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In this edition: How long will it take for your property to rent? 2015 Pool Safety Deadline is Fast Approaching Who Pays for Water Use in Your Rental Property? Lucky Break, Or Just Plain Old Smart – Investors Get Savvy with Depreciation!
August 2015
For or Against??? Where the RBA Weighs in on the Negative Gearing Debate… Notice Periods A Selection of Properties Recently Leased Quote Calendar of Events
Dear Landlord,
This issue comes with
a reminder to all pool and
spa owners in QLD of the
2015 Pool Safety deadline
o n t h e 3 0 t h o f
November so you can be
sure you are compliant at
home and with your
investment properties.
2015 Pool Safety Deadline and August Rental Updates
W e h a v e a l s o
included articles that
would hopefully remove
the confusion on when
you can and cannot
charge for water on your
proper t ies and on
QLD notice periods to end
a Tenancy. We know
these can get confusing
sometimes so this should
be a good reference point
for you.
We thank you for all your
support and we value all
your feedback on how we
can improve our service to
you.
Best Regards,
Your property manage-
ment team
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 July. BRISBANE STATISTICS The Market
Source: rentfind.com.au
2015 Pool Safety Deadline is
Fast Approaching
Now is the time to act.
Swimming in pools is a great
Queensland past time and
something everyone should be
able to enjoy safely.
However, statistics have shown
that the leading cause of death in
children aged one to four is
are able to sell their property
without a pool safety certificate,
instead, issuing a Form 36 Notice
of No Pool Safety Certificate to
the buyers. This form allows for
the sale of the property without a
pool safety certificate with the
onus then falling on the buyer.
Buyers will then have 90 days to
obtain a pool safety certificate
and the new owner will cover all
associated costs.
drowning. The pool fence
legislation that was introduced in
2010 is just one initiative that will
make pool fencing more effective
and help keep pools a safe and
fun place.
Owners of existing Swimming
Pools and Spas in Queensland
have until the 30thof November
2015 to have a complying pool
fence.
Selling or Leasing a Property
with a Pool
If an owner is selling or buying a
property with a pool or spa, a
Pool Safety Certificate must be
acquired by a licensed Pool
Safety Inspector. Owners selling
a property should provide a pool
safety certificate at the time of
settlement. Alternatively, owners
Brisbane, QLD July 2015 Annual Change
Median Weekly Rent - House $415 1.2% increase
Median Weekly Rent - Unit/Apartment $380 0.0%
Days Vacant (Avg) 17.3 1.9 increase
Days on Market (Avg) 29.5 3.0 increase
www.propertyrentalsbrisbane.com FREE Information Guide For Landlords & Tenants
Al l renta l proper t ies in
Queensland must have a Pool
Safety Certificate before tenants
are able to enter into the lease.
The certificates are valid for 2
years.
Selling or Leasing a Property
with a Shared Pool
A shared pool is any pool or spa
that is in a property with short-
term occupiers such as a hotel,
motel or hostel. Unlike other
rental properties, the Pool Safety
Certificate issued on a shared
pool is valid for 1 year only.
P o o l S a f e t y R e g i s t e r
Under the new legislation, a state
based pool safety register has
been created and contains a list
of all regulated pools in
Queensland. The register is an
up-to-date tool which lists all
properties in Queensland that
have a pool safety certificate as
well as a list of all licensed Pool
Safety Inspectors. To see if you
pool is registered, visit the
Queens land Poo l Safety
Register.
Source:
Be Safe Pool Fence Inspections
be required to pay excess water
charges.
You should be able to
demonstrate the presence of
water efficient f ittings by
providing copies of:
plumbing reports
Receipts
Packaging
warranties or instruction
manuals for taps and
showerheads.
Water billing periods are unlikely
to align with tenancy agreements.
It’s important that both you and
the tenant note water meter
readings on the entry and exit
condition reports to calculate
water consumption.
Source: RTA Booklet – Managing
General Tenancies in Queensland
v3 May 2015
Who Pays for Water Use in
Your Rental Property?
Section 166
You cannot charge for water
unless the property is individually
metered.
You are allowed to pass on the
full cost of water consumption
(including bulk water charges)
provided:
the rental property is
individually metered (or
water is delivered by
vehicle), and
the rental property is water
efficient, and
the tenancy agreement
states the tenant must pay
for water consumption.
Your property can be made water
efficient by installing 3 star WELS
rated products (including toilets)
or through the use of add-on
devices such as aerators or flow
restrictors.
