News and Views

ASIC clamps down on ‘non-lodging’ proprietary companies to confirm their status

The Australian Securities and Investments Commission (ASIC) are targeting proprietary companies that have not lodged financial statements for FY 2016.

Over the past fortnight, there has been an increase in activity by ASIC in targeting large proprietary companies and foreign controlled small proprietaries that are not lodging financial statements. ASIC is requesting said companies confirm their ‘non-lodgement’ status or lodge the ‘outstanding’ financial statements.
 

Autumn Home Shopping

Finding the perfect property isn’t always easy, and as the colder months approach, the number of homes available for purchase starts to subside. The reduction in house stock can swing the pendulum to favour the seller as buyers fight for the smaller number of properties.

Client Story – Jeremy Nichols, Composure Group

When asked to describe his life using a film title, Jeremy Nichols, Founder and Managing Director of the Composure Group, answered “Life is Beautiful” and it’s not hard to see why. Jeremy has qualifications in Health Management and a MBA, he played for Melbourne FC during University and has been on the Board of the Club for 4 years. He founded Composure in 2013 after 20 years in the consulting industry. The group has a deep knowledge of human behaviour in an organisational context. They bring passion, energy and intelligence to helping organisations to play at their best, with a vision  based on Strategy, Culture and Leadership. When dealing with clients Jeremy sees culture as the elephant in the room “We all know it’s there but we’re not willing to confront it, we are not willing to talk about it, we are not willing to actually deal with because it’s often confronting”. He recently spoke with some of our younger staff members at Moore Stephens Vic.  

Claiming depreciation on investment property

Rental property investors have access to a range of tax strategies. One such strategy, which is often underutilised, is claiming depreciation as a tax deduction.

Property expenses, such as depreciation and capital works expenditure, can be deducted over a number years, adding to a significant return for property investors come tax time.
 

Shock for landlords as land tax skyrockets

Over the past month soaring property values have seen landlords hit by steep increases in landlord taxes.

A number of landlords, property owners and lessors have been shocked when confronted with sharp increases in land tax bills this month.

The State Revenue Office (SRO) argues that 2016 was a revaluation year, which means your site value will most likely increase in 2017.
 

Finding a home loan when you’re self employed

Working for yourself has many perks and rewards, however, when it comes to applying for a home loan, being your own boss often sends up a red flag to banks and other lenders. Why? A salaried employee has a regular, steady income and is less likely to experience the cash flow volatility of a small business owner, contractor, entrepreneur, tradesperson or freelancer.

Being proactive and accessing specialist advice, self-employed applicants can also enjoy a successful and hassle-free road to securing a home loan.
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