ANZ Bank has issued a warning about a fake SMS messags

ANZ Bank has issued a warning about a fake SMS messags

hoaxsms

ANZ Bank has issued a warning about a fake SMS message like the one above that urges customers to click on a link to stop the bank suspending their accounts.
The bank advised on social media that anyone who received the text should delete it immediately, and asked people who viewed its warning to share it with their family and friends.

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Managing Farm Risk Programme

Managing Farm Risk Programme

 

Deputy Prime Minister and Minister for Agriculture and Water Resources Barnaby Joyce recently announced the introduction of the Managing Farm Risk Programme (MFRP).

The $20 million MFRP will provide rebates up to $2,500 in dollar-for-dollar matched funding against the costs incurred by an eligible farm business in securing, or attempting to secure agricultural insurance. So what does this mean for you? Eligible farm businesses can now apply for a $2,500 rebate of the costs of engaging suitably qualified service providers to carry out one or more of these activities:

  • Undertaking an assessment required by an insurance provider
  • Compiling historical farm financial performance and production data
  • Analysing insurance options based on a long-term, whole-of-farm risk assessment.Note: (i) This is not a rebate for insurance premiums.
    (ii) The cut-off date for Level One cover for the coming season is now 25th April 2016.
Why the changes to negative gearing are bad!

Why the changes to negative gearing are bad!

  1. Will the budged be improved?
    If we are to believe Labor’s forecast of $32Bn in savings over 10 years, Treasury must have predicted some significant increase in interest rates from years 6-10 right?
    But let’s face it….Treasury can get it wrong – remember its forecast for iron ore prices? It was totally optimistic.
  2. Improve housing affordability
    Increasing the demand for new homes (because they can be negatively geared) will increase their price.
  3. State Governments lose
    Whilst the Government may, in the long term, claw back some revenue if this policy is implemented, if property transactions decline, the States are going to be significantly impacted by way of stamp duty collection.
  4. What about shares..
    Labor has also proposes to cut negative gearing on new share investments. This leads to a whole bunch of questions such as:
    a) Are we talking listed only or unlisted?
    b) How are super funds treated? Family trusts?
    And back to property…
    c) What if I buy a commercial or industrial building?
  5. Do politicians understand negative gearing?
    NEGATIVE GEARING as it implies, means losing money. If your costs of maintaining a property exceed the rent paid then you can claim this as a tax deduction (e.g. A $10,000 loss may save you between $2,000 and $4,000 in tax depending on your marginal tax rate…

However.. YOU ARE STILL LOSING MONEY!!

Negative Gearing

Negative Gearing

What the Labor party proposes to do:

  • Eliminate negative gearing to all residential investment properties other than new housing from the 1st of July 2017.
  • Stop investors from claiming losses on second hand properties against their wage income after that date.
  • All investment properties purchased prior to this date will be “grandfathered” (meaning any current tax arrangement with your investment property will remain).
  • Reduce the Capital Gains discount on all investment properties from 50% to 25%.

Keep your eyes peeled for next week’s article where we will discuss the impact of the above!