Government

An Australian Investors Guide To Tax Depreciation

May 6, 2021 by Reporter Leave a Comment

It pays to get ahead in life. To build your wealth, prepare for retirement, leave a legacy for your children and live comfortably.

There are many ways to go about this, from investing in stocks to superannuation or term deposits. And one way that has proven itself time and time again is investing in real estate.

But if you’re a property investor, do you know everything you need to know about Brisbane tax depreciation?

In this informative article, we’re going to share some tips about tax depreciation as it relates to property investment.

What is Depreciation?

First, an explainer is needed. Depreciation, in tax terms, means a reduction in the value of an asset over its lifetime. For instance, a new car is a great example of a depreciating asset – it loses value the minute you drive it off the lot.

But property usually appreciates, you say. This is true. But claiming depreciation on your investment property against your other taxable income, say from employment or your business, is a good move for tax purposes.

How Do I Do It?

To begin with, you should engage a qualified surveyor to inspect your home and prepare a report. You then take this report to your accountant.

Why can’t you just use a value estimate, like the ones you find online? Because the law says that if your property was built after 1985, only a surveyor can estimate the construction costs.

You need the technical expertise of a surveyor to do this.

What If I’ve Renovated?

You can still claim depreciation in this case, but you need to know how much your renovations cost. So always keep copies of all contracts, invoices and expenses incurred in the course of your renovations.

What Are The Expenses?

The cost of preparing a tax depreciation schedule will vary due to different factors. These may include the type of property you’ve purchased as an investment (residential, commercial or industrial) as well as its size and location.

Also, the surveyor fees are completely tax-deductible.

How Much Will I Save at Tax time?

Again, it will vary based on individual circumstances and the property. There are some pretty decent depreciation calculators online, so a quick Google can help you estimate.

It’s not worth paying for an estimate, only for the surveyors’ report.

What Can I Claim?

Let’s say you’ve built your investment property new, on land you acquired. In this case, you can claim the cost of building the property. But, there’s a catch. It gets spread over 40 years. This is the duration the ATO claims a building lasts before it needs replacing. So, for a $400, 000 building, you can claim $10,000 a year over that 40 years.

You can also claim depreciating assets that you have installed in the property. This may include light fittings, ovens and cooktops, carpets, air conditioners, bins, range hoods and other fixtures and fittings.

Again, these get claimed throughout their lifetime. So carpets will last ten or so years, air conditioners 10-15 – you get the idea.

Tax Claim Conclusions

In this article, we’ve explained all about depreciation as it relates to investment properties. You’ve learnt how to have your property valued, as well as what you can claim as tax depreciation. Again, it’s hard to estimate how much you will save at tax time, but investing in property and using depreciation schedules can be an effective way to offset your other taxable income. So, now you’re informed and ready for tax time in a few months.

Rebooting your Resume for Executive Roles

November 25, 2018 by Reporter Leave a Comment

One reason that people seek out professional resume writing services is that, at some stage, their trusty resume, which has served them well for years, has suddenly stopped generating call-backs.

Generally, the problem falls into one of two types. The Type One problem is that the market has changed; far more common is the Type Two problem, that the applicant has changed.

For people who have been with one employer for decades, the job market really might be substantially different. Compared with 10 years ago, resumes tend to be more focussed on achievements, to profile career development rather than long service and to leave out personal details such as age and marital status.

Perhaps the most significant environmental change in recent years has been the advent of Applicant Tracking Systems (ATS), which electronically read (parse) a resume. Although not deployed universally, they are now common and will become more so. How to write an ATS-friendly resume will be the subject of a later article.

For Type Two problems, a more customised approach is required. Many people who have successfully used a highly technical resume in the past suddenly find it impossible to step up into a leadership role. These might be Solution Architects who want to move into a CTO role, Financial Controllers applying for CFO positions or Senior Policy Advisors wanting to try their hand at an EL1 or EL2 role in government. In all these cases, the would-be exec has simply outgrown their previous resume.

No reputable professional resume writing service will tell you that there is a single formula for a successful executive resume. Certainly, one should be extremely sceptical of any claim that there is a correct number of pages or a standard format that will work for every candidate. On the other hand, there are some principles of good practice that can help.

The first and hardest change is to let go of the old version. Is it really important how proficient a CTO is at programming in C++? The reason to hire a CTO who was a Programmer and then a Software Designer and then a Solution Architect is not for their hands-on skill but their understanding of what goes into successful technological changes, why they work or don’t, who needs to input into design, how you get clients to realise the benefits of new technologies and so on.

If 15 years of software design got you to Solution Architect, 20 years is not going to get you to CTO, not unless along the way you learned more strategic and profound lessons than a few additional coding tricks.

By way of an example, the table below shows just a few priority differences between executive and professional resumes.

