Tag Archives | brisbane rent

Don’t Let Rain become a Drain… How to Prepare Your Drains for the Rainy Season!

drainsDamaged or blocked drains, sewage pipes or stormwater drainage can quickly become hazardous in wet weather. Below are some practical suggestions to help you prevent the rainy season from spoiling your holiday season:

Drain and sewer pipe surveying

Using state of the art equipment, a quality plumber will survey your drainage system to help identify any blockages, breakages or hazards that may cause problems when you experience high rain fall. A CCTV drain camera can not only see the leaking, broken or blocked drains, but also location and depth. This will save time and money on any repairs!

Dispose of waste properly

When substances, such as fats, oils and objects other than waste water, are flushed down the drain they cause major problems. You can help prevent drains and sewers becoming blocked or damaged by using drain sieves and locating a rubbish bin conveniently near the toilet, bathroom and kitchen sinks for the disposal of all debris. It’s also a good idea to keep the bathroom and toilet doors closed when possible as a deterrent to small children and their toys.

Use a licenced Plumber for all new drains

A licensed plumber is required to complete all sanitation, water supply and drainage work. The importance of this is that stormwater drainage and sewer pipes systems are seperate and can cause serious pollution and health risk if mixed up. This could also result in prosecution if sewage is disposed of in stormwater drains or if rainwater incorrectly connected to sewer pipes leads to sewage overflow. Plumbers are also aware of local utility and council requirements for new connections and other plumbing work.

Cleaning of drains and gutters

You can help prevent blocked drains by regularly cleaning out your gutters and down pipes of leaves, twigs and debris. This will prevent debris being washed into the drains when the summer rain starts to fall.

Plant vegetation away from drains and sewer pipes

It’s a good idea to keep vegetation away from drains and sewers wherever possible and plant new trees at least 3m away. Conversely, when installing new drains or sewer pipes try to keep them at least 3m from established trees. You can consult your local nursery for advice about suitable trees and bushes to plant.

Take care with backyard landscaping and construction

Be careful when completing any backyard work that you don’t damage any drains or sewer pipes by digging or the weight of heavy machinery. It’s a good idea to take advantage of the Dial before you Dig referral service to identify the location of any underground sewer pipes or drains that could be damaged. A ruptured sewerage pipe could cost you in fines and repairs, and result in serious health issues to your family.

Source : Neil T Fallon

 

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10 Tips for if Your Tax is Audited…

taxWhat do you do if the ATO comes knocking to make sure that all of your property investment deductions are genuine? Don’t panic, Your Investment Property offers 10 bite-sized tips to get you through the audit process.

• Don’t freak out. You are innocent until proven guilty

• If you have done the wrong thing then fess up to the ATO straight away and limit the damage

• Keep your receipts and have them all in order and ready for the tax office

• Make sure you have a depreciation schedule from a quantity surveyor if you are claiming depreciation for rental properties

• Have a 13-week log book for car deductions

• Seek professional advice from a tax lawyer/accountant who has experience in dealing with ATO tax audits

• Get everything prepared in advance – bank statements, records, invoices and receipts

• Be honest, and explain anything relevant in as timely a fashion as possible

• Don’t sign anything until you fully understand the document, and agree with the conclusions that it has come to

• If necessary, seek a payment plan or a retraction of penalties

Source : Your Investment Property (17 July 2012)

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Does your insurance cover Drug/Meth Lab clean ups?

insuranceThere are landlord insurance policies that are now covering drug/meth lab clean ups. Now is the time to check your policy! Landlord insurance is relatively cheap and something we recommend for all our landlords as it can cover you for so many unfortunate situations. We have been lucky to date and have had no drug labs in our properties but we’ve certainly heard of plenty so best to make sure you are covered for security and peace of mind.

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Like to Claim $4,852 Depreciation in Less than a Month of Ownership?

 

depreciationBoost Cash Flow Immediately Upon Purchase

Even if a property is purchased towards the end of a financial year, a tax depreciation specialist can provide valuable deductions in this short time.

To maximise the depreciation benefit of a newly purchased investment property, owners should obtain a property depreciation report leading up to settlement.

