APRA to Remove Interest-Only Benchmark for Residential Mortgage Lending

The Australian Prudential Regulation Authority (APRA) has announced that it will remove its supervisory benchmark on interest-only residential mortgage lending by authorised deposit-taking institutions (ADIs). The benchmark was put in place as a temporary measure in March 2017, as part of a range of actions over recent years to reinforce sound lending practices. The introduction […]

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Beware of Short Term Rentals, Lettings and Property Investors

Short Term Lettings and Property Investors Short term lettings have been for some investors an absolute bonanza, returning well above average returns. However, short term rentals have been in a legal limbo since a NSW court decided that short term lettings were not lawful under local planning laws.   Do you remember the story (only […]

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ATO Switchboard Numbers Spoofed by Scammers

The ATO announces further phone scams targeting the public by sophisticated scammers which pressure tax payers into payment for falsified tax debt.  Their announcement was: Similar to previous alerts we have issued in September and March this year, we are seeing an increased number of reports of scammers contacting members of the public pretending to be from the ATO […]

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A Cladding Tinderbox: Will your High Rise Insulate or Immolate?

No-one wants to get caught in a high rise fire.  A spate of external cladding fires around the world has prompted new precautions.  Anyone that owns or lives in a residential high rise should read on. Inflammable aluminium composite panels were banned in NSW from 15 August 2018 due to fire safety risks.  An existing […]

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Market Correction or Market Downturn

It’s understandable that the recent sharp sell-off on financial markets has left investors feeling particularly nervous. The main concern has been the US Federal Reserve’s shift in monetary policy from low rates and printing money to rising rates and the withdrawal of that printing policy. But there’s also a lengthy worry list of issues that […]

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Investment Property Depreciation

On 15 November 2017, the Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 was passed by both Houses of Federal Parliament, with the Bill now legislation. This amendment implements the changes to depreciation legislation announced in the May 2017 Federal Budget. Overview The Australian Taxation Office (ATO) defines two types of depreciation allowances available for […]

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The Art of the Non-Deal

Well, Barnaby Joyce has sure gotten our attention recently.  It’s as old as the hills:  Two people get together, one is older and already has kids, and the younger one is female. And a similar story should get our attention this week.  In this case, one man was older, and very rich, while she hardly […]

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Clothing deductions hung out to dry

The Australian Taxation Office is closely examining work-related clothing and laundry expense claims of taxpayers submitting their 2017-18 tax returns. The ATO says that clothing claims are up nearly 20% over the last five years with people either making mistakes or deliberately over-claiming. Common mistakes include people claiming ineligible clothing, claiming for something without having […]

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Market Update

US economy grows at an annualized rate of 4.1% in the second quarter, the fastest since 2014. Strong consumer spending, solid business investment and surging exports all contributed. US and the EU make a joint statement on trade, pledging to work together to reduce tariffs. However, similar progress between the US and China is yet […]

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Your essential EOFY Checklist

No one wants to pay more tax than they need to or face unnecessary risks. We’ve compiled a list of our top tips for you. Super Co-Contributions (Money for free) – If you are a low or middle-income earner and make personal after tax (non-concessional) contributions to your super fund, the federal government will also […]

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