The average price of a home in NSW is $1,184,500, the highest in the country. Canberra is next at $948,500, followed by Victoria at
$895,000, with the Northern Territory the lowest at $489,2001. With the target cash rate expected to remain steady at a 12 year
high of 4.35% over 2024, the pressure is on parents and family to help the younger generation become homeowners.
Over the last 15 years, home ownership has fallen from 70% to 67% of the population. Over time, declining home ownership
will increase the wealth gap in Australia as for many, home ownership is a significant factor in wealth accumulation. According to the
Actuaries Institute, wealth inequality is significantly higher now than in the 1980s, with the wealthiest 20% of households currently having
six times the disposable income of the lowest 20%2.
The Domain’s
First Home Buyer Report 2024
estimates the time for a couple aged between 25 and 34 to save a 20% deposit for an entry level home to be 6 years and 8 months in Sydney,
and 5 years and 5 months in Melbourne (the Australian average is 4 years and 9 months). In that time, they are begrudgingly paying rent (or
staying with Mum and Dad).
Ensure clarity and protection by documenting loan terms for your home purchase with legal guidance. Consulting a financial adviser is
key to assessing eligibility for schemes aiding first-home buyers.
A recent case highlights the dangers of taking money out of a company without carefully considering the tax implications.
The revised stage 3 tax cuts have passed Parliament and will come into effect on 1 July 2024.
From 1 July 2024, the amount you can contribute to super will increase.
Thousands of taxpayers and their agents were advised by the Australian Taxation Office that they had an outstanding historical tax debt.
In Australia, testamentary trusts have become useful for more people than ever before. They're not just for the wealthy anymore.
In this podcast episode of The Accountant That Builds we're starting off with a deep dive into the world of superannuation, helping you understand how to make the most of your retirement savings.
There are effective ways to fit out your practice for maximum efficiency and success.
Construction cost increases have reaccelerated, but the good news is they are now returning to their normal trend.
Jackie Prossor shares her story on growth and evolving as a professional and a business owner, with the help of Shannon and the SMART Business Solutions team.
Commercial transactions could start to rebound in 2025, with lower prices.
A rally in the second half of the month helped global share markets generate solid gains in January, extending the rally from November and December.
Simone was burdened with excessive debt. They have a large house with a large mortgage. Not only did this mean that her and her family were going backwards financially, she was stressed and this was affecting her ability to concentrate for long hours.
Investing in property can be a lucrative venture, especially for small business owners looking to diversify their portfolio or secure a stable source of income.
As a small business owner or employee on wages, planning for your future includes managing your superannuation effectively.
Before committing to any car loan, it’s vital that you examine the fine print. Ensure you understand every aspect of the loan and ask questions.
A stable employment history is important when it comes to assessing your borrowing power.
In the ever-evolving landscape of small business ownership, it is imperative to remain vigilant and proactive, especially when it comes to financial management. We delve into key strategies and insights to help small business owners navigate financial challenges effectively.
In this episode of The Accountant That Builds, Shannon Smit talks about business structure and setting yourself up with the right foundations to ensure a stable ground to encourage business growth, hiring, expansion and compliance.
Australia’s surging population growth is likely to drive increased demand for both rental properties and student accommodation.
When interest rates are changing, borrowers need to be proactive in how they manage their mortgage.
The smaller capital cities of Perth and Brisbane are expected to be the top performers over the next 12 months.
An SMSF can invest in property development if trustees ensure the investment complies with the rules.
An SMSF can invest in property development if trustees ensure the investment complies with the rules.
Consolidating various debts into your home loan can be a strategic financial move that reduces your interest and allows you to pay the debt down faster.
The problem when the evidence doesn’t match what the taxpayer tells the ATO.
An SMSF can invest in property development if trustees ensure the investment complies with the rules.
An agreement states that a worker is an independent contractor, this does not mean that they are a contractor for tax and superannuation purposes.
One of the best parts of the summer holidays is packing up the car and heading off on a family holiday. Many Australians are staying at caravan parks in iconic locations
The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government.
Home is the biggest expense and the sooner you can pay down the debt, the better off you’re going to be financially.
With affordability challenges in major cities, buyers may explore "bridesmaid suburbs" – second-choice areas that offer more reasonable property prices.
Buying a property, whether as an investment or residence, is never a straightforward process. Take time to research properties, and then make a competitive offer to get the deal done.
Without the need for upfront payments, asset finance can play an important role in improving a business's cash flow management.
The report found that student accommodation is also likely to see steady rental growth in 2024.
After a tough year for commercial property investors, the outlook will be better in 2024, according to an expert.
Australian property prices have officially recovered from the declines of last year, home prices have risen by 8.1%, taking values to a new record high at the end of November.
A decision by the Administrative Appeals Tribunal has the tax world in a flurry after found taxpayer who sold the apartment she lived in for a loss, then claimed the $265,935 loss in her tax return as a deduction.
Legislation enabling an extra 15% tax on earnings on super balances above $3m is before Parliament.
Commercial investors continue to seek out alternative assets even as higher interest rates see demand for the sector slow down.
We are thrilled to share that Shannon Smit, our Founding Director and CEO, has been appointed to the ATO's Small Business Stewardship Group for 2024/25.
Tax planning is more than just a financial necessity—it's a strategic advantage for businesses of all sizes. By proactively managing your tax strategy, you can significantly reduce your liabilities, enhance cash flow, and ensure full compliance with ever-evolving tax regulations.
