REIWA Connect 2019

REIWA Connect 2019

We’d like to thank REIWA for hosting another great conference this year, and we were excited and honoured that our Director John Williams was invited to speak to the Commercial members.

The attendees were awarded CPD points for John’s presentation which was titled: “Strengthening Commercial Lease Agreements with Property Inspection Reports”. The objective from DMIRS was to demonstrate how Property Inspection Reports will:

• Increase levels of Consumer Protection
• Increase Public Confidence in the Property industry
• Raise Industry Standards

7 Tax Time Tips for Investment Properties

7 Tax Time Tips for Investment Properties

EOFY might be over but tax time is still in full swing!

Here are some tax tips for Rental Properties provided by The Tax Institute:

  1. Keep all your receipts to justify the deductions that are being claimed. An absence of such receipts will make life very difficult if an audit calls for proof of the expense. 

  2. The property must either be rented, or “genuinely available" for rental in the income year for which a deduction is claimed. If you use the property for private purposes, you cannot claim expenses. 

Understanding Labor's Negative Gearing Policy

Understanding Labor's Negative Gearing Policy

Last week we hosted an event to discuss the proposed Negative Gearing changes and how they will affect the Perth property market if Labor win next month.

We heard directly from Madeleine King MP on the reasons why Labor is pushing for the changes, while David Cresp (Property Economist from Urbis) provided an update on the current Perth market and an assessment of the effects these changes may have here. 

Industry Opposes Negative Gearing Change

Industry Opposes Negative Gearing Change

Housing industry lobby groups are increasing the pressure on Bill Shorten to shelve Labor’s plans to restrict negative gearing to new homes and halve capital gains tax incentives, saying the moves will reduce investment in housing and decrease the number of homes being built.

Master Builders Association, the nation’s peak residential construction lobby group, launched a media campaign in Perth last week as the nation prepares to head to the polls, identifying 10 key issues for the sector, while highlighting that Labor’s proposals around negative gearing and capital gains taxes would hurt, rather than help, the industry.

Success and Leadership Breakfast with Hon Julie Bishop MP

Success and Leadership Breakfast with Hon Julie Bishop MP

On Friday 12th October we were delighted to attend the Success and Leadership Breakfast with Julie Bishop. This was such an invaluable experience, gaining insight from an experienced and reputable leader.

We would like to thank our friends at Realmark who attended the breakfast with Andrea Williams, director of Asset Reports.

Tax Depreciation - Doesn't my accountant look after that?

Tax Depreciation - Doesn't my accountant look after that?

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).