<p>Boutique development and construction firm <a href="https://www.apartments.com.au/developers/hsn-property-group">HSN Property Group</a> is the latest to seek a new apartment development through the NSW Government's&nbsp;Housing Delivery Authority.</p>

<p>They've filed a State Significant Development Application for a nine-storey building across nine consolidated lots on <a href="https://www.apartments.com.au/new-apartments/2-16-spencer-street-rose-bay-nsw-2029">Rose Bay's Spencer Street</a>, just 400m from the centre of the affluent suburb.</p>

<p>“The site’s location and context make it well suited to support a more diverse and sustainable residential offering in the area,” the developer stated in community consultation materials.</p>

<p>&nbsp;</p>

<p>The plans are for 54 apartments, 14 of which will be dedicated to affordable housing. There will be a mix of two- and three-bedroom apartments.</p>

<p>The proposal aims to contribute to housing diversity in the Woollahra Local Government Area while taking advantage of recent Low and Mid-Rise Housing Reforms introduced under the NSW Housing SEPP, according to the Scoping Report prepared by Urbis.</p>

<p>The architecture, led by <a href="https://www.apartments.com.au/architects/mhn-design-union">MHNDU</a>, reflects a "contemporary design approach sensitive to the character of Rose Bay." Communal amenities will include a wellness area with a pool and sauna, a gym, a wine lounge, and landscaped spaces with barbecue facilities.&nbsp;</p>

<p>“The proposed development will offer a suite of premium communal amenities designed to enhance resident wellbeing, foster social connection, and promote a healthy lifestyle,” the project team notes in its public materials.</p>

<p>Three levels of basement parking are planned, and EV charging facilities will be included, aligning with sustainability and transport objectives. A comprehensive traffic study is underway to assess and manage local impacts.</p>

<p>With 54 apartments, the proposal by HSN will be one of the largest developments in Rose Bay for decades. It tops the 50 apartments soon to launch by Orosi on <a href="https://www.apartments.com.au/new-apartments/the-avenue-rose-bay-1-the-avenue-nsw-2029">The Avenue</a>, near the Royal Sydney Golf Club.&nbsp;</p>


Joel Robinson

First look: HSN plans Spencer St, Rose Bay apartment project

<p>Lendlease’s Barangaroo South precinct is officially complete, marking the culmination of a 15-year urban regeneration project that has revitalised Sydney’s harbourfront.&nbsp;</p>

<p>In 2009, the NSW Government’s Barangaroo Delivery Authority appointed <a href="https://www.apartments.com.au/developers/lendlease-development">Lendlease</a> as developer to transform what was once an inaccessible container port on the western edge &nbsp;of Sydney’s CBD into one of the city’s most thriving mixed-use destinations. Today, Barangaroo South is home to more than 1,800 residents, 23,000 workers, 95 retailers and welcomes 33,000 visitors each day. The precinct stands as an international benchmark for large-scale urban regeneration.&nbsp;</p>

<p>International Towers Sydney, the three flagship commercial buildings at the centre of &nbsp;Barangaroo South, together with engineered timber buildings Daramu House and &nbsp;International House, attracted major corporate tenants from the outset, including Westpac, &nbsp;PwC and KPMG, who are still there today. These workplaces remain some of the most &nbsp;sought after in Sydney’s CBD with over 95 per cent occupancy– a testament to the appeal of world-class, modern infrastructure alongside the precinct’s dining and entertainment that &nbsp;are a drawcard for businesses.&nbsp;</p>

<p>One Sydney Harbour, the three luxury residential towers designed by world-renowned architect Renzo Piano, has achieved more than $4 billion in sales since its launch in 2019, while setting new Australia property price records. This includes the three-level penthouse that crowns Residences One which sold for more than $141 million in 2019 – the most expensive individual residential property ever sold in Australia. &nbsp;</p>

<p>[smartcode_project:default project_id=139801 project_image_fid=349150]</p>

<p>Barangaroo South is also Australia’s first mixed-use carbon-neutral development, an accolade achieved through energy-efficient and innovative infrastructure, including a district cooling plant with a harbour water heat rejection system, a recycled water &nbsp;treatment plant, onsite solar and an embedded electricity network.</p>

<p>The precinct has maintained its Climate Active Carbon Neutral certification since 2019, affirming its &nbsp;reputation as the gold standard in large scale, sustainable urban renewal. Additionally, its &nbsp;world leadership status has been validated by the Green Building Council of Australia’s &nbsp;6 Star Green Star Communities recertification (Pilot v.2).</p>

<p>[smartcode_project:default project_id=139801 project_image_fid=349157]</p>

<p>First Nations cultural values were embedded throughout the planning and delivery of the project. The precinct honours Barangaroo, a prominent First Nations woman, through its &nbsp;name. Public art, street names, and design elements across the precinct reflect and &nbsp;celebrate First Nations cultures and connections to Country.&nbsp;</p>

<p>The project's completion positions Barangaroo South as a legacy urban transformation delivered through long-term partnerships and world-leading urban regeneration and placemaking capabilities. &nbsp;</p>

<p>[smartcode_project:default project_id=139801 project_image_fid=349154]</p>

<p>Tony Lombardo, Group CEO Lendlease, said&nbsp;Barangaroo South represents one of the most significant urban regeneration projects in Australia.</p>

<p>"[It] demonstrates what can be achieved through an ambitious vision, innovative placemaking, long-term commitment and strong partnerships. The precinct has changed the face of Sydney's waterfront, established new benchmarks &nbsp;for sustainable development, and provided a model for urban regeneration that continues &nbsp;to inform our approach to creating places that deliver long-lasting value.”&nbsp;</p>

<p>Tom Mackellar, CEO Development Lendlease, said&nbsp;Barangaroo South has reconnected the city to its harbour in a way that seemed unimaginable 15 years ago and turned it into a thriving precinct where people can live, work and gather on the harbour’s edge.&nbsp;</p>

<p>“This precinct is the result of countless contributions, led by the NSW Government who set the ambition, supported by investment partners who believed in Lendlease’s vision, imagined by architects and designers, shaped by consultants and artists, and brought to &nbsp;life by our dedicated construction teams. &nbsp;</p>

