The PRWIRE Press Releases https:// 2019-03-25T22:00:07Z Investment Property Acquisition CGT Tax Accountant Aged Care Kingsgrove Sydney 2019-03-25T22:00:07Z investment-property-acquisition-cgt-tax-accountant-aged-care-kingsgrove-sydney Calculating the Cost Base for CGT Deductions for Investment Properties There is generally great excitement when a rental income property is bought. The new owners have all kinds of plans, and sweet dreams about the extra income it’s going to earn. However, somewhere down the line the property will be sold, and the seller will be confronted by what the tax man euphemistically calls a “Capital Gains Tax event”. If it sounds pretty intimidating, don’t worry, as it’s fairly simple as property tax and acquisitions expert, Matthew Mousaof TLK Partnersexplains. "The profit or loss realised from the sale of a property is the “event”, and could be subject to Capital Gains Tax or CGT as it is referred to. Although CGT is a whole different ballgame, capital works deductions made now can affect the calculations needed for CGT when the property is sold." Deducting the deductions When calculating a Capital Gains Tax profit or loss after the sale of a property, the cost base or reduced cost base is the starting point for calculations. The final, or adjusted, cost base used must exclude any deductions already claimed, or could have been claimed, for capital expenditure. There are two conditions attached to this exclusion: The property was acquired after May 13, 1997. The property was acquired before May 13, 1997, but the money was spent, which gave rise to a capital works deduction after June 30, 1999. How does this work in practice? “Let’s say that you bought a rental property in 1998 for $200 000, and you sold the property in 2017,” Matthew explains. “The cost base in 2017 is calculated at $210 250. However, during the time you owned the property you claimed $10 000 in capital works deductions. You will have to deduct the $10 000 you claimed, to arrive at a new cost base for calculating your Capital Gains Tax. Your new cost base would therefore be $200 250.” Limited recourse debt arrangements If any part of the capital expenditure on capital works deductions was financed by a limited recourse debt, which includes certain hire purchase or instalment sale agreements, excessive deductions for capital allowances has to be included as part of assessable income. But this only applies if the debt was terminated, or wasn’t paid in full. Anyone unsure of what constitutes a terminated recourse debt arrangement, and its implications for assessable income, should consult a tax consultant for clarification on CGT, and any other tax implications of investment property, as it could have far-reaching effects on tax obligations. "Many property investors have been caught out and surprised about CGT triggered by a sale of an asset because they failed to understand CGT fundamentals," Matthew concludes. TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Adviserare wealth and taxation advisers serving enterprises and private individuals who hope to take care of their future through sound financial management. Visit their website or contact them at (02) 8090 4324 for an appointment to discuss your financial management and investment needs. This material is of a general nature only, it does not take into consideration your financial circumstances, needs or objectives. Before making any decision based on this content, you should assess your own circumstances, seek professional advice or contact our office to be directed to the appropriate professional. Whilst all care has been taken in presenting the material neither TLK Partners or its associated entities guarantee that the material is free of error and, the information may have changed since being published. Syndicated by Baxton Media; the Market Influencers. Peer to peer office rental market gets rebooted 2019-03-25T19:50:20Z peer-to-peer-office-space-market-gets-rebooted-1 Australian PropTech disrupter Rubberdesk, today announces the relaunch of its peer to peer marketplace for businesses to earn by renting their spare office space out. In a twist to the enormous and growing coworking trend, over two thirds of office rentals through Rubberdesk are peer to peer, where one business has spare office space and another rents it from them by the month ongoing. Huge growth in flexible office space Now, with over 15,000 spaces available to rent, the Rubberdesk relaunch adds extended 3, 6 and 12 monthly rental terms, coupled with online payment processing and standard licence agreements, the business is focused on making the sharing of unused office space as easy as possible. And demand has been high, with Rubberdesk doubling in size over the last 4 months alone.  "The choice of turnkey offices available has never been better and that's great news for businesses of all sizes." Said Jim Groves, Co-Founder and CEO of Rubberdesk "And with more businesses renting space for a year or more without ever taking a lease, peer to peer rentals is a game changer and valuable addition to the industry."   Despite traditional office space availability now at an all time low across most capital cities, Rubberdesk has seen an enormous amount of unused flexible office space come to market. Research published by JLL, expects the flexible office space market to account for 30% of office space in the coming years, and Rubberdesk's own research puts the value of unused office space globally at over $130bn per annum.  "Rubberdesk Guests want a space their team can thrive in, without the headache and upfront expense of leasing. The freedom to focus on their business without worrying about real estate is very liberating." Continued Jim. The global coworking phenomenon has brought flexible workspace to the attention corporates and small businesses alike. In fact, most of the big name and boutique commercial coworking operators list their offices on Rubberdesk alongside traditional businesses with spare office space to rent. It's a mix that Jim is very proud of.  "The challenge was to make it easy for traditonal businesses with spare office space to earn without it becoming a full-time job. Now, business has the tools to list their space, get paid online, have agreements all done for them." Said David Dale, Co-Founder and CTO of Rubberdesk. "Our focus is on using technology to reduce friction around the rental process. From start to finish we've put control in our customers' hands. The design of the site is an intentional departure from the traditional real estate feel, and instead is more organic and human, which reflects our "people first" approach."   Financial and Work-place Happiness Benefits   Businesses renting their spare office space through Rubberdesk have seen more than just the financial rewards of doing so, as explained by some of the Hosts on the site who have had success:  "...the office was finally well utilised, financially that was a great outcome, but also the culture was a much more fun place to go to work." Said Rubberdesk Host Cesar Aldea   And of course the financial help it gives a business when covering the rent is not to be underestimated:   "It takes a massive strain off our business to have three quarters of the office filled by another agency." Said Rubberdesk Host Adam Blain. "We get a really good team atmosphere and a creative space which is better for everybody" Big Names in Coworking involved Among the Hosts on the platform are traditional businesses keen to earn by renting their spare office space, as well as the big names of coworking such as WeWork, IWG and Servcorp to name a few. In fact the site is available to anyone looking to rent office space on flexible terms. Rubberdesk, started out being referred to as "The Airbnb of office space", but quickly found that although the similarity of renting spare space resonated with customers, the analogy didn't cover the nuances or duration of workspace bookings. "On Airbnb, guests rent space for days or weeks at a time without viewing before arriving. With Rubberdesk our Guests and Hosts meet and if both are happy to proceed they typically rent for a year or more." Said Jim Groves Rubberdesk Co-Founder. "Over and above the financial returns, Rubberdesk is about connecting likeminded people, not just desks and chairs." What is Flexible Workspace? In the past there have been any number of terms for office space not leased or subleased. They've been referred to as hot-desking, managed or serviced offices, turnkey offices and most recently coworking spaces. But the overarching theme is flexibility, whether to describe the reuse of the physical space or the people that inhabit it. It's not just the workspaces that are flexible, its the way we use them and they interact with our lives. About Rubberdesk Cofounded by Jim Groves and David Dale, the Australian PropTech startup was launched in 2016 to provide an alternative to leasing commercial office space for small and medium and sized businesses. After the initial build out phase, the site grew organically before Domain brought Rubberdesk in to power their coworking site on CommercialRealEstate.com.au. It's first funding round closed successfully in July 2018. Rubberdesk only gets paid when it's Host members do. It deducts 10% from the rental amounts shown as the Rubberdesk fees. Image courtesy of Rubberdesk. The Rubberdesk Sydney Team. David Dale Co-Founder & CTO (left), Rachael De Costa Intern (centre), Jim Groves Co-Founder & CEO (right) Additional Resources See all the stories from our customers and more quotes here. See all the new features here. Learn how Rubberdesk works here. More Press resources here. Can the humble Apple unlock the secrets to a conflict & stress free work environment? 