 318: Can you Claim 3rd Element CGT Cost Base Expenses while living there?

Tax Tip 319: How to Debt Recycle when Investing in Small Amounts? Tax Tip 319: How to Debt Recycle when Investing in Small Amounts?

 

Tax Tip 320: Trusts Pay No Tax? What! Tax Tip 320: Trusts Pay No Tax? What!

Tax Tip 321: CGT Differences between Renting a Main Residence and Moving into an IP Tax Tip 321: CGT Differences between Renting a Main Residence and Moving into an IP

Tax Tip 322: Comparison of Dividends Paid to Resident v Non-Resident Tax Tip 322: Comparison of Dividends Paid to Resident v Non-Resident

 

Tax Tip 323: Is it Use or Purpose of Loan that Counts for Deductibility of Interest? Tax Tip 323: Is it Use or Purpose of Loan that Counts for Deductibility of Interest?


Tax Tip 324: Some Major Tax Differences Between a Trust and a Company Tax Tip 324: Some Major Tax Differences Between a Trust and a Company


Tax Tip 325: Trusts Can Negative Gear Tax Tip 325: Trusts Can Negative Gear


Tax Tip 326: Claiming the Main Residence Exemption over 2 or more Titles Tax Tip 326: Claiming the Main Residence Exemption over 2 or more Titles


Tax Tip 327: How a Negative Gearing in a Trust Can Reduce Personal Income Tax Tip 327: How a Negative Gearing in a Trust Can Reduce Personal Income


Tax Tip 328: Claiming Deductions While a Property is Vacant Tax Tip 328: Claiming Deductions While a Property is Vacant

 

Tax Tip 329: The 6 Year Rule and CGT When becoming a Non-Resident Tax Tip 329: The 6 Year Rule and CGT When becoming a Non-Resident

Tax Tip 330: The Order of Property Purchases and Tax Considerations Tax Tip 330: The Order of Property Purchases and Tax Considerations

Tax Tip 331: Company to Company Loans and Div7A Tax Tip 331: Company to Company Loans and Div7A

Tax Tip 332: Taxation of Minor Beneficiaries of Testamentary Discretionary Trusts Tax Tip 332: Taxation of Minor Beneficiaries of Testamentary Discretionary Trusts

 

Tax Tip 333: Spousal Transfers While Non-Residents and CGT Tax Tip 333: Spousal Transfers While Non-Residents and CGT

Tax Tip 334: The Main Residence Exemption Doesn’t Apply to Property held on Revenue Account https://www.propertychat.com.au/community/threads/tax-tip-334-the-main-residence-exemption-doesnt-apply-to-property-held-on-revenue-account.57168/

Tax Tip 335: Spouses Jointly Borrowing and Deductibility of Interest Tax Tip 335: Spouses Jointly Borrowing and Deductibility of Interest

Tax Tip 336: Debt Recycling in Advance Tax Tip 336: Debt Recycling in Advance

Tax Tip 337: Living in a property but Claiming another Residence as the Main Residence Tax Tip 337: Living in a property but Claiming another Residence as the Main Residence

Tax Tip 338: Take into account Potential CGT when preparing Wills Tax Tip 338: Take into account Potential CGT when preparing Wills

Tax Tip 339: CGT before Title Passes? Tax Tip 339: CGT before Title Passes?

Tax Tip 340: Borrowing When the Money will be Used by Someone Else Tax Tip 340: Borrowing When the Money will be Used by Someone Else

Tax Tip 341: Deductibility of Interest When Adding a Spouse to Title of a Property Tax Tip 341: Deductibility of Interest When Adding a Spouse to Title of a Property

Tax tip 342: Tax Issues with Loan Recycling Tax tip 342: Tax Issues with Loan Recycling

Tax Tip 343: Tax Savings for Children with Testamentary Trusts Tax Tip 343: Tax Savings for Children with Testamentary Trusts

Tax Tip 344: CGT Exemption for Property Held in a Testamentary Trust Tax Tip 344: CGT Exemption for Property Held in a Testamentary Trust

Tax Tip 345: How Debt Recycling Reduces Risk Tax Tip 345: How Debt Recycling Reduces Risk

 

Tax Tip 346: No Need to Get Rent or Dividends Paid into a New Account Tax Tip 346: No Need to Get Rent or Dividends Paid into a New Account

Tax Tip 347 Changing Benefits under a Will and Stamp Duty in NSW Tax Tip 347 Changing Benefits under a Will and Stamp Duty in NSW

Tax Tip 348: Borrowing from a Related Company and Refinancing Investment Debt Tax Tip 348: Borrowing from a Related Company and Refinancing Investment Debt

Tax Tip 349: Land Tax and Trusts in QLD – A trap Tax Tip 349: Land Tax and Trusts in QLD – A trap

 

Tax Tip 338: Inheriting a Beneficial Interest in Property and the Main Residence Exemption Tax Tip 338: Inheriting a Beneficial Interest in Property and the Main Residence Exemption

Looks like I stuffed up the numbering on that one. I have 2 x Tip 338

 

Thanks Terry for all the tips. Always food for thought.

 

I have 69 more pre written. Any requests? I can put requests up first if I have written something on them

 

Tax Tip 349: Land Tax and Trusts in QLD – A trap Tax Tip 349: Land Tax and Trusts in QLD – A trap

I mucked up the numbering again tip 350 should be the inheriting a beneficial interest one

Tax Tip 350: Trap - Selling a property within 12 months of renting it out Tax Tip 350: Trap - Selling a property within 12 months of renting it out

Tax Tip 352: farm management deposits – Farmer Tax Savings Tax Tip 352: farm management deposits – Farmer Tax Savings

Tax Tip 353: A Tax Problem with Death and Trusts Tax Tip 353: A Tax Problem with Death and Trusts

Tax Tip 354: The Main Residence Exemption When 1 Owner Rents the Other Owner’s Share Tax Tip 354: The Main Residence Exemption When 1 Owner Rents the Other Owner’s Share

 

Tax Tip 355: CGT with Jointly Owned Property Tax Tip 355: CGT with Jointly Owned Property

Tax Tip 356: The Main Residence Exemption When 1 Owner lives there and the other owner doesn’t Tax Tip 356: The Main Residence Exemption When 1 Owner lives there and the other owner doesn’t

Tax Tip 357: Life Tenancy under a will and Land Tax in NSW Tax Tip 357: Life Tenancy under a will and Land Tax in NSW

Tax Tip 358: Tax Issues Investing before Buying a Main Residence
Tax Tip 358: Tax Issues Investing before Buying a Main Residence

Tax Tip 359: All SMSF assets Generally Held on Capital Account Tax Tip 359: All SMSF assets Generally Held on Capital Account

Tax Tip 360: Transferring Title to a Trustee without Triggering CGT Tax Tip 360: Transferring Title to a Trustee without Triggering CGT