<p>“What we’ve created here is more than buildings – it’s the best of placemaking, sustainability, arts and culture and quality design. Barangaroo South has become an integral part of Sydney that will serve our city and economy for generations.”</p>


Staff Writer

Barangaroo South’s 15-year transformation of  Sydney’s waterfront officially complete

<p>CBE Asia Pacific has lodged plans for a prominent corner site in Fitzroy North, with a proposal that integrates state-significant affordable housing alongside heritage adaptation and new retail.</p>

<p>The application covers a consolidated 2,024 sqm parcel at 201–215 Queens Parade and 6–12 Dummett Crescent. The site includes the heritage-listed Former Clifton Motor Hill Garage, fronting Queens Parade, and vacant land to the rear abutting Dummett Crescent.</p>

<p>According to planning documents prepared by proUrban, the proposal seeks approval for a 12-storey residential building comprising 98 apartments, including a component of affordable housing, over a ground floor retail podium integrated within the heritage structure. Approximately 780 sqm of retail space will occupy the ground floor, while residents will have access to over 850 sqm of communal amenity.</p>

<p>The built form presents as two connected volumes: a 12-storey tower addressing Dummett Crescent and a five-storey volume fronting Queens Parade, the latter consistent with a separate Heritage Victoria permit granted in 2023. The tower reaches a maximum height of 38.26 metres, with upper-level setbacks of 14 metres from the western boundary to reduce visual bulk. A 1.5-metre footpath widening is proposed to Dummett Crescent Lane.</p>

<p>Parking is provided across four basement levels, accessed via Dummett Crescent, with a total of 142 car spaces and 143 bicycle spaces.</p>

<p>The architectural response by <a href="https://www.apartments.com.au/architects/cht-architects">CHT Architects</a> is framed by a need to reconcile new density with a sensitive heritage overlay. The Former Clifton Motor Hill Garage, identified as a place of State heritage significance, will retain its key façades, with demolition and reconstruction limited to approved elements.</p>

<p>As noted in the Heritage Impact Assessment, the proposal remains consistent with the Heritage Victoria permit, which allows "partial demolition, reconstruction and new works, involving the construction of a five-storey multi-use development and three basement levels".</p>

<p>Affordable housing has been embedded into the proposal under Clause 53.23, with specific apartment allocations aimed at enhancing housing diversity within the Queens Parade Activity Centre.</p>

<p>"The proposal is generally consistent with the relevant policy objectives and the intent of the Yarra Planning Scheme," proUrban states in its planning assessment, citing its alignment with strategic documents including Plan Melbourne and Victoria’s Housing Statement.</p>

<p>CHT Architects' plans emphasise a tiered design that acknowledges the site's varied interfaces—from the elevated Heidelberg Road ramp reserve to the recently built Clifton Views aged care facility to the north-east.</p>

<p>CBE Asia Pacific has not been previously active in this precinct, but the project joins a wave of higher-density residential proposals along the Queens Parade corridor, spurred by Melbourne’s broader push to increase affordable housing in well-connected inner-urban areas.</p>

<p>The site benefits from direct access to the Queens Parade tram corridor and proximity to Clifton Hill Station (approximately 200 metres), as well as green open spaces including Mayors Park and Raines Reserve. Clifton Hill Primary School and the Queens Parade retail village lie within walking distance.</p>


First look: CBE Asia Pacific plans 100-apartment Jenkin House on Queens Parade, Fitzroy North

<p>ALT Pasta, one of Melbourne’s most beloved inner-city pasta bars, has been confirmed as one of the first tenancies for the highly anticipated <a href="https://www.apartments.com.au/new-apartments/comme-prahran-182-194-commercial-road-prahran-vic-3181">Comme Prahran</a> development, marking an exciting next chapter for the cult favourite as it prepares to expand into the heart of <a href="https://www.apartments.com.au/developments/prahran-vic-3181">Prahran</a>.</p>

<p>Fresh off being named National Best Italian Restaurant at the 2025 Restaurant &amp; Catering Hostplus Awards for Excellence, ALT continues to solidify its reputation as a quietly confident leader in Melbourne’s dining scene. Lauded for its reinterpretation of Italian pasta through a Korean and Japanese lens, the restaurant has grown into a staple since opening three years ago, and its new Prahran outpost will only deepen its local impact.</p>

<p>“From the very beginning, ALT has been about respect - for tradition, for ingredients, and for the process,” shares Mino Han, ALT’s founder, a Korean-Australian chef whose vision is shaped by cultural duality and craftsmanship.&nbsp;</p>

<p>“We’re not trying to reinvent the wheel, just make something beautifully familiar, feel quietly special,” added Han.</p>

<p>[smartcode_project:default project_id=108413 project_image_fid=353585]</p>

<p>Positioned at the entrance to Comme Prahran and directly opposite the iconic Prahran Market, the new venue will celebrate the interplay between casual comfort and elevated detail. Designed in collaboration with Rooftop Architecture, the same team behind ALT’s flagship city location, the space will mirror the neighbourhood’s laid-back energy while staying true to the brand’s understated refinement.</p>

<p>Diners can expect a frequently changing menu that takes advantage of the market’s daily produce, along with set menu offerings exclusive to this location. A distinctive chef’s table and open kitchen format are also in the works, allowing guests to experience ALT’s signature intimacy and transparency in a new light.</p>

<p>ALT Prahran won’t replace the original venue; rather, it complements it.</p>

<p>“Our city site is like our heritage bottle; it’ll age gracefully. Prahran is where we’ll play, explore new ingredients, and bring something special to the community,” Mino notes.</p>

<p>[smartcode_project:default project_id=108413 project_image_fid=353584]</p>

<p>For Comme Prahran, a boutique development by Leeka that blends heritage with multi-dimensional wellness, ALT Pasta’s arrival signals a meaningful addition to its vision of cultural connection, food-first living, and local engagement.</p>

<p>“Being part of Comme is more than just opening a second venue. It’s about contributing to a neighbourhood with character, history, and a strong sense of community. That’s something we deeply relate to,” says Mino.</p>

