Re: Any Tax Deduction tips???
Originally Posted by Alan Collett
(Post 10772369)
Prepay before 30th of June up to 12 months of interest on borrowings used to acquire income generating assets.
Best regards. By continuing to run IOA for the long term (20 odd years in my case) without a sinking fund to eventually pay off the debt problems can arise.Super can be used as a sinking fund ,but that brings it's own tax/asset problems. Perhaps only for the short term (10 yrs),then start and reduce debt in future devalued dollars using P and I payments.Hopefully the assets will be producing a good income by then to reduce the shock of losing thousands or tens of thousands of tax deductable dollars. Geordie downunder |
Re: Any Tax Deduction tips???
For my owner occupied home, I'll go for IO with full offset.
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Re: Any Tax Deduction tips???
Originally Posted by Alan Collett
(Post 10772493)
Hi Gillian!
Yes, I'm a registered tax agent too. Maybe send an email (preferred) or a PM to me with your contact details? Click on my name to the left of this post. Best regards. Hi George. Email sent. Regards x |
Re: Any Tax Deduction tips???
Originally Posted by Jilliebee
(Post 10879975)
Hi George. Email sent.
Regards x Hello Gillian. Email sent to you. Best regards. |
Re: Any Tax Deduction tips???
Be careful about how you word thing too. eg I usually wrote, " heat and lighting for work done at home" no prob deduction granted. One year I must have been feeling lazy and only wrote "electricity". Deduction denied. I never did that again.
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Re: Any Tax Deduction tips???
Does anyone know if it is possible to claim back your Class 2 Vountary National Insurance Contributions to the UK as an Austraian tax deduction?
I have to declare foreign intrest earnings in my bank UK accout so it seems reasonable that I could offset anything I going back the other way? I have made 3 payments this year for 2009, 2010 and 2011-12 |
Re: Any Tax Deduction tips???
Originally Posted by BallBoy
(Post 10880072)
Does anyone know if it is possible to claim back your Class 2 Vountary National Insurance Contributions to the UK as an Austraian tax deduction?
I have to declare foreign intrest earnings in my bank UK accout so it seems reasonable that I could offset anything I going back the other way? I have made 3 payments this year for 2009, 2010 and 2011-12 Why are you paying Class 2 NICs? These usually relate to self employment in the UK. Is this self employment income also being assessed in Australia? Best regards. |
Re: Any Tax Deduction tips???
Originally Posted by Gibbo
(Post 10880053)
Be careful about how you word thing too. eg I usually wrote, " heat and lighting for work done at home" no prob deduction granted. One year I must have been feeling lazy and only wrote "electricity". Deduction denied. I never did that again.
Where did you write this? On documentation provided to your tax agent? Am not sure how the situation you have described would have led to a tax deduction being denied. Best regards. |
Re: Any Tax Deduction tips???
Originally Posted by Alan Collett
(Post 10880000)
Hello Gillian.
Email sent to you. Best regards. George? Sorry I meant Alan! Thank you :o |
Re: Any Tax Deduction tips???
Originally Posted by Jilliebee
(Post 10880096)
George? Sorry I meant Alan! Thank you :o
Not a problem, Gillian! :):) Best regards. |
Re: Any Tax Deduction tips???
Hi Alan,
Yes, I am paying Voluntary Class 2 Nics to top up my existing 24 Ni qualifying years. I was originally invited to pay Class 3 but this was queried with HMRC and changed to type 2? I am not self employed but in full employment within Australia. I read in another thread that they are probably not tax deductable. Kind Regards Tim |
Re: Any Tax Deduction tips???
Originally Posted by Alan Collett
(Post 10880093)
Where did you write this? On documentation provided to your tax agent?
Am not sure how the situation you have described would have led to a tax deduction being denied. Best regards. |
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