The PRWIRE Press Releases https:// 2019-05-22T22:00:09Z Credit Scores Financial Management Advice Chartered Accountants Sydney NSW Investor Investment Specialists 2019-05-22T22:00:09Z credit-scores-financial-management-advice-chartered-accountants-sydney-nsw-investor-investment-specialists Most Australians Don't Know Their Credit Score TLK partners financial planner Matthew Mousa has voiced his concern over figures suggesting that only one in three Australians know their credit score. And, according to Mousa, the worst part is that of the two out of three that don’t, many don’t understand what it is, why they should know it or are too scared to find out. Complicating the issue still further, according to Mousa, is that a large number do not even realise what the score means as far as dealing with financial institutions goes, especially when applying for financing or loans. Why a Credit Score is Important “It’s not the only factor taken into account, but for those looking to finance a house or a car, or open a credit card, their credit score may play a role in whether they succeed or fail,” Mousa said. He added that the higher the score is on the measured bracket between zero and 1200, the better. It could bolster the chances of success when looking for credit, or a home or car loan. And it doesn’t stop there. Opening accounts with communication and utility providers as well as retail businesses may also be affected by the score. Credit scores are not like straight A’s on a school report which results in prizes for achievement. But although Australian financial institutions are not as quick to do so as those in the US; a top score may provide a better deal with lower interest rates and monthly payments resulting in significant savings in the long term. And on the flip side, Mousa warns a low credit score could not only result in a declined loan application but also cause the credit score to drop still further, increasing the difficulty in applying for loans elsewhere. But the good news, he says, is that credit scores can be changed. RELATED ARTICLE: Property Tax Wealth Advice Accountants Kingsgrove Sydney by Expert Matthew Mousa TLK Partners How to Up Credit Scores and Improve Reports Mousa dismisses the urban legend that checking the score regularly might lower it. Instead, he recommends that it is checked regularly to keep up to date on where it stands. Australians also have the right to access their credit report, on which the score is based, once a year free of charge. This lets them make any necessary changes necessary, like correcting any incorrect information on the report, or adjusting how they service their debt. The list of must-do actions to push up the score includes prioritising the biggest loans, but not at the expense of other monthly loan or account repayments. All, both big and small, must be repaid with the required amount, and it must be done on time. Paying more is even better, as bringing down the outstanding balance will reduce your debt to credit ratio, a plus as far as credit ratings are concerned. What to Do When There's No Score Those without a credit score can build a credit history by opening a credit card and making the necessary payments regularly. However, opening too many can be read as showing an over-dependence on debt and will almost certainly knock the score down a notch or two. Mousa said it was strange that most Australians seemed to know little about dealing with credit and its scores because many rely on credit. The country’s close on 25 million inhabitants (2018) has nearly 16 million credit cards in circulation and 37.5 million debit cards. And one in three Australian home-owners have mortgages. RELATED ARTICLE: Renovations Help you Up the Rent Says TLK Partners Property Expert Matthew Mousa TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Adviser are financial management, retirement planning and 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, the Market Influencers. Investor and Property Acquisition Tax Investment Specialists TLK Partners Sydney 2019-05-19T22:00:28Z investor-and-property-acquisition-tax-investment-specialists-tlk-partners-sydney Does Cash Rule When Buying Investment Property? When considering how to pay for an investment property a number of factors have to be taken into account. One of the toughest is deciding whether to pay in cash or take out a loan or mortgage to fund it. According to TLK partner Matthew Mousa in Sydney, it’s very much a case of choosing which hat fits best for achieving the long term goal behind the property investment, will be most comfortable in the long-term, and keep its shape whatever the weather. When the Numbers Count Choosing the wrong payment could prove disastrous for any of those 1 in 10 Australians who own investment properties. But it is especially tough on three out of four, or close on 75%, of those investors, who own only one. These include young Australians trying to get a foot in the property ownership door while renting elsewhere. But mostly they are made up of mothers and fathers looking to build a retirement nest egg, and who choose (or can only afford) to put all their eggs in a single investment property basket. Their savings and financial futures are tied up in this one-time purchase, and its failure as an investment could be disastrous. RELATED ARTICLE: NSW CGT Chartered Property Tax Investor Accountant TLK Partners Kingsgrove Sydney The When’s and Why’s of Paying Cash Those that pay cash face less stress should the rental market experience a downturn, there’s a recession, or the investor has a minor cash flow hiccup. With a fully paid and operating rental property, there’s always the security of a rental income, even if it has dropped due to these outside forces. Full ownership also keeps open the option to live in it, or the choice to sell it to raise capital. And, best of all there is no need to pay loan or mortgage repayments when the cash flow is taking a knock. Cash also talks loudly when it comes to buying the property in the first place, improving chances of finalising a deal quickly, and getting a bargain in the process. And it cuts down on the frustrations and time involved in negotiating a mortgage or loan. However, Mousa warns that paying cash for the property carries huge risks. It only works if the investor is able to pay for it and still have a large enough left over balance, to maintain the property, pay the necessary levies and taxes, ride the ups and downs in the rental sector, and cover other unexpected expenses such as those spells when the rental stands empty. RELATED ARTICLE: Property Tax Wealth Advice Accountants Kingsgrove Sydney by Expert Matthew Mousa TLK Partners When