<p>Sustainability and cultural identity are deeply embedded in the ethos of ALT. From ingredient sourcing to interior design, the new location will reflect both environmental mindfulness and a spirit of inclusion, embodying the values of Melbourne’s diverse, forward-thinking culinary scene.</p>

<p>Comme Prahran is scheduled for completion in late 2027, with ALT Pasta expected to be among the first tenancies to open its doors shortly after.</p>

<p>[smartcode_project_cta:default project_id=108413]</p>


National best Italian restaurant ALT Pasta to open at Comme Prahran, bringing refined familiarity to Melbourne’s culinary heart

National BEST Italian restaurant ALT Pasta to open at Comme Prahran

<p><span id="cke_bm_2771S" style="display: none;">&nbsp;</span>Boutique development and construction firm Ryser has filed plans for its debut apartment building.</p>

<p>Ryser, founded by Jonthan Ryan and Wil Prosser, has sought to develop <a href="https://www.apartments.com.au/new-apartments/sorelle-4a-fern-place-woollahra-nsw-2025">Sorelle</a>, 28 new apartments at 4a Fern Place, Woollahra.</p>

<p>The&nbsp;750 sqm site on the edge of Bondi Junction falls within the Grafton Precinct Heritage Conservation Area, though it is currently vacant and not identified as a contributory item.&nbsp;</p>

<p><a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> has been commissioned to design Sorelle, creating an eight and a nine-storey building with six apartments dedicated to affordable housing to support essential workers&nbsp;under the NSW Government’s low and mid-rise housing policy.</p>

<p>The dwelling mix includes 12 one-bedroom units, six one-bedroom affordable units, six two-bedroom units, and four three-bedroom residences.<img alt="4A Fern Place, Woollahra." data-entity-type="file" data-entity-uuid="86626941-772d-49c5-8d31-a8e42f44cdcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Fern%20bldg%20st.png?VersionId=tWIzXYX9gD60nP1L3..Z0BFbY5mafb36" /></p>

<p>According to the planning documents submitted to the Woollahra Council, the development responds to the complex interface of heritage fabric and urban infrastructure with two mid-rise residential buildings oriented to the north and designed to capitalise on sweeping views over Sydney Harbour and Bellevue Hill.&nbsp;</p>

<p>“The proposal aims to hero some of the brick detailing of Woollahra, celebrating the existing datums of Fern Place, whilst embracing the strong verticals of the Holy Cross Church and Bondi Junction with a nod to the historic iron works and iron rich soils of the area,” Woods Bagot noted in their Design Report.</p>

<p>&nbsp;</p>

<p>Only three car parking spaces are proposed, alongside 33 bicycle bays, in a move that leverages the site's proximity to Bondi Junction train station, just 400 metres away.</p>

<p>Architecturally, the material palette incorporates Corten steel and face brickwork to reference the site’s industrial past and local geological character. Landscaping features include a communal garden bridging the two buildings at ground level, landscaped setbacks to protect visual privacy, and a small corner park intended to soften the public interface.</p>

<p><img alt="4A Fern Place, Woollahra." data-entity-type="file" data-entity-uuid="f71766d6-aa14-44df-9bc5-42f91890fd4a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Fern%20bldg%20rear.png?VersionId=uh7u1rJ6NJF5OqyRs9iNJcy6R9ssgaXU" /></p>

<p>Ryser said Sorelle "brings together the best of both worlds, the intimacy of village life with the amenity and luxury of modern design."</p>

<p>The developer said the project marks the first of three developments they will be announcing shortly, a key step in their&nbsp;evolution as a builder-developer delivering meaningful, high quality urban outcomes across Sydney.</p>

<p>The expectation is the Woollahra LGA will become popular for developers with the signal from the NSW Government they will deliver&nbsp;<a href="https://www.apartments.com.au/developments/sydney-nsw" target="">Sydney</a>’s first new heavy rail station in more than a decade – enabling up to 10,000 new homes by rezoning land around&nbsp;<a href="https://www.apartments.com.au/developments/woollahra-nsw-2025" target="">Woollahra</a>&nbsp;and&nbsp;<a href="https://www.apartments.com.au/developments/edgecliff-nsw-2027" target="">Edgecliff</a>&nbsp;stations.</p>

<p><em>Read more:&nbsp;</em><a href="https://www.apartments.com.au/news/nsw/next-stop-woollahra-train-station-delivering-up-to-10-000-new-homes-in-the-heart-of-sydney"><em>Next stop Woollahra train station - delivering up to 10,000 new homes in the heart of Sydney<span id="cke_bm_2771E" style="display: none;">&nbsp;</span></em></a></p>


First look: Ryser plans two apartment buildings on Woollahra, Bondi Junction border

