I am after some help on trying to reduce the amount of tax I pay, I have 1 investment property but that is now positively geared.

I have been thinking about buying a block of land (10acres) around York area but I dont think this can be claimed as a tax loss.

Does anyone else have any ideas on how to beat the tax man?

Thanks

Are you on a salary? If so look into salary sacrificing to reduce the taxable income.

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meh

Everything should be done CASH...thats the chocco way!

You can claim the interest in the land that you paid
what you can do is pre-pay it up front for x number of months, and claim that as a loss for this period. only problem is, you'll be in the +ve again later

i dont know why you want to -ve gear for?
the concept of buying property is to let it earn $ for you
if you're +ve gearing, that's good. you can build that up and work less, and then eventually not work at all!

if you're -ve gearing, it still means you're paying the tax man your hard earn $


best to speak to an accountant

all donations over $2 to registered Deductible Gift Recipients (non for profit org's etc) are entirely tax deductible, if you're feeling generous
if you're on a salary, salary packaging could work very well for you.

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Julian
05 STi

Cash, Cash, Cash!!!!

I am on a salary at the moment, salary sacrificing may be an option.
This is normally for purchasing cars etc though isnt it, I dont really want a new car at the moment.

I just wanted to reduce the amount of tax I pay as it seems like a lot of money going down the drain.

Down the drain?

It's paying for public infrastructure! And good causes like Centrelink!

If your making good returns on capital growth with your property then swallow the tax your paying....you'll be reaping the rewards when you sell. Invest again, maybe not out in york tho.......your better off paying interest instead of tax....have to pay it either way so make it work for you.

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www.racewars.com.au

Do you use your vehicle for work? If so get your salary split with a vehicle allowance and then you can to a point double dip on vehicle expenses

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RS RA
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