Mortgages And Loans Fit Best While there can be no choice but mortgages and full or partial loans when an investor does not have access to the amount of cash needed to pay the full purchase price. But they can also be the best choice when the balance after the cash purchase would not be high enough to cover all contingencies. But mortgages and loans have other advantages. They maintain asset liquidity, allowing access to assets when needed, and removing the need to raise a home equity loan against the property during tough times. And they also provide financial leverage because, should the property’s value rise, the return on investment is higher. This is because the increase in value is measured against the amount of cash invested as a deposit, rather than the much larger investment made when an investor paid the full purchase price in cash. Mousa points out that when it comes to choosing to finance for a long term investment like property, it can prove to be both time-consuming and frustrating. The pros and cons, and expert advice such as that provided by TLK Partners' property acquisition division, need to be taken into account before an investor, and particularly a first-time one, makes a decision. RELATED ARTICLE: Investment Property Acquisition CGT Tax Expert Matthew Mousa of TLK Partners Kingsgrove Sydney TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Adviser are financial management, retirement planning and 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, the Market Influencers. Property Investors Split Income Advice Chartered Accountants Sydney NSW Are Investor and Property Acquisition Investment Specialists 2019-05-19T22:00:12Z property-investors-split-income-advice-chartered-accountants-sydney-nsw-are-investor-and-property-acquisition-investment-specialists Property co-owners and the income split When two or more investors own a rental property together, whether it is rented out all year round or only part-time, the division of rental income is defined by the legal interest that each owner has in the property. Property acquisition and tax expert Matthew Mousa of TLK Partners explains the two different categories this legal interest fall under. Is the legal interest as joint tenants or tenants in common? Co-owners who are Joint Tenants divide the income and expenses related to that property on an equal 50/50 basis. The interesting point to note here is that division of income and expenses in terms of legal interest overrides any verbal or written agreement that the two owners may have. “It is irrelevant if one is earning more than the other and would like to incur fewer taxes by claiming a greater proportion of the rental loss,” Matthew explains. “The division must be in terms of legal interest.” Co-owners who own the rental property as Tenants in Common may have an unequal legal interest in the property, for example, a 30%/70% split. “If this is the case, you would then divide the income and expenses related to the property in terms of your legal interest, in this case, 30% and 70%, again regardless of any other agreement you might have made with the other owner.” Anyone unsure of whether they fall into the category of Joint Tenant or a Tenant in Common should reference the title deed to clear up the matter. RELATED ARTICLE: Private Investors Property Income Has Tax Implications Says TLK Partners Expert Matthew Mousa When is an investor considered to be running a rental property business? Matthew explains that the tax man considers someone to be an investor who is not necessarily engaged in a rental property business, as long as the person doesn’t spend an inordinate amount of time engaged in rental property activities, doesn’t co-own very many properties, and doesn’t derive their income exclusively from the rental property. If someone is deemed to be in the rental property business, the agreement between the partners takes precedence over the legal interest in the properties. The income and expenses associated with the business must be divided in terms of the partnership agreement. RELATED ARTICLE: Superannuation Tax Estate Planning Private Wealth Financial Planning Sydney TLK Partners "Investor's trust TLK Partners to advise them of the best legal structures to maximise their return on investment," Matthew concludes. TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Adviser are financial management, retirement planning and 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, the Market Influencers. Financial Expert Thomas Mousa Says Election Outcome A Win for Business 2019-05-18T22:21:47Z financial-expert-thomas-mousa-says-election-outcome-a-win-for-business Morrison Answers Business Owners Prayers NLP leader and devout Christian, Scott Morrison, had his prayers answered last night in an election victory of biblical proportions. The shock win has been described as a ‘miracle’ by Australian political commentators, which saw the NLP defy the polls with major swings in Queensland and Tasmania ending opposition leader, Bill Shortens, political career. “I believe in miracles,” Morrison said in his victory speech. While the win may not appear to be in the same league as ‘David and Goliath’ or ‘Noah’s flood’, but for the majority of Australians and business owners, it just may be. We asked financial expert Thomas Mousa, director and partner of Sydney based TLK Partners, to comment on the effects of the NLP’s win for businesses. The NLP’s primary election policy was tax cuts. Tax cuts will provide tax breaks for more than 10 million Australians and simplify the system by removing the 37 per cent tax bracket entirely. “The implication for business is simple, lower PAYG tax implications as the tax brackets are adjusted,” Mousa said. The measures will cost the Treasury $158 billion over 10 years. “From July 2022, the government will raise the 19 per cent tax bracket from $37,000 to $45,000 and from July 2024, the plan is it will reduce the 32.5 per cent rate to 30 per cent and do away with the 37 per cent rate,” Mousa says. “Ultimately, this will make a flat 30 per cent tax rate for anyone earning between $45,000 and $200,000, which is a much-simplified tax system,” Mousa stated. The NLP’s simulations demonstrate a worker earning $200,000 a year will get a tax cut worth $11,640 compared with $1205 for someone earning $50,000 a year. Either way, the outcome for businesses is a win for cash flow. RELATED: TLK Partners Kingsgrove Aged Care, Financial Assets Specialists and Wills Retirement Experts Explains Estate Planning in Sydney Another key election promise of the returning government for business is an Instant asset write-off. Businesses with revenue greater than $50 million can write-off