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Too many property investors are missing out on important cash flow by neglecting depreciation

Many property investors are missing out on beneficial depreciation tax claims. The annoying thing is how often this happens, when it really doesn’t need to happen at all!

Tax depreciation is often an overlooked method of obtaining tax deductions on investment properties. It is a big help in enabling investors to minimise their tax liability and improve their cash flow. Sadly though, we often see situations where depreciation either isn’t maximised to its fullest potential, or worse yet, overlooked entirely.

The Australian Taxation Office (ATO) recognises that the value of capital assets reduces over time as they approach the end of their effective life. These assets can be written off as a tax deduction ie. ‘depreciation’.

What depreciation should I be considering?
If you own an investment property (new or old, large or small), two areas of depreciation are available:

1. plant and equipment
2. capital works on the building

Different items within a rental property have different rates of depreciation based on the effective life of the item. These items are identified by certified quantity surveyors, who inspect the property assets and then calculate its depreciation through their expertise and knowledge of which items are depreciable and how savings can be achieved.

To claim maximum tax benefits on an investment property the ATO encourages property investors to obtain a fully compliant tax depreciation report prepared by a certified quantity surveyor. You or your accountant will use this report when preparing your income tax return.

Further, some property investors may not realise that they don’t have to wait all year to benefit from the depreciation deductions available to them. Instead, they can improve their cash flow throughout the year simply by nominating to use a Pay As You Go (PAYG) withholding variation.

A PAYG withholding variation allows individuals to vary the amount of tax withheld by their employer in each pay to anticipate their tax liabilities. This means that they can take advantage of the deductions available to them regularly, rather than waiting until the end of a financial year for their tax refund. You should speak to your accountant about this.

When to obtain a property depreciation report

Ideally, a depreciation report should be obtained soon after the purchase of an investment property. This enables a quantity surveyor to separate the items included in the purchase price, from the expenses that will be incurred by the new owner in the future. This detailed analysis ensures the maximum investment property depreciation allowances can be claimed.

A depreciation report is critical documentary evidence required by the ATO to support any tax deductions for components of an investment property that are decreasing in value. All investment properties are eligible to have their assets depreciated where, generally speaking, construction costs are incurred after 18 July 1985 and structural improvements are incurred after 27 February 1992. This applies even if the previous owner paid for the construction. In the event that the original construction cost data is no longer available, the ATO stipulates that a quantity surveyor must assess this figure.

Where to start – immediate tax depreciation write-offs and the low value pool

Obtaining independent, professional property advice ensures investment property owners stay up to date with the intricacies of tax legislation and can make well-informed decisions that enhance cash flow. For instance, waiting until just before the close of the financial year to buy an asset for an investment property may entitle you to claim the full cost on your tax return for that year. For example, plant and equipment assets valued at $300 or less are generally able to be written off at 100 per cent in the financial year of acquisition.

Moreover, under the Low Value Pool Regulations, certain items can be depreciated more quickly. Items that enter the pool are depreciated at a set rate or 18.75 per cent in the first year but in subsequent years, the percentage rate of depreciation jumps up to 37.5 per cent on the diminishing total.

What can effective property depreciation save you?

In typical situations – say a commercial property investment of around $1,000,000 – using a quantity surveyor and well-prepared depreciation report can result in clear benefits. Potential tax deductions under a well-planned depreciation schedule could total in excess of $27,000 in the first year of claim and over $100,000 for a 10-year period following the purchase of the property. For an individual taxpayer on the top marginal tax rate of 49.5 per cent (2014/2015 individual tax rate), the tax saving would be $13,365 on a $27,000 tax claim.

Of course, depreciation is only one component of owning an investment property and the associated tax deductions. Other deductions could include:

• fees to property management agencies (SEE WHAT WE CHARGE VRS WHAT OTHERS CHARGE http://wp.me/p1qS3N-7YJ
• repairs and maintenance to the property and its fixtures (IMPORTANT INFORMATION TO NOTE:-

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The total deductions can be considerable and go a very long way to improving your tax bill at the end of the financial year and throughout your years of investment in the property.

Clearly, there’s a real advantage in obtaining a depreciation report on your investment property. Our recommendation is to make sure you have a good depreciation strategy, but consult your accountant and other advisers before you finalise this!

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Mirvac To Develop $850m Eagle Farm Residential Project

Leading property group Mirvac has been selected as Brisbane Racing Club’s preferred partner for the development of its $850 million Eagle Farm Residential Precinct.

Mirvac were chosen from a shortlist of three contenders to partner with the Club on this quality project.

The Eagle Farm Residential Precinct will be built alongside the Eagle Farm Racecourse and as one of Brisbane’s most exciting lifestyle developments to date, the tender drew attention from local, interstate and offshore developers. The 10-year project forms part of the Eagle Farm Master Plan and will see the delivery of over 1,000 trackside apartments alongside an exciting food, beverage and retail destination.

HORSE RACING

Located in Ascot, just 6 kilometres from the Brisbane CBD, the 54,000 square metre site offers a premium, large-scale development opportunity in a thriving part of the city’s north east. A range of retail, commercial, hospitality and entertainment facilities are planned for the adjacent land.

Mirvac’s Group Executive Residential John Carfi said the business was thrilled to have been selected as the Brisbane Racing Club’s development partner at such an iconic Brisbane location.

150515 eaglefarmres_620x380

“This location provides Mirvac with an excellent opportunity to deliver quality residential apartments in the heart of Brisbane’s popular racing precinct,” he said.

“Mirvac will draw on its expertise and strong track record of delivering major residential and mixed-use developments and we look forward to working closely with the Brisbane Racing Club on the next phase of this exciting project.”

BRC’s Chairman Neville Bell said Mirvac had been chosen after a vigorous selection process based on its experience in large-scale, mixed-use development projects.

“The redevelopment of the Eagle Farm Racing Precinct is an exciting step for us as part of our 10 year Master Plan,” he said.

“Mirvac’s extensive experience in similar projects aligns with our objectives for the future of the club.

“We are delighted to have a major developer of Mirvac’s calibre onboard as we work through this significant redevelopment.”

The announcement for Mirvac follows successful sales results at its Waterfront, Newstead development which has delivered more than $150 million in sales.

THE MASTER PLAN

Eagle-Farm

Situated six kilometres to the Brisbane CBD, the 5.431 hectare site is approved for residential apartment towers up to 15 storeys.

The site, known as Precinct 5B of the Eagle Farm Master Plan area, provides a rare opportunity to partner with the Brisbane Racing Club to develop its large residential development site.

Brisbane Racing Club’s General Manager – Property & Asset Management, Mr Jeff Kahler said the Club was seeking a joint venture partner for what will be one of Brisbane’s most exciting developments.

“Brisbane Racing Club has obtained planning approval for the master planned development of Eagle Farm and Doomben Racecourses and is seeking a joint venture partner for this iconic Brisbane residential opportunity which will appeal to large developers who want to be involved in a premium, large scale development,” said Mr Kahler.

Knight Frank’s Director of Commercial Sales, Mr Morrison said that the master planned development of the non-core land of Eagle Farm and Doomben Racecourses is a rare opportunity for a local or offshore developer.

“This approval is one the largest and most exciting lifestyle projects in Brisbane’s history and one we’re extremely confident will be well received by the developer community,” continued Mr Morrison.

“The Eagle Farm Residential Precinct is located alongside the Eagle Farm Racecourse and is designated as a high density residential area. This site is capable of sustaining in excess of 1,000 apartments and is situated immediately next to a proposed mixed-use development which may include a range of uses comprising retail, commercial, hospitality and entertainment facilities.

“The site is located in a popular lifestyle precinct, well serviced by public transport with rail, bus and Citycat all close by and easily accessible from all parts of Brisbane and beyond via Inner City Bypass,” added Mr Morrison.

Knight Frank’s Managing Director of Commercial Sales, Mr Paul Henley said that Brisbane residential site sales have gone through considerable growth the past 12 months.

“The Brisbane Apartment market has entered a new property cycle. Sales rates have now remained above long term averages for a full 12 month period. Sale prices have stabilised and stock transacting is a good mix of investment and owner occupier product which signals a suitable diversity of purchasers in the marketplace, as the development of Eagle Farm Residential Precinct is likely to offer.

“In addition to traditional markets Melbourne and Sydney, we have sensed a considerable shift in favour of Brisbane also in our recent visits to Malaysia and Singapore as a preferred Australian location for investment This positive sentiment in favour of Brisbane is in our opinion going to grow in the short to medium term,” added Mr Henley.

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Direct Trade Sino Aust

According to The Australia China Business Council, direct trade from Australia to China contributes 5.5 per cent to Australian GDP, amounting to $79,150 million, nearly 200,000 Australian jobs (or one in 58 Australian jobs) is sustained by direct export activities to China. ‪#‎ACBC‬

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Best Regards  Linda & Carlos Debello  “Your Local Property Sales & Management Specialist”  LJ Gilland Real Estate Pty Ltd  PO BOX 19  ZILLMERE 4034   0413 560 808 (Mob 2)  0409 995 578 (Linda)  http://www.ljgrealestate.com.au/index.php?lan=ch    Chinese website https://www.facebook.com/ljgrealestate

Best Regards
Linda & Carlos Debello
“Your Local Property Sales & Management Specialist”
LJ Gilland Real Estate Pty Ltd
PO BOX 19
ZILLMERE 4034
0413 560 808 (Mob 2)
0409 995 578 (Linda)
http://www.ljgrealestate.com.au/index.php?lan=ch Chinese website
https://www.facebook.com/ljgrealestate

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Filed under Brisbane Inner City, empowerment, family, LJ Gilland Real Estate Pty Ltd, ljgrealestate, SINO CHINA AUSTRALIAN ECONOMIC TRADE INFRASTRUCTURE REALESTATE FOREIGN INVESTMENT, Spring Hill Bowen Hills Fortitude Valley South Brisbane East Brisbane

The Brisbane’s inner city rental market has been termed “weak” by the Real Estate Institute of Queensland (REIQ). Here’s what they are talking about.

“Brisbane’s “weak” inner city vacancy rates climbing

The Brisbane’s inner city rental market has been termed “weak” by the Real Estate Institute of Queensland (REIQ). Here’s what they are talking about.

The REIQ recorded a 3.8% vacancy rate in Brisbane’s inner ring (0 to 5 kilometres from the city centre) in December 2014.

Any vacancy rate figure above 3.5% is categorised as “weak”, while a market is considered “tight” if it has a vacancy rate below 2.5%, and healthy with a vacancy rate between 2.5% and 3.5%.

“The other “weak” Queensland markets in December were in Bundaberg, Gladstone, Rockhampton,  Mackay and Townsville, with Mackay topping vacancy rates at 10.3%.

The Brisbane inner market is the only greater Brisbane region with a “weak” market. The REIQ notes that vacancy rates are trending upwards.

In a release, REIQ chief executive Antonia Mercorella said: “Residential vacancy rates are prone to seasonal fluctuations over the Christmas/New Year period and 2014 was no different.”

“Many REIQ agents reported softer tenant demand in December, with many leases expiring as students finish up their studies and others also take up employment opportunities in new locations.”

However, Brisbane’s inner market is experiencing weaker conditions than in previous years: In December 2012, the REIQ recorded a vacancy rate of 2%. In the same month of 2011, Brisbane had an inner city vacancy rate of 1.9%.

According to the REIQ, the median price of a unit in Brisbane was $420,000 in the September Quarter. In the latest HSBCDownunder Digest report, HSBC forecasts 6% to 7% price growth for Brisbane homes in 2015, with 4% to 7% forecast for 2016.

Click to open in new window:

This West End property will be available to rent in March at $540 per week. The two bedroom “near new” apartment was advertised to rent in September at $550 per week, with the asking rent lowered last month.

At its current advertised rent, investors who paid $510,000 in May 2013 will be receiving a yield of 5.6%.

Buyers paid $465,000 for this National Rental Affordability Scheme (NRAS) unit in July 2014. It was listed to rent late last month for $397 per week – slightly less than the $400 per week the previous owners were expecting this time last year.

According to Domain Group, vacancy rates for units in the greater Brisbane area were higher for units than houses in January, which is normal across all the capital city markets (see graph below).

Source: Domain Group

The unit at Kangaroo Point, has two bedrooms and two bathrooms. Its current advertised rental rate reflects a 4.4% yield.

SQM Research data shows that asking rents for units in the Brisbane inner region have remained relatively stable over the past five years.

Click to open in new window:

However, there have been recent warnings, including this from Terry Ryder, about the threat of oversupply in the Brisbane inner market:-

A media release this week was positively gushing in its eulogy of the Brisbane inner city apartment market. Sales are surging, it said, and the level of new construction in the pipeline was a cause for celebration. The market, apparently, “continues to shine”.

From where I’m sitting, sales are not surging and the new construction – 14 new projects with 1,400 apartments were launched in the June quarter alone – will make worse an existing oversupply.

The thing is, the people building, promoting and selling apartments are concerned only about finding buyers. They’re not interested in the broader consequences of the projects that are earning them money.

If the apartments in the current project sell, they pocket the profits and commissions, and move on to the next one.

Others have to deal with the carnage created by their projects. And there will be repercussions from the overbuilding of apartments in Brisbane.

The situation in the Brisbane inner city market is not (yet) as serious as that in Melbourne, where the existing oversupply is serious and the future oversupply will border on catastrophic.

But Brisbane is heading down the same slippery slope to surplus as Melbourne.

In Brisbane, as in Melbourne, Sydney, the Gold Coast and other major unit markets, the inspiration for the high level of new building is the Chinese investment market. Everyone is targeting Chinese investors.

Developers and their marketing stooges don’t care about the vacancy rate figures. That’s someone else’s problem. If they can flog their apartments to Asian buyers, nothing else needs to be considered.

The people who will feel the most pain in the future will be the investor buyers. High vacancies will push down rents and the returns they will earn from their investment. That in turn will undermine values.

Others will suffer. Owners of existing properties in or near the inner city will also find it hard to tenant their properties and will have to cut rents. Their values will fall also. Home owners in those areas will be equally affected by falling values.

Overbuilding is a constant and recurrent problem in inner city apartment markets. It’s the reason capital growth rates have been so poor in Brisbane.

The average annual rise in the median unit price in the Brisbane CBD has been around 3% per year over the past five years and also the past 10 years. In real terms, capital growth has been negligible at best.

Suburbs just outside the CBD, including Kangaroo Point, Fortitude Valley and South Brisbane, have similar track records.

This week’s media release claims sales are now “surging” in the Brisbane inner city apartment market. Not according to the sales data I’m seeing. Sales levels did rise last year, with every quarter producing an increase in sales volumes. But the market peaked in the December 2013 quarter and sales activity has declined in 2014.

That probably explains why there has been little price growth in evidence recently. According to Australian Property Monitors data, there was no change to median prices in the CBD and Woolloongabba in the most recent quarter, a rise of about 1% in Fortitude Valley and South Brisbane, and a 4% decrease in Kangaroo Point.

The real issue is that the Brisbane inner city areas already have too many apartments. The CBD and the near city suburbs all have vacancy rates in the 3.5% to 4.5% range. Those vacancy levels would not cause undue concern, except that massive levels of new supply are in the pipeline.

The writer of this week’s media release was clearly excited about the new projects coming up. It scoffed as the “predictable murmurings” about oversupply. But the concerns are real and well-placed. Dozens of new highrise apartment buildings are under construction or in planning, bringing thousands of new units to an oversupplied market.

There’s been a lot of media about the potential for prices to fall because of a “bubble”. There is no bubble in Australian property prices but there is a real threat of value decline in many major markets caused by developer overbuilding.

We’ve seen many times in the recent past how much damage oversupply can do and how much angst it can cause to property owners, including both investors and home owners, when values fall.

The Gold Coast has just emerged from years of falling property values – many people own properties worth less than they paid four or five years ago. The median unit price in Surfers Paradise is still lower than it was in 2009.

