Multiple owners increase depreciation claims

Multiple owners increase depreciation claims
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 splitRead more ...

Consider Newcastle Before you Buy Your Next Property

Consider Newcastle Before you Buy Your Next Property
As you know, the property market is ever-changing. During the recent property we have seen dramatic variations in the prices of properties in major cities, as well as our very own Newcastle. Back in 2015 Property Solutions 101 created an article delving into the price differences between the Sydney and Newcastle real estate markets. It was incredibly popular and many people were fascinated to see what type of properties you could afford in the two locations. Fast forward to 2017 and we have followed up to see whether there were any major changes or differences between Newcastle and Sydney real estateRead more ...

To sell or not to sell?

To sell or not to sell?
An aging family member is experiencing significant health issues and needs more help than we can provide even when the load is shared between us all. What next? I meet families often who are trying to agree on the right decision. Its emotional, often political and a highly stressful time. Its often associated with a lot of personal guilt feeling that the carer is giving in, but in reality, care needs can escalate to a level that becomes essential and not a choice. The hardest conversations are those that have been urgent and without a lot of planning. Through multiple years of advisingRead more ...

Buying your first home

Buying your first home
Buying your first home is such a significant milestone. Some key preparation can smooth the way. Most people setting a goal to purchase a home have considered their savings capacity and are building up a deposit. From our experience providing financial advice in Newcastle and the Hunter we have found that the goal needs to come first including a timeframe on when you would like to make your purchase. You are likely to be more successful in achieving your goal to buy a home when you have a date to aim for and a regular and achievable amount to save.Read more ...

FAQ Series – when planning my retirement should I take my leave? Or have it paid out to me as a lump sum?

FAQ Series – when planning my retirement should I take my leave? Or have it paid out to me as a lump sum?
Your starting to think about retirement and want to ensure that everything you have worked for now serves you in the best way possible. A part of my job is meeting every day people who have worked loyally in their career and are now looking to enjoy what retirement has to offer. For some of us, that means making a decision to use up accrued annual leave and long service leave, or to take it as a lump sum? Let’s think about it, what would your first instinct be when talking about retirement and finishing up. Over the past few appointments withRead more ...

Maroba Caring Communities Transition to Care Guide

Maroba Caring Communities Transition to Care Guide
Are you or a loved one considering moving into an aged care facility? Maroba Caring Communities Transition to Care Guide is an essential read to help provide some clarity into the transition process into aged care. It will outline some of the decisions you may need to make, step you through the application process, and give you some tips to make the process easier. Click here to view the Transition to Care Guide.Read more ...

Super in your 20s. Boring? Doesn’t have to be!

Super in your 20s. Boring? Doesn’t have to be!
Superannuation is for the oldies, right? In some ways that’s true, but even in your twenties there are good reasons to take a bit more interest in your super. The average 25-year-old has around $10,000 in super, but the decisions you make now, even with relatively small sums of money, could earn you hundreds of thousands of extra dollars over your working life. Are you getting any? Earn more than $450 in any given month (excluding overtime, bonuses and some allowances)? Then every three months your employer should be paying 9.5% of that into your super fund. Usually you can choose yourRead more ...

Mad Hatters Heart Matters Event

Mad Hatters Heart Matters Event
We have many conversations with clients affected directly by Heart health, or through a close family member, either through heart attack, cardiac arrest or other arrhythmia issues in their lifetime. We meet many clients that feel lucky having survived a significant event with their heart or the heart of a family or friend that had a close call. We are in the business of helping people to insure against this risk with Critical Illness insurance and life insurance for this reason. It’s serious stuff. In May 2014 Tabitha Tworek from Insight Wealth Planning passed out at a business dinner unexpectedly. It wasn’tRead more ...

Property investors to lose out from proposed budget changes

Property investors to lose out from proposed budget changes
The 2017 Federal Budget, handed down by Treasurer Scott Morrison on Tuesday night, 9th May at 7:30pm AEST includes proposed changes which will affect residential property investors Australia-wide. The Australian Tax Office (ATO) allows owners of income producing property to claim depreciation deductions for the wear and tear that occurs to a building’s structure and the plant and equipment assets within. The proposed changes relate to the depreciation of plant and equipment assets and the eligibility to claim this deduction. Currently, investors are eligible to claim qualifying plant and equipment depreciation on assets found in an investment property they purchase, even ifRead more ...

What to watch from the Budget? - Adviser Update

What to watch from the Budget? - Adviser Update
What to watch from the Budget? There are lots of opinion pieces about the 2017 budget. We caught up to discuss the things our advisers noted in this year’s budget rollout. Was there anything that surprised you? There’s a sneaky change that has been announced for the Liquid Assets waiting period (LAWP) that affects new applicants for Centrelink benefits, typically Newstart and Disability Support Pension. They have stretched the LAWP from 13 weeks to 26 weeks. This is impactful for someone that may have become unemployed suddenly that has some money in the bank, from a redundancy or from some other savings, particularlyRead more ...