The Priority Report BMT Tax Depreciation
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2022 Smoke Alarm Countdown
As a building gets older and items within it wear out, they depreciate in value. The Australian Tax Office (ATO) allows owners of income producing property to claim a tax deduction called depreciation, on a buildings structure and plant and equipment assets contained within it. Claiming depreciation is a significant taxation benefit, and one which many investment property owners are unaware of. Depreciation is a non-cash deduction— you do not need to spend any money to claim it. Case study—3 bed built in 1970 purchased for $500,000 A house built in 1970 purchased for $500,000 one year ago. Annual after tax outlay amounted to $7,093. BMT tax depreciation schedule created a deduction of $4,873 in the first year.
Deadline for QLD Smoke Alarm Compliance. It’s closer than you think!!
Potential New Policy for First Home Owners
The ATO has warned rental property owners to make sure that their claims are correct this tax time, as it Intends to prioritise deductions and double its rental audits.
Prime Minister, Scott Morrison surprised Australians with a new policy during his speech at the Coalition’s campaign launch. Admitting it was still too difficult for first home buyers to break into the property market. The new policy he announced is similar to the one the New Zealand government has been running for years. It will allow first home buyers below a certain income threshold to secure a home loan with as little as 5%. These thresholds being $125,000 for singles & $200,000 for couples. Although nothing is confirmed at this stage, this could be a great opportunity for first home buyers to break into the market.
Maintenance is Key
Every rental property in Queensland must meet the new smoke alarm rules by 31st December 2021. For more information about what will make your investment property compliant contact our office on 07 3164 7000.
ATO to double its rental audits
Assistant commissioner Gavin Siebert said that, in the 2017-18 financial year, more than 2.2M Australians claimed over $47 billion in deductions. ‘A random of sample returns with rental deductions found that 9 out of 10 contained an error. We are concerned about the extent of non-compliance in this area and will be looking very closely at claims this year” he said. ‘We expect to more than double the number of in-depth audits we conduct this year to 4,500.” He said that last year the ATO audited over 1,500 taxpayers with rental claims and applied penalties totalling $1.3M www.realestatebusiness.com.au
One of the major aspects in selling homes is the condition of the property, and the condition of the interior and exterior of the home itself. Maintaining your property is always the first part of increasing the value. By taking the time to perform regular maintenance on your property, you will end up with a much higher result when it comes to selling than a property that has not had regular maintenance done. p: 073164 7000
e: admin@professionalspriority.com.au
Page 20 - June 2019, The Hills Echo
Professionals Priority Ferny Hills @professionals_priority
a: 5/126 ferny way, ferny hills qld 4055 www.hillsecho.com
Kedron Brook Bridge & Samford Rd Cycle Project
After some serious commitment from locals Wahminda Park Pond will remain. There are a couple of great recreation projects underway in this area; the cycleway and path upgrade along Samford Road and Pedestrian Bridge links between Wahminda Park and Lanita Road. Locals will have an active travel route all the way from Ferny Hills to Samford Village. Works are continuing on the bridge and council staff are working on a new alignment around Wahminda Park Pond. They are also planting 3,500 plants as park of the project to revegetate the area around the old excavation pit. www.moretonbay.qld.gov.au
Hills Bakery
The Courier Mail put the call out for nominations for Brisbane’s best Eggs Benedict and were inundated with tips on where to find the best. Our very own Hills Bakery was voted number 6 in Brisbane. The bakery specialises in stone-baked organic artisan breads and unique sourdoughs. The brekkie winner is a brioche bagel, which is topped with two poached eggs, sautéed spinach, hollandaise sauce with the choice of ham, bacon or pulled beef. Pop in a check out the menu at 3/170 Patricks Rd, Ferny Hills.
How to Reduce Your Heating Needs this Winter
Cooler weather tends to lead to a big spike in most peoples home energy bills, not only from the heating 2019 Hills Carnivale systems they use but also from things like extra hot Thank you to everyone who attended this years water consumption and cooking. Hills Carnivale. It was great to see everyone in the community getting involved. Below is Kaley & Vinnie Here are some valuable tips on keeping costs down. enjoying one of the many rides on the day. Shorten showers - Hot water is a big source
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of energy usage. Some hot water systems have energy saving features that can help keep costs down. Open curtains during the day to make the most of the best free heat source around - the sun! Close curtains at night to keep warmth from escaping. Turn down the thermostat - It’s recommended that thermostats are kept a temp of 18 to 20 degrees during winter, each degree higher increases energy consumption by 5-10%. Seal up gaps - prevent cold drafts by sealing around windows & doors.
Free Book! The “101 tips to sell your home” book will help with preparations and ideas for making your next property sale a success. We would like to offer you a copy with our compliments! Call our office today on (07) 3164 7000 and mention this newsletter to receive our special offer.
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The Hills Echo, June 2019 - Page 21