assets against their taxable income. Previously, businesses with revenue greater than $10 million were excluded from the scheme. The NLP has also increased the threshold from $20,000 to $25,000. Medium businesses stand to benefit more from the new expanded instant asset write-off than their smaller counterparts who are required to elect to use simplified depreciation to access the write-off. Mousa comments, “This is great for medium-sized business, however, a small business entity that does not elect to use simplified depreciation may be excluded from accessing the instant asset write-off both under the small business and medium-sized business definitions.” “A more beneficial change for small business owners would perhaps have been to extend the instant asset write-off to all small business entities irrespective of whether they elected to use simplified depreciation for small business or not,” Mousa says. RELATED: TLK Partners Sydney, NSW Aged Care and Financial Income Protection Expert Delivers Investors Tax Wealth Clients Warning to Australian Investors "Business owners trust TLK Partners to steer them in the right direction and to assist them in maximising their business assets," Mousa concludes. Political pundits are praying that Scott Morrison, having now won the vote of Australians in his own right, will have a period of political stability as Morrison is the seventh Australian Prime Minister in 11 years. And the people said, "Amen." TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Advisersare financial management, retirement planning and 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, and 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. Property Tax Admin Deductible Accountants Sydney NSW Are Investor and Property Acquisition Investment Specialists 2019-05-18T22:00:56Z property-tax-admin-deductible-accountants-sydney-nsw-are-investor-and-property-acquisition-investment-specialists Property Tax: What admin fees can be claimed? Continuing its focus on immediately deductible expenses with regard to rental properties and tax, Matthew Mousa, tax expert and partner at TLK Partners in Sydney, takes a closer look at some of the administrative expenses rental owners can deduct immediately. RELATED ARTICLE: How Part-Year Rentals Affect Property Investors Tax Claims Says TLK Partners Expert Matthew Mousa Corporate body fees and charges Matthew explains that body corporate fees and charges are normally split into two different categories i.e. fees for day to day administrationas well as a general purpose sinking fund, and maintenance and contributions to a special purpose fund. “Rental property owners are allowed to claim for fees used by the body corporate to administer and maintain the rental property, as they can reasonably be considered legitimate expenses in maintaining the rental property and improving the generation of rental income,” Matthew says. Likewise, contributions to a general purpose sinking fund are permitted, as the general purpose sinking fund is used by the body corporate to fund maintenance of a capital nature of the common property. Examples of this use would be the repainting of the common property. However, contributions to a special purpose fund, generally assumed to be used for additions and renovations to the common property of a capital nature, are not claimable as deductions, Matthew warns. “In this case, owners would only be able to claim contributions to this fund under the capital building works regulations according to which deductions are usually spread over a period of several years.” Lease document expenses Costs incurred during the preparation, registration and stamp duty on a lease agreement are deductible in relation to the use of the rental property for rental income. This also applies to the surrender of a lease in areas of Australia where most property is held from the crown on a 99-year leasehold. Property agent’s fees and commissions Owners of rental properties are allowed to claim any fees and commissions charged by a rental property agent or manager for the management and inspection of the property, and for the collection of rent on their behalf. They are not, however, allowed to claim for expenses charged by an agent for the acquisition or sale of the rental property. "As stated earlier, all these expenses are viewed as immediate, and owners are allowed to claim them in the year they were incurred," Matthew concludes. RELATED ARTICLE: Impact Of ALP Tax Change Proposals By Aged Care, Estate Planning and Private Wealth Management Accountant Financial Expert Thomas Mousa of TLK Partners In Sydney TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Adviser are financial management, retirement planning and 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, the Market Influencers. Property Tax Deductible Accountants Sydney NSW Are Investor and Property Acquisition Investment Specialists 2019-05-17T22:00:10Z property-tax-deductible-accountants-sydney-nsw-are-investor-and-property-acquisition-investment-specialists Property Investor Advice: Interest, Land Tax and Other Deductibles In examining immediate deductions associated with rental properties, TLK Partner and property acquisition tax expert Matthew Mousa takes a closer look at certain areas like interest, council rates, land tax, legal expenses, tax-related expenses and mortgage discharge expenses. Interest on loans The interest charged on a loan raised to acquire an investment rental property is deductible. If, however, the owner changes his mind and decide to use the property for personal use, they can only deduct the interest charged on the loan until their intention for the property changed. “As long as the property is rented, or available for rent, you can also claim the interest on loans used to purchase depreciating assets, repairs and renovations,” Matthew clarifies. “The deduction applies from the time you take out the loan, even if you use the loan to finance major renovations on a property you intend to rent out to tenants when the renovations are complete.” As of 1 July 2019, Australian investors will lose the right to claim all expenses, including interest, associated with the holding of land intended for income producing assessable future income. "It's referred to as an 'integrity measure’ to be introduced to wipe out fraud, whereby investors had been claiming the deduction of interest on land that had not ultimately been used by that investor as an income-producing asset," Matthew explains. However, most banks in Australia offer loans that can be used to buy a rentable property and, at the same time, get a new car. In this scenario, he says, property owners may only deduct the proportion