2019-03-25T10:05:36Z can-the-humble-apple-unlock-the-secrets-to-a-conflict-and-stress-free-work-environment 1 in 5 workers in Australia have experienced major problems in communication with a co-worker or a boss at work.*  Working with people you just don’t get can be performance-sapping, costly and extremely stressful.    For many small business, traditional personality and behaviour training programmes are too expensive, time consuming and are often filled with corporate speak that fails to connect across all levels.   New video training programmme – Working With People You Just Don’t Get!, addresses this gap. Developed by renowned behaviour and communications trainer, coach and author, Lynne Schinella, this programme has been developed to meet the specific needs of small businesses. It helps small teams better understand each other, as well as customers and suppliers and how to leverage their differences to work more effectively with less stress and greater productivity.   So where does the humble Apple fit in? Apples and other everyday Fruit – Mangoes, Limes and Bananas are key ingredients in Lynne’s RIPE Personality Profiling System – which forms the foundation of Working With People You Just Don’t Get!.   “There are many established and sophisticated personality profiling systems which have many merits. Although they deliver detailed and lengthy analysis of personality, in today’s increasingly fast-moving workplace I believe that we need a tool that is simple, down to earth and easy to remember.” Explains Lynne.   Lynne created the RIPE Personality Profiling System in 2004 as an alternative option. It draws on the work of many leaders in the field (Carl Jung, Ned Hermann and Katherine Benziger) and has the benefits of being fun, blameless and easy to digest and recall.   “This is where the Fruit come in! We use Fruit to reflect behaviour preferences…. Apples are hardcore and don’t break easily. Mangoes are luscious, sexy messy little things. Limes are concentrated and intense, but not in your face. Bananas are sweet and pliable with many uses!  People really engage with our fruit profiling because it makes the complex simple and relevant.” Says Lynne.   Since developing RIPE, Lynne has trained organisations all over the world on how to work with the strengths and challenges of being an Apple, Mango, Lime or Banana and work more effectively as a team, with huge success. But till now the programme has remained out of reach for small businesses.   “Small business are often really vulnerable when it comes to conflict and stress – things can quickly spiral out of control and unfortunately most have limited resources at their realm. We are very excited to launch Working With People You Just Don’t Get!  We know that it will really speak to small businesses. The programme is cost effective and simple. It cuts through corporate speak and replaces It with blameless language and delivers results – a team that is less stressed and more connected, engaged and productive.”   Working with People You Just Don’t Get!is delivered through a series of videos where Lynne shares a workshop just as if she was there in person, with the whole team in one room. During the workshop, using the RIPE Fruit Profiling System, each team member will become more self and team aware. The videos will trigger discussions to help individual team members better understand their own, as well as their teammates’ strengths and challenges. The workshop will also arm the whole team with tools to improve their connection and communication with others – other team members, clients, suppliers and even their own family and friends.   “Understanding what behaviour preferences each person has and why you get on with them – or not is a light bulb moment for many participants!  They finally ‘get’ why they never ‘got’ on with that other person. It gives them permission to be themselves and encourages transparent and honest conversations. It’s ok not to get on with someone, but there must be respect for each other’s work. And this programme allows for that needed discovery and discussion.   And yes the humble Apple, Mango, Lime and Banana do indeed unlock many secrets of working with people you just don’t get!” Concludes Lynne.   Working with People You Just Don’t Getis available for teams of up to 20 people and costs AUD $1,200 + GST. For more information visit:   www.lynneschinella.com.au/videotraining-teams Lynne has also recently released her book: Bite Me and other Do’s and Don’ts of Dealing With Our Differences About Lynne Schinella Lynne is a highly regarded behaviour and communications trainer, coach and author who works with individuals and organisations to help them connect with influence and respect. Lynne’s audiences get real value from her practical down to earth approach, her honest, engaging and entertaining delivery and her talent for making the complex simple and relevant. Lynne is the creator of the RIPE Personality Profiling System and lives and breathes Fruit, from mentoring to training teams to deliver her message of respect, connect and thrive. She is also the author of Bite Me! and other do’s and don’ts of dealing with our differences. For more information about Lynne visit www.lynneschinella.com.au Notes to editor * 2016 Snapshot of the Australian Workplace Interviews  To request an interview with Lynne Schinella please contact Sarika Shah, Publicity and Marketing, SShah PR & Communications email: sshahcommunications@gmail.com or call 0414 291 440. Expert Aged Care Property Acquisition Tax Advice Accountant in Kingsgrove Sydney 2019-03-24T23:00:49Z expert-aged-care-property-acquisition-tax-advice-accountant-in-kingsgrove-sydney Tax impact of Buying or Selling Second-hand Depreciating Assets Buying or selling second hand assets can cause headaches at tax time. TLK Partners’ property acquisition specialist, Mr Matthew Mousa, offers insight into how to handle these situations, and what effect they have on tax obligations. Tax deductions on depreciating assets Matthew compares dealing with tax deduction claims on long-life assets to finding one’s way through a labyrinth, even when dealing with new items that will help generate rental income. Yet getting through this maze can become even more complicated, he says, when other factors become involved, like the disposal of a depreciating asset. Basically, a depreciating asset is one which has a long projected lifespan as an effective asset in generating income. Deductions against income, originally based on the asset’s initial cost, are spread over a period of years on a sliding scale schedule. This scale takes into account the asset’s dropping value and shortening lifespan as an income generator. Disposal of a depreciating asset When an asset like this can’t (or won’t ever again) be used to facilitate rental income, its tax position as a depreciating asset changes immediately. “Because it is no longer involved in generating an income, it doesn’t count as a deduction on your future tax returns, and therefore stops playing any part in determining future taxes,” Matthew explains. But it can’t just disappear off a return before the books on its tax history, including any remaining depreciation value, have been balanced and closed. There are various ways in which an item like this could have been “disposed” of. The most obvious is that it has been sold, lost or destroyed. A homeowner may have planned to use the asset to generate rental income, and then decided against it; cancelled its installation; or changed the way he uses it, so its sole purpose is no longer generating a rental income. An asset may also have to be “disposed of” if it was considered while in a partnership, but the use of the asset, or the nature of the partnership, has changed since then. “All these reasons are valid ones for its disposal in terms of tax. The bottom-line is that you must be able to affirm that you do