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The Australian Taxation Office has reiterated its stance on the taxable status of insurance payouts for family homes, rental properties, home businesses and personal property in the aftermath of the national bushfire crisis.

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In a new update, the ATO has advised that any insurance payout received for a family home or main residence is not taxable, and therefore don’t have to be included as income in your tax return.

Similarly, insurance payouts for personal assets are not taxed.

This includes payouts for damaged or destroyed household items, furniture, electrical goods, boats and private cars.

In saying this, the ATO outlined that there are “special rules” for personal asserts that costs you more than $10,000 or for collectables that cost more than $500 such as paintings, jewellery, antiques or coins.

These rules are reported to only apply if the insurance payout exceeds the asset’s original cost.

The taxable status is slightly different for properties where it was being used to produce income.

The ATO cited the use of part of a home for a home business or the renting out of a room as examples where this is the case.

In these circumstances, the insurance payout amount will be relevant when you work out if you have a capital gain or capital loss to include in your tax return, it was flagged.

A work car, or a vehicle in use for income-producing purposes, also has its own set of tax rules to be abided by in the event of an insurance claim.

If you used the car for income-producing purposes, the ATO said you will need to compare the insurance payout amount with the book value of the car at the time it was destroyed, using a balancing adjustment.

The Tax Office advised that if you claimed your car expenses using the logbook method, your balancing adjustment amount needs to be reduced by the percentage that you used the car for personal use.

Alternatively, if you only used the cents per kilometre method since you began using the car, no balancing adjustment arises, as this method takes the decline in value into account in the calculation.

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The Australian Taxation Office has reiterated its stance on the taxable status of insurance payouts for family homes, rental properties, home businesses and personal property in the aftermath of the national bushfire crisis.

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First home buyers will continue to be challenged by affordability issues in their attempts to enter the housing market, according to a new report.

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The 2020 Deloitte Australian Mortgage Report revealed a common sentiment that first home buyers will continue to be challenged through supply issues, a squeeze on wage increases and a rebound to the property market.

With productivity levels not flowing through to an improvement on wages growth, Michael Thomas, Deloitte Access Economics’ financial services lead, conceded that over the coming year, it will be “really hard to see first home buyers make headway against others in the market”.

According to Mr Thomas, “Where the Australian economy heads over the next year is even more dependent on the pace of housing construction than it usually is.”

“Housing construction is headed down rapidly at the same time that house prices are headed up rapidly,” he commented.

“Those seesawing conditions – prices up, volumes down – suggest housing construction has rather further to fall. However, Australia’s population growth is too strong for falls to be sustained much beyond 2020, which is likely to be the low point,” the financial services expert has predicted.

Looking ahead, NAB’s general manager of home lending, Paul Riley, outlined that for the Australian property market to sustainably grow, “we need to be building more houses, and customers will need more income and confidence”.

Resimac’s head of third-party distribution, Daniel Carde, also weighed in, cautioning that “the only way you’ll see sustained growth in the first home buyer’s market is through product innovation focused on affordability”.

He said first home buyer schemes aren’t a “solution” to the underlying issue of affordability.

“That’s not going to get any better as housing prices particularly in Sydney and Melbourne start to improve again. Brisbane also hasn’t really gone anywhere either,” he commented.

“If you couldn’t buy a house there three years ago, you are not going to be able to do so today either, because affordability is still the same.”

The challenge of affordability sentiment for first home buyers was also expressed by ANZ’s general manager for home loans, John Campbell.

He suggested that banks are doing their bit to support first home buyers, “so it is not a question of desire or ability to make credit available to that segment”. Instead, it’s “more about how to get them into the market responsibly”.

Mr Campbell noted that for a medium-priced home in Sydney, it’s taking around 11 years to save for a 20 per cent deposit.

Melbourne is slightly better – at 9.6 years.

The national average for a medium-priced home is 8.6 years, according to ANZ modelling.

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First home buyers will continