Author Archive

Oct
28

Have you got a copy of ATO Guide to Rental properties 2018

Posted by: | Comments Comments Off on Have you got a copy of ATO Guide to Rental properties 2018

Each year the ATO issues a Rental properties booklet.  This one was updated June 2018

https://www.ato.gov.au/uploadedFiles/Content/IND/downloads/Rental-properties-2018.pdf

 

Categories : ATO
Comments Comments Off on Have you got a copy of ATO Guide to Rental properties 2018
Jun
22

Will Legislation pass to Limit plant and equipment depreciation deductions to outlays actually incurred by investors for residential rental property?

Posted by: | Comments Comments Off on Will Legislation pass to Limit plant and equipment depreciation deductions to outlays actually incurred by investors for residential rental property?

Will Property investors lose out due to proposed budget changes?

Legislation is currently being developed for this measure.

Personally I am concerned this measure might have unintended consequences.

Not all legislation gets through – and at this point the legislation is being developed and drafted…….so here is the background.

On 9 May 2017 the Government announced that from 1 July 2017, plant and equipment depreciation deductions will be limited to outlays actually incurred by real estate property investors. If may actually be that even though they are purchasing a property they will not be able to claim the Division 40 items that they currently are entitled too.

The plan is that …InvThe theory sounds goodestors who purchase plant and equipment for their residential property investment after 9 May 2017 property owners may/will be un/able to claim deductions for plant and equipment purchased by a previous owner of the property.

Who knows it is not law yet. Personally – I am worried about unintended consequences.

The reasoning used is the Government wants to Limit plant and equipment depreciation deductions to outlays actually incurred by investors.

Depreciation deductions for plant and equipment available to investors will be restricted from 1 July 2017 to where the costs have actually been incurred by the investors in residential real estate properties. This restriction will not apply to deductions in respect of existing investments, and existing plant and equipment forming part of residential investment properties as of 9 May will continue to provide deductions for depreciation until disposal or end of effective life.The Government intends this restriction to address concerns that depreciation deductions are being claimed by successive investors in excess of their actual value. Investors purchasing plant and equipment after 9 May for residential investment properties will still be able to claim a deduction for the effective life of the property, but subsequent owners will not be able to continue to claim the same deductions.

It is anticipated that existing plant and equipment items acquired will be reflected in the capital gains tax cost base for subsequent purchasers.

What are you thoughts?

Currently investors are allowed to claim depreciation on existing plant and equipment – Jodie Stanley QS CEO of  Central Queensland Quantity Surveying

Will our houses change to more like in Europe where they take all kitchen appliance?

Will it result in useful and working items to become landfill?

Currently values can be assigned for plant items and Chattel in Special Conditions of contract – Perhaps this could be a simple solution.

https://www.linkedin.com/pulse/legislation-pass-limit-plant-equipment-depreciation-outlays-stanley?published=t

Categories : ATO
Comments Comments Off on Will Legislation pass to Limit plant and equipment depreciation deductions to outlays actually incurred by investors for residential rental property?
Mar
07

International Women’s Day Table Tennis Tournament held in Townsville on the weekend

Posted by: | Comments Comments Off on International Women’s Day Table Tennis Tournament held in Townsville on the weekend

Mackay had a strong contingent of four players on Sundays International Women’s Day event Hosted by Townsville Table Tennis Association.  There were players from far as South East Queensland and the proud Sponsors RSL Townsville did a great job accommodating them.  The event was international with player from Asia, New Zealand and even Germany.  There were lots of great matches and a great turn out.