of the interest on the loan used to buy the property - the interest charged for the section of the loan used for buying the car may not be deducted. RELATED ARTICLE: CGT TAX Accountants Sydney NSW Are Investor and Property Acquisition Investment Specialists Land tax The critical thing about land tax deductions involves the time-period for which the owner is liable for it. “This is not dependent on when you submitted a return, or when the tax office issued an assessment. Instead, it involves a strict relationship between what tax year the liability occurred in, and what year’s rental income it can be deducted against. These two must match completely,” Matthew says. The timing of land tax liability differs from state to state. In many states, the liability is for the period during which the owner used the property to generate rental income. “A land tax assessment can be made, and an arrears land tax assessment issued, but this might not be done in the same year during which you were renting the property out to tenants,” Matthew explains. If an owner receives an arrears land tax assessment and pays the arrears, the land tax deduction must be against the rental income for the same year the arrears tax assessment in which it refers. So if the arrears assessment refers to rental income earned in 2017, an owner can only deduct it against that year’s income, even if the assessment was only issued, and paid, during 2019. If the investor sells the property, and there is a land tax adjustment, the owner will need to declare the amount they get back as an income for the year in which this pay-out is received. Legal expenses Matthew says, legal expenses are deductible for the costs incurred for evicting a non-paying tenant; the legal fees for court action for loss of rental income; and defending damages claims for injuries to a third party incurred on a rental property. Other legal expenses relating to the purchase or sale of the property and defence of a title deed, are deemed of a capital nature and so are not deductible. Mortgage discharge expenses Mortgage discharge expenses generally involve penalty interest payments for discharging, or paying off, the mortgage early. This penalty interest is deductible if a mortgage secured the money loaned to purchase the rental income property, and the owner’s ability to pay the mortgage off would be affected by the inclusion of penalty payment for doing so. Matthew says, "The mortgage discharge expense is also deductible if the penalty interest payment was made to free the taxpayer of having to continue to pay interest on the loan." RELATED ARTICLE: Sydney Aged Care Property Acquisition Tax Expert Explains Why Property Owners Claim On Borrowing Expenses Matthew Mousa of TLK Partners Sydney "Investors must maximise their investment portfolio, and the best way to do that is by leveraging legal taxation deductibles, that is our daily occupation," Matthew concludes. TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Adviser are financial management, retirement planning and 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, the Market Influencers. Property Acquisition Investor Aged Care Investment Financial Planners Sydney NSW 2019-05-17T06:56:08Z property-acquisition-investor-aged-care-investment-financial-planners-sydney-nsw How to Make your Investment Property Work For You Traditional property investment may hinge on the long-term returns it brings in terms of capital growth. But for many Australian investment property owners, the short term returns provided by rental properties are their reason for buying the property. They don't have the time or money to wait for the property value to grow and provide capital gains. But for a rental to be successful, and that rental income to flow, the property has to be operational and occupied as soon as possible, says Matthew Mousa, TLKPartners’ financial and property acquisitionadviser. Why Australians Invest in Property Investment properties account for more than a quarter (or 2.6 million) of Australian dwellings, and most are individual investments. The owners' reasons for investing in the first place are varied. But the most common one according to close on 80% of 1,000 survey respondents was, “I want to set myself up financially for the future”. Other popular responses claimed it was more beneficial than shares, tax benefits, retirement preparation, and negative gearing, in that order. A far smaller 33% cited capital gains as the reason for investment. Yet more than half their owners are claiming losses on their tax returns. RELATED ARTICLE: Millennials Investment Property Advisor Chartered Accountant TLK Partners Kingsgrove Sydney Open for Business Immediately Mousa says that tenants are the lifeblood of property investment, and determine its success or failure. However, many first time investors seemed to be unaware of the urgency to get the property running and occupied. Instead, they are spending too much time (and money) on unnecessary renovations and touch-ups or beautifying the premises in the belief that this is necessary to attract the right tenant. Instead, Mousa says the most crucial requirement is that the property is available, it's in good condition, and it is clean, safe and functional. Unnecessary extras and frills are unlikely to push up the rent, and may even be a deterrent should potential tenants not feel at home with the style. He says the vacancy rate in the area largely controls the rental rate and advertising spend, and the number of tenants looking for a home. And the type of tenant a property attracts is mostly governed by its location. Unless a low vacancy rate replaces choice with desperation, tenants will opt for rentals in areas which provide security, ease of access, and convenience. Students will look for a place close to the university, and office workers will want the shortest commute to work. Families, on the other hand, will probably opt for a house close to schools, shopping centres and hospitals. RELATED ARTICLE: Impact Of ALP Tax Change Proposals By Aged Care, Estate Planning and Private Wealth Management Accountant Financial Expert Thomas Mousa of TLK Partners In Sydney Keeping the Property Working Post-occupation maintenance of the property is vital, according to Mousa, both for the owner and the tenant. If maintenance is handled correctly and timeously, it can encourage good tenants to stay long-term and provide a stable rental stream, instead of packing their bags and leaving which could result in a break in the income flow until another tenant is found. And proper maintenance will not only keep the property in shape and the tenant happy, but it will prevent its market value from sliding