Real Estate & Tax News in Australia from Propertyshowrooms.com

Suggestions made to improve Australian housing affordability

Wed, 11 Apr 2012 00:00:00 GMT

Steps need to be taken in order to make the Australian property market more accessible to young people.

This is the assertion of a new report from The McKell Institute, which revealed it now costs nine times the average annual salary to buy a home in Sydney.

Among the measures that should be taken are making changes to the planning system to enable the lack of supply of new properties to be addressed, introducing a land tax in place of stamp duty to deter speculative investment and encourage first-time buyers and to reform the social housing system in order to attract greater private investment in the sector.

Speaking to Australian Associated Press, co-author of the report Dr Tim Williams explained one of the biggest problems facing Sydney's housing market is the lack of supply.

"We're constraining supply, and shovelling up demand to people who already have money, and making it more difficult for their children to access homeownership," he stated.

Australia tops Brits relocation wish list

Thu, 20 Jan 2011 00:00:00 GMT

Australia is the destination that the majority of Brits would like to relocate to for a new start, new research has found.

According to a survey conducted by Moneycorp, 72 per cent of those questioned pinpointed the country as their favoured location to start afresh.

The news could lead to an increase in the number of people searching the web to find a new home in Australia, with 27 per cent of respondents claiming that they were keen to buy a property down under.

Other popular destinations highlighted by the survey are the US, Spain, Canada, France and New Zealand.

David Kerns, personal client dealing manager at Moneycorp, told Overseas Property Professional that government spending cuts, coupled with tax increases and bad weather has led to a number of people thinking about making the move abroad.

"As we move into what is thought of as being the most depressing time of year, we expect to see a rising number of enquiries to Moneycorp from those looking to make a new start in places such as Australia, the US and Spain," he said.

Property tax bills 'outrageous':Buswell

Mon, 8 Dec 2008 00:00:00 GMT

The Treasurer Troy Buswell has described recent rises in land tax bills as outrageous and says he will work to design a better property tax system...

Property tax bills outrageous:Buswell

Mon, 8 Dec 2008 00:00:00 GMT

The Treasurer Troy Buswell has described recent rises in land tax bills as outrageous and says he will work to design a better property tax system...

Homebuyers 'slugged' for dumped projects

Fri, 21 Nov 2008 00:00:00 GMT

The New South Wales Opposition says the Government must explain why it intends to charge homebuyers a levy for two rail projects that were scrapped in the mini-Budget...

Australia. Western Australians invited to have a say on the future of Rottnest Island

Wed, 30 Jul 2008 00:00:00 GMT

Tourism Minister Sheila McHale said a new five-year plan was being developed to guide the management of the island and its facilities. “This is an exciting time to get involved in the future directions of one of WA’s best ...

British expats head for Australia

Mon, 14 Jul 2008 00:00:00 GMT

People from the UK who wish to move abroad are increasingly relocating to Australia, analysts have revealed.

According to Shelter Offshore, the antipodean country is one of the most popular destinations for British expatriates.

The website highlighted a number of reasons for its appeal, such as its good weather, relaxed lifestyle and lack of a language barrier.

However, it added that many of those who are setting up home in the country have never actually been there before.

Therefore, it has suggested that incoming expats engage with local people upon arrival in order to build up connections and a social network.

Shelter Offshore commented: "The sooner you settle in, the sooner you will feel happier all of the time."

The comments follow figures from HiFX which revealed a recent surge of interest in buying property in Australia.

According to the firm, the country was the subject of ten per cent of the enquiries it received into moving abroad in April.

Tax tips for property investors

Mon, 14 Jul 2008 00:00:00 GMT

FOR uneducated property investors it can be easy to make mistakes at tax time. Here are some tips to avoid common pitfalls...

Depreciator's Top Ten Tips for Tax Time in 2008

Mon, 7 Jul 2008 00:00:00 GMT

With over $24 billion being claimed in rental property deductions in 2007, Australia's 1.5 million landlords are again a strong focus for the ATO in the 2007/08 financial year.

The Second Commissioner of Taxation, Jennie Granger, has advised that the ATO is targeting landlords that have been in the market for a long time and have unusually high deductions, low rental income compared to deductions and high interest / borrowing expenses.

Depreciator's 2008 Tax Tips have been written to include the things that the ATO is looking out for, common mistakes that property investors make and useful tips to make you well informed when you do your tax return this year...

7 Tips to Reduce Your Tax Bill

Mon, 7 Jul 2008 00:00:00 GMT

The end of the financial year brings that dreaded trip to the accountant and an assortment of taxing issues, but it doesn't have to be too painful!

In this article, Stuart Wemyss of ProSolution looks at some things you can consider doing today, to minimise your end of year tax bill (or boost the refund if you're one of the lucky ones), as well as some handy ideas to create a lucrative plan of attack for June 2009...

Becoming depreciation wise

Mon, 7 Jul 2008 00:00:00 GMT

In terms of depreciation, what should you consider when making an investment property purchase decision?

In this comprehensive article, Brendan Farrugia explains...