not expect to ever use it again for its original purpose,” Matthew says. Balancing adjustment event To change the asset’s status somewhere down the line, when the depreciation process has not been completed, requires levelling the scales on what’s gone out and what’s come in with regard to that asset’s disposal. This involves creating a “balancing adjustment event” on a tax return. To do this, the following steps need to be taken: Work out what value of the depreciating asset remains unclaimed. This becomes the balancing adjustment value. Then take selling price of the depreciating asset, or termination value if it was scrapped, and compare it with the adjustable value. If the termination value (sale price) of the asset is greater than the adjustable value; the difference between the two becomes a form of income which has to be added to assessable income along with income from other sources, including rent. However, it is not included as part of the rent, but instead listed under “Other Income” on a tax return. If the adjustable value is greater than the termination value, deduct the difference on the current return. Purchase of second-hand assets When purchasing a second-hand asset, its price can generally be claimed, in the same way as the cost of a new asset would be claimed for, and subject to the same conditions regarding its projected life-span and purchase price as are applied to new assets. However, if second-hand assets form part of package when a rental property is bought, there are some steps that need to be taken to separate them from the rest of the package. The depreciating assets that come with the rental property must be separated from the price of the property itself based on reasonable values determined by both seller and buyer, and specified as part of the sale agreement. If they aren’t specified, a reasonable cost will have to be determined by the homeowner. If unable to do so, a qualified evaluator will have to be called in. Whichever way it’s done, the owner must be able to show a firm basis for establishing the value. "Sound taxation advice and planning can save heartache and financial surprises," Matthew concludes. TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Adviser are wealth advisers serving enterprises and private individuals who hope to take care of their future through sound financial management. Visit their website or contact them at (02) 8090 4324 for an appointment to discuss your financial management and investment needs. This material is of a general nature only, it does not take into consideration your financial circumstances, needs or objectives. Before making any decision based on this content, you should assess your own circumstances, seek professional advice or contact our office to be directed to the appropriate professional. Whilst all care has been taken in presenting the material neither TLK Partners or its associated entities guarantee that the material is free of error and, the information may have changed since being published. Syndicated by Baxton Media. NSW Wealth Management Age Care Financial Planning Property Acquisition Services TLK Partners' Property Acquisition Expert Matthew Mousa 2019-03-24T22:00:40Z nsw-wealth-management-age-care-financial-planning-property-acquisition-services-tlk-partners-property-acquisition-expert-matthew-mousa Property Owners’ Claim Borrowing Expenses At Tax Time While some rental property expenses can be claimed straightaway, there are a number of expenses which are only deductible over a number of years. Matthew Mousa, Partner and Adviser with TLK Partners, tries to ease your way through the minefield of these sorts of tax claims. The tax laws regarding rental property have changed recently, and it’s important that investment property owners get to understand the new regulations. What expenses are deductible over a number of years? Borrowing Expenses are one of the three different types of expenses that the tax man expects you to deduct over an extended period of time. The others are the Depreciation of Assets and Capital Works Expenses. Borrowing expenses There are certain unavoidable expenses that you will have to pay when you borrow money to purchase an investment property for extra rental income. To start with, you will have to pay the institution that lends you the money for establishing the loan, and you will also have to pay a fee to the mortgage broker. You’ll also be charged for the lender searching for the title deed. Then the lender will send a building inspector to inspect the property and make a valuation. This expense will also be your responsibility. That’s just the start: Preparing and filing the mortgage documents requires stamp duty on the documents, and the expense of this will be yours to carry. And, believe it or not, the lender’s mortgage insurance is also for your account. These are all classified as borrowing expenses that are deductible over a number of years. What borrowing expenses are not deductible? The insurance you are required to take out to cover your mortgage in the event of your death, disability, or unemployment. The Interest the lender charges you. The Stamp Duty that’s charged on the transfer of the property. This is not to be confused with the stamp duty on the mortgage documents, which is deductible. Certain rules govern the deductions If your total borrowing expenses are less than $100, you can claim the total amount in the year you took out the loan. However, if your total borrowing expenses are more than $100, you will have to deduct them over five years, or the length of the loan agreement, whichever is shorter. This means, if your loan is repayable over three years, the deductions are calculated over three years, and not five years. If you repay your loan earlier, you are allowed to deduct what’s left of the borrowing expenses in the year that you repaid the loan. If you took out the loan during your first income year, you can only claim a proportional amount of the borrowing expenses you would normally claim for a full year. If you took out the loan, say, three months into the new tax year, you would only be able to claim 75% of what you would claim the next year, and every year thereafter, until the three or five year term is completed and the loan is paid off. The same proportional calculation will be necessary in the final year. TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Adviser are wealth advisers serving enterprises and private individuals who hope to take care of their future through sound financial management. Visit their website or contact them at (02) 8090 4324 for an appointment to discuss your financial management and investment needs. This material is of a general nature only, it does not take into consideration your financial circumstances, needs or objectives. Before making any decision based on this content, you should assess your own circumstances, seek professional advice or contact our office to be directed to the appropriate professional. Whilst all care has been taken in presenting the material neither TLK Partners or its associated entities guarantee that the material is free of error and, the information may have changed since being published. Syndicated by Baxton Media. Financial Wealth Management Property Acquisition Accountant Kingsgrove Reveals Renovation ATO Tax Benefit 2019-03-22T22:00:40Z financial-wealth-management-property-acquisition-accountant-kingsgrove-reveals-renovation-ato-tax-benefit Renovations Help you Up the Rent Says TLK Partners Property Expert Matthew Mousa Well-kept properties can result in better rent, but owners shouldn’t over-spend on renovations. Property Acquisition specialist Matthew Mousa of TLK Partners advises on improvements that will be both easy on the budget, and show extra return on investment. Some rental property investors might be unsure of where and how to invest renovation dollars for maximum return. “As a property investor myself, it’s easy to spend a fortune and over-capitalise on the property,” warns Matthew. “Rather invest in cost-effective upgrades on key areas, known to attract tenants. Not only will you draw people who are prepared to pay a little extra, but they are also more likely to care for it during their stay.” Bathrooms and kitchens are two of the major areas – one represents the heart of the home, because it is where food and nourishment originate, while the other is a haven for relaxation and de-stressing. These two rooms could easily become a ‘wow’ factor. However, most importantly, they should be spotless, and leave a squeaky-clean impression. Sprucing Up The Kitchen Representing the heart of the home, a tatty kitchen will turn away potential tenants. It should be spotless, and leave a squeaky-clean impression. A full-blown kitchen renovation is a costly exercise, but there are ways of