19th July 2014
BUDGET 2014 After much anticipation, the federal government released its first Budget on Tuesday May 14. As expected, cost cutting was front and centre however, many fears the family home would be included in means testing, and that negative gearing would come under examination were not realised. Projections of rising unemployment may have kept property out of the firing line, at least for now. There were no direct hits on the family home in this Budget. The capital gains tax-free status for owner-occupier homes remained untouched, and more significantly the family home was excluded in pension means testing. The Commission of Audit had proposed to include the family home in
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the assets test from 2027-28, but the budget statement was clear and simple; ‘The Government will not include the family home in the means test for the Age Pension’. Financial commentator David Koch says negative gearing is a perennial Budget consideration but the time is probably nigh when its rules will change. “Given negative gearing doesn’t appear to be stimulating much in the way of new housing investment — the original intention — and we’re approaching the peak of a property boom, the timing of a change in future concessions is probably right,” Koch said earlier this month. Fortunately for investors, Kochies predictions will remain just that. First-home buyers saving for a deposit did lose in this Budget with the scrapping of the First Home Savers Account (FHSA). The Rudd government initiative, introduced in 2008, provided people saving for a deposit with tax breaks and co-contributions from the government. Under the scheme, savers paid concessional tax rates of 15% on interest earned in the accounts and the government made a 17% co-contribution on the first $6000 contributed each year. The government co-contributions to the accounts will end on July 1 and tax and social security concessions will be withdrawn from July 2015. Mr Hockey said the accounts were being abolished because their low popularity. The Government expects to make $143 million in savings over five years from its scrapping. Craig J. Stephens Managing Director / Officer in Effective Control M 0418 547 938
As a service to our vendors, we will require names & phone numbers on entry of all inspections. Privacy Act 2000: We use personal information collected from you during open for inspections for security purposes. We may also use that information to contact you with respect to this property and others we believe may be of interest to you. Also, we may contact you in relation to other services provided by us or our associates such as insurance, mortgages and loans. By providing your information to us you agree to our use of it as described above unless you advise us differently. If the information is not provided we may not be able to provide an effective and comprehensive service to you. (Your personal information will be collected and held in accordance with provisions of the Information Privacy Act 2000). We have obtained all information in this document from sources we believe to be reliable, however, we cannot guarantee its accuracy. Prospective purchasers are advised to carry out their own investigations. We strongly recommend that you clearly register your interest with our representative at the open for inspection, so that in the event of a sale being imminent, your position is protected. We make every effort to contact all interested parties prior to a property being sold.
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