With tax time upon us, the ATO has announced its focus on rental properties this year. ATO Assistant Commissioner Tim Loh is urging investors to keep proper records as “9 in 10 rental property investors get their tax return wrong”, he said.
A record high of 1,753 builders have gone under during the 2022-23 financial year, according to the latest count provided by ASIC. Industry experts are blaming fixed-price contracts as well as soaring labour and material costs.
All capitals across Australia have recorded an upturn in combined dwelling values this month, despite the rising interest rates, according to CoreLogic’s indices. However, CoreLogic’s figures show that almost one in six units sold at a loss in the March quarter. Their Pain and Gain report says that the “increase in servicing investment mortgages” may be a contributing factor.
According to Property Tribune, dual-income rental properties are becoming increasingly popular, with many investors building granny flats on existing properties aiming to maximise rental yield.
Over 1.4 million homeowners are now considered ‘at risk’ over high mortgage repayments, and are seeking out refinancing options. According to Compare the Market, this could save an average person hundreds of dollars per month.
Download and read the full Market Essentials – July 2023 Report.