Tax/GST/LTC Expert

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.

Second dwelling deductibility?

Sarah asks:

I am looking at building a second dwelling on my property to rent. I'm wondering what I can write off for tax purposes. I am looking at getting a further mortgage for the new build and am still paying off the mortgage on the land that the property is in, but which my current dwelling is on also. I know I can write off tax that goes to the interest on my mortgage which is straight forward for the new build but not for the land. Any thoughts?

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Off-the-plan interest deduction

warren asks:

If I borrow to fund my deposit for an off-the-plan apartment, is the interest deductible now - even though no rental income will be derived until the building is completed in two years’ time?


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Accounting for expenses

Angela asks:

We have a family trust which has three rental properties and one family home. Rates and insurance can be deducted as an expense for the rentals (it receives taxable income) but not for the family home (receives no income). When sorting out the accounting/tax return, where should the rates/insurance costs for the family home be put under? It has been paid for out of the family trust bank account (as it belongs to the trust) but is not expense deductable. How do I account for this expense in the accounting return?

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