down. For maintenance to be kept up to date, a capital budget is needed, preferably amounting to about 5% of the annual rental income. This is to cover the costs of small projects like replacing blinds, gutters, smoke alarms and so on, as well as bigger ones that arise less regularly, like a bathroom or kitchen, refurbishment, painting the property, or replacing an appliance like a stove or fridge. RELATED ARTICLE: Private Investors Property Income Has Tax Implications Says TLK Partners Expert Matthew Mousa Think Long Term Finding the right tenant, one who pays the rent regularly and on time, who keeps your property clean, and doesn’t cause a nuisance, may seem like a dream come true for a property investor. But keeping one is even more important, says Mousa. Making the tenancy work for the owner involves having the right background checks and systems in place when choosing a tenant, so as to protect the rental business and income. Making it work for the tenant calls for the owner to provide them with a comfortable home on a well-maintained property, be consistent and professional, charge a market-related rent with reasonable increases, and attach fair terms and conditions. "Property investors trust TLK Partners to steer them in the right direction and to assist them in maximising their return on investment," Mousa concludes. TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Advisersare financial management, retirement planning and 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, and 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. Millennials Investment Property Advisor Chartered Accountant TLK Partners Kingsgrove Sydney 2019-05-15T22:00:58Z millennials-investment-property-advisor-chartered-accountant-tlk-partners-kingsgrove-sydney Rent or buy? Australian Millennials Face Tough Property Choice Millennials born into an Australia regarded as a country of home-owners, picket fences, and 20 to 40 employment tenure, have found themselves in a quandary when deciding whether to follow in their parents’ footsteps into home ownership. But TLK Partners’ wealth planning adviser Matthew Mousa, says a growing number of millennials are starting to realise they can mix the best of the old and the new by taking an “investment now, home later” approach to buying a property and getting someone else to help pay their way by renting it. Struggling to Keep Up With the Pace Now in their early 20s to late 30s, the millennials born in the dying decades of the 20th Century have found their lives, like the world they live in, changing at a pace that has affected where they live and how long they will live there. Caught in a 21stCentury world of bills, insecure job markets, soaring property prices and the growing need for larger mortgages and bigger deposits, increasing numbers have abandoned the previous generation’s dreams of long-service watches and lives spent in one place. Instead, they chose to follow (and live close to) the money, no matter where it took them, and how often it did so. And they stuck to that decision even when it meant becoming permanent renters. Mousa said this led to a ‘deal with it tomorrow attitude’ to long-term wealth planning in general, and housing in particular. However, according to the NSW wealth planner, millennials are now warming to the idea that they can benefit from property investment by swapping their perma-renter status for that of a perma-vester. Millennials Making Property Work for Them Millennials compelled by their careers to stay in urban areas with soaring rents are looking into the option of buying cheaper and smaller properties than those their parents’ bought. They are choosing locations outside the city centres or in rural areas and renting them out for returns that will help pay their own rent in the city, fund their lifestyle or contribute to mortgage payments. Mousa said that although property prices dropped by an average of 2,4 per cent (or a staggering $133 billion) in Australia towards the end of 2018, particularly in the country’s largest cities like Melbourne and Sydney, most investors still see property as a good investment option. Prior to this dip, figures tracking the Australian housing market over the last quarter century showed that house values enjoying a 6.8% growth rate, rising by an average of 412% during the period to over $450,000 from just over $100,000 in 1993. And if it keeps going that way for the next quarter century, house values could reach an average price of $2.9 million. And if it doesn’t, the recent drop in prices might open the door to young investors like the millennials entering this investment arena in greater numbers, before prices start to rise again. "Investors of any age and at any stage of their lives require solid advice, and that is what we provide," Mousa concludes. Related Article: Property Tax Wealth Advice Accountants Kingsgrove Sydney by Expert Matthew Mousa TLK Partners TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Advisers are financial management, retirement planning and 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, and 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. Synology Host Solutions Exhibition alongside Computex, 2019 2019-05-08T22:30:00Z synology-host-solutions-exhibition-alongside-computex-2019 Data lies at the core of every industry transformation. Synology provides a wide array of solutions to ensure business continuity. Join us to explore the data life cycle and discover infinite possibilities of file access, storage, and backup. Synology will be hosting its own Solution Exhibition alongside Computex 2019 and you're invited! Join Synology at their new HQ in Taiwan! Date: 29th May 2019 - 31st May 2019 Time: 10am - 6pm Venue: Synology HQ - TPKA in Taipei Far Eastern Telecom Park (1F, No.1, Yuandong Rd., Banqiao Dist., New Taipei City 220) 8-minute walk from the Far Eastern Hospital MRT station (Exit 3) For more information: https://event.synology.com/en-global/solutionexhibition_2019 If of interest and for RSVP, please contact: Shazana Roseli at shazana.roseli@taurusmarketing.com.au, John Wanna at john.wanna@taurusmarketing.com.au or Stacey Toskas at stacey.toskas@taurusmarketing.com.au +61 029415 4528 New Media App Launches To Kill Off The Press Release 2019-04-30T04:15:39Z new-media-app-launches-to-kill-off-the-press-release A new technology platform has launches tomorrow made just for you. This tech platform called Story Match® will change the way that you receive your story pitches. No more emails, no more press releases and no more hassling PRs (I promise not to be one of those…) First, watch this! In 1.5 minutes it will explain it all to you… Story Match® is a two sided market