Taxation

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<p class="p1">Bill Shorten and Labor are promising to perform a mathematical miracle in the real estate industry: they have a policy under which prices will keep rising but affordability will improve.</p>
<p class="p1">Labor justified its real estate taxation policy with the claimed desire to improve housing affordability. Shorten in his policy announcement essentially blamed all price rises over the past 30 years on negatively-geared investors and inferred that nobbling them would revolutionise affordability.</p>
<p class="p1">This has scared the living daylights out Australians who live in the 70 percent of households which own their homes. Labor was promising to reduce the value of their major asset.</p>
<p class="p1">Since Labor realised the fundamental flaw in its policy pitch, it has been at pains to claim that property values won’t fall under its changes. The ALP-aligned think tank, The McKell Institute, is now saying that house prices will keep rising under the Labor policy.</p>
<p class="p1">So Labor proposes to perform a statistical miracle. Prices will keep rising but affordability will improve. One wonders about the means they will use to achieve this. Other than lower prices, the only mechanisms for improving affordability are a big cut in interest rates (already at record lows and not controlled by the politicians) and/or a big rise in incomes (not part of the plan, as far as I know).</p>
<p class="p1">This confirms – yet again – that politicians collectively lack even a primary school understanding of how property markets work and how their blinkered policies impact on real estate consumers. They seem unable to think policies through to logical conclusions. They keep introducing laws which they claim will improve affordability but which make it worse – every time.</p>
<p class="p3">This is playing out at a state level, with the Governments in charge of the two biggest states slugging foreign investors with new taxes. They maintain that this will somehow make housing cheaper but sadly - yet again - it will have the opposite impact.</p>
<p class="p3">There are widely diverging views on affordability – how serious it is, what causes the problem, who’s to blame for prices rising and how to fix things. But one area where most parties tend to agree is that increasing the supply of dwellings would have a beneficial impact.</p>
<p class="p3">In fact, the best chance of bringing down prices at a local level is creation of an oversupply. As we have seen in selected locations around Australia in recent years, it’s the one major element that causes prices to drop.</p>
<p class="p3">Specific markets, notably inner-city apartment markets in some capital cities, are poised for a hefty rise in supply which is linked directly to foreign investment. If planned projects proceed, price decline is almost inevitable.</p>
<p class="p3">But state government moves in Victoria and New South Wales to lift sharply increase taxes on foreign buyers of Australia real estate are likely to prevent or limit that increase in supply.</p>
<p class="p3">Coupled with moves by the banks to curtail lending to foreign buyers and ATO measures affecting sales above $2 million, Australia has quickly cobbled together a series of major disincentives to foreign investment. There are reports of Asian investors switching their focus away from Australia to other, more welcoming nations.</p>
<p class="p3">If foreign investors stop buying (they won’t all be turned away, but many will, I suspect) many of the proposed apartment projects simply will not be built. </p>
<p class="p3">The big increase in new dwelling supply will be lost, as will many construction jobs. </p>
<p class="p3">In reality, I suspect the state measures have little to do with a desire to improve affordability. It’s essentially a cash grab, disguised as a measure to help young Australians achieve home ownership.</p>
<p class="p3">Like everything else coming out of the befuddled brains of politicians, the moves will make the problems in real estate worse.</p>
<p class="p1"><em>Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a></em></p>
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terryryder-YECXbqmri2

Cash grab or about affordability? Terry Ryder

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<p>SPONSORED POST</p>
<p>If you have bought an off-the-plan property, assessing that property post construction is an important part of the settlement process.</p>
<p>Of course, you want to ensure that the property you agreed to purchase is the same that is being delivered so that you’re getting what you’re paying for!</p>
<p>The most cost effective way to make sure your property is delivered just as your purchase contract promised, is to have your contract documentation reviewed and the property physically inspected and assessed by an appropriately qualified Building Consultant.</p>
<p>An NBtax Condition Assessment, completed by a Napier &amp; Blakeley Building Consultant will take note of the ‘as built finish’ of your property. From our initial review of purchase documentation, contract of sale, agreed finishes and specifications, we have a unique understanding of what was agreed to be built.</p>
<p>We will inspect your property on your behalf, asses and document the condition of the finishes within the property, good or bad.</p>
<p>Following an inspection a Condition Assessment will be completed by NBtax and will provide a concise summary of the condition of the property. It will list defects that the developer and or builder should address to deliver the property that is consistent with expectations, including but not always limited to, the agreed plans and specifications, good building practice and expected industry standard.</p>
<p>Our assessment will give you a clear understanding of any potential issues or defects before you take possession, move in or put the property up for lease.  It also gives you peace of mind, providing you with a document that will ensure agreed items between you, the purchaser, and the vendor are installed or rectified prior to settlement.</p>
<p>The best time to have a Condition Assessment completed is as close as possible to the planned settlement date. It is important to note that you still have a contractual obligation to settle your purchase on time. However, under normal circumstances having a condition assessment completed on your property will make you a more informed purchaser and provide you with a written report to enable you to highlight to the developers identifying items requiring attention.</p>
<p>This service is especially valuable to those offshore purchasers who are not present at the time of settlement. We are able to act on their behalf during settlement inspections to ensure relevant conditions are met within the sale contract.</p>
<p>Our specialised teams are ready to help, contact us today.</p>
<p><em>For more information, <a href="https://nbtax.com.au/" target="_blank">click here</a>.</em></p>
<p><em> </em></p>
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po-LsXgBTHBmX

Be sure to get what you paid for!