improving the space and creating a ‘wow’ factor without blowing the bank. Matthew recommends looking at and changing the small details. Add a splash back behind the stove or sink or replace the existing ones with fresh tiles. Splash backs serve a double function in protecting the wall from damage, but can also be a striking feature with clever tiling choice. Do the counter-tops and cabinet doors look tired? A granite top will make an impressive feature, while new doors with fresh hinges and modern handles will transform old cupboards. Another practical improvement is the addition of clever lighting, to brighten the space and improve its function. Cleaning Up The Bathroom “Keep good design and classic style in mind when you consider renovating the bathroom of the rental property,” advises Matthew. He warns against overly-modern or trendy fittings as they can easily date in a few years’ time. Owners could, however, add contemporary touches with modern towel bars and vanity shelves. Once again, the importance of a brilliantly clean look cannot be overemphasised. Light Up With Flair Dark and dingy is a definite no-no if you are looking for a higher rent. Apart from lights being an expression of style, it is most important that your rental property is well lit. “Remember to open blinds and switch the lights on where necessary when you’re showing the property, as light and airy looking properties hold much more appeal,” says Matthew. Lighting and light fittings can create ambiance in any room, and the variety of styles of lighting available is infinite. It can be used to create any look and feel of your choice, from rustic to industrial. Just be careful not to go too way out there – tenants want to add their own personal touches to make the rental property their home, and they don’t necessarily have the same taste in décor as the owner does. So choose something functional, classy, tasteful and fairly neutral. When faced with dark corners or rooms, skylights or installed windows are a wonderful source of light and sun, and can often make all the difference in bathrooms and kitchens by lighting them naturally. Choose energy efficient long-lasting lighting, not only to reduce tenant’s electricity bills but also to care about the environment. Happy Tenants Stay Longer Renovating rental properties from time to time not only holds the bonus of collecting more rent each month during the tenant’s lease period, but could save other costs in the long run. "Remember, if tenants love their home, they will stay longer, so investors will save on advertising and screening costs. It really is best to show it off the property its best light," Matthew concludes. TLK Partners are real people just like you with hobbies like property investment; Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Adviser are wealth advisers serving enterprises and private individuals who hope to take care of their future through sound financial management. Visit their website or contact them at (02) 8090 4324 for an appointment to discuss your financial management and investment needs. This material is of a general nature only, it does not take into consideration your financial circumstances, needs or objectives. Before making any decision based on this content, you should assess your own circumstances, seek professional advice or contact our office to be directed to the appropriate professional. Whilst all care has been taken in presenting the material neither TLK Partners or its associated entities guarantee that the material is free of error and, the information may have changed since being published. Syndicated by Baxton Media. Sydney Investors Aged Care Financial Income Protection Tax Expert and Wealth Planner Matthew Mousa From TLK Partners 2019-03-22T21:00:07Z sydney-investors-aged-care-financial-income-protection-tax-expert-and-wealth-planner-matthew-mousa-from-tlk-partners Part-Year Rentals Affect Property Investors Tax Claims Says TLK Partners Expert Matthew Mousa Tax rental income statements record every dollar received on investment properties, but it doesn’t reflect how many dollars an investor actually takes home. Rental property investors, will have had to settle a lot of bills in order to receive the dollar bills listed as income – without doing so, they would have received a lot less. But what happens if an investment property is only rented out for part of the year? TLK Partners’ property specialist, Mr Matthew Mousa, looks at the tax implications. Sam and Jane were looking for tenants, but made it way too difficult for anyone to rent their property. They asked for references even for short term tenants, and barred children and pets. And they also demanded final approval, despite advertising their premises through an agent. To top it all, not one prospective tenant earned that approval. In Steven and Sally’s case, they advertised their “rental” through an agent, but restricted it to being only available outside school holidays, when there was no demand for renting a property in a remote location with difficult access. They also had no tenants during that year. Both couples had their expenses claims rejected immediately by the tax office. “If the Australian Tax Office has cause to believe the property was not truly ‘available to rent’, it will not sanction expenses claims, because owners made it too difficult for tenants to rent their property,” Mousa warns. “While it is sometimes hard to believe it, the tax authorities are trying to play fair – they only want their share of the rental money you have actually pocketed.” But they want investors to play fair, too, by claiming deductions only on expenses directly related to earning it. So expenses that investors incurred for personal use of the house don’t cut it as far they are concerned. Every homeowner has expenses running their properties and they can’t claim them against tax. The overall principle is that investors can only claim expenses with regard to costs while your property was actually rented out, or while real intention was being shown to make an income out of the property, which is when, as tax authorities term it, it was genuinely “available to rent”. Stating entire income and then claiming the costs of earning it, changes the gross income to a nett income, giving a far more valid picture of what profit was made, not just your bank account balance. It is from this final clean figure that the tax authorities slice their share of the pie in the form of taxes, Mr Mousa explains. However, the final figure changes, because the claimable expenses do, if a rental property does not operate all year through. The taxman also accepts that there are good years and bad years for rental property owners, when they simply don’t have many tenants. Yet, as an owner, investors go on having expenses involved in trying to attract tenants, so some expenses involved are still claimable even when rental income is low. Apportion Expenses If either of the above couples had indeed managed to land a tenant, even for a short period, they would fall into the category of those rental property owners who have to apportion expenses according to how much of the year the premises were rented out, or were honestly available for rent. Joining them are owners who openly rent out their houses for a short period of the year, using it themselves the rest of the year, and those who do the opposite, using it themselves for a short holiday, and making it available for rent the rest of the year. Any expenses that come up while used personally or by friends are enjoying the property privately, can’t be claimed. So these taxpayers will also have to do apportionment claims. Apportionment means that those costs directly tied to rental income can only be claimed in proportion to how much of the year tenants helped you generate it. If tenants rented your property for 35 weeks of the year, the expenses would be multiplied by 35/52 to determine the claimable share of the year’s expenses. Some Exceptions To The Rule Exceptions are those expenses brought about during the course of the rental process. These include estate agents’ commission, advertising for tenants, phone calls to fix damage tenants caused, and the cost of removing any rubbish they left behind. Matthew Mousa is a partner at TLK Partners, a company that takes care of the wealth management and accounting needs of ordinary folk, small and medium businesses, and high value individuals. TLK Partners, Chartered Accountants and Wealth Management Company website, or call (02) 8090 4324. This material is of a general nature only, it does not take into consideration your financial circumstances, needs or objectives. Before making any decision based on this content, you should assess your own circumstances, seek professional advice or contact our office to be directed to the appropriate