Below we set out the facts in plain language about Labor’s policies if they are elected next year.
It’s a common misconception that Accountants provide Tax Depreciation Schedules for Investment Property owners. Unfortunately this is not true, they may help arrange for a Schedule to be done, but they cannot do it themselves.
Tax Depreciation firms (Quantity Surveyors) work very closely with Accountants and other financial professionals to help investors make the most of the tax benefits associated with owning investment properties. However, Accountants cannot legally produce the Schedule required by the Australian Taxation Office, in particular the construction costs (otherwise known as Div.43 Capital Works).
Signs of green shoots are emerging in Perth’s rental market, with median weekly house rents recording quarterly growth for the first time in almost five years.
The Domain Group’s quarterly Rental Report, released on Thursday, revealed weekly house rents grew 1.4 per cent to $355 during the March quarter.
“Following a prolonged period of price declines and a rise in listings, the rental market in Perth is showing signs of stability,” Domain Group data scientist Nicola Powell said.
Today the Australian parliament passed the Treasury Laws Amendment (Housing Tax Integrity) Bill 2017.
These changes mean that those who purchased second-hand residential properties after 7:30pm on the 9th of May, 2017 will not be able to claim tax depreciation on the existing Plant and Equipment – for example blinds, carpets, and air conditioning. This is to prevent ‘double-dipping’ by successive owners of the property claiming depreciation on the same pieces of Plant and Equipment. The new owner will still be able to claim depreciation on any new pieces of plant and equipment that they purchase themselves.
Asset Reports is a proud partner of REINSW for this year's Women In Real Estate Conference. 2017 marks WIRE's eleventh year, and once again it is set to host an amazing list of encouraging speakers that are leaders in the property industry.
This year's conference will be supporting the McGrath Foundation, which aims to make life easier for individuals and families effected by breast cancer.
This will be a great opportunity to network with peers in the industry, and get inspired to grow your business!
The proposed changes announced last week in the Federal Budget effecting Negative Gearing are designed to restrict the tax deductions available when an investor buys an established residential property. Anyone who buys an established property for investment purposes after 7.30pm on the 9th of May 2017 will no longer be able to claim depreciation on the Plant & Equipment – Division 40 (fixtures & fittings) that comes with the property, including in strata common areas. It is designed to prevent ‘double-dipping’ by all successive owners of the property claiming depreciation on the same pieces of plant & equipment.
People often ask why we have to do a Commercial Property Condition Report when the lease specifies that the property must be brought back to its normal order. Simply put, the lease could go for years and sometimes even 5-10 years, throughout that time amendments made such as a new office window, a new shelf, a new door – items discussed, agreed upon with the owner and tenant however not recorded anywhere. How are either party meant to remember what was discussed? The reality is that property managers change, in a commercial lease that lasts 5-10 years we can go through 5-10 property managers. We hope that isn’t the case, however we have seen year by year the amount of turnover in the real estate field.
Save yourself the pain, Commercial Property Condition Reports start as low as $150 per report, why not have one in place?