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<div>It's the end of financial year!</div>
<div> </div>
<div>It was a really strong finish to the year for share markets today, closing up by 1.8 percent. However, the Aussie stock markets finished the financial year down by an underwhelming 4.1 percent.</div>
<div> </div>
<div>With the tax year now having come to an end, it will soon be time to lodge those tax returns.  </div>
<div> </div>
<div><strong><span style="text-decoration: underline;">Holiday homes under scrutiny this year</span></strong></div>
<div><strong><span style="text-decoration: underline;"> </span></strong></div>
<div>Last year, the Australian Taxation Office (ATO) designed and implemented new compliance strategies for foreign investors in Australian property, including stakeholder engagement (with advisers, agents, and associations), improved data matching, and a broad investigation strategy into illegal foreign purchases.</div>
<div> </div>
<div>This year - as well as those claiming excessive work-related expenses such as travel expenses, self-education, uniform, mobile phone, and internet costs – it is resident Australians with rental properties that are more likely to be under scrutiny from the ATO at tax time - in particular those will holiday homes.</div>
<div> </div>
<div>During the past year ATO Commissioners have advised Farifax Media and SBS News that they have been in contact with thousands of owners of rental properties in order to clarify their entitlements or request clarification about claims that they've made. </div>
<div> </div>
<div>The ATO has further reportedly sent correspondence to some holiday home owners recommending that they "review the nature of their claims" before dropping in their next returns...oops!<br><br>
</div>
<div>With well over 2 million Australians lodging tax returns declaring ownership of a rental property - spread widely across all income brackets – the landlord sector is substantial, and there are potentially significant liabilities to be raised by the ATO.</div>
<div> </div>
<div>Click to enlarge</div>
<div><img src="/images/2016/07/01/ATO1.jpg" alt=""></div>
<div> </div>
<div>Owners of holiday homes should take a good deal of care not to make claims for net rental losses for periods when their property has not actually been made available for rent. </div>
<div> </div>
<div>In particular owners of holiday homes claiming deductions for a full year when the property has been vacant for long periods might expect to get a tap on the shoulder from the tax office.</div>
<div> </div>
<div>According to ATO legislation the principles that apply to a rental property also apply to a holiday home if it is rented out - if you rent out your holiday home, you can claim expenses for the property based on the proportion of the income year it was rented out or was genuinely available for rent.</div>
<div> </div>
<div>However, if a holiday home is advertised in ways that limit its exposure to potential tenants, then the property may not be deemed “genuinely available” for rent – for example, if the property is not widely advertised, or if the advertised rents are set at unrealistically high levels.</div>
<div> </div>
<div>Since the ATO’s interest was flagged some months ago, net rental losses declared or claimed on holiday homes could be lower this year as this loophole is sewn up...</div>
<div> </div>
<div><strong><span style="text-decoration: underline;"><em>Airbnb </em>and online networks</span></strong></div>
<div> </div>
<div>There may also be some confusion relating to the rise of online networks such as <em>Airbnb</em>, with more Australians than ever before choosing to rent out their own homes, or a part of their homes. </div>
<div> </div>
<div>Remember, rental income is assessable and therefore you may have tax to pay at year end - don't try to be sneaky and under-report rental income it or you may be penalised! </div>
<div> </div>
<div>For <em>Airbnb</em> hosts there are two types of allowable deductions. Firstly, there are costs directly associated with generating rental income or with the rental area (for eaxample, photography, commercial cleaning costs, food for tenants, <em>Airbnb</em> fees and commissions, or food made available to tenants). </div>
<div> </div>
<div>And secondly there are costs which may be apportioned, often based upon the applicable floor area, including your mortgage or rent, utilities, internet and phone costs, insurance, and so on.</div>
<div> </div>
<div>Keep records and receipts through the financial year and make sure you set aside some money for the tax liability!</div>
<div> </div>
<div>Also, be aware of the potential legal and liability risks or short term tenancies and other tax implications thereof, such as capital gains tax (the principal place of residence is normally exempt, but generating rental income from the home may trigger a change in this status).  </div>
<div> </div>
<div><strong><span style="text-decoration: underline;">Repairs and maintenance</span></strong></div>
<div><strong><span style="text-decoration: underline;"> </span></strong></div>
<div>There is also often genuine confusion for some property investors over what deductions can be claimed.</div>
<div> </div>
<div>Perhaps the most common mistake made by landlords on lodged tax returns is claiming deductions for repairs and maintenance for expenses which are actually capital costs. </div>
<div> </div>
<div>Property investors are not allowed to claim repairs and maintenance deductions for defects or pre-existing damage that was in evidence at the time they acquired the property. Such improvements are considered to be capital in nature.</div>
<div> </div>
<div>Where investors are unsure they would be well advised to check the rules relating to deductions made available by the ATO for free online, or to engage a tax agent or property specialist tax accountant that is familiar with the rules. </div>
<div> </div>
<div><strong><span style="text-decoration: underline;">Net rental losses declining</span></strong></div>
<div><strong><span style="text-decoration: underline;"> </span></strong></div>
<div>Declared net rental losses have declined sharply in recent times, falling by more than half over the last two tax years for which data is available, largely due to lower interest rates. </div>
<div> </div>
<div>The average net loss claimed by investors has fallen by 64 per cent since 2008 as mortgage repayments have become cheaper. These figures will continue to decline in 2015 and 2016 with interest rates having fallen.</div>
<div> </div>
<div><a href="/images/2016/07/01/NG.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2016/07/01/NG.jpg" alt=""></div>
<div> </div>
<div>While the ATO will doubtless generally be looking for expenses claimed in error as part of their investigative reviews or audits, it is worth noting that many investors also fail to claim deductions which they are entitled to. </div>
<div> </div>
<div><a href="/images/2016/07/01/NG2.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2016/07/01/NG2.jpg" alt=""></div>
<div> </div>
<div>In particular, not all owners of rental properties are aware of the potentially generous capital allowances and tax depreciation deductions for plant and equipment which are available under the tax legislation.</div>
<div> </div>
<div>If you are in doubt, a property specialist tax accountant can help you to avoid making costly mistakes!</div>
<div> </div>
<div>
<p><span><em>PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.</em><br></span></p>
<p><em>His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.</em></p>
</div>
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pwargent-M4siyDbqQY

Tips and traps for property investors: Pete Wargent

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<p>SPONSORED POST</p>
<p>Australia definitely is the place to be right now. Pretty much every state and territory in Australia appears to be enjoying steady property growth.</p>
<p>The apartment market is rising and developments are selling out before they’re even built. The low density residential markets in the middle and outer suburbs too are enjoying solid growth.</p>
<p>With property doing well in Australia, you’d think it’s the perfect time to buy, but it’s proving to be probably the hardest it has ever been for first time Aussie investors to enter the market. Banks are asking for bigger deposits, interest rates are on the down turn, and first home buyer grants are only for those first time buyers that want to live in their homes. The question many of us ask is; “Is the government doing anything to help first time investors in Australia?” </p>
<p>The answer is yes, and they did it 3 decades ago. The introduction of negative gearing and the golden gem that is Property Tax Depreciation, gives investors the chance to reduce the after tax cost of their investment, increase their cash flow all while having a property asset appreciate.</p>
<p>Property Tax Depreciation can be an excellent way to make negative gearing work in your favour. Current interest rates, and a competitive rental market make it very easy for a negatively geared investment to become positive. Positive is good – except for the additional burden of a tax bill!</p>
<p>Understanding your property investment, and the cost of it before you buy is prudent, and knowing the available property tax depreciation can, if anything boost your potential buying power. That extra $10-15k of deductions can make a huge difference in the property game.</p>
<p>Knowing how property tax depreciation works is pivotal when making your first property investment, or any property investment for that matter. As property tax depreciation diminishes over time, the older the property, the less property tax depreciation there is going to be available. One might say it’s always wiser to purchase newer property – this ensures you’ll be able to claim the maximum available property tax deprecation, putting more in your pocket during the life of your investment.</p>
<p>So you’ve bought your investment? Then we come to the harder part – who do we trust? Who do we go to, to ensure we have a maximised property tax depreciation schedule?</p>
<p>In the eighties when residential property tax depreciation was introduced to the Australian taxation system, there was only one company that people turned to; <strong>Napier &amp; Blakeley.</strong></p>
<p>Napier &amp; Blakeley were the first professional company to provide residential property tax depreciation advice, and over three decades on, they’re still the market leaders and still providing that same trustworthy advice through NBtax. NBtax is a division within Napier &amp; Blakeley that concentrates purely on the residential property depreciation market.   </p>
<p>With tax time so near, if you’ve purchased an investment property in the past year, make sure you’re prepared with a property tax depreciation schedule that’s best for you.</p>
<p><em>For more information, <a href="https://nbtax.com.au" target="_blank">click here</a>.</em></p>
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Making your first property investment possible