professional. Whilst all care has been taken in presenting the material neither TLK Partners or its associated entities guarantee that the material is free of error and, the information may have changed since being published. Syndicated by Baxton Media. COSBOA Release: Bridges built for a better energy future 2019-03-22T00:05:33Z cosboa-release-bridges-built-for-a-better-energy-future Media Release: 22 March 2019 The Summit was attended by small business people as well as stakeholders from the COSBOA membership, the Australian Energy Council, Energy Consumers Australia, the Australian Small Business and Family Enterprise Ombudsman and experts from the sector. The summit was also addressed by the Federal Minister for Energy, the Hon. Angus Taylor MP; the Shadow Assistant Minister for Climate Change and Energy, Mr Pat Conroy MP, and the Deputy Leader of The Australian Greens, Mr Adam Bandt MP. The main outcome of the day was agreement that we all have to work together to confront the energy crisis and that a piecemeal approach or antagonistic dialogue will not identify and resolve problems. Peter Strong, CEO of COSBOA, stated, "The Summit was held to confront the issues of energy supply and costs and associated business and economic risks. We met, as members of the business community, to advance dialogue and find ways to work together and develop better futures. We needed to agree on what exactly are the problems and issues; and then, together, confront and resolve these problems. "The agreement to work together may seem a trite or obvious outcome but given the failures of governments throughout the last 30 years in developing a good policy for energy, it is more important than ever that we in the business community work together. Business and energy producers arguing separately over who is at fault or what is the best solution is not productive. This Summit was the first time we have come together to confront the energy conundrum and it will not be the last. It is big and small businesses are leading the way on making sure our economy can continue to be world class; and access reliable, affordable energy with responsible environmental management - key issues for our future.” Mr Strong added, “The event was made possible with sponsorship from the ASBFEO, Energy Consumers Australia and AGL and we appreciate that support. We have to work together even more than ever if we are to maintain our high standards of living. The extremes of left and right economic and environmental politics are the enemy of good management. While the major political parties grapple with their extremes we will grapple with reality.” COSBOA Communique - Managing energy cost risk in small business On 20 March, COSBOA held an Energy Summit in Melbourne to examine what could be done to address the problem of rising energy costs for Australia’s 2 million small businesses. The Federal Minister for Energy, the Hon. Angus Taylor MP, opened the Summit and addresses were also received from the Shadow Assistant Minister for Climate Change and Energy, Mr Pat Conroy MP, and the Deputy Leader of The Australian Greens, Mr Adam Bandt MP. The Summit was attended by small business owners and representatives from industry associations, consumer bodies, electricity supply companies and other stakeholders. COSBOA members noted the following: There is an urgent need for the Australian Parliament to develop a bipartisan approach to the future operation of the Australian energy market. The absence of such an approach is a substantial risk for further large increases in energy prices for both Australian households and small businesses. There is substantial research providing evidence that the rise in energy prices experienced over the past two years has put a significant proportion of Australia’s 3.3 million small to medium businesses under considerable financial pressure which, if repeated in future years, threatens the economic viability of many of these businesses. There are significant consumer challenges associated with the current operation of the Australian electricity market. These challenges include the need for improved market transparency and the establishment of ‘consistent pricing mechanisms’ to readily enable consumer comparison of energy costs. These recommendations are comprehensively discussed in the 2018 review of the Australian electricity market by the Australian Competition and Consumer Commission (ACCC). Many of the recommendations of the ACCC’s report are inter-related, suggesting that they are best advanced as a total package. Care should be taken in the advancement of individual recommendations to ensure that such action does not result in unintended adverse consequences for all electricity consumers. There is a significant opportunity for the small business community and energy retailers to work together (including collaboration between the Australian Energy Council, COSBOA and the Australian Small Business and Family Enterprise Ombudsman) to better empower small business owners to take control of their energy use and future energy cost risks. This opportunity is further strengthened by the establishment of new programmes by the Australian Government in the areas of small business energy advice and capital grants for energy efficiency investments. While much of the discussion in recent years has focussed on the operation of national electricity markets, there is an emerging concern about the near-term availability of natural gas in Australia and this issue should be addressed by Australian Governments as a priority. Discussions will continue at the COSBOA National Small Business Summit, 29-30 August. Registrations are open, for more information visit: www.cosboansbs.com.au -ends- Notes to editors: Interviews are available with Peter Strong, CEO, COSBOA upon request For more information on COSBOA visit: www.cosboa.org.au Media Contacts: Further information, images, interviews please contact: Jessica McLean, Senior Account Manager | 02 9212 7867 | jessica@zadroagency.com.au Debbie Bradley, Group Account Director | 0420 761 189 | debbie@zadroagency.com.au Image: Peter Strong, CEO, COSBOA Aged Care Property Investors and Financial Wealth Acquisition Tax Expert Mathew Mousa From TLK Partners Kingsgrove 2019-03-20T21:00:18Z aged-care-property-investors-and-financial-wealth-acquisition-tax-expert-mathew-mousa-from-tlk-partners-kingsgrove Private Investors Property Income Has Tax Implications Whether in money or in kind, anything investors are given that’s linked to their rental property, is considered to be income, and the Australian Taxation Office wants to know about it. Property and tax expert TLK Partners’ Matthew Mousa runs through some of the less well-known forms of “rental income” from the Australian Taxation Office. So for tax purposes, rental income only refers to a tenant’s weekly or monthly cheque, right? Wrong, says Matthew. “If investors are renting out a property to earn a return on their investment, any payment received is considered part of their income, whether cash or in kind. And what comes in, must go out – in the form of information on your tax return.” Disclosing straight-up rental payments is par for the course, but what are the other forms of income associated with a rental property? These equally relevant, but less obvious forms of rental income are the ones to be mindful of, he cautions. Payments in kind If an investor let young Joe live on their rental property for free, as long as he keeps the garden looking good and the swimming pool clean, as well as doing small maintenance jobs, their tax situation could be complicated, Matthew explains. The same applies when someone like Chloe, who has parents on a farm, agrees to pay part of her rent in fresh potatoes. Or perhaps Sam, who’s in the premier league, gives the investor season tickets for rugby, in return for accommodation. According to the Australian Tax Office this "income" must be disclosed in these instances. “Investors will have to put a market value on any of these, from the rental value of Joe’s accommodation, to what the spuds or season ticket would have cost and add it to the rental income. Investors may be entitled to deduct some of the young man’s “rent” in terms of the legally deductible parts of the services he performs. But as far as income goes, his “rental” does need to be included to balance the tax books.” Bond monies and tenant insurance pay-outs If investors keep part of a tenant’s security bond because they didn’t pay the rent, or because you have had to repair damage after a tenant moved out, it classifies as income. The same applies if insurance company pays out for rental lost because a tenant left. Reimbursements There are times when the investor receives money in lieu of damage to get repair work done to their property. "If a tenant gives money