Solution Architect	CTO
Skills infrastructure analysis project management software design Achievements technical solutions developed compliance with budgets and schedules	Skills digital maturity strategies change leadership oversight of large project and ops teams Achievements organisation-wide change future-proofing business
Financial Controller	CFO
Skills financial and management accounting statutory reporting budgeting and forecasting Achievements resolution of audit issues streamlining of reporting functions	Skills risk, compliance and governance strategic planning personnel management Achievements leadership of major organisational change improvement in top or bottom-line results
Senior Policy Advisor	EL1 / EL2
Skills policy and environmental analysis stakeholder engagement project coordination Achievements delivery of policy reports provision of advice to Minister	Skills government agency interoperability senior-level stakeholder influence leadership and vision Achievements new program or initiative launched measurable change in social outcomes

Not all leaders are alike. An executive resume needs to carve out a clear point of difference. Once you’ve established your credentials, with clearly articulated and relevant achievements, then the work really starts. How do you stake out a niche area of practice, that is uniquely yours? In the first place, curb the instinct to describe yourself as a dynamic, passionate change-maker. Sounding like everyone else is inherently self-defeating if the purpose is to stand out. Think about what it is that you offer, which someone less skilled, less experienced or just not you couldn’t do. That’s the value proposition; that’s the focus of your resume.

How to Reward a Global Workforce

November 2, 2017 by Reporter Leave a Comment

The face of workforce is changing across the glove as more and more millennials have started working. This is one of the reasons why it is important for businesses to keep their employees motivated and to promote loyalty among them. It is now up to HR professionals how they devise reward strategies that work well with the existing employee base, and a good way to go about it is through incentives and the use of modern technology.

If your business functions internationally, the task of rewarding employees, working in different roles and positions, and located across the globe can be extremely daunting. Earlier on, the incentives used to vary from department to department because of varying budgets, which made it hard for HR to keep a track of the employee incentive programs. Most companies wanted to implement a uniformi when it came to rewarding the global workforce, which is how digital and virtual gift reward cards were introduced. They became a success for the following reasons:

There was uniformity, as all the employees received the same prepaid gift card.
The delivery of the reward was easily, as it was sent via email and was received by employees in different job roles and geographic locations.
All the employees received equal rewards at the same time.
It was easy for HR to track redemption.
It was easy to personalise the reward card with the employee’s name and a note from the management, which added a personalised touch.
The company easily managed their budget because of the centralised reward.

Companies, in search of innovative ideas to rewards their employees, can benefit by visiting websites such as https://www.globalrewardsolutions.com/

and http://www.power2motivate.co.uk/.

Using Digital Reward Points to Your Advantage

Companies can make use of digital reward programs all around the year, because they are easy to manage and give employees the flexibility of getting whatever they want, as opposed to employee recognition programs. Some of the things that you should look out for when using a rewards program are:

Can It Be Easily Used With Other Technology?

Digital reward programs can be used with the help of application programming interfaces, for private, secure, and immediate delivery of the rewards. This is great for companies, as they can easily scale and report the delivery of the rewards.

Is the Management of the Program Streamlined After Its Implemented?

One of the best ways to manage employee recognition is with the help of a rewards management portal. In order to make sure that everything is streamlined, it is important for businesses to hire a professional solutions provider.

Tips To Reward Workforce

Here are some ways in which you can reward your workforce:

Sending appreciation emails.
Sending flowers or cake on their birthdays.
Sending gifts on their work anniversaries.
Giving them work life balance.
Rewarding them with an all expense paid trip.

CHOGM 2013 Boycott by countries hits sour note in SRI LANKA

November 18, 2013 by Reporter Leave a Comment

Australia was represented by Prime Minister Tony Abbott and Foreign Minister Julie Bishop in Sri Lanka for the “Commonwealth Heads of Government Meeting” popularly known as the CHOGM SUMMIT

At this CHOGM meeting held in SRI LANKA , many countries decided to boycott the CHOGM meet.

India’s refused to attend the meeting due to human rights concerns.

The Meet was also boycotted by Canada, and Mauritius in protest against alleged war crimes committed by the Sri Lankan government.

The UK Prime Minister David Cameron also laid a ultimatum to the Sri Lankan government for a probe into the charges of human rights violations and war crimes in the island nation.

Canadian Prime Minister Stephen Harper says he’s boycotting the talks because of Sri Lanka’s refusal to address alleged human rights abuses by the military during the country’s civil war

What is CHOGM ?

The Commonwealth Heads of Government Meeting (CHOGM) is a biennial summit meeting of the heads of government from all Commonwealth nations. Every two years the meeting is held in a different member state

Queen Elizabeth II, who is the Head of the Commonwealth, has attended every CHOGM beginning with Ottawa in 1973.