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<p><em>Dear Margaret,</em></p>
<p><em>I bought an investment property in 2010 and was rented for 3 years before my family moved in. We are still residing at the said property.</em></p>
<p><em>My question is: If I sell the property, will I pay capital gains tax? I have read that if you bought an investment property but lived in it within the first six years, you are exempted.</em></p>
<p><em>Can you please explain this further?</em></p>
<p><em>Thanks a lot.</em></p>
<p><em>Maria</em></p>
<p><span> </span></p>
<p><span>Hi Maria,</span></p>
<p><span>Capital Gains tax is very misunderstood, and the 6- year exemption even more so.  Many think, as do you, that you can live in a property sometime in that first 6 years to stop capital gains tax from accruing.  Others believe that you only have to move into an investment property for a while before you sell it in order to render it free from capital gains tax.</span></p>
<p><span>The tax office is not about to  let you off that easily!  Here are some important basics to know about Capital Gains tax:</span><span style="line-height: 1.3em;"> </span></p>
<p><span>1.</span><span>       </span><span>Your own home is capital gains tax free as long as you are living in it.</span></p>
<p><span>2.</span><span>       </span><span>If you move out of your family home and rent it out, you can have a capital gains tax exemption for up to 6 years from the day you move out.  The conditions for this are that you don’t have another property which becomes your principal place of residence (as you can only have one exemption at a time) and you either move back into it, or sell it within that six years. This might apply if you moved elsewhere and rented with the intention of moving back some day.</span></p>
<p><span>3.</span><span>       </span><span>If your absence is longer than the 6 years you will have only a partial exemption for the six years.</span></p>
<p><span>4.</span><span>       </span><span>A property bought for the purposes of earning an income accrues capital gains tax from the moment you buy it.</span></p>
<p><span>5.</span><span>       </span><span>If you move into the property and it becomes your principal place of residence, then you still have a pro-rated capital gains tax liability for the time that it was a rental.  The purchase price will be your cost base, and the gain will be established from the sale price, and then pro- rated for days rented/days not rented. There are a range of adjustments which can be made to these figures, but they are many and you should check with your accountant to find out what they are.</span><span style="line-height: 1.3em;"> </span></p>
<p><span>Moving into a former investment property cannot wipe your capital gains tax obligations in any circumstance. Equally if you move out of a family home and buy another one to live in, you must decide which property you want your principal place of residence exemption on – the former home or the new home.  If it is the former home, the new home you live in will attract CGT.  There are additional rules, such as the 6 month overlap rule – but this is where it gets complex and where advice from an accountant is paramount.</span></p>
<p><span> </span></p>
<p><span><em>Have a property question?         <a href="mailto:news@propertyobserver.com.au" target="_blank">Ask Margaret!</a></em></span></p>
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mlomas-KC9MUPZ6Ca

What's my capital gains tax on an investment property? Ask Margaret

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<p class="Body">If actions do indeed speak louder than words, then politicians don’t give a damn about housing affordability.</p>
<p class="Body">Often you’ll see their lips moving, and they appear to care about the cost of housing, but then they’ll take actions that cause costs to rise and affordability to worsen.</p>
<p>Victoria’s 2016-17 State Budget provides another example of why housing is so expensive in this country and why affordability is an enduring issue (although not nearly as serious as mainstream media would have us believe, especially outside of Sydney). </p>
<p>The Victoria Government has added to the taxation burden on the industry that creates new homes for families. The Property Council is right to be “deeply worried about the Government's unwillingness to deal with its property tax addiction” and to ask for a cap on property tax increases. </p>
<p>Governments at all levels treat the Australian housing industry as a cash cow and in every budget they milk it more. And the cost of providing housing keeps rising, while politicians point the finger of blame at innocent parties such as foreign investors and negatively-geared Australian investors. </p>
<p>“Land tax is up 28 percent, foreign investor taxes have been tripled and stamp duty is forecast to exceed $6 billion for the first time,” says the Property Council, in the wake of Victoria’s State Budget. “Melbourne cannot expect to remain Australia's most competitive city for property investment when its property tax haul is surging.</p>
<p>“Another area which concerns the property industry is the stockpiling of Growth Area Infrastructure Contributions (GAIC). Property developers are paying more than their fair share. It is time for the Government to provide full disclosure on where the money is being spent.”</p>
<p class="Body">The so-called clampdown on foreign investors is, sadly, another ploy by politicians to give the appearance of doing something about housing affordability while finding new ways to milk the property industry of revenue.</p>
<p class="Body">It’s a little like the Federal Government lifting the tax on cigarettes – they claim it’s to discourage smoking but in reality it’s a grab for revenue. If they were serious, they’d ban smoking altogether, just as they would ban foreign buyers if they truly believed they were the prime cause of high house prices in Sydney and Melbourne. </p>
<p class="Body">Victoria has introduced new taxes to slug foreign buyers and NSW is gearing up to do the same, while pretending it’s really a clampdown on illegal activity which allegedly pumps up prices.</p>
<p>The NSW Government is introducing new rules from July. Buyers and sellers of real estate will have to prove their residency and citizenship status before a sale is completed. A land tax certificate showing whether any money is owed must be supplied to a home-buyer by the vendors. The vendors must disclose their residency status and nationality when applying for the certificate. Foreign buyers will have to provide citizenship and visa details, plus FIRB clearance, through the stamp duty process.</p>
<p>The NSW Office of State Revenue will collect the new information on buyers' nationality. This will be passed to the ATO for inclusion in a national register of foreign ownership of land titles, which begins on July 1. The ATO will match data to ensure foreign buyers have paid a $5,000 fee for any property sold for less than $1 million, and $10,000 for properties over $1 million.</p>
<p>The process paves the way for the NSW Government to follow Victoria in imposing foreign buyer surcharges on land tax and stamp duty in the future.</p>
<p>How these moves address housing affordability is a mystery.</p>
<p class="Body">Here’s one way it may make it worse. Deterring foreign investment, upon which many major high-rise apartment projects depend, makes it likely many projects will not be built. The reduction in supply adds to the pressures which causes prices to rise.</p>
<p>NSW executive director of the Property Council Jane Fitzgerald says: “Turning investors away by imposing a huge new tax is one way to ensure it doesn’t get any better. There are international investors right now considering whether to build in NSW. If they choose to go elsewhere our housing affordability crisis will worsen.”</p>
<p>Well, exactly. But politicians, generally inept at seeing beyond the end of their noses, haven’t thought it through to that degree.</p>
<p>Rather than seeing foreign investment as being part of the solution (helping to lift the supply of dwellings), they choose to see them a problem – or perhaps, more correctly, as an unpopular minority to blame without losing votes.</p>
<p><em>Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a></em></p>
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Politicians don’t give a damn about housing affordability: Terry Ryder

