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Here’s a quick video about Sandionecab iuntus eaquisc iisimet atinciis expel iusa vent que sum everit quo beaqui officti.
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It’s un-Australian. Could Property be the cause of a recession?
Could property, Australia’s salvation, ever cause you and me a recession?
Yes.
Will we have a recession?
Maybe. (Recessions used to be normal).
I have only ever worked through one recession, the one Paul Keating said “we had to have” in 1991. I’ve seen my fair share of ups and downs.
Since 1991 our property market has helped Australia avoid recessions, including in 2001 and 2008.
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It’s un-Australian. Could Property be the cause of a recession?
It ain’t over until…
I am alert but not surprised at the number of people who think falling property prices are over. The fat lady is asleep in the dressing room.
It’s true Sydney and Melbourne auction clearance rates have stabilised but these are on very low volumes. Perhaps there is a bit of a pre-election rush to negatively gear.
In a speech last week on the housing market, Reserve Bank Governor Phillip Lowe said
At some point, though, the lower prices draw more buyers into the market. First home owners find it easier to buy a home, investors are attracted back into the market, and trade-up buyers take the opportunity to upgrade to the home they have always wanted. These shifts in sentiment and momentum are seen in most housing cycles, but their precise timing is difficult to predict.
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It ain’t over until…
Families should talk about money
More than they do.
I have several multigenerational clients and I recently counselled a very wealthy patriarch that instead of having yet another family office conference about family money, it may be a better idea to have a family holiday. They did and my invitation was lost in the mail.
This advice is the exception that proves my rule. In my experience, most families are happy to share innermost secrets on most subjects: fun, politics, religion, sex, health.
This advice is the exception that proves my rule. In my experience most families are happy to share innermost secrets on most subjects: fun, politics, religion, sex, health.
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Families should talk about money
Single touch payroll extended to all employers
From 1 July 2019, single touch payroll – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – will apply to all employers. What employers need to report will also be extended to include certain salary sacrificed amounts.
Employers with 20 or more employees have been required to use single touch payroll since 1 July 2018. The new rules push all businesses with employees into the single touch payroll system. This includes the situation where payments are made to the owners of the business in the form of salary, wages or directors fees.
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Single touch payroll extended to all employers
ATO doubles rental deduction audits
In the 2017–18 financial year, more than 2.2 million Australians claimed over $47 billon in deductions and the Australian Taxation Office (ATO) thinks that is too much - one in ten is estimated to contain errors.
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ATO doubles rental deduction audits
Budget 2019–20: The pre-election announcements that are now law
The Federal Budget announced a series of measures, some of which were legislated before the election was called.
Extension and increase to the instant asset write-off
The popular instant asset write-off for small business has been extended and increased. The new laws:
- increase the threshold below which small business entities can access an immediate deduction for depreciating assets and certain related expenditure (instant asset write-off) from $25,000 to $30,000; and
- enables businesses with aggregated turnover of $10 million or more but less than $50 million to access instant asset write-off for depreciating assets and certain related expenditure costing less than $30,000.
Assets will need to be used or installed ready for use from Budget night until by 30 June 2020 to qualify for the higher threshold. Anything previously purchased does not qualify for the higher rate but may qualify for the $20,000 or $25,000 threshold. Similarly, anything purchased but not installed ready for use by 30 June 2020 will not qualify.
The instant asset write-off only applies to certain depreciable assets. There are some assets, like horticultural plants, capital works (building construction costs etc.), assets leased to another party on a depreciating asset lease, etc., that don’t qualify.
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Budget 2019–20: The pre-election announcements that are now law