11 minute read
Money Matters - Barry Hockey
by Focus
focus_contributor.
MONEY
with BARRY HOCKEY
ACCOUNTANTS
Being tax-smart when investing in property means more than making the right property choices. If you use your property to earn income at any time, you will have tax obligations and entitlements. The two common questions that is asked by rental property owners are:
1. Should I spend money on repairs and maintenance on my rental property, and 2. Are the expenses tax deductible?
The short answer to both questions is YES. Maintenance and improvements on your rental property is essential to not only keep the property in good repair, which is a requirement if you want to keep your tenants happy, but it can also assist in keeping your investment in good shape so that you realise the maximum rental return and achieve the best sale price when you ultimately sell the property and “cash in” on your equity. All costs incurred on your rental property are tax deductible, however it becomes more of a question as to whether the costs are classed as repairs (repairing existing structures, cleaning etc) or whether the expense is classed as a “capital expense” (e.g. installation of a new kitchen would be a capital expense). Repairs and maintenance and small asset purchases are written off in the year incurred. Capital expenses are depreciated to match the effective life of the asset. In other words, they are claimed proportionally each year. Another thing to consider is obtaining a “tax depreciation schedule” completed by a registered quantity surveyor. Costs can vary (usually about $600 for a standard residence), but the cost is also tax deductible and can significantly improve your tax position. Always seek advice from your accountant to see if this would benefit your situation. Here are some common expenses incurred that are tax deductible:
Rental property expense checklist
• Advertising • Body Corporate fees • Management fees by agent • Commissions paid to agents • Capital works • Depreciation • Cleaning and garden maintenance • Pool maintenance • Insurance • Interest on loans used to purchase or improve the property • Bank fees and borrowing costs • Repairs and maintenance • Legal expenses or lease costs • Postage, stationery, and telephone • Smoke alarms check and installation • Pest control • Council rates • Quantity survey report fee Keep the right records for each stage of your property journey to ensure you can claim everything you are entitled to.
Buying
• Contract of purchase • Conveyancing documents • Loan documents • Legal/conveyancing fees • Borrowing expenses
Owning
• Proof of rental income • All rental expenses • Periods of private use by you or friends • Periods you used the property as your main residence • Loan documents if you refinance • Efforts to rent the property out • Capital improvements
Selling
• Contract for sale • Conveyancing / legal documents • Legal fees in connection with the sale • Calculation of capital gain or loss Good recording keeping is the key. Set up an easy-to-use record keeping system such as a spreadsheet or professional software. Keep records of every transaction. Scan copies of your receipts to make it easier to store an access them.
This guide is provided for general information only and if you have specific questions that are particular to your own personal situation, you should consult with your accountant or registered tax agent.
KEY EMPLOYMENT
WE HAD A CHAT WITH CEO, JODI WOOD TO FIND OUT MORE ABOUT WHAT KEY EMPLOYMENT CAN OFFER
What is the NDIS?
The National Disability Insurance Scheme (NDIS) is funding provided to people with a permanent and significant disability to assist in their daily life, help them participate in the community and to reach their goals.
The NDIS is designed to help people get the support they need, improve skills and independence over time and maintain choice and control over their own life.
Key Employment can help you apply for an NDIS package. We understand the application process can be overwhelming and are happy to meet and discuss the right pathway to get the process started.
What NDIS supports do Key Employment offer?
Key Employment offer the following NDIS supports:
Support Coordination – helping you to maximise your NDIS funding and connecting you to supports in your community to improve your daily living.
Plan Management – taking care of the financials of your NDIS plan such as claiming, paying providers, processing of expenses and keeping you updated with financial statements, reducing the stress of having to keep up with it all.
Finding & Keeping
Employment – we have over 30 years’ experience in assisting people with disability find employment. We get to know you and your goals and support you in your chosen career path with work experience and ultimately paid employment.
Social & Community – we love helping you become active in our community and support your goals by taking you anywhere you want to go. We also have a range of activities onsite with our purpose designed community hub. Our facility includes basketball, tennis and soccer fields, kitchen, community garden and free Wi-Fi all located only 500 metres from the town center and directly outside a bus stop. Skills Development – we have over 30 support workers with a range of skills and
Key Employment interests and ensure can help you apply we match you with the for an NDIS package. We most suited person to understand the help develop your skills application process can in any way you choose. be overwhelming and are happy to meet and SLES – we are the experts at transitioning young people from discuss the right school to work and pathway to get the tailor all SLES packages process started. to each young person.
Tell us more about your school transition programs…
We run two school transition programs KIKSTART and STRIKE which have been specifically designed for people aged 15 to 21.
KIKSTART is a work readiness program for school leavers in their last 6 months of school, who have an NDIS package, that specialises in building employability skills while engaging in a fun, social environment. The KIKSTART program includes social excursions, community engagement, transport training, personal development, and work experience. The KIKSTART program has been running for the past 18 months and has seen incredible success transitioning young people on the NDIS into permanent employment positions.
