It is finally official. The Government has established a new policy called the mortgage guarantee scheme, which is aimed to help first home buyers enter the property market. The mortgage guarantee scheme will offer first home buyers the opportunity to purchase a property with just a 5% deposit subject to eligibility. The scheme will essentially boost up to 10,000 first home buyers each year on low and...
The Foreign Investment Review Board (FIRB) is an Australian government department. They assesses applications from foreigners who would like to buy a property in Australia. FIRB makes recommendations to the Treasurer on those subject to the Foreign Acquisitions and Takeovers Act 1975 and Australia's foreign investment policy. Who needs an approval from FIRB? Foreign investors A foreign investor is...
One of the most anticipated property goals is buying under market value. But price is what you pay and value is what you get! Don't mistaken this goal to be the secret to a successful property investment. It is not... Many who approach property investment with this prime objective to buying under value, often lack the tools to fully understand what is under market value and what is not. Savvy...
Inheriting a property isn't always an easy process. Most Australians are unsure of the actual implications of inheriting a property. There are a number of tax issues to consider when inheriting a property. The large contributor to cause implications is capital gains tax (CGT). Assessing your tax obligations is dependent on how the property was used prior to the decease passing away and what it will be...
This is a very interesting discussion. Many feel it is based on opinion, while some feel it’s the same thing. However, there is a difference between repairs and improvements. Property investors this is a snapshot for you. This will help you know what’s tax deductible and what is not. What is a repair? Put quite simply, a repair replaces a part of something that’s already there. This has occurred...
The housing market in Victoria has experienced some price reductions in the last 12-18 months, but here are several good reasons why it is about to turn around and why now might be the best time to buy property. Reasons why it's time to buy property: Reserve Bank of Australia announced a 0.25 per cent rate cut in June 2019. With a further hint of seeing another rate cut as early as next month....
Tax time is approaching for the year ending June 2019. Now is the right time to consult your accountant and ensure your financials are in order prior to lodging your tax return. We encourage property investors to act promptly. The Australian Tax Office (ATO) has said "they’re going to be looking much closer at your tax returns this year". The ATO conducted a random sample audit identifying 90% of...
We are the first to admit we were very lucky to experience a very long extending summer in Melbourne. That warmer weather is coming to an end and we now welcome the winter. It's not unknown knowledge that utilities expenses have crept up in price over the last 3 years. Here we offer you some energy saving tips to help reduce your bill this winter. Don't heat the entire home - If you have a spare...
Property land tax is imposed by government to generate money for a public purpose. Essentially, it's a tax charged on any land you own or co-own above a certain value threshold. In Melbourne, did you know the State Revenue Office of Victoria (SRO) orders over 300,000 property land tax assessments each year? Calculating property land tax can be a complex assessment. In our experiences, even...
When buying an investment property, many landlords are conscious not to over budget. Knowing property maintenance in inevitable, many often disregard outlaying the extra cost of installing an air conditioner. Looking back upon Melbourne's summer, it's the perfect time to reflect on how extreme the heat can be. We had quite a hot spell earlier this year with nights holding onto some serious...