remax profile landlords' newsletter december 2015
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In this edition: How long will it take for your property to rent? Terminating a rental tenancy Latest News: Pool Safety Update Let Your Kitchen Make You Richer - Depreciation Deductions add up in the heart of a home…
December 2015
How to Weather the Summer Storms Well A Selection of Properties Recently Leased Another happy customer—Wow Moment Quote Calendar of Events
Dear Landlord,
Only a little over 3 weeks until
Christmas - how the year has
flown! We had our Christmas
Party on the 21st November at
the Quay West Brisbane Suites.
The party was a big hit! Everyone
had a great night and enjoyed a
lovely dinner and some dancing.
It is REALLY starting to heat up
here in Brisbane. Air-conditioners
will be working overtime in your
rental properties. Tenants have
been reminded to keep the filters
clean to reduce the risk of any
problems with air-conditioner
Find out the latest on pool safety laws and make sure you are compliant
systems. Also, landlords with a
pool please note effective 1
December 2015, pool owners
must comply with the uniform
safety standards prescribed by
the Queensland Development
Code Mandatory Part 3.4,
otherwise they run the risk of
fines and penalties being
imposed upon them. Please read
the article on page 3 for further
information.
With this being such a busy time
of the year we want to assure
you that we will be working all the
way through with skeleton staff to
assist our clients to buy, sell and
rent propert ies, with the
exception of: Christmas, Boxing
and New Year's Day.
Christina will be heading to New
Zealand for a short break over
Christmas and will be straight
back into it from the 4th January.
As always we love to hear from
you if we can help.
Your Property Management
Team,
Christina, Jodi, Helen, Iszabel,
Alex and Kobe
Our finance specialist Joshua Vecchio can help with;
Interest in Advance, Home Loan Health Check,
Depreciation Reports and much more.
Call him now on 0432 989 866
www.propertyrentalsbrisbane.com FREE Information Guide For Landlords & Tenants
How long will it take for your property to rent?
That of course depends on the time of the year so here are the latest statistics for November.
BRISBANE STATISTICS The Market
Source: rentfind.com.au
Brisbane, QLD November 2015 Annual Change
Median Weekly Rent - House $420 1.2% increase
Median Weekly Rent - Unit/Apartment $385 1.3% decrease
Days on Market (Avg) 30.7 1.4 increase
Days Vacant (Avg) 18.3 1.1 increase
Terminating a rental tenancy
There are seven ways a tenancy
agreement can be terminated in
Queensland. In brief the seven
ways are under the RTRA Act
are as follows noting that there
are statutory time frames
required for notice for these
provisions.
Mutual agreement by all
parties
A Form 13 – Notice of
intention to leave from the
tenant lawfully
A Form 12 – Notice to Leave
from lessor/agent
Abandonment
Mortgagee in possession
Death of a sole tenant
An order of Tribunal.
The most common way a
tenancy is ended is without
grounds meaning without reason.
2 months written notice is
required to be given to the tenant
if vacant possession is required.
If the tenancy is a fixed term
agreement, the 2 months’ written
notice cannot be given during the
tenancy as the tenant has lawful
possession up until the end date
of the contract. The only way the
tenancy could be ended earlier is
mutual agreement or a break
lease situation.
If during the tenancy your tenant
requests to break their lease, we
shall advise you promptly and
explain the procedure. Generally
speak ing the tenant is
responsible for the rent and
looking after the property until
such time that the tenancy
agreement ends or a new
suitable replacement tenant is
found and takes possession. This
provision only applies if the
www.propertyrentalsbrisbane.com FREE Information Guide For Landlords & Tenants
tenant does not apply to Tribunal
under excessive hardship
grounds (or other reasons) to
have the agreement terminated
early.
Source:
realestateexcellence.com.au
November 2015 certificates remain valid for two
years for a non-shared pool, or
one year for a shared pool.