If a property has been owned and rented for only a short period, investors often postpone obtaining a depreciation schedule until the next year. However, there are ways in which partial year deductions can be maximised, resulting in extra cash for the owner!

Usually, the total depreciation available in the first financial year is adjusted according to the portion of the year the property is owned. For example, if a property is owned for six months, then 50% of the depreciation could become available. However, specialist quantity surveyors can use legislative tools to make partial year claims beneficial to property owners, regardless of the time a property is owned and rented.

Immediate write-off is one tool used. Any item added to a property, costing less than $300, can be immediately written off within the first year. This is regardless of how many days the property is owned in that year.

Low-value pooling can also be used to maximise claims over a short period of time. Low-value pooling applies to items in an investment property that are worth less than $1,000. Placing items in a low-value pool allows the owner to accelerate the rate of depreciation, increasing deductions earlier.

A high quality depreciation report should include a partial year claim based on the time the property is rented.

Example

The following example shows how the partial year portion of a BMT Tax Depreciation report can maximise a property owner’s deductions.

A house purchased for $550,000 is rented starting from June 2nd. The table below shows a summary of the deductions available to the owners after renting the property for only twenty-nine days of the financial year.

 

 
 

Depreciation Claimed in 1st 29 Days

 

Plant & equipment                          $4,082            

Capital works allowance                           $770

 

Total claim in 29 days                                 $4,852

 

 

Including the capital works allowance and all plant and equipment deductions, the owner claimed back $4,852 for the first financial year. Even though the property was only owned and rented for twenty-nine days, substantial deductions were found. In a BMT report, the partial year claim is listed in a separate column, making the process simple for accountants.

 

Low-Value Pooled Items

(Cost less than $1,000)

 

Rangehoods

Blinds

Cook tops    

Dishwashers             

 

 

 

Immediate Write-off Items            (Cost less than $300)

 

Garbage bins

Garage door controls                   

Bathroom accessories       

Heat light & exhaust unit

Door closers                         

Smoke alarms                                  

 

The plant and equipment deductions for the first twenty-nine days totalled $4,082. By using the immediate write-off allowance for items costing less than $300, BMT was able to find $1,288 for this property owner. From low-value pooled items, the owner was able to claim back $2,274. The remaining items were depreciated using their effective lives and scaled down based upon the small portion of the first financial year. They account for the remaining $520 in deductions.

This example shows that even when owning and renting a property for a few weeks of the financial year, claiming depreciation makes a significant difference to the owner’s tax deductions. By utilising the legislation available through the Australian Taxation Office, depreciation claims can be truly maximised for the first partial year. Even if a property is purchased just before the end of the financial year, owners should seek the services of a specialist quantity surveyor to accelerate the depreciation benefits.

Article Provided by BMT Tax Depreciation.

Bradley Beer (B. Con. Mgt, AAIQS, MRICS) is the Managing Director of BMT Tax Depreciation.  Please contact 1300 728 726 or visit www.bmtqs.com.au for an Australia wide service.

 

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Keeping it Cool – Reminder about QLD Pool Safety Laws…

pool safetyRENTAL PROPERTIES WITH A POOL

 


Non-shared pools

If a pool is only accessible to residents of one dwelling such as a private house or private spa on a unit balcony, it is a non-shared pool. Before entering into a new or renewed lease for a property with a non-shared pool, the owner must ensure a Pool Safety Certificate is in effect for the pool.


Shared pools

If residents of two or more dwellings can use a pool, such as a body corporate pool, it is a shared pool. For shared pools, the owner must give the person who will be the Tenant a copy of a Pool Safety Certificate if one is in effect.

If there is no Certificate in effect, the owner must give the Notice of No Pool Safety Certificate—Form 36 to the person who will be the Tenant, to the body corporate and to the Department of Infrastructure and Planning before entering into the lease. A Form 36 advises that the pool may not comply and the steps that must be taken to comply. The Body Corporate has 90 days to obtain a Pool Safety Certificate for the pool.

However, for leases entered into on or before 1 September 2012, a phase in period applies—the body corporate has until 30 November 2012 to obtain a pool safety certificate for the pool.

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