The last CHOGM was held in Western Australia , Perth between 28th to 30th Oct. in 2011 and the next one in 2015 is to be held in Malta.

Business grants for Tourism industry

July 24, 2013 by Reporter Leave a Comment

Queensland Tourism Industry Council (QTIC) has welcomed new State Government grants to help business ventures related with tourism get off the ground.

Australian business grants | Business News Australia | Startups In Australia

This grant from the government allows Businesses to apply for up to 75,000 in assistance, which can be used to attract financial backers, with a total of $500,000 being made available.

This grant could help in new theme parks or accommodation in national parks and is aid to generate income and employment for regional Queensland

More information on TQUAL Grants including Tourism Quality Projects and Strategic Tourism Investment Grants is available at www.ret.gov.au/tqual or by calling 13 28 46.

Different Australian states Government Grant funding for tourism

Funding Programs – VIC

The following are funding programs that may be suitable for tourism projects.

http://www.tourism.vic.gov.au/

Victorian Government

Tourism Victoria

Event funding is available through the Tourism Victoria Events Program and the Country Victoria Events Program.

Funding and Grants – NSW

Below is a listing of specific tourism funding and grants programs available to NSW tourism businesses.

Two types of funding are available:

T-QUAL Grants – Tourism Quality Projects
Funding of between $15,000 (plus GST) and $100,000 (plus GST) is available on a matched funding basis.
T-QUAL Strategic Tourism Investment Grants of up to $1million to fund a small number of larger scale projects to support Indigenous tourism and/or economic development/tourism employment.

2012 applications have now closed.

See the Other Government Support page for information about other types of services available to boost your business.

GRANTS AND FUNDING – Tasmania

TQUAL GRANT SCHEME

Australian Government funded Tqual Grants are competitive grants program to promote strategic investment in quality and innovation in the Australian tourism industry. Tqual Grants will support initiatives that develop innovative product, services or systems within the tourism industry, contribute directly to long-term economic development in the host region or develop or support high quality visitor services and experiences

GRANTS AND FUNDING – NT

The following grants and funding opportunities are available to eligible NT tourism operators.

Grant and Funding Guidelines 2012 (PDF, 209KB)

Enterprise connect Funding

Enterprise Connect, an Australian Government initiative in the Department of Industry, Innovation, Science, Research and Tertiary Education provides just that.

Enterprise Connect offers comprehensive advice and support to eligible Australian small and medium-sized enterprises to help them transform and reach their full potential. Eligible businesses are able to request a comprehensive, confidential and independent Business Review at no charge

Australian business grants | Business News Australia | Startups In Australia

Are the wealthy taking over Australia ?

March 3, 2012 by Reporter Leave a Comment

Australia is losing its “fair go” culture and is under threat from a elite and rich group of wealthy business people – including Andrew forest, Gina Rinehart and Clive Palmer – who are using their riches to undermine good Policy and threaten our democracy –says Treasurer Wayne Swan . Mr swan has steered most businesses in Australia through the GFC with much less impact than has been felt throughout other economies.

Image Reference: The Monthly – Full Article

Mr Swan said Australians should be concerned about the excessive and increasing power of vested interests with power and wealth to back up their agenda to their own benefit.

This was evident when major Mining companies said they were cutting down expansions and staff due to the Mining tax and GFC and other factors, but soon as the Rudd led cabinet was shafted in favour of Julia Gillard they went ahead with their million dollar project expansions.

There was bitterness after the mineral resource rent tax and carbon price was introduced with the purses of the wealthy being hit. The big miners Invested millions of dollars in opposing these taxes and policies by advertising in TV and print media , saying it would hit the common man in Australia. It is unusual that this direct method was used by the wealthy corporations rather than politicians being influenced and lobbying being done which is often the case at times.

Mr swan has urged Politicians to cater to and look after the common mans benefit , and supporting the workers rather than succumbing to the lobbying of the wealthy and to give Australia the sense of fairness and decency it deserves.

The government is said to be in the midst of considering a report on media law reform. This could be the result of Gina Rinehart taking a large shareholding in The seven news media network , making her even more powerful which could be a cause for concern for many only not only within the media industry but also outside the media industry.

Radio , TV and Newspapers due to the power they wield have often have been claimed to support and make and break governments in other countries , deciding on who they decide to favour.

Mr swan goes on to write that the mining campaigns brought out by the wealthy people against the tax damaged the government , brought on instability and resulted in prime minister Mr Rudd being toppled. With this proposed Mining tax not going through, the government will be short of $110 Billion to use towards taxpayers benefit.

Mr swan said "It is the tiny 1 precent, or even 0.1 per cent (you know who they are) who are trying to drown out the others, who are blind to the national interest and pour their considerable personal fortune into advertising ,armies of lobbyist, dodgy modelling,and corporate and commercial manoeuvring designed to influence editorial decisions.