rental properties tax reduction?
2009-05-19 5:10 am
I am sure one can claim reductions from rental income if monies are borrowed from a financial institions such as a bank. Is anyone knowledgeable or have found out from ATO whether say Mr. A can claim reduction when Mr A borrowed monies from friends/relatives to fund his rental properties mortgage? I assume ATO would require the person (Mr B) who receives the paid Interest by Mr A has to report the income in his/her tax return. But what are the other requirements by ATO and please explain?
回答 (2)
2009-05-21 1:28 pm
✔ 最佳答案
From my understanding it doesn't matter where the money is borrowed from as long as you can verify the interest and borrowing costs charged by them. BUT there may be exceptions such as it must be a financial institution or a business of some sort. I'd refer to the ATO, ph 13 28 61 or www.ato.gov.au
Here is a link which shows some basic guidelines for what they're after:
http://www.ato.gov.au/individuals/content.asp?doc=/content/00113233.htm&pc=001/002/002/010/005&mnu=44869&mfp=001&st=&cy=1
Good luck!
2016-05-26 7:07 am
property taxes are assessed on the value of the property, not on its useage(except in the case of commercial property) in some states there are exclusions based on your occupancy on a certain date of the year, but that does not change the assessed property tax, it is only a credit against the tax changing from rental to residency will have no effect
收錄日期: 2021-04-29 22:22:32
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