place App and Desktop platform that allows brands to pitch story ideas to journalists, at the same time allowing journalists to select only what topics of stories they want to receive. Journalists, like you, set up their profile using 6 simple steps. You can select from up to 50 industry tags (food, finance, lifestyle, tech, etc etc) and can localise by State and Territories. If there’s a match on industry tags then you see the pitch. Using swiping technology you can scroll through stories, swipe left if you don’t like the story or right if you do. If you swipe right, it will open an immediate and private chat between you and the person who posted the pitch. The best bit…. The pitches have limitations – so brands can only upload selected images, a headline and up to 500 characters to bring their pitch to life. They then select which industry tag their story is relevant to, and localise it. So now you don’t need to read any more press releases or receive any more pitches that you’re not interested in. Story Match® was developed to improve efficiencies in the media industry, and allow all brands, no matter how big or small the opportunity to get their brand noticed. The tech platform has been developed by Founder and Director of Polkadot Communications Dionne Taylor – who has worked both as a journalist and a PR for the last 15 years. Dionne is available for an interview to chat about this new and exciting platform, built just for YOU! If interested in speaking with Dionne, please get in touch. Australian FinTech partners with Fintech insurance provider Tower Insurance 2019-04-30T00:39:53Z australian-fintech-partners-with-fintech-insurance-provider-tower-insurance Noticing a growing need for fintech companies in Australia to seek out quality insurance, Australian FinTech announces it has partnered with Tower Insurance. Tower have over 20 years’ experience and specialise in FinTech Insurance as well as Business, Personal and other specialist insurance such as Cyber Insurance and IT Liability. “Most fintech companies probably aren’t aware that they require Professional Indemnity Insurance for their credit licence, and in conjunction with this there are various tailored packages in the market designed specifically for fintechs that also include insurance for Directors & Officers Liability, Theft, Cyber Liability and General Liability under the one package. That’s where we can help,” offered Tim Sheldon, Director of Tower Insurance. “And this is the case for all fintechs, from start-ups all the way up to ASX-listed multinationals,” Sheldon added. Tower are focused on providing companies with insurance products and services specific to your needs. They work for you – not the insurance companies! Tower do not push or promote any particular company, product, or service. They have the freedom to provide their customers with the best insurance products and rates from the most trusted insurance carriers in the marketplace. “Here at Australian FinTech we’ve had an increase in fintechs coming to us looking for insurance solutions,” said Cameron Dart, CEO and Co-Founder of Australian FinTech. “So we searched for an insurance company that specialised in fintech insurance – and accompanying insurances like Cyber Insurance and IT Liability – and found Tower to be the best value and most eager to work with fintech companies no matter how big or small,” Dart added. As part of this new partnership agreement, Tower Insurance and Australian FinTech are offering 10% off any policy taken out before 30 June 2019. More than 57,000 Australians travelling with Cover-More’s Cancel-For-Any-Reason insurance cover since launch 2019-04-14T23:13:18Z more-than-57-000-australians-travelling-with-cover-more-s-cancel-for-any-reason-insurance-cover-since-launch Sydney, Australia, 15 April 2019: Leading travel insurance provider Cover-More has today announced that more than 57,000 Australians have travelled with the protection of Cancel-For-Any-Reason (CFAR) insurance cover since Cover-More introduced it more than 12 months ago. In a significant first for Australian travellers, Cover-More launched policies that offer Cancel-For-Any-Reason (CFAR) as an add-on because of feedback showing that travellers were seeking flexible insurance cover that reflected how they like to travel. Commenting on the success of CFAR, Cover-More Executive General Manager, Sales & Distribution Mike Stein said: “We’re thrilled that so many Australian travellers are seeing the benefit of adding CFAR to their policy, so they can book their travel with the flexibility and protection they’re looking for in their insurance cover. Our customers have claimed on their CFAR cover due to relationship breakdown, their visa being denied, not having the correct passport, changing jobs, or having their leave revoked by their employer, among many other reasons that wouldn’t be covered by a typical policy. “A number of our customers who have claimed on their CFAR haven’t told us the reason, which reflects the flexibility and comprehensive protection CFAR gives travellers. We want our customers to know that it doesn’t matter why they need to cancel their holiday, CFAR is there to protect them if they need to change their travel plans.” CFAR is available to Australian travellers when they book their travel with one of Cover-More’s partnered retail networks, including Flight Centre, helloworld, Express Travel Group and independent travel agents. “We are getting feedback from our agency partners that travellers see the value in adding CFAR and many of our other optional add-ons, depending on their travel plans, when they book their travel with a travel agent. Being able to access CFAR only through a travel agent reflects the important role they play in helping more Australians to travel,” Mike Stein commented. In 2018, 34% of the claims Cover-More paid were due to amendment or cancellation, 25% were for overseas medical or dental, 20% were for lost or stolen luggage, 14% were for travel delay, 3% for rental car damage and 2% were for delayed luggage.  In 2017, Cover-More was also an industry leader on mental illness cover when they removed general exclusions for mental illness, including existing conditions, from travel insurance policies in Australia and New Zealand. ENDS  For further information, please contact: Angela Cross, Pilot PR +61 412 929 397 or angela@pilotpr.com.au About Cover-More GroupCover-More Group is a global specialist and integrated travel insurance, medical assistance and employee assistance provider. Cover-More is the leading travel insurance provider in Australia and has longstanding partnerships with major travel agency networks including Flight Centre Travel Group, Helloworld Travel, Travellers Choice and Phil Hoffmann Travel. Cover-More has operations in 22 countries across five continents with leading market positions also in Ireland, India, in the USA where the group owns Travelex Insurance Services, and in Latin America with Universal Assistance. Cover-More Group was acquired by Zurich Insurance Group in 2017.   