towards the cost of the repair, again that money must be recorded as income," Matthew says. "This is especially important if the investor wants to claim the repair cost as a deduction," Matthew continued. Government rebates The same principle applies for rebates as it does for reimbursements. If the investor installs a solar system to supply hot water, for instance, the government may provide a rebate. “As the solar system is a depreciating asset for which the investor will want to claim tax relief over a period of some years, they can’t claim for the entire value, if they didn’t actually pay the full amount because of the rebate received,” Matthew says. When the amount claimed exceeds the amount spent In some more complicated cases, as with limited recourse debt arrangements, financing, refinancing and notional loans, investors may not end up paying the full cost of the initial capital expenditure either. However, they may well want to claim deductions for this expenditure on a depreciating asset. In a similar way to the rebate situation, they could end up claiming for money they have not spent. The unpaid section has to be recorded as income, in order to balance a claim for the full expenditure. TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Adviser are wealth advisers serving enterprises and private individuals who hope to take care of their future through sound financial management. Visit their website or contact them at (02) 8090 4324 for an appointment to discuss your financial management and investment needs. This material is of a general nature only, it does not take into consideration your financial circumstances, needs or objectives. Before making any decision based on this content, you should assess your own circumstances, seek professional advice or contact our office to be directed to the appropriate professional. Whilst all care has been taken in presenting the material neither TLK Partners or its associated entities guarantee that the material is free of error and, the information may have changed since being published. Syndicated by Baxton Media. Statement on Brisbane City Council distributing disposable breathalysers to staff 2019-03-20T03:03:10Z statement-on-brisbane-city-council-distributing-disposable-breathalysers-to-staff Brisbane City Council has purchased 18,000 disposable personal breathalysers for staff to undertake voluntary testing after lunch or the morning after a heavy night of drinking. https://www.facebook.com/couriermail/posts/10156704673552702 Irwandy Tan, CEO of Andatech, says the amount spent on disposable units, which may have been up to $50,000, could have been better spent on wall-mounted and personal breathalysers to provide a long-term solution. Andatech has the largest number of Australian Standard-certified breathalysers in Australia, which are designed for personal use, workplaces and hospitality venues. Mr Tan said Brisbane City Council and any other workplace/venue can install a wall-mounted breathalyser to determine accurate readings of employees’ BAC (Blood Alcohol Content) to three decimal places. “While many workplaces conduct random alcohol and drug testing, providing a voluntary system where employees can check themselves at any time, allows employees to be responsible for their actions, which is a good thing.” The other suggestion from Irwandy Tan is that for the same amount of money, Brisbane City Council could have purchased around 160 personal breathalysers that employees could take with them to lunches and meetings so they could test themselves before they return to work. “For the Council’s investment, I believe a better option would have been a mix of wall mounted units and hand-held personal breathalysers that come with removable mouthpieces. “Once the units have been purchased, the only other cost is calibration of the fuel cell technology to ensure ongoing accuracy and the purchase of more mouthpieces. “The other concern with having 18,000 disposable units is that they will all end up in landfill,” he added. Ends For more comments please contact: Mr Irwandy Tan, Director and CEO, Andatech. T: 03 8899 6900 M: 0400 338 300 E: irwandy@andatech.com.au https://www.andatech.com.au/ About Andatech: Andatech is a 100% Australian owned company that designs, supplies, supports and services safety products including high quality alcohol and drug testing equipment. The company has the widest range of Australian Standard-certified breathalysers in Australia, which are designed for personal use, workplaces, hospitality venues (wall mounted) and as car interlock devices. Drug testing kits cover saliva and urine testing of up to 9 drug groups, providing error-free results. Andatech also has a distribution channel offering consumer safety products and air quality products include dehumidifiers, air purifiers and humidifiers. https://www.andatech.com.au/ Media enquiries: Wendy McWilliams, WMC PR, T: 03 9803 2588 E: wendy@wmcpr.com.au Dell Boomi helps University of Melbourne to cloud-enable its integrations and transition to Smarter Campuses 2019-03-20T01:39:52Z dell-boomi-helps-university-of-melbourne-to-cloud-enable-its-integrations-and-transition-to-smarter-campuses Sydney, Australia – March 19, 2019 – Dell Boomi™ (Boomi) has announced it has been contracted by the University of Melbourne (UoM) to enable the coexistence of the institute’s 700 applications using the Boomi integration platform. Boomi has helped the university create a centralised data synchronisation hub that provides granular visibility into data quality and has subsequently accelerated the roll-out of new services. The real-time availability of this critical information will help UoM transform its facilities into smart campuses powered by the Internet of Things (IoT). UoM provides education to more than 50,000 students enrolled across its seven campuses. Its vast set of applications – spanning everything from a Financial and Employee System (FES) to Student Management Systems (SMS) and its online Learning Management Systems (LMS), as well as a slew of specialty systems – are part of a hybrid environment. UoM deployed the Boomi integration platform-as-a-service (iPaaS) to link up its IT environment. Boomi is a only truly cloud-based integration provider and was selected for its ability to support a diverse organisation. The university is using the Boomi Master Data Hub (MDH) as the foundation for its data synchronisation. These comprehensive capabilities are managed through Boomi’s easy-to-use interface which provides full visibility over and control of all information flowing through the platform. Having established a modern integration framework, UoM has been able to commence its transition to smart campuses. Critical to this project is space utilisation, and so the university is in the process of installing smart sensors in selected buildings. Boomi will collect the data generated by these sensors and transfer it to the smart campus data repository, along with information from other relevant applications. These insights will allow UoM to determine how and when facilities are being used in order to optimise space and other student services. “Data consistency is a major challenge for organisations investing in digital transformation – especially in an industry like higher education where student attrition and policy issues place constant pressure on Australian universities to demonstrate the outcomes they can deliver,” said Nick Lambrou, Managing Director Australia and New Zealand at Boomi. “With the Boomi platform at the core of its applications tying all data together, UoM has developed the comprehensive scaffolding it needs to drive its digital evolution, allowing it to introduce new services sooner, while preparing its facilities for the next phase of its growth strategy.” About Dell Boomi Boomi, an independent business unit of Dell, quickly and easily unites everything in your digital ecosystem so you can achieve better business outcomes, faster. Boomi’s intelligent, flexible, scalable platform accelerates your business results by linking your data, systems, applications, processes and people. Harnessing the power of the cloud to unify everything inside and outside of a business, Boomi gives more than 8,200 organizations the agility to lead the future. For more information, visit http://www.boomi.com. Special note: Statements in this material that relate to future results, future hiring, and future events or investment are forward-looking statements and are based on Boomi’s current expectations. In some cases, you can identify these statements by such forward-looking words as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “confidence,” “may,” “plan,” “potential,” “should,” “will” and “would,” or similar expressions. Actual results, hiring, customer trends, and events in future periods