News Articles


Nine Property Changes From 1 July 2017 - June 2017


A perfect storm of federal, state and local government changes kick in on July 1 impacting every homeowner, renter and house hunter. Of all the government changes kicking in from midnight that day, nine were specifically targeted at either home owners, house hunters or renters, according to a list compiled by Queensland Economic Advocacy Solutions. QEAS director Nick Behrens said "this year is unique in that many legislative changes commence at the same time as the usual suspects that occur every year". Though each change was applied in isolation by the various governments, the combined impact could be overwhelming for some. Four of the changes that impact property have come from the Federal Government, three were from the Queensland Government and two were from local government/councils. Four of the changes concern the cost of living, three were linked to tax measures and two were either superannuation or grant related, according to QEAS. HERE'S WHAT YOU SHOULD KNOW: COST OF LIVIN...

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Changes to Foreign Resident Capital Gains Withholding Payments - June 2017


On 9 May 2017, the Government announced proposed changes to the foreign resident capital gains withholding (FRCGW) rate and threshold. The changes will apply to contracts entered into on or after 1 July 2017: for real property disposals where the contract price is $750,000 and above (currently $2 million) the FRCGW withholding tax rate will be 12.5% (currently 10%) The existing threshold and rate will apply for any contracts that are entered into before 1 July 2017, even if they are not due to settle until after 1 July 2017.BackgroundAustralian resident vendors selling real property will need to obtain a clearance certificate from the ATO prior to settlement, to ensure they don't incur the 12.5% non-final withholding.This withholding legislation assists the collection of foreign residents’ Australian tax liabilities. It imposes an obligation on purchasers to withhold 12.5% of the purchase price and pay it to the ATO, w...

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Australia's best community is in QLD - May 2017


QUEENSLAND is officially home to Australia’s best master planned community, according to the Property Council of Australia. North Lakes, just north of Brisbane, and developed by Stockland in 1999 has just won the Property Council of Australia’s “Best Master Planned Community” award for 2017. Stockland regional manager David Laner said the company was thrilled to win the industry award, for its community, that will eventually be home to around 25,000 people and provide the equivalent of 13,000 fulltime jobs. “We are very proud of what has been created at North Lakes and it is a great honour to have the community recognised by the Property Council of Australia in this way,’’ Mr Laner said. The win for North Lakes follows on from Stockland’s previous industry success, being named best Masterplanned Development in both the 2010 and 2016 UDIA Queensland Awards for Excellence. North Lakes sits on a 1,036ha site beside the Bruce Highway, fo...

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Hot spots tipped to lead property price growth charge - May 2017


BRISBANE’S cheap and cheerful outer suburbs have been tipped as the property hot spots for 2017. Suburbs within the greater Brisbane area but outside of the Brisbane City Council ring are benefiting from increased transaction numbers with price growth expected to follow. Property analyst Terry Ryder of Hotspotting said the Brisbane property market was doing better than many realised. He said most figures released in relation to Brisbane’s performance were a whole of city figure which did not show just how well some areas were going. “Cities like Brisbane have precincts which have had double digit price growth in some of the recent years but it has not been happening right across the board,’’ Mr Ryder said. “We had a period in 2014 where inner city suburbs were moving and some of those inner city suburbs like Paddington and Red Hill had strong growth. It has gradually gravitated out. I’d say in 2015 it was particularly on the northside, man...

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Redcliffe Peninsula Chamber of Commerce releases 20-year vision for area - April 2017


A GROUP representing businesses in this bay area have big plans for the next 20 years including a world-class maritime precinct and man-made island. Redcliffe Peninsula Chamber of Commerce presented its vision to more than 100 people in March this year and will continue talks with government and community stakeholders as it shifts into phase two. President Ryan Elson said feedback had been positive. He said the chamber had presented its ideas to Moreton Bay Regional Council before the meeting and had been invited to a second meeting on March 29. A council spokeswoman said it would discuss what ideas could be incorporated as part of the Draft Redcliffe Foreshore Master Plan, along with other ideas received from the community. “Some of the ideas outlined in the chamber’s plan are already being considered by council as part of the Redcliffe Peninsula Foreshore Master Plan, such as the development of a floating water park, coffee carts and more on-water hire activities,&rdqu...

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Mutliple owners of an investment property increase depreciation claims - April 2017


Split reports help accelerate deductions   An increase in BMT Tax Depreciation Schedules for more than one owner suggests co-ownership is becoming an increasingly popular trend. Owning a property with others can provide improved purchasing power. This can be particularly useful in capital cities where it can be difficult to break into the property market. It can also balance out the expenses of owning an investment property including ongoing repairs, maintenance and fees. Additionally, co-ownership can provide improved depreciation deductions, allowing more items to be depreciated at a higher rate. This is where a BMT Tax Depreciation split report can assist.   How does a split depreciation report work?   A split report calculates depreciation deductions based on each owner’s percentage of ownership for each asset. This involves splitting the value of the assets based upon each owner’s interest in the assets before applying depreciation rules. In a s...

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