Small business owners wanting to buy a vehicle, asset or important piece of equipment and immediately write off the cost only have a few days to act this financial year.

Ah, deadlines: love ‘em or hate ‘em, they sure do get you moving.

And with June 30 just days away, time is running out for your business to take advantage of the federal government’s temporary full expensing scheme this financial year.

What is temporary full expensing?

Temporary full expensing is basically an expanded version of the popular instant asset write-off scheme.

It allows businesses that are keen to invest in their future to immediately write off the full value of any eligible depreciable asset purchased, at any cost.

This helps with your cash flow as it allows you to reinvest the funds back into your business sooner.

There is a small catch though: the asset must be installed and ready to use by June 30 in order to be eligible for this financial year.

But rest assured that even if you do order the asset, and then miss the June 30 deadline because it doesn’t arrive in time, you can still write it off next financial year because the scheme is set to run until 30 June 2023.

Asset eligibility

To be eligible for temporary full expensing, the depreciating asset you purchase for your business must be:

– new or second-hand (if it’s a second-hand asset, your aggregated turnover must be below $50 million);

– first held by you at or after 7.30pm AEDT on 6 October 2020;

– first used, or installed ready for use, by you for a taxable purpose (such as a business purpose) by 30 June 2023; and

– used principally in Australia.

Obtaining finance that’s right for your business

Being able to immediately write off assets is all well and good, but if you don’t have access to the funds to purchase them, the scheme won’t be of much use to you this financial year.

So if you’d like help obtaining finance to make the most of temporary full expensing ahead of the impending EOFY deadline, get in touch with us today!

We can present you with financing options that are well suited to your business’s needs now, and into the future.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.

First home buyers can now purchase more expensive properties under the federal government’s hugely popular 5% deposit, no LMI scheme.

Single parents with dependent children are also welcoming the higher property price caps, which will apply to the federal government’s new Family Home Guarantee scheme, too.

The First Home Loan Deposit Scheme (FHLDS) allows eligible first home buyers with only a 5% deposit to purchase a property without forking out for lender’s mortgage insurance (LMI), which can save buyers anywhere between $4,000 and $35,000, depending on the property price and deposit amount.

The new Family Home Guarantee scheme, meanwhile, allows eligible single parents to build or purchase a home with a deposit of just 2% without paying LMI, regardless of whether or not they’re a first home buyer.

These schemes will run alongside a third home loan deposit scheme called the New Home Guarantee scheme, which allows eligible first home buyers to build or purchase a new build with a 5% deposit.

That scheme has even higher property price caps (see here), to account for the extra expenses associated with building a new home.

All three schemes have 10,000 spots available each from July 1, and spots are expected to fill up fast, so you’ll want to get in touch with us soon if you’re interested in applying.

New property price caps

So how much money can you spend and remain eligible for the FHLDS and Family Home Guarantee scheme?

Here’s a quick summary:

– NSW: $800,000 (Sydney, Newcastle/Lake Macquarie, Illawarra) and $600,000 (rest of state).

– VIC: $700,000 (Melbourne and Geelong) and $500,000 (rest of state).

– QLD: $600,000 (Brisbane, Gold Coast, Sunshine Coast) and $450,000 (rest of state).

– WA: $500,000 (Perth) and $400,000 (rest of state).

– SA: $500,000 (Adelaide) and $350,000 (rest of state).

– TAS: $500,000 (Hobart) and $400,000 (rest of state).

– ACT: $500,000.

– NT: $500,000.

If you’re interested in knowing how much the property price caps have increased, you can check it out here.

Get in touch today to get the ball rolling

With all three schemes, allocations are generally granted on a “first come, first served” basis.

And it’s worth re-iterating that spots are limited and generally fill up fast.

So if you’re a first home buyer or single parent looking to crack into the property market sooner rather than later, get in touch today and we can explain the schemes to you in more detail.

And when July 1 rolls around, we can help you apply for finance through a participating lender.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.

An increasing number of Australians are prioritising larger homes and bigger blocks in their house-hunting endeavours since the pandemic began. But where to look? Well, a new search tool helps you calculate which suburbs offer the best bang for your buck.