may differ materially from those expressed or implied by these forward-looking statements because of a number of risks, uncertainties and other factors, including the challenge of finding and onboarding new personnel, marketplace trends, ongoing management attention to the market, the uncertainties associated with technology changes and the development and release of new technology. Boomi and Dell Technologies assume no obligation to update any such forward-looking statements. Superannuation Tax Estate Planning Private Wealth Financial Planning Sydney TLK Partners 2019-03-06T22:00:26Z superannuation-tax-estate-planning-private-wealth-financial-planning-sydney-tlk-partners Tax hikes and changes and an ever-rising cost of living paint a gloomy financial picture for all Australians. But it’s even more dismal for current retirees, and those looking at leaving the workforce soon. TLK Partners financial planner, Len Elias, says finding ways for them to keep financially afloat for the rest of their lives is becoming increasingly difficult. And it seems like Superannuation can’t do it alone. How Superannuation Works Australian Superannuation is often considered one of the best government retirement programs globally. Since 1992, it has entitled Australians who earn over $450 a month (before tax) to a mandatory Superfund contribution from their employers for their retirement. The current contribution rate is 9.5% is calculated according to ordinary time earnings, and employees are encouraged to boost it with their own salary sacrifice. Superannuation funds are accessible at 60 (the Commonwealth preservation age) for those who retire permanently, or at 65 for those who still want to work. The funds can be accessed as a lump sum or as an annual pension payout, but many Australians are not rushing to do so. Financial concerns have led to increasing numbers of Australians over the age of 45 are putting off retirement till 70 or later. How Super is the Annuation Fund? ASFA, the Association of Superannuation Funds of Australia claim that, on average, during the 2013/14 financial year, men had a balance of a little under $300,000 in their fund at retirement age. Women had less than $150,000, and households averaged around $355,000. Since then stock markets have been both bearish and bullish, inflation has risen and not come down, and there have been changes in the tax situation. By the 2015/2016 year those average balances had dropped to $270,710 for men and risen to $157,049 for women. These averages fall far short of the 2018 figures AFSA suggests as reasonable starting balances for retirement when, and only when, retirees own their homes. The association puts the amount a single person would need to enjoy a comfortable lifestyle at $545,000 , and couples at $640, 000. And it claims $70,000 should provide a so-called modest retirement assuming that the state’s Age Pension and other supplements take care of most of the usual expenditures. But for how long? How Long Will Your Super Last? AFSA’s calculations set couples’ living costs at just under $61,000 a year, and singles at a little over $43,317, for what AFSA dubs a “comfortable” lifestyle. This allows for some extras like home maintenance and small improvements, as well as an occasional holiday, and it takes into account that retirees’ lifestyles change as they age, and expenses shift from activities and vacations to medical and caring needs. But with that annual budget, the balance AFSA recommends for retirement will see a single retiree’s funds run dry after about 12 years, and that of couples after just over 10 years, if not bolstered by partial Age Pensions or other investments. Len Elias pointed out covering the 22 years between retirement at 60 and the Australian average life expectancy of 82 years, it would appear opening balances would therefore have to sit at over $1,28 million for couples, and about a million for singles. In the so-called modest category, which allows for basics only, the recommended starting capital of $70 000 will only fund the calculated singles’ budget of $27,648 for 2,5 years, and the couple’s $39,775 for less than two. Fortunately, a full Age Pension (just under $24,000 a year for singles, and a combined $36 000 for a couple) would stretch the balances, should the retiree be eligible for it. Clearly, while it provides a base which could support a tightly-budgeted retirement in the short term, planning and saving is needed to stretch that funding over what could be a long retirement. Len Elias is a partner at TLK Partners, a company that takes care of the wealth management and accounting needs of ordinary folk, small and medium businesses, and high value individuals. TLK Partners, Chartered Accountants and Wealth Management Company website, or call (02) 8090 4324. This material is of a general nature only, it does not take into consideration your financial circumstances, needs or objectives. Before making any decision based on this content, you should assess your own circumstances, seek professional advice or contact our office to be directed to the appropriate professional. Whilst all care has been taken in presenting the material neither TLK Partners or its associated entities guarantee that the material is free of error and, the information may have changed since being published. Syndicated by Baxton Media. Coordinate Your Project Team Before You Begin Renovations Warns Gold Coast Electrical Contractor EJ Electrical Works In Burleigh Heads 2019-03-01T22:00:10Z coordinate-your-project-team-before-you-begin-renovations-warns-gold-coast-electrical-contractor-ej-electrical-works-in-burleigh-heads The proliferation of fast home renovation shows on TV have led some homeowners to think that renos are easily cobbled together. But, warns EJ Barnes, aGold Coast electrical contractor, good planning and coordination is as important in home renovation projects as it is in any construction project. Project management is a complex business, and communication is key to a well-coordinated project. It’s when homeowners start calling in contractors piecemeal that the trouble begins, says Barnes. For the best results, he suggests calling in contractors simultaneously before the works begin so that they can discuss the places where their tasks interface. “For example,” he says, “our work comes after the builders’ and the success of some of it depends on what the builders do. I find it best to approach the project as a team rather than as two individual contractors with separate agendas.” Electricity is Not an Add-On Electricity is something people are inclined to take for granted, says EJ Barnes. But remembering that even small changes in home layout will affect the places where we want access to power, lighting, and so on helps homeowners to stay on budget. “DIY renos often reach a point where someone remembers they’re going to want a power point to move, and then it’s time for us to save the day again!” While experienced electricians like EJ are expert at rescuing the uninitiated from the consequences of a poorly-planned renovation, EJ likes his customers to enjoy plain sailing. “If you’re planning to change the layout of kitchen counters – even switch your lounge or bedroom furniture around, you might need electrical work done. The good news is it might cost less than you expected. The bad news is that things are going to be pretty inconvenient for you for a while if electrical work came as afterthought to a home improvement project.” Big or Small, There’s Always a Project Team Whether you’ve chosen to use professional construction and electrical contractors for renovations or need help with a few tweaks you’re taking on as a DIY project, EJ Barnes says there’s always a project team. “With a reno, there’s less pressure than there is with a big construction project, but the same principles apply. All the people who are involved must coordinate and cooperate to get the project completed to specification. That means starting a dialogue before we begin works.” Working With Construction Companies and Homeowners: It’s What They Do For EJ Barnes and his team, working with construction companies is part of the regular routine. EJ Electrical works understands the need to keep renovation projects on track, on schedule, and to specification, and that makes the company a favourite with Gold Coast construction companies. But homeowners are still very much a part of EJ’s customer base – and the reasons why they like dealing with EJ Electrical Works are similar to those of the construction companies. “We don’t believe in dual standards,” says EJ. “That’s what professionalism’s about.” The message is clear. If you’re considering a home renovation project, and you need a Gold Coast electrician on your project team, EJ Electrical Works is ready to see it through with you from