Retirement Planning Financial Management Wealth Tax Advisors Sydney TLK Partners 2019-04-07T22:00:59Z retirement-planning-financial-management-wealth-tax-advisors-sydney-tlk-partners Retirement Planning: Nearly 1 in 2 Australians Wing It Unplanned retirement is like taking a gamble when all the odds against winning are stacked really high. Yet close on one out of every two Australian pre-retirees are doing just that. And one in three of those who’ve already retired, are wishing they had planned more carefully, according to TLK aged estate planning specialist Thomas Mousa. Citing the HSBC Future of Retirement survey, and the research findings released in the Retirement Savings Gap report, Mousa says Australia’s workforce have found themselves caught between a misguided belief that Superannuation alone would provide them with a comfortable retirement and the impact of monthly must-pays on their hard-earned cash. Pre-retirees Flying With a Broken Wing “Working Australians are faced with large debts, and with unpredictable pay rises which are slow to arrive and low when they do. This is forcing workers to adopt a ‘pay today’s bills and worry about the future tomorrow’ attitude. And left them winging it when it comes to long-term retirement planning,” Mousa said. “And they’re dealing with a Superannuation programme they see as their retirement saviour. But although the super is one of the best in the world, on its own it won’t cover more than 10 years of comfortable retirement even with a reasonable balance. Australians have to themselves contribute substantial amounts to their super account, or find another way of bolstering the coffers.” RELATED ARTICLE: Superannuation Tax Estate Planning Private Wealth Financial Planning Sydney TLK Partners Statistics show the average Australian household deals with debt of around $250,000. And that is not because they are wasting money on trivialities. Most involve good debt, like mortgages on homes, or investment in rental properties. Both bring long-term returns, either in rental income or by saving on the costs of rent. Bad debt accounts for the remaining 8% (or around $20,000) of the average Australian household debt. It gives nothing back and continues to take until the debt is fully paid. Meanwhile, the interest on the purchases and loans quietly reduces income. RELATED ARTICLE: Private Investors Property Income Has Tax Implications Says TLK Partners Expert The Importance of Planning Mousa says the importance of retirement planning should be put right up there with the monthly bills and debit orders on the priority list. And the earlier this is done, the better. Ageing is the only inevitability in a future riddled with uncertainties and unknowns, including how long retirement (and the money to fund it) will last in an ever-fluctuating economy with roller-coasting inflation rates and investment returns. And the increasing difficulty retirees may face when trying to boost the super and/or age pension once they have retired, either because of the shortage of job opportunities for seniors or as a result of failing health. Setting the Plan in Motion Those retirement plans that are the most likely to work, originate with a clear idea of the pre-retirees’ current financial health, and what kind of retirement they want. With these in mind, the planning involves using those numbers that can be calculated and determining how to balance them with the largest possible number of years post-retirement. If the forecast is for too few years, or the financial needs are underestimated, the whole pack of cards could come tumbling down. Achieving the optimal outcome can be manipulated by extending the retirement age, using the superannuation balance to buy a lifelong pension, or adding to it with other income streams, or new investments. But the primary aim when planning, should be to consolidate both debt and investments so as to get rid of the first and gain the most from the second. Cutting back on expenses and setting a savings target (and keeping to it) follow closely on their heels. RELATED ARTICLE: Impact Of ALP Tax Change Proposals By Aged Care, Estate Planning and Private Wealth Management Accountant Financial Expert Thomas Mousa of TLK Partners In Sydney Turn to the experts, like TLK Partners in Kingsgrove, NSW, for advice on investment options and savings plans. They can assist in extending superannuation while ensuring you are not snared in the nets of scams or get-rich schemes which have the same chance of success as the gamble on heading for retirement without a plan. TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Adviserare financial management, retirement planning and 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, the Market Influencers. Depreciating Assets Investment Property Tax Aged Care Financial Planning Advisor 2019-04-02T23:00:25Z depreciating-assets-investment-property-tax-aged-care-financial-planning-advisor Investors Must Understand Depreciating Assets And Associated Tax Claims Depreciating assets and tax deductions can provide property owners with a few sleepless nights when it comes to time for tax returns. Matthew Mousa, property acquisition tax expert at TLK Partners, offers information based on the latest tax regulations covering rental property, as published in the Australian Tax Office's Rental Property Owner Guide. Which assets qualify as depreciating assets? Identifying what is, and what isn’t, a depreciating asset depends largely on its expected lifespan. If it isn’t expected to last indefinitely, it is taken as being a depreciating asset, or one that will gradually lose value over a certain period. This gives rise to the term “depreciating asset”, and the expense involved in acquiring it is split for tax deduction purposes over the number of years this type of asset is likely to last. Depreciating assets are often referred to as “plant”. Plant is considered to have a separate identity and function to the “setting” or building. In addition to not being expected to last for an indefinite period, plant is generally movable. “A good example would be an air-conditioning unit or a stove,” Matthew explains, “which are considered to be plant because they are both moveable, and have a relatively short lifespan. A carport which is attached to the building, or a fixed gazebo, on the other hand, are not