Question about RentalLoss/Family Income

wo-ai-wo-jia

Negative Gearing is an effective way to reduce your tax. But it seems that Rental Property Loss is treated as income for purpose of Family Tax Benefit or Child care Benefit calculation.


For example, salary income is 70k and rental loss is 20k, income is 50K as calculated for TAX purpose; but income is still 70K when calculating FTB. In another word, the Family assistance office calculate your income in this way:

Taxable income + rental loss + other items

I don't know why it's calculated in this way but it doesn't seem to be reasonable to me.

What do you think?

丹儿

计算ftb的时候，除了这些，还要加上fbt type2 gross up呢，的确不公平哦。

wo-ai-wo-jia

LOSS treated as income, 的确让人不理解 ：（

丹儿知道这个规定是啥时候开始的吗？

LENNY_DONG

原帖由 丹儿 于 2009-6-19 12:02 发表
计算ftb的时候，除了这些，还要加上fbt type2 gross up呢，的确不公平哦。

The LZ talking about family tax benefit

u talking about fringe benefit tax....

丹儿

原帖由 STS-TAX 于 2009-6-19 13:41 发表

The LZ talking about family tax benefit

u talking about fringe benefit tax....

我倒！！！你是不是qualified practice accountant啊？你难道不知道计算family tax benefit （FTB）的时候，income test要考虑family taxable income,还要加上reportable fringe benefit? 在payment summary上面，reportable fringe benefit就是tpye 2 gross up的数字啊？所以我说还要考虑FBT。:si788" />

丹儿

原帖由 wo-ai-wo-jia 于 2009-6-19 12:31 发表


LOSS treated as income, 的确让人不理解 ：（

丹儿知道这个规定是啥时候开始的吗？

Actual Annual Family Income:
Entitlement to Family Tax Benefit is based on your actual annual family income for the current financial year. The taxable income you need to tell the Family Assistance Office about for each financial year for yourself and your partner will include:

1,taxable income = gross income less allowable deductions
2,employer provided or reportable fringe benefits
3,the value of net rental property losses
4,the value of any tax free pensions or benefits
5,any foreign income that is not taxable in Australia
6,less the full amount of any child support your and/or your partner pay.

shuangchao

good detailed explaination

chocachu

原帖由 丹儿 于 2009-6-25 10:01 发表

我倒！！！你是不是qualified practice accountant啊？你难道不知道计算family tax benefit （FTB）的时候，income test要考虑family taxable income,还要加上reportable fringe benefit? 在payment summary上面， ...

lol agreed

qqyang

大家不要想得太复杂，道理很明白，就是不给你用salary sacrifice的途径达到申领Family benefit的目的。

LENNY_DONG

原帖由 wo-ai-wo-jia 于 2009-6-19 12:31 发表


LOSS treated as income, 的确让人不理解 ：（

丹儿知道这个规定是啥时候开始的吗？

2008-2009
ATO START USE AJUSTABLE TAXABLE INCOME

BASCIALLY, RENTAL LOSS WILL NOT BE CONSIDER AS PART OF TAXABLE INCOME

ALL ASSESSMENT BASED ON YOUR ORIGINAL SALARY MINUS WORK DEDUCTION PLUS OTHER INCOME AND OTHER DEDUCTION