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<p>Urban Taskforce Chief Executive, Tom Forrest, today congratulated NSW Premier Gladys Berejiklian and Treasurer Dominic Perrottet for taking the lead by extending the exemption of stamp duty for first home buyers which will now apply to new homes worth up to 800,000.</p>
<p>Stamp duty relief will also apply, on a scaled basis, to newly built homes valued between $800,000 and $1 million as well as to vacant land worth up to $400,000.</p>
<p>Today the Commonwealth Treasurer called for Dominic Perrottet to put his cards on the table. Unbeknown to Josh Frydenberg, the NSW Government had already taken the decision to slash stamp duty on newly built homes worth up to $800,000. This will make a big difference to the struggling property market and to new buyers.</p>
<p>The problem with stamp duty and payroll tax is they are distortionary. The have the effect of creating a bias in the property market which slows down property transactions and payroll tax is simply a tax on employment – it is nuts.</p>
<p>Today’s announcement to increase the stamp Duty threshold from $650,000 to $800,000 is recognition by Treasurer Perrottet that housing prices are higher is Sydney than in the rest of the nation. The Urban Taskforce calls on the Commonwealth to apply these new thresholds to the HomeBuilder package and make it relevant to the biggest market in the nation – that of Greater Sydney.</p>
<p>Mr Forrest said the new National Cabinet approach to decision making has worked well to date in dealing with COVID-19, but the same approach needs to be adopted in relation to the vexed issue of tax reform. The NSW Government has been at the forefront of calling for taxation reform.</p>
<p>The Thodey Report (2020) into NSW-Federal Financial Relations called for the abolition of Stamp Duty and Payroll tax. At a Commonwealth level, the Henry Report (2009) made the same recommendation and has been gathering dust for a decade.</p>
<p>The Urban Taskforce has publicly called for the abolition of stamp duty and its replacement with a broadly based land tax or an extension of the application of the GST.</p>
<p>The GST was supposed to apply to all goods and services, thus creating enough revenue to fully compensate the unemployed, the poor and those on social security benefits as well as enabling the states to get rid of high inefficient taxes like Stamp Duty and payroll tax. The Urban Taskforce said that changes to the Tax system could stimulate the economy and help drive Australia our of recession.</p>
<p>Now is the time for the States and Commonwealth to come together and support: </p>
<ul>
<li>Progressive phase out of Stamp Duty to be replaced with a broad-based land tax or widening of the GST </li>
<li>Abolition of Payroll Tax </li>
<li>Removal of the additional stamp duty and land tax currently applied to all foreign investors </li>
<li>Broaden and extend the application of HomeBuilder to make it relevant to NSW homes and apartments.</li>
</ul>
<p><strong>TOM FORREST </strong><em>is the Urban Taskforce Chief Executive Officer</em></p>
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j.ballantyne1990-6AQqhLzZaK

Stamp duty relief is a ‘win-win’ for first home buyers and jobs: Tom Forrest

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<p>EXPERT OBSERVATION</p>
<p>The Real Estate Institute of Australia welcomes the recent contribution by the Master Builders Association and the Housing Industry Association to the understanding of the economic impacts of changes to current arrangements for negative gearing and capital gains tax on property.</p>
<p>“The commissioned research highlights the significant contribution that the property sector makes to growth in the Australian economy,” REIA President Malcolm Gunning said. <br>“Australia’s property industry including new home building has been a crucial support to economic growth and increased employment in the transition away from a decade-long reliance on mining,” Mr Gunning said.</p>
<p>“The property sector is one of the largest sectors in the Australian economy in terms of employment, GDP and investment. It is also one of the most heavily taxed sectors with research by HIA showing that the average tax burden on the new housing sector is around 30 per cent of the value.</p>
<p>“If we are serious about addressing housing affordability we need to take a holistic approach by looking at all taxes and charges impacting on the final cost of housing. We cannot just tinker with one or two that are ‘easy fixes’ without fully considering the consequences.”</p>
<p>Mr Gunning said the government needs to be looking at supply-side solutions including streamlining planning processes and reducing extra taxation on homebuyers such as stamp duties.</p>
<p>“Improved infrastructure such as public transport to employment hubs which encourage decentralisation to more affordable suburban and regional areas should be considered.<br>“Recognising the importance that the property sector plays in the economy, REIA advocates the appointment of a Minister for Property Services,” Mr Gunning said.</p>
<p>“The Minister for Property Services can take leadership in addressing housing affordability by coordinating a holistic approach of all levels of government in objectively addressing all property taxes. For example, research shows that abolishing stamp duties and replacing them with land tax not only has a greater impact on affordability than changes to negative gearing and capital gains tax but improves economic growth.</p>
<p>“It is only then that a strategy can be formulated that pulls the right levers,” Mr Gunning concluded.</p>
<p>Malcolm Gunning is the REIA President.</p>
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REIA calls for holistic approach to property taxation: Malcolm Gunning

