Terry's Tax Tips

Discussion in 'Accounting & Tax' started by chylld, 19th Aug, 2015.

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  1. Prashant Pare

    Prashant Pare Member

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    Thanks Terry! Can you upload the updated Excel/zip please.
     
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  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Here is an excel sheet with all the tax tips listed with links
     

    Attached Files:

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  3. Prashant Pare

    Prashant Pare Member

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    Thanks Terry! Appreciate it.
    Cheers!
     
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  4. Kiran krishna

    Kiran krishna Member

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    Hi, Is there a tip on which account I should use to spent for the expenses such as: Building & Pest inspection, Conveyancing fees etc.. Can I use any credit card and then save the receipts?
     
  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Try these

    Tax Tip 4: Borrowing to Pay investment expenses Tax Tip 4: Borrowing to Pay investment expenses

    Tax Tip 9: Don’t use Cash in Offset account to Invest Tax Tip 9: Don’t use Cash in Offset account to Invest


    Tax Tip 12: Credit Cards and Tax Issues https://propertychat.com.au/community/threads/tax-tip-12-credit-cards-and-tax-issues.2614/

    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
     
  6. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Tax Tip 361: CGT on Inheriting a Rental Property, Living in it for a While Then Selling it Tax Tip 361: CGT on Inheriting a Rental Property, Living in it for a While Then Selling it

    Tax Tip 362: Stamp Duty in ACT when Moving into Property that was rented out Tax Tip 362: Stamp Duty in ACT when Moving into Property that was rented out

    Tax Tip 363: Land Tax When the Owner is in Hospital or Aged Care (NSW) Tax Tip 363: Land Tax When the Owner is in Hospital or Aged Care (NSW)

    Tax Tip 364: Company Dividends and Top up Tax Tax Tip 364: Company Dividends and Top up Tax

    Tax Tip 365: Borrow from Company, Repay on 30 June and Reborrow 1 July? Tax Tip 365: Borrow from Company, Repay on 30 June and Reborrow 1 July?
     
  7. Prashant Pare

    Prashant Pare Member

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    @Terry_w : If I am buying an IP with Granny flat and sub division potential, does it make sense to buy it in both husband-wife name rather than single name?
     
  8. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I don't know anything about you. I cannot possibly answer that question.
     
  9. Prashant Pare

    Prashant Pare Member

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    I meant, in general, is there any tax tip to take advantage of (or avoid any mistake) in such a scenario , where the plan is to subdivide in the future. Otherwise, I guess buying in one person name is a better option.
     
  10. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    This is something you need specific legal advice on.
     
  11. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Tax Tip 366: GST and Comparing Using Margin Scheme to Not Using Tax Tip 366: GST and Comparing Using Margin Scheme to Not Using

    Tax Tip 367: Borrowing and Onlending Money to yourself as Trustee and Tax Tax Tip 367: Borrowing and Onlending Money to yourself as Trustee and Tax

    Tax Tip 368: Land Tax in QLD – A Individual v Trust Tax Tip 368: Land Tax in QLD – A Individual v Trust

    Tax Tip 369: How Property Related Taxes and Become Higher over the Years Tax Tip 369: How Property Related Taxes and Become Higher over the Years

    Tax Tip 370: Deductions for Travel related to Investment property Tax Tip 370: Deductions for Travel related to Investment property
     
  12. Parrachute

    Parrachute New Member

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    Thanks Terry!
     
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  13. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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  14. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    This is not the place to ask such a question.
     
  15. ASXGJ1

    ASXGJ1 Well-Known Member

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    OK, question deleted. will find different forum topic i guess.. !
     
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  16. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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  17. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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  18. ozwanderlust

    ozwanderlust Well-Known Member

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    Many thanks for this VERY helpful ss - really appreciated your time and effort in putting all your tax tips in one place. Great resource!
    Would you consider putting together tips on what can be claimed against CGT on selling an IP? - selling agent's commission, conveying fees are the obvious ones. What about staging costs, repair and maintenance costs before marketing the property? Or, should this be better asking a tax accountant?
     
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  19. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    The list is qute extensive and will vary depending on the CGT method, tax residency at any time and some other factors.
    1. Acquistion costs unless s118.192 applied at any time
    2. Selling costs
    3. Third element CGT costs are non-deductible costs you incur during the ownership period AFTER the s118.192 date, or after acquisition if a % deductible use or income producing use has ever occurred. Reduce total costs by the part you deducted,
    4. Improvements
    5. New Depreciable asset costs and new building works or HARD landscape costs

    Dont forget some issues REDUCE the costbase too eg depreciation and building capital allowances can both play a part

    If a cost is ever deductible then it cant be a CGT cost. But a part of it could be ...ie the non-deductible part.

    Some costs will be impacted if you live there at anytime but this doesnt mean they cant be a third element cost. This is a area where good tax advice will help
     
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  20. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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