Tips for Aussie investors venturing overseas

Mon, 7 Jul 2008 00:00:00 GMT

There are some golden rules that Australians with overseas rental properties need to follow if they don't want a visit from the taxman.

In this article originally published in Australian Property Investor magazine, accountant and registered tax agent, Julia Hartman, gives investors the low-down on how to avoid making any costly taxation blunders with overseas properties...

Controlling your wealth from the grave

Mon, 7 Jul 2008 00:00:00 GMT

When you’ve spent a lifetime building your wealth it’s comforting to know that when your time is up your loved ones are cared for.

And let’s be blunt, you also don’t want any money grabbers getting their hands on it when you’ve gone. Is it possible to control who gets what, even when you’re not here?...

One House per Trust, or Multiple Ones?

Mon, 7 Jul 2008 00:00:00 GMT

I have often been asked whether one should have one Trust with lots of property, or should one have one property per Trust. The answer depends on a few things.
And while it would seem to be a complicated process, it is actually a fairly simple exercise.

Structure your Trust the right way

Mon, 7 Jul 2008 00:00:00 GMT

I have often been asked whether we should have an individual as Trustee, or a Company as Trustee of a Trust? To answer that correctly we need to "start with the end in mind". What is the ultimate goal?

Are you simply going to buy one or two properties, or are you going to buy quite a few? From an Asset Protection point of view, if you are only going to buy one or two properties than perhaps using your selves as Trustees will be sufficient. However, if you are planning to buy lots of properties over the years then we definitely recommend a Company as Trustee.

Why? Click here to find out ...

Don't get deductions for maintenance and capital works confused

Mon, 7 Jul 2008 00:00:00 GMT

Making the wrong tax claims for your investment property could get you into hot water.

Especially as the Australian Taxation Office has made no secret of its plans to get tough on shady deductions relating to investment property...

Trusting Trusts

Mon, 7 Jul 2008 00:00:00 GMT

While many investors buy their investment properties in the name of a trust, trusts certainly aren't for everyone.

And trusts aren't one-size-fits-all. The tax benefits don't work for everyone, and the asset protection mightn't be necessary - or effective - for everyone.

In this artcicle Michaela Ryan explores a few of the pros and cons of the most common trust structure used by property investors - the discretionary family trust

What name goes on contract of sales when using a trust?

Mon, 7 Jul 2008 00:00:00 GMT

Many Investors get confused when purchasing a property through a trust and wonder in who's name the contract should be.

In this article, accountant and best selling author Ed Chan removes some misconceptions and puts you on the straight and narrow.

Depreciator's Top Ten Tips for Tax Time in 2008

Mon, 7 Jul 2008 00:00:00 GMT

With over $24 billion being claimed in rental property deductions in 2007, Australia's 1.5 million landlords are again a strong focus for the ATO in the 2007/08 financial year.

Don't get deductions for maintenance and capital works confused

Mon, 7 Jul 2008 00:00:00 GMT

Making the wrong tax claims for your investment property could get you into hot water.

Especially as the Australian Taxation Office has made no secret of its plans to get tough on shady deductions relating to investment property...

Disaffected Britons head to Australia

Wed, 2 Jul 2008 00:00:00 GMT

Britons who are dissatisfied with life in the UK are increasingly choosing to relocate to Australia, an expert has said.

According to Chintan Mahida of NuBricks.com, issues such as rising living costs at home are prompting many to pack their bags and look overseas.

Australia was highlighted as one of the main hotspot for British expatriates, as it offers a number of lifestyle advantages.

Mr Mahida commented: "Some emigrate to Australia to experience a more laid-back environment, where they can improve their quality of life."

He said that the rising cost of living has led to an increase in the number of people moving out of some of the most expensive areas, such as London.

Mr Mahida added that a general disapproval of current government policy has also contributed to growing levels of migration.

This comes after Conservative Party immigration spokesman Damian Green told the Daily Mail that people are "fleeing" the country because they are unhappy with the prime minister in particular.

New tax regime in Oz to benefit overseas property fund investors

Fri, 16 May 2008 00:00:00 GMT

Foreign property fund investors in Australia are set to benefit from a change in the tax system which will give the country one of the most competitive withholding tax rates in the world...

Expats need financial advice

Wed, 9 Apr 2008 00:00:00 GMT

People who are preparing to buy property overseas have been advised to get expert advice about their finances.

ShelterOffshore.com said it would be prudent for prospective expatriates to make sure they are familiar with how living abroad will affect financial matters such as tax payments and pensions.

The website stated that if people are concerned or unsure about any of these issues, they should consult a professional.

This was said to be particularly important for older people who have decided to spend their retirement years overseas.

ShelterOffshore.com said that since they will not be working in their new home, they need to actively demonstrate to the Inland Revenue that they are now permanent residents of another country.

The website commented: "You have to ensure you cut tax ties properly when you retire abroad otherwise you could end up in all sorts of trouble."

A recent poll of expatriates by NatWest revealed that the vast majority believe they are financially better off now that they live abroad.