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Taxtom
Taxtom, Accountant
Category: Finance
Satisfied Customers: 2364
Experience:  25 Years in preparing Personal and Business Tax Retuns
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My House was recently flooded in brisbane, It was brought 5

Customer Question

My House was recently flooded in brisbane, It was brought 5 years ago using the first home buyers grant on a no deposit type loan. I did not have insurance and am having to pay for the repairs myself. the damage was extensive, requiring repairs to the 1st and 2nd levels of the property and I believe that repairs if carried out by myself and a few friends of mine who are tradesman I dont think i will see much change out of $30,000.00. all of which I will have to find myself as I dont live in the property, it has been rented out since july 08, when worl commitments forced me to move to another part of the state. This is my only rental property, that I top the rent up with around $450 a month to meet the mortgage payments. I am not eligible for any financial assistance from the federal or state government, no disaster relief payments, as it was not my primary residence. My current salary is $110,000.00
My questions are
1. Is there any other financial assistance/grants that I may be eligible for?
2. What repairs can I claim for, come tax return time?
3. Will I have to pay the flood levy?
Submitted: 5 years ago.
Category: Finance
Expert:  Shawn P Adamo replied 5 years ago.

Shawn P Adamo, QFP, CPA/P :

1. I doubt it but check withy FEMA (if they declared it a disaster zone, then yes you should be eligible).

Shawn P Adamo, QFP, CPA/P :

2. Claim them all against rental income.

Shawn P Adamo, QFP, CPA/P :

3. I am unsure what "flood levy" you refer to.

Shawn P Adamo, QFP, CPA/P :

why do you NOT claim this as a primary residence as you only rent out the second floor? Where is your residence in your mind?

Shawn P Adamo, QFP, CPA/P :

If this does not answer your question please let me know.

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Customer :

I rent out the whole house, I live in mount isa the house is in brisbane, the new flood levy I am talking about where the government plan on taking 1% more a week or something from your pay to finance 1.8 billion dollars for the flood bill, its new and people who earn over $100.000.00 pa have to pay it, but am i exempt?

Customer :

I need an australian financial expert

Expert:  Taxtom replied 5 years ago.
Hello, I am actually in the United States but I will try to help since your question has been unanswered for so long. I have found some assistance under the Small Business catagory. There is some direct assistance and low interest loans http://www.business.qld.gov.au/disaster-recovery/flood-business-financial.html Thank You Tom