STRIKE is a new and exciting employment transition program for young people with an NDIS package that are still attending high school in years 10 – 12. STRIKE
We have over 30 support workers with a range of skills and interests and ensure we match you with the most suited person to help develop focuses on life skills your skills in any way and preparing for the you choose. workforce including work experience and practical activities and will run in conjunction with their school program. STRIKE is a precursor to the KIKSTART program. It is for younger students who are keen to develop employment and social skills whilst still attending school. This program is an excellent way to give young people with disability the early start they need into the labour market and is run in collaboration with each local high school.
So how do we register?
This is the easy part, simply contact our office on (02) 6691 9999 and have a friendly chat to an NDIS team member about how KE can support you. You can also drop by our facility at 61 West High Street Coffs Harbour any time between 9am – 5pm Monday to Friday or send us an email
NDIS@keyemployment.com.au
L-R: Simon Whittaker, Angela Martin, Michael Smith, Ian Eno Taylor, Tony Judge, Scott Seccombe
LIFELINE
MIKO SMITH CEO, LIFELINE NORTH COAST Why has the #menTALK forum come about? Why now?
The #menTALK forum led by Lifeline North Coast, is to build support for men’s mental health and wellbeing in our community.
We are asking for the community’s input to develop a men’s suicide prevention program here in Coffs Harbour. We want to empower our Coffs Harbour residents to be aware of the risk of suicide in our community and to assist them to speak safely about suicide with those in their network.
What is Lifeline wanting to achieve from hosting this forum? What can the community expect from the event?
At #menTALK, we will check in with our community to assess how we can best serve and support men’s suicide prevention on the Coffs Coast. We will seek interest to form a working group, and we will provide some training and tools to assist our community to help someone in crisis.
Who is this event for? Who can register?
This event is for anyone to attend who has an interest and capacity to support suicide prevention programs across our community and networks – in our sporting clubs, education facilities, our workplaces, our social clubs and
We want to empower our Coffs Harbour residents to be aware within our friends and of the risk of suicide family. We want to in our community and to assist them to speak safely about support our community in reducing suicide. ANGELA MARTIN, COMMUNICATIONS suicide with those in AND COMMUNITY their network. ENGAGEMENT
MANAGER, LIFELINE NORTH COAST Why is the #menTALK event so important, and why involve all of the community?
Our Coffs Community plays a critical role in suicide prevention. By coming together, we can provide social support to vulnerable individuals and engage in follow-up care, fight stigma and support those bereaved by suicide. Our objective is to work together with locals to implement specific suicide prevention
#menTALK
strategies targeting men in our region. All of us care about the men in our region; this event is for us all.
Nationally men make up 75% of all suicides. Learning how to identify the warning signs of someone at risk, knowing how to ask someone if they are experiencing thoughts of suicide, and if so, supporting the person to seek help will make a dramatic difference. To take away the shame and stigma and to ask for help is vital.
On the night of the #menTALK forum, Lifeline North Coast will provide tools on how to identify warning signs and help your mates. This event is about coming together to build connections and support for one another. The community has shown a lot of strength through the last few years with Fires, Floods, and COVID-19, and we would like to continue building on this resilience by continuing to connect and identify what else we can do to build a framework for support. Lifeline is here to help members in our community and those that wish to support each other.
Scott Seccombe, why is attending this event so important to you?
For me personally, extremely important, the #menTALK forum is designed to provide information about suicide prevention and support for our local men. Those who attend will walk away with a better understanding of ways that we can relate to and support one another. The #menTALK event is an opportunity to meet with like-minded people who want to
There is a big stigma about drive a suicide prevention initiative while we learn what we can do to take suicide which comes care of ourselves and our from a lack of mates. training and support Simon Whittaker, why for men. Many is it important for local people have a men to attend this negative attitude or event? beliefs towards There is a huge gap suicide, and it is not between what men are openly talked about feeling and what they by men. are communicating, the consequence of this silence is a disproportionately high suicide rate in men. The hardest thing for people is knowing how to react when they have concerns about a friend or family member, what do you say? What if you do or say the wrong thing and make it worse? This event will provide the tools and resources to manage these conversations in a healthy and safe way.
Ian “ENO” Taylor, you will be sharing your story at the #menTALK forum, why do you think as men we need to be more open with how we are feeling? What can be done to support our mates and family?
Talking about your feelings is crucial to your well-being, no matter your situation. It allows you to process your experiences, release stress, and receive support from others when needed. Bottling up your emotions, on the other hand, can lead to a build-up of stress and anger.
There is a big stigma about suicide which comes from a lack of training and support for men. Many people have a negative attitude or beliefs towards suicide, and it is not openly talked about by men.
As a community, we need to be more openminded and become better educated about mental illness and suicide.
Tony Judge, on the day of the #menTALK forum you’ll be sharing knowledge gained as a crisis supporter and mentor – what do you think is the single most important thing someone can do if they see someone struggling?
One word – Listen. Ask them about what is going on in their life and be prepared to listen really, genuinely. Encourage them to talk about the toughest bits and ask genuinely. Do not tell them it is not as bad as they think or tell them it will be OK, or you will get over it.
Sit with them and let them talk it through and let them know you are there for them. It can be a very uncomfortable process for you as the listener but imagine how much harder it is for the person who is confiding in you.
Thanks Guys.