movable, and are expected to last for a long period of time, so they are not treated as a depreciating asset.” Expenditure on these fixed and long-lasting items, are considered to be for capital works and cannot be claimed as deductions in the same way as depreciating assets. Calculating effective life The effective life is the length of time the asset is expected to function correctly, so it can be used to help earn a rental income. There are 3 guidelines in this regard. How much wear and tear will the asset be expected to take, considering its projected use. The asset must be maintained adequately to function effectively over its estimated lifespan. How long can the asset be expected to function before it is scrapped, and sold for no more than its scrap value? Homeowners can attempt to work out the effective life themselves or can use the guidelines set down by the Commissioner of Taxation. The Commissioner’s guidelines assume that the asset was bought new, and takes into consideration the respective manufacturing industry’s accepted circumstances of use. RELATED ARTICLE: How Part-Year Rentals Affect Property Investors Tax Claims Says TLK Partners Expert Matthew Mousa How do homeowners work out the yearly depreciation? There are two methods for calculating the yearly depreciation, but first, the cost of the asset has to be determined. This has two elements: the purchase price or base value of the asset and the cost of capital improvement to the asset, in order to keep it working properly in its present condition. The diminishing value method In this method the value of the asset used for tax purposes is assumed to drop as a constant proportion of the diminishing value of the asset. This means the value claimed drops in progressively smaller and smaller amounts over the life of the asset. “The purchase price is used as a base value for the first income year. For the second income year, the base value is the adjustable opening value, or value at the end of the first year, plus any costs involved in maintaining it so it can function effectively,” Matthew clarifies. “Similar calculations are done each year until the end of the asset’s effective life.” The prime cost method In this method, the asset is assumed to depreciate in equal yearly proportions over the life of the asset, and the yearly deductions remain constant. The formula only needs to be adjusted if there is a change in the cost, effective life, or adjustable value of the asset. An exception to the rules “If you bought something that costs $300 or less, you can claim the entire cost in the income year in which you bought it, and there will be no need for complicated calculations of depreciation. Well, at least not on that particular asset,” Matthew offers by way of reassurance. RELATED ARTICLE: Aged Care Expert Advice Accountant Kingsgrove Sydney Depreciating Assets Matthew Mousa TLK Partners "Understanding changes to the taxation system is a must for every savvy investor, depreciating assets is just one component," 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, the Market Influencers. CGT Chartered Property Tax Investor Accountant TLK Partners Kingsgrove Sydney 2019-04-02T00:00:15Z cgt-chartered-property-tax-investor-accountant-tlk-partners-kingsgrove-sydney What Tax Records Property Investors Must Keep For CGT The old adage “no job is finished until the paperwork is done” is never truer than when tax returns are concerned. Prospective investors in rental property are often unaware of how arduous and time-consuming it is to keep paperwork in order; however losing track of relevant documents can land them in trouble when tax time comes. Mr Matthew Mousa, property tax expert at TLK Partners, discusses the importance of keeping documents to support Capital Gains Tax and other claims. What kind of records do you need to keep? Rental Expenses: All records must be in English, or a language easily translatable into English. Every invoice from suppliers, be it for goods or services, must display a description of the goods or services supplied, who supplied it, the amount of the expense, and the dates on which the supply was made, the document issued, and the payment made. If it doesn’t show the date of the payment, which often happens in this digital age, a bank statement, or similar documentation, can be used to show the date of the payment. Rental Income: To back-up any statement of rental income made from an investment property, owners need to keep all the leases that were signed with tenants, and the records of every bit of rent paid. Other documents: These include loan agreements, land tax assessments, and bank statements. And if an owner makes use of a property manager, all the records emanating from those managers should be kept. How long do I have to keep the records? Although records needn’t be included with a tax return, paperwork needs to be kept for 5 years, in case there is a dispute arising out of any of the tax returns. “If a dispute with the tax man does occur, you need to hold onto all documentation until the spat has been resolved, even if the five year period has expired before it is sorted out,” Matthew says. Record keeping for capital gains tax It doesn’t end there either. “A large number of the records you keep for your yearly tax return should also be kept for the dreaded ‘Capital Gains event’ that happens when you sell your property,” he explains. “You also have to keep the records for 5 years after the ‘event.’” There are, however, additional records that have to be kept in case the property is sold, that might not be among those kept for yearly tax purposes. These include the date on which the property was acquired, and the date it was disposed of. “You will also need to keep records of anything you received in exchange for the property, and details of who was involved in the exchange. It is very important to keep all information regarding any amounts that would form part of the cost base of the asset, and it is vital to have documented evidence of all tax deductions you’ve made for any expenditure related to the property,” Matthew emphasises. RELATED ARTICLE: Investment Property Acquisition CGT Tax Expert Matthew Mousa of TLK Partners Kingsgrove Sydney The importance of keeping records “Record keeping is time consuming. Frankly it’s a real hassle. However, it is very important when you are dealing with you know who. If there is ever a dispute with the tax authorities, you must have documentary proof to back up your claim,” Matthew concludes. RELATED ARTICLE: Private Investors Property Income Has Tax Implications Says TLK Partners Expert Matthew Mousa 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, the Market Influencers.