planning to completion. Reach businesses like EJ Electrical Works and Coastline Local Electricians via their websites giving them a call on 1300-DIAL-EJ,that’s 1300 342 535. Written & Syndicated by Baxton Media. Mortgage Broking Industry Findings Effect On Investors Aged Care Financial Income Tax And Wealth Planning By Financial Expert Len Elias of TLK Partners Sydney 2019-03-01T22:00:06Z mortgage-broking-industry-findings-effect-on-investors-aged-care-financial-income-tax-and-wealth-planning-by-financial-expert-len-elias-of-tlk-partners-sydney Mortgage brokers have been accused of using scare tactics after the industry warned the banking inquiry’s sweeping ban on commissions would lead to higher costs for borrowers, and big rewards for the culprits in this story, the banks. In the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry’s report, Commissioner Kenneth Hayne QC took aim at “trail commissions”, a form of ongoing payment made by the lender to the mortgage broker for the life of the loan, describing it as “money for nothing”. One of the fundamental rules he set for the entire system is to get rid of commissions, starting with the mortgage broking industry. Trail commissions will be banned from mid-2020 but the government stopped short of accepting Mr Hayne’s recommendation for a ban on upfront commissions as well. It believes banning the up-front fees will drive people away from brokers, and this in turn will erode competition and strengthen the hand of the big banks. Labor says it will act on every recommendation if it wins the upcoming election. Australian financial expert, Len Elias of TLK Partners explains that mortgage brokers receive an average up-front commission from lenders of about 0.65 per cent of the loan value and a trailing commission of just under 0.11 per cent of the loan outstanding per year for the life of the loan. This amounts to about $4,100 for the mortgage of an average loan of about $357,000, he says. Those applauding the industry changes point out that current arrangements create incentives towards recommendations not necessarily in the consumer’s best interest. Brokers should offer advice on how to compare loans and help clients make sound decisions, but that’s not what many consumers get, industry watchdogs argue. It’s also been pointed out that loans through mortgage brokers, which make up around 60 per cent of the total, typically involve higher leverage, are more often interest-only and are more likely to slip into default. The entire $2.1 billion industry will ultimately be forced to move to a fee-for-service revenue model, where the borrower pays the commission to the broker instead of the bank. The Finance Brokers Association of Australia responded strongly to the outcome, saying it would lead to huge unintended consequences for home loan borrowers and would simply put more power in the hands of the banks. The markets echoed this sentiment: while shares in CommBank, NAB, ANZ and Westpac surged at the news, shares in Mortgage Choice plummeted more than 25 per cent. The concern is that that the proposed changes will drive buyers back to the major banks, cut access to smaller lenders and reduce consumer choice. It is estimated to save major banks about $1.6 billion in annual commission payments, but could also cost thousands of brokers their jobs. As it is, they’re bracing for the biggest shake-up since the Campbell Report 30 years ago. Brokers account for about 59 per cent of deals and make more than $2.2 billion in annual commissions. There are currently about 25,000 small businesses and people working within the mortgage broking industry. Consumers, on the other hand, will have to pay an up-front fee, although a recent survey of 5800 borrowers indicates 96.5 per cent of customers are not willing to pay a broker a fee of $2000. In fact, most are unwilling to pay anything at all. Even so, 96 per cent indicated that they were happy with their broker’s service. “It puts the whole industry under a cloud,” says Mr Elias. “And astonishingly, the banks, who were the biggest culprits at the Royal Commission, are the winners in this scenario.” Len Elias is a partner at TLK Partners, a company that takes care of the wealth management and accounting needs of ordinary folk, small and medium businesses, and high value individuals. TLK Partners, Chartered Accountants and Wealth Management Companywebsite, or call (02) 8090 4324. This material is of a general nature only, it does not take into consideration your financial circumstances, needs or objectives. Before making any decision based on this content, you should assess your own circumstances, seek professional advice or contact our office to be directed to the appropriate professional. Whilst all care has been taken in presenting the material neither TLK Partners or its associated entities guarantee that the material is free of error and, the information may have changed since being published. Syndicated by Baxton Media. MyNetFone partners with ACN Pacific, the world’s largest direct seller of essential services 2019-02-27T21:00:00Z mynetfone-partners-with-acn-pacific-the-worlds-largest-direct-seller-of-essential-services Sydney – 28 February 2019 – MyNetFone Business, a provider of new-generation hosted communications services and part of the MNF Group, has partnered with the world’s largest direct seller of essential services, ACN. The organisation’s Australian-based Independent Business Owners can now resell MyNetFone’s Virtual PBX phone system within the Australian marketplace. ACN Pacific is the trusted go-to partner for customers’ essential services within the small and medium business (SMB) sector. MyNetFone’s Virtual PBX phone system is future-proof and scalable and can easily accommodate sudden growth often experienced by SMBs. Hosted in the cloud, specific IT expertise is not needed to maintain or configure the system – ideal for SMBs owners. Lee Atkinson, MyNetFone’s General Manager for Small Business and Channel Partners said the two-year agreement with ACN will assist MyNetFone in growing market share within Australia’s biggest business sector. Atkinson said, “ACN only partner with leaders in telecommunications and they have a vast network of people that are world leaders at opening doors to new business. MNF are leaders at simplifying communications and delivering telecommunication products. The potential for our partnership is huge.” Gerard Frack, ACN Pacific’s Managing Director added, “Our partnership with MyNetFone builds on the unique opportunity ACN provides to the Australian market and aligns perfectly with our strategic vision for the future. With the MyNetFone Virtual PBX suite we will expand our SMB offering beyond our mobile voice, security, energy and broadband proposition to provide a full-service solution for small businesses across Australia.” MyNetFone Business is actively seeking to partner with industry groups within the SMB marketplace in Australia to drive awareness, support and understanding of the efficiencies modern telecom systems can create. In October 2018 it announced a strategic partnership with the Australian Construction Industry Forum (ACIF). MyNetFone Business is supporting ACIF with webinars, promotions and events around technology in the construction industry. The partnership with ACIF kicked off with a TED-style talk in December 2018, with more planned for 2019. /ENDS About MyNetFone MyNetFone is Australia’s largest provider of hosted voice and data communications services for business and residential users. MyNetFone is part of the MNF Group, one of Asia-Pacific’s fastest growing technology companies. Listed on the ASX since 2006, it is now twice the winner of the Forbes Asia-Pacific “Best under a Billion” award. Headquartered in Sydney, Australia, the company has over 400 people located across Asia-Pacific, Europe and North America. MNF develops and operates a global communications network and software suite enabling some of the world’s leading innovators to deliver new-generation communications solutions. For further information about MyNetFone please visit: https://business.mynetfone.com.au About ACN Pacific ACN is the world’s largest direct seller of telecommunications and essential services for residential and business customers. Services include Energy, Phone, Mobile, Broadband, nbn™, Payment Processing and Security Services. ACN Pacific covers both the Australian and New Zealand markets, providing customers with direct access to leading products and services. For further information about ACN Pacific please visit: acnpacific.com Media enquiries: For MyNetFone - Sue Ralston, Einsteinz Communications T: (02) 8905 0995 E: sue@einsteinz.com.au For ACN Pacific - Karren Challoner-Miles, Marketing and Communications Director T: (02) 8214 4240 E: karren.challoner-miles@acnpacific.com.au