Owners of property in Gladstone have suffered double-digit value losses, not because of a decline in demand but because of absurd levels of overbuilding by developers. What were they thinking?

Where overbuilding has coincided with a sharp drop in demand because of a pause in the resources sector, values have dropped as much as 40% from their peak levels, including in Karratha in Western Australia and Moranbah in Queensland.

Inner city apartment markets, including those in Brisbane, face the same risk.

I’m not sure what the solution is, with councils and state governments eager to approve anything that’s proposed and trumpet the outcomes as a construction boom benefiting everyone. Until Chinese investors realise they’re being sold over-priced apartments for which there is little or no tenancy demand, developers will continue throwing up high-rise in inner Brisbane and elsewhere.

The outcome, in some places at least, will be a market crash that will be ugly to behold.

I’m urging investors and owner-occupiers to stay well away from these markets”

AT A GLANCE •Property management, Rental services. •Individual solutions to fit our client's needs •High performance property sales, specializing in sales of properties with tenants in place. •	Body corporate management •	Competitive Commission Rates •	LET FEE FOR REFERRALS, We are a business built on Referrals. •	NO Lease Renewal & Comparable Market Analysis’ Fees/Charges •	PHOTOS TAKEN ON ENTRY •	Hands on approach to all Property Investment Management and & Sales Matters. •	Tenants are shown about safety switches and water mains etc at handover at the property.  We meet all tenants on site for handover. Register your interest to receive property updates and our real estate blog.

AT A GLANCE
• Property management, Rental services.
• Individual solutions to fit our client’s needs
• High performance property sales, specializing in sales of properties with tenants in place.
• Body corporate management
• Competitive Commission Rates
• LET FEE FOR REFERRALS, We are a business built on Referrals.
• NO Lease Renewal & Comparable Market Analysis’ Fees/Charges
• PHOTOS TAKEN ON ENTRY
• Hands on approach to all Property Investment Management and & Sales Matters.
• Tenants are shown about safety switches and water mains etc at handover at the property. We meet all tenants on site for handover.
Register your interest to receive property updates and our real estate blog.

While in September had heard reports of rents softening, with rents previously “quite inflated”.

“About what’s driving growth in Brisbane’s apartment sector and what this means for the property market.

What are some of the growing trends in Brisbane’s inner city off the plan apartment market?

We’ve never really seen this much activity in Brisbane.

It’s a pretty exciting time for Brisbane, with this level of development and also infrastructure growth, through master plans and government infrastructure.

Brisbane is growing very quickly, from a demographic point of view. Nationally, there are some major changes happening right now in the residential market, and we’re seeing new fundamentals emerging.

What demographic trends are driving the growth of the inner-city apartment market?

The residential market is built off two major demographic groups: the 25-30 year old bracket, which is very large and growing significantly, and baby boomers.

They’re very complex groups, so I normally hate to say “Gen Ys and baby boomers”. But they are major demographic groups in the residential market.

We’re seeing major changes in the type of properties that they’re looking for. The trade off they have to make to cope with the cost of living is definitely having some implications for demand.

We’re also seeing changes in infrastructure and where that’s being invested. We’re seeing much less urban sprawl and much more upwards development. It’s cheaper to upgrade and put infrastructure in central areas where there’s already a major population, rather than emerging regional areas.

Where is apartment growth focused?

The major development is happening is along corridors where there is existing infrastructure, or proposed future infrastructure. Running from Woollongabba/South Brisbane coming through to the CBD and going into FortitudeValley/Bowen Hills and going all the way up to Portside Wharf/Hamilton – that’s where we’re seeing a lot of supply and demand.

Portside Wharf, Hamilton

 

These emerging developments are all still fringe based. The CBD is probably undersupplied – it’s got a few developments on their way, but it predominately the growth is in the fringe areas.

For apartment developers, there were better opportunities in the fringe. In South Brisbane, there was very little supply, and it made perfect sense to develop because the infrastructure was already there. The same was the case in Fortitude Valley.

Is there a threat of oversupply in the Brisbane apartment market?