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<p dir="LTR" align="LEFT">Westpac says uncertainty around the economic and fiscal outlook is ever present, but the downside risks have diminished somewhat relative to a year ago, with the world economy surprising to the upside.</p>
<p dir="LTR" align="LEFT">The comments came ahead of the pending release by the Treasurer of the Federal Government's Mid-Year Economic &amp; Fiscal Outlook (MYEFO) on Monday next week, December 18.</p>
<p dir="LTR" align="LEFT">The 2017 half yearly budget update will likely see minimal changes to the economic and fiscal forecasts and projections, Westpac economist <span>Andrew Hanlan </span>suggests.</p>
<p dir="LTR" align="LEFT">"That is a welcome change from the experience for much of the post GFC period, when Treasurers so often had to mark down the revenue outlook.</p>
<p dir="LTR" align="LEFT">In the May 2017 Budget, the budget deficit was forecast to moderate from $29.4bn, 1.6% of GDP, in 2017/18 to be approaching balance in 2019/20 and then edge into surplus in 2020/21, a forecast $7.4bn, 0.4% of GDP. </p>
<p dir="LTR" align="LEFT">Economic growth in 2017/18, in nominal terms, is set to exceed the Budget forecast, at a likely 4.5% vs an expected 4.0%. The mix of activity differs, with consumer spending softer, offset by investment by businesses and government.</p>
<p dir="LTR" align="LEFT">Commodity prices over past months proved to be more resilient than anticipated, boosting national income. More recently, commodity prices have moderated, suggesting that the MYEFO commodity price assumptions for the out years will be largely as in the Budget.</p>
<p dir="LTR" align="LEFT">The MYEFO profile for nominal GDP growth for the three years from 2018/19 is expected to be: 3.75% (downgraded from 4.00%); 4.50% (unchanged); and 4.75% (unchanged). The downgrade to 2018/19 reflects the risk that real GDP growth is revised to 2.75% from 3.0%, incorporating a weaker starting position for the household sector. </p>
<p dir="LTR" align="LEFT">The revenue profile across the four years will be boosted by the stronger starting position for the economy, by an expected: $2.4bn, $1.4bn, $1.0bn and $1.1bn.</p>
<p dir="LTR" align="LEFT">The expenditure profile is expected to be unchanged, with a modest $1bn undershoot on expenditures in 2017/18 to be offset by the cost of new policy measures.</p>
<p dir="LTR" align="LEFT">On these figures, the cumulative deficit for the four years is $40bn, $6bn lower than at Budget time, with the profile of: -$27bn (a $2bn upgrade); -$20bn, -$1.5bn and +$8.5bn.</p>
<p dir="LTR" align="LEFT">"The case could be made for modest personal income tax relief, potentially to be announced in the May 2018 Budget," Andrew Hanlan said.</p>
<p dir="LTR" align="LEFT">"This could be along the lines of those announced in the May 2016 Budget, shifting the income tax thresholds, costing $4bn over four years.</p>
<p dir="LTR" align="LEFT">"There is also the scope to amend the ten year company tax cut plan, which is already incorporated into the fiscal estimates."</p>
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Westpac sees fewer downside risks and scope for tax cuts

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<p>Property ownership is taxing.</p>
<p>It emerged last week that the pop star Guy Sebastian has put at risk his Los Angeles investment apartment after overlooking his US land tax obligations.</p>
<p>He could be in danger of losing the two bedroom 1960s condo after being delinquent in paying the taxes for the past seven years.</p>
<p>The US authorities are going to sell it on October 22, unless he pays up. Official records show he has been in default since 2011.</p>
<p>The former Australian Idol advised it had come about inadvertently after the bills had been redirected to Olympian Ian Thorpe's US nearby pad, as he had been briefly staying at Thorpe's place.</p>
<p>But all these land tax notices went unnoticed, and then Thorpe sold the house, so the letters never got back to Sebastian.</p>
<p>He also was naively unaware he had to pay land tax on the US property which cost $268,500 in 2010.</p>
<p>"I didn’t know you had to pay land tax for an apartment," he told Kyle and Jackie O's radio show.</p>
<p>There is nothing set and forget about property investment, here in Sydney, elsewhere in Australia or overseas.</p>
<p>Indeed there are onerous administrative burdens that come with ownership, for own occupation and especially for investment.</p>
<p>And property is increasingly becoming a revenue jackpot for governments. </p>
<p>The Australian Bureau of Statistics (ABS) recently released data revealing that 48.7% of local and state government taxation revenue comes from property taxes.</p>
<p>The data showed these two levels of government collect a record $40 billion annually in taxes from property buyers and owners.</p>
<p>By comparison, they collected $21 billion in taxes from employers.</p>
<p>With home values beginning to rise in mid-2012, taxes such as land tax, municipal rates and stamp duty on conveyances have all been on the increase.</p>
<p>Of the $40 billion in national property related tax revenue, some 40% came from municipal rates and 36% came from stamp duties on conveyances. Land tax was the other sizeable contributor to taxing accounting for 17% of revenue.</p>
<p>Property related tax revenue is only collected by these two levels of government on those who own properties. While our family homes are generally exempt from Federal tax, if you rent out part or all of it you must include the income in your tax return and you may have to pay capital gains tax when you sell it.</p>
<p>Replacing stamp duty with a blanket land tax would be unpopular but I see it as inevitable. </p>
<p>Cameron Kusher, CoreLogic RP Data’s senior research analyst, has calculated a blanket land tax to cover just the $16 billion in stamp duty revenue, would see every residential dwelling having to pay $1,700 annually based on the ABS estimate of around 9.4 million residential dwellings. </p>
<p>The issue of course is that governments are always looking to constantly grow their revenues. And property is seemingly the easiest of pickings given the perceived wealth benefits enjoyed through the decades of ownership.</p>
<p>This article first appeared in the Daily Telegraph. </p>
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