If the property is not water
efficient, but the other two
conditions are met, you are
responsible for paying for a
reasonable amount of water
consumption but the tenant may
Lucky Break, Or Just Plain
Old Smart – Investors Get
Savvy with Depreciation!
Property investors are using tax
depreciation in higher numbers
and more quickly than ever
before, new data suggests.
www.propertyrentalsbrisbane.com FREE Information Guide For Landlords & Tenants
Tax depreciation specialist BMT
has reported that 15 per cent
m o r e p e o p l e o r d e r e d
depreciat ion schedules in
2014/2015 compared to the
previous financial year.
BMT found that it took investors
an average of 281 days to order
a depreciation schedule after
purchasing their property during
2013/2014.
However, that figure dropped to
an average of 245 days during
May, a decrease of 12.8 per cent.
BMT chief executive Brad Beer
said the data suggests an
increasing number of investors
are becoming more sophisticated
in understanding methods to lift
their yields.
“If an investor has not claimed
depreciation on an investment
property in the past, they are able
to claim for some of the years
that they missed out on and this
might result in savings of up to
tens of thousands of dollars,” Mr
Beer said.
Quantity surveyors are able to
create schedules that detail the
depreciation deductions available
In the 28-page submission, dated
J u n e 2 0 1 5 , t h e b a n k
acknowledges that negative
gearing, combined with other tax
concessions, may have the effect
of encouraging investors to incur
debt on property that they might
otherwise avoid.
“The interaction of negative
gearing with other parts of the
taxation system may have the
effect of encouraging leveraged
investment in property,” the
submission stated.
With this in mind, the RBA states
that any review of negative
gearing should also encompass
related aspects of the tax system,
such as tax rates on capital gains
and the ability of superannuation
funds to add geared properties to
their portfolio.
“The Bank believes that there is a
case for reviewing negative
gearing, but not in isolation. Its
interaction with other aspects of
the tax system should be taken
into account,” the submission
read.
For or Against??? Where
the RBA Weighs in on the
Negative Gearing Debate...
A submission by the RBA to a
federal inquiry has fueled the
debate surrounding negative
gearing, with the central bank
advising ‘there is a case for
reviewing’ the tax mechanism
used by thousands of Australian
investors.
The Reserve Bank of Australia
has weighed in to the debate on
negative gearing with its
submission to the House of
Representat ives Stand ing
Committee on Economics’ Inquiry
into Home Ownership.
for many items in an investment
property over varying time
frames.
The Australian Taxation Office
allows investors to claim this
depreciation as a tax deduction
against income that received
from the property.
Source:
smartpropertyinvestment.com.au/
16 July 2015
www.propertyrentalsbrisbane.com FREE Information Guide For Landlords & Tenants
NOTICE PERIODS
The notice periods in QLD for Ending a Tenancy can get confusing.
Section 329 covers the time periods required when a Lessor or
Lessor’s Agent issues a Notice to Leave to the Tenant.
We have included below the prescribed time periods for Notice.
Section 329
The RBA acknowledged that
negative gearing, in principle,
may have the effect of assisting
rental affordability, and that “the
ability to deduct legitimate
expenses incurred in the course
of earning income is an important
principle in Australia’s taxation
system, and interest payments
are no exception to this”.
The submission has surfaced at
a t im e wh e r e h o u s i ng
affordability, and the impact of
negative gearing, are hot topics.
Increasing house prices in capital
cities such as Sydney and
Melbourne, driven in part by a
flurry of market activity, have put
pressure on politicians to address
the unaffordability issues faced
by first-time home buyers.
Several measures aimed at
curbing foreign ownership and
investor lending have been
introduced since last year.
Federal Treasurer Joe Hockey
has repeatedly ruled out
reviewing negative gearing, with
several media outlets reporting
him as having done so again as
recently as Wednesday.
The ALP has indicated it is
reviewing its stance on the policy.
Source:
smartpropertyinvestment.com.au/ 16
July 2015
12th August EKKA Holiday 17th August Mid Month Accounting 1st September End of Month Accounting
A Selection of Properties Recently Leased
Teneriffe Unit $630 p.w.
3 bed, 2 bath 1 car accommodation
Quote
“Peace cannot be kept by force; it can only be achieved by understanding”.
—Albert Einstein
Petrie Terrace House $595 p.w.
3 bed, 2 bath, 2 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 Belinda profilemanager@remax.com.au www.propertyrentalsbrisbane.com PO Box 388, Paddington, 4064 Helen helenbryan@remax.com.au Iszabel profilerentalsteam@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.
Paddington House $700 p.w.
3 bed, 2 bath, 1 car accommodation
Calendar of Events