‘Give me a home among the gumtrees …’

There’s no denying that COVID-19 has resulted in a widespread shift in attitudes on how a family home can contribute to a better work/life balance.

With flexible work arrangements becoming the norm, families are focusing their house-hunting efforts on suburbs that offer larger homes with home offices, or simply just a safe, secluded and spacious place to raise the kids.

But you don’t necessarily have to move to the outskirts of a city for a bigger, cheaper block.

You just need to know which suburbs are most likely to help you unearth a hidden gem.

A new tool can help you identify where to look

This new realestate.com.au tool (mobile link here), which calculates each suburb’s median estimated price per square metre (based on plot size), can help you zero in on suburbs which give you more bang for your buck.

That’s because not only does it give you the median valuation per square metre for the suburb you select, but it also gives you the same data for the immediate surrounding suburbs.

This can allow you to shift your search focus to another nearby suburb if it offers a more attractive estimated price per square metre.

For example, Teneriffe is one of Brisbane’s most expensive suburbs, and topped that city’s list with a median estimated property price of $5196/sqm based on a median plot size of 441sqm.

However, about 400 metres away is the suburb of Bowen Hills, with a median estimated property price of just $1621/sqm based on an even bigger median plot size of 652sqm.

Not bad, when you consider the world’s fastest men’s 400-metre dash is 43.03 seconds…

Properties are selling faster than ever

Here’s the thing: chances are you won’t be the only one on the hunt for a bargain.

In fact, properties are selling at record speed at the moment, with the average number of days spent listed on real estate sites falling to an historic low of 32 days in May.

To help increase your chances of securing a property in this hot market, it’s a good idea to explore your borrowing options early.

So if you’d like to find out more about what you need to do to help make your home-ownership dreams a reality, get in touch today. We’d love to help out.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.

Most of Australia may be a seller’s market right now, but there are still a few dozen suburbs around the country where there’s more housing stock available than in previous years. Today we’ll check out which 33 suburbs are still offering plenty of options for buyers.

One key factor that’s resulted in the current “seller’s market” across the majority of Australia is the low level of housing stock available for sale.

In the three months to May, CoreLogic estimates that around 164,000 dwelling transactions took place across Australia, while just 136,000 new properties were added to the market.

And as we all know, when demand outstrips supply, that naturally results in strong price increases.

So where do home buyers have more housing stock to choose from?

Rest assured some suburbs still have plenty of supply. CoreLogic has crunched the numbers and identified 33 suburbs across the country with listing volumes higher than the five-year average in May.

Some of them are famously trendy too, such as Fortitude Valley in Brisbane (pictured), Randwick in Sydney, and South Yarra in Melbourne.

Better yet, all 33 suburbs below have experienced less dwelling value growth over the past 12 months than their local region:

NSW: Macquarie Park (44 listings higher than 5-year May average), Lidcombe (33), Rockdale (30), Randwick (29), Westmead (25).

Victoria: Melbourne (140 listings higher than 5-year May average), South Yarra (73), Hawthorn (60), Carnegie (56), Port Melbourne (53).

Queensland: Fortitude Valley (15 listings higher than 5-year May average), Bowen Hills (10), Mulambin (8), South Townsville (7), Park Avenue (7).

WA: Nickol (10 listings higher than 5-year May average), Nedlands (9), Crawley (8), Baynton (6), Inglewood (5).

SA: Para Hills West (5 listings higher than 5-year May average), Bowden (4), Kilburn (4), Bedford Park (4), Everard Park (4).

ACT: Phillip (14 listings higher than 5-year May average), Latham (3), Dickson (3), Richardson (2), Higgins (2).

Tasmania: Hobart (4 listings higher than 5-year May average).

NT: The Gap (2 listings higher than 5-year May average), Wanguri (1).

Where would you like to buy?

Sure, understanding market trends and identifying outliers can help give you an advantage, but if you’ve got your heart set on somewhere else, they’re not the be-all and end-all.

Everyone has different preferences, purchasing power, circumstances and dreams, all of which will influence their “top suburb” in this hot market.

So if you’ve been researching a suburb and have an eye on your next property, get in touch today. We’d love to help you arrange finance for it.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.