Agents shou ld be f u l ly
conversant with the minimum
safety requirements for pool
safety barriers. Namely, it is a
minimum safety requirement for a
pool safety barrier to be 1200
millimetres from bottom to top,
and all climbable objects within
900 millimetres of the pool safety
barrier to be shielded or
removed. Further, it is important
that agents are aware of the
changes to the Queensland
Development Code (QDC), as
sellers and lessees can face
fines and penalties if the pools
are non-compliant.
The key changes under the new
laws are as follows:
1. The pool safety laws have
now widened application to
include indoor pools and
pools associated with hotels,
motels, caretaker residences,
caravan parks, backpackers,
hostels, mobile home parks
and homestays.
2. The use of child-resistant
doors (e.g. self closing and
self latching doors) as pool
barr iers is no longer
permitted.
3. It is a requirement that the
latest prescribed CPR sign
adopted by the Australian
Resuscitation Council is
displayed near every pool.
4. It is a requirement to fence all
portable pools and spas
capable of being filled with
300 millimetres or more of
water.
Q ueens land G o v e r nm en t
legislation permits the Brisbane
City Council to issue on-the-spot
fines for pools which are non
compliant. The maximum penalty
for non-compliance is $19,437.
Agents should encourage lessors
and sellers to take action to
improve the safety of any pool at
their property.
Source: REIQ PM Support Service
November Newsletter
Latest News:
Pool Safety Update
Agents should ensure that all
lessor and seller clients are
aware of the changes to
Queensland pool safety laws.
Effective 1 December 2015, pool
owners must comply with the
uniform safety standards
prescribed by the Queensland
Development Code Mandatory
Part 3.4, otherwise they run the
risk of fines and penalties being
imposed upon them.
Under new laws, there is no
change to the requirement for
sellers to provide buyers with
either a pool safety certificate or
Form 36 Notice of No Pool Safety
Certificate, prior to settlement.
Further, it is still a requirement for
lessors to obtain a pool safety
certificate before entering into
any lease agreement. Pool safety
Let Your Kitchen Make You
Richer - Depreciation
Deductions add up in the
heart of a home…
They say that a kitchen is the
heart of a home and this couldn’t
www.propertyrentalsbrisbane.com FREE Information Guide For Landlords & Tenants
be truer than when a property is
used for investment purposes.
For tenants the kitchen may be a
hub where the whole family
comes together at the end of
each day, but for landlords this
part of a property has even more
importance.
This is because the items
contained within the kitchen of an
investment property not only
influence current rental returns
received and potentially play a
role in future capital growth, they
also contain many of the most
valuable depreciable items an
owner can claim deductions for.
Owners of income producing
residential properties are entitled
to claim capital works deductions
for any of the structural items that
commenced construction after
the 15th of September 1987. They
are also entitled to claim
depreciation for any plant and
equipment asset using their
individual effective life as
legislated and enforced by the
Australian Taxation Office.
The kitchen in any residential
investment property contains a
significant number of depreciable items an investor can claim.
Examples of structural items eligible for capital works deductions
include the kitchen cupboards, bench tops, sinks, the pantry and tiled
floors. Common plant and equipment assets found in a kitchen include
dishwashers, ovens, cook tops, range hoods, microwave ovens, light
fittings, refrigerators, floating floors and garbage disposal units.
To examine the deductions a property investor can claim in the first
financial year within the kitchen of an investment property, let’s take a
look at the following graphic.
The depreciation deductions in the above graphic have been calculated using
the diminishing value method.
In total, depreciation deductions in the first financial year for items
found in the above kitchen amount to $2,496. This is a significant
amount which an investor can claim to help reduce their annual income
tax.
Structural items found in the picture such as kitchen cupboards,
benches and tap ware will be claimed as capital works deductions at a
rate of 2.5 per cent per year over forty years. So while assets such as
taps and sinks will only see a first year claim of $5 and $12
respectively, over forty years these items will entitle the owner to a total
www.propertyrentalsbrisbane.com FREE Information Guide For Landlords & Tenants
Depreciation on 1300 728 726
today.
Article provided by BMT Tax
Depreciation.
Bradley Beer (B. Con. Mgt, AAIQS,
MRICS) is the Chief Executive
Officer of BMT Tax Depreciation.
