Tax/GST/LTC Expert

Tax/GST/LTC
Ask Mark Withers, director of Withers Tsang & Co questions relating to Tax and Asset Structures

Mark Withers and his team at Withers Tsang & Co specialise in advising on property related transactions, valuation and restructure services and tax planning.

Shed rental payments

A asks:

Our company is renting a large percentage of our private shed on our property. Our business is mobile so has no other premises. How do I account for these rental payments that go from the business to our personal account?

Obviously, deductible for income tax and income tax paid on rental income in personal returns. I guess no GST can be claimed on the rental payments since it is privately owned premises. The company is GST registered but individuals are not.

 

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Working out tax

David asks:

I'm just wondering how I would work out tax payable on my property? I am living in the three bedroom house at the front and renting the self contained one bedroom unit at the back. Would I split the it by the total coverage on the property or 75/25 percentage based on number of rooms?

 

 

 

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Rental deductions

Rajni asks:

This is the first year I am getting home rental income. So while filling my return, I have lots of questions. First and foremost, I am paying regular payments to my bank against my house mortgage. So please advise: what goes in the column interest - is it the whole payments that am paying to the bank periodically? Also, I am currently living in a rental property because the house has been burgled three times and became a risk so I have an organisation renting it out for me.

 

 

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