International Womens Day Event

Supporting Women in Sport

Categories : ATO
Comments Comments Off on International Women’s Day Table Tennis Tournament held in Townsville on the weekend
Aug
15

Mackay Table Tennis is Proudly Sponsored by Central Queensland Quantity Surveying CQQS

Posted by: | Comments Comments Off on Mackay Table Tennis is Proudly Sponsored by Central Queensland Quantity Surveying CQQS
CQQS Sponsors MTTA Sports Club Local Player

Sponsoring Local Mackay Table Tennis Club  CQQS

Categories : ATO
Comments Comments Off on Mackay Table Tennis is Proudly Sponsored by Central Queensland Quantity Surveying CQQS
Aug
01

Updated Rental Properties Booklet 2014/2015

Posted by: | Comments Comments Off on Updated Rental Properties Booklet 2014/2015
ATO Rental Properies Booklet

Rental Properties Booklet 2015

You can download a PDF at Rental properties (NAT 1729, 524KB).

https://www.ato.gov.au/uploadedFiles/Content/MEI/downloads/Rental-properties-2015.pdf

 

This guide explains how to treat rental income and expenses – including how to treat more than 230 residential rental property items. NAT 1729-6.2015.

Read More→

Categories : ATO
Comments Comments Off on Updated Rental Properties Booklet 2014/2015
Jul
25

ATO – Rental Properties Booklet – NAT1729 –

Posted by: | Comments Comments Off on ATO – Rental Properties Booklet – NAT1729 –

In late June the ATO launched their new website.  It is improved with – relevant information, with an activity-based approach and a number of new features, functions and navigation tools.  They also updated their Rental Properties booklet – this is a very comprehensive document – and gives lots of other references to other places to find out more – if that’s what you want to do also.
The new website is much more user friendly than it used to be the new design focuses on:

  • giving you the information you need
  • the key tasks and actions you need to take – to meet your tax and super obligations
  • helping you find what you are looking for.

We specialise in Tax Depreciation Schedules to assist in helping property investors to PAY LESS TAX.

You are likely a property investor (or have the intention to be) so  – I have attached a link to their handy Rental properties booklet – the newest and most updated version.  It is updated annually.

We specialise in Tax Depreciation Schedules to assist in helping property investors to PAY LESS TAX.

http://www.ato.gov.au/General/Property/In-detail/Rental-properties/Rental-properties-2012-13/

This publication can be downloaded in Portable Document Format (PDF):

You can download this publication in Portable Document Format (PDF); download Rental properties (NAT 1729, PDF, 512KB).

The last few pages will be of most assistance to you.

Kind Regards,
Jodie Stanley Quantity Surveyor  Central Queensland Quantity Surveying www.cqqs.com.au

P (07) 49 543 950          F (07) 49 544 238         M(0411) 688 002            E  j.stanley@cqqs.com.au

Categories : ATO
Comments Comments Off on ATO – Rental Properties Booklet – NAT1729 –
Nov
23

Tax Depreciation Schedules – prepared to help property investors pay less Tax

Posted by: | Comments Comments Off on Tax Depreciation Schedules – prepared to help property investors pay less Tax

Investors?  Are you aware you can SAVE Hundreds, Even Thousand of dollars off your tax bill?

We are specialists in Tax Depreciation Schedules (Quantity Surveyor’s Reports) and we are locally owned and operated in Central Queensland in the Mackay Region.  We are 100% Australian owned and our dedicated staff and friendly staff are here to be of service.  If you need to depreciate your building investment we can assist you to write off the cost of your building (and some of the fixtures and fittings)

We will calculate the qualifying cost of your building investment and help you achieve the best taxation return for your investment.

Talk to Central Queensland Quantity surveying today!

Categories : ATO
Comments Comments Off on Tax Depreciation Schedules – prepared to help property investors pay less Tax
Aug
21

Women in Building QMBA Mackay Whitsunday Award Winner

Posted by: | Comments Comments Off on Women in Building QMBA Mackay Whitsunday Award Winner

Jodie Stanley was honoured to receive that QMBA Women in Building QMBA Mackay Whitsunday Award 2012.

She is a proud member of QMBA, and it was wonderful to be recognised for her acheivements.

Follow the hyperlink to the Daily Mercury home page.

 http://www.dailymercury.com.au/story/2012/08/20/top-house-unveiled/

There was such a huge variety of talented members in Mackay it was a great night to see their work showcased. 

 

Categories : ATO
Comments Comments Off on Women in Building QMBA Mackay Whitsunday Award Winner
UA-27526496-1