Please contact 1300 728 726 or
visit www.bmtqs.com.au for an
Australia-wide service. of $680 worth in deductions. With
a first financial year deduction of
$560, kitchen cupboards and
bench tops will equate to a total
$22,400 in deductions over forty
years.
While a number of the plant and
equipment assets found in the
above kitchen (for example the
coffee machine, the knife block
and the microwave) have a
depreciable value of less than
$300, these items will entitle their
owner to claim their full value in
the first financial year. This is
because legislation allows rental
property owners to claim an
immediate write-off for any asset
worth less than $300 in the year
of the items acquisition.
To ensure that the maximum de-
preciation deductions are claimed
for any investment property, it is
recommended that rental
property owners seek the advice
of a specialist Quantity Surveyor.
T h e y w i l l c o m p l e t e a
comprehensive tax depreciation
schedule which includes a full
site inspection of the property to
ensure no deductions are
missed.
During the site inspection, a
specialist Quantity Surveyor will
take measurements and
photograph every depreciable
asset found in the property. They
will also look for less obvious
renovations which may have
been completed by a previous
owner of the property.
Kitchens are popular rooms to
renovate, however work that has
been completed is not always
obvious. Previous renovations
can be easily missed without
seeking expert advice, for
example new plumbing and
electr ical wiring. Quantity
Surveyors will also do the
relevant searches necessary and
consult with industry bodies such
as councils to gather the
information required to produce a
depreciation schedule.
O n c e a c o m p r eh e n s i v e
depreciation schedule has been
completed, an investor can use
the information outlined in the
report to claim the deductions
available with their Accountant
when they complete their annual
income tax assessment. The
deductions in a property add up
and can have a significant impact
on improving an investor’s annual
cash flow.
To find out what deductions are
available in any investment
property speak with one of the
expert staff at BMT Tax
How to Weather the Summer
Storms Well
With summer storm season upon
us, it is advisable to prepare for
potential emergencies that can
result. Here’s a list of State
Government websites we’ve
found that are loaded with
information, tools and tips to help
you get ready for storm season.
Check out the website for your
location. Some States such as
Queensland’s Stormwise website
have excellent resources on their
webs i te wh ich ca ter to
households in any location, so it
is worth checking them all out.
QLD - www.stormwise.com.au
Source: Jennifer Brooks; Real Estate
Dynamics (19 November 2015)
15th December 2015 Mid Month Accounting 25th December 2015 Christmas Day—Office Closed 26th December 2015 Boxing Day—Office Closed 1st January 2016 New Year’s Day—Office Closed 4th January 2016 End of Month Accounting
A Selection of Properties Recently Leased
Morningside Townhouse $505 p.w.
3 bed, 2 bath 2 car accommodation
Quote
“If you can't do great things, do small things
in a great way.”
—Napoleon Hill
Kenmore House $590 p.w.
4 bed, 2 bath, 1 car accommodation
RE/MAX Profile Real Estate 141 Boundary Road TEL 07 3510 5222 FAX 07 3876 5544
www.profilerealestate.com.au Bardon QLD 4065 Jodi profilemanager@remax.com.au
www.propertyrentalsbrisbane.com PO Box 388, Paddington, 4064 Helen helenbryan@remax.com.au
Iszabel profilerentalsteam@remax.com.au
Alex profilerentals@remax.com.au
Errors & Omissions: These details have been prepared by us on information we have obtained and while we trust it to be correct, is not guaranteed by us and you should rely on your own enquiries.
Spring Hill House $650 p.w.
3 bed, 2 bath, 2 car accommodation
Calendar of Events
Hi Helen,
Please accept my thanks to you and your team for managing my property.
This was my first experience with owning a rental property and your team
made the job very easy.
The unit was only vacant for three days of the four years I owned it.
Your work in having the unit rented for 99.9% of the time is much
appreciated.
Regards,
Colin
Another happy customer—Wow Moment
Cannon Hill Townhouse $495 p.w.
3 bed, 2 bath, 1 car accommodation
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