There are a couple of things we need to get clear on in terms of apartment development from a supply point of view. We often talk about 23,000 apartments in the inner Brisbane market, which are either in the application, presale, or approvals stages, but you can’t look at thin air.

We care more about settlement, which has been pretty fragmented. There is a lot of stock coming through the off the plan through to the end fo 2015. It’s a very hot market, but it really is about that settlement.

Rents are definitely aligning. They’re starting to move away from the inflation period we had that was created on low supply. That, to me, is saying that developments are doing what they should.

2015 is definitely going to be very competitive for the off the plan apartment market. We’re probably going to see a lot of developers not get off the ground, which is going to affect supply.We look at a lot of these developers playing in Brisbane and to be honest, there are some that have not proven themselves yet.

There are still a lot of challenges when it comes to taking that glut of supply and making it a tangible product.

At the moment, there are going to be areas that are going to have some fluctuations, which always happens. We’re going to need continued population growth, through migration and international students, which are very important to Brisbane’s inner city rental market.

Brisbane is also very closely related to what’s happening in Sydney, and prices are obviously high there, which may drive demand for Brisbane.

The one thing that we definitely know is that we’re going to see more renters come through.

The cost of living is unfortunately not getting any easier. In Australia, the employment opportunities are very centralised. The infrastructure is very challenging as we go further out, and in the capital markets, the 15 kilometre to 20 kilometre ring from the CBD is very difficult market to get into for young buyers.

The ability to own their own home is a big trade off for younger people – if they buy further out, that’s going to cost them more in terms of fuel. Thats why we’re looking at the apartment market. Sure, supply is coming through, but the challenges facing buyers and the demand growth is here to say.

It will go through the fluctuations, and developers are great at getting a good thing while they can, and then we’ll see a correction.

How will the influx of new apartments affect Brisbane’s rental market?

We are hearing that rents are softening.

The owner occupier market is really taking an effect on the existing apartment market and the more mature stock on the market, taking that away from renters. So the new apartment market is obviously catering to renters.

Rents have been quite inflated, so we have a buffer. Now, we can make things align, and it’s getting a bit better from an affordability point of view. The time to fill an apartment is growing, but still pretty good. Instead of one week, it’ll take a month or two months to fill an apartment.

To me, this is a normal thing, and means developers are doing their jobs.

Historically, December always seems to have a lot of vacancies, and so does the March quarter because it includes January. In June it always comes back again, to around the 3% mark.

There are going to be pockets where there are going to be some realignment in rentals, which I think is positive. It’s a good thing for the renter, who can see what amenity they get for their dollar. There’s going to be some good choice there, and affordability will improve. That’s a good thing.”

Do you believe that Brisbane’s inner city is getting weak too?

Best Regards Linda & Carlos Debello “Your Local Property Management Specialist” LJ Gilland Real Estate Pty Ltd (http://www.ljgrealestate.com.au) PO BOX 19 ZILLMERE 4034 (07) 3263 6085 0400 833 800 (Mob 1) 0413 560 808 (Mob 2) 0409 995 578 (Linda)

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AT A GLANCE •Property management, Rental services. •Individual solutions to fit our client's needs •High performance property sales, specializing in sales of properties with tenants in place. •	Body corporate management •	Competitive Commission Rates •	LET FEE FOR REFERRALS, We are a business built on Referrals. •	NO Lease Renewal & Comparable Market Analysis’ Fees/Charges •	PHOTOS TAKEN ON ENTRY •	Hands on approach to all Property Investment Management and & Sales Matters. •	Tenants are shown about safety switches and water mains etc at handover at the property.  We meet all tenants on site for handover.

AT A GLANCE
• Property management, Rental services.
• Individual solutions to fit our client’s needs
• High performance property sales, specializing in sales of properties with tenants in place.
• Body corporate management
• Competitive Commission Rates
• LET FEE FOR REFERRALS, We are a business built on Referrals.
• NO Lease Renewal & Comparable Market Analysis’ Fees/Charges
• PHOTOS TAKEN ON ENTRY
• Hands on approach to all Property Investment Management and & Sales Matters.
• Tenants are shown about safety switches and water mains etc at handover at the property. We meet all tenants on site for handover.

 

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