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Discussion in 'Accounting & Tax' started by HomeMinister, 1st Jul, 2015.

  1. HomeMinister

    HomeMinister Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    57
    Location:
    Melbourne
    I have purchased IP in June and it tenanted from July 1st. what do i need to get for Tax purposes? i am guessing i am not getting much from interest i paid for june because IP was not available for rent until July 1st. any guidance is helpful

    House
    5 Yr old build
    Vic location
    paid LMI 8k
    90% LVR
     
  2. Hodor

    Hodor Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    736
    Location:
    Homeless
    Get yourself a depreciation schedule, easy to do and almost everyone guarantees you'll get back more than the cost in the first year.
     
  3. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,358
    Location:
    Sydney
    • QS report definitely if its 5 yr old
    • LL insurance
    • Get record keeping organised for summary of income and outgoings and update as you go
    • Land tax registration even if under threshold. (You wont forget later)
    • CGT records ie settlement sheet, lawyers costs, inspections, duty etc.
    • Do you need a tax adviser...They would address what available to rent" means eg If you acquired on 21June and had it listed with agent to find tenant I would think it is available to rent. Benefit of taxa dvice is not assuming. Ask and get it right.
    • Will ? Also where does your super go ??
    • Life insurance ?
    • Income protection insurance to safeguard your income if you get sick / injured ?
    Likely no interest since first interest will be one month after settlement. Maybe its a 2016 year start ?
     
  4. Gibson

    Gibson Well-Known Member

    Joined:
    29th Jun, 2015
    Posts:
    109
    Location:
    Sydney
    Any recommended DS providers in Sydney?
     
  5. MikeLivingTheDream

    MikeLivingTheDream BCOM MCOM MTAX CPA CTA Registered Tax Agent

    Joined:
    24th Jun, 2015
    Posts:
    227
    Location:
    Philippines
    i have found depreciator and BMT to be good
     
  6. Chilliblue

    Chilliblue Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,578
    Location:
    Australia
    Follow up Pauls advice regarding registering for land tax.

    So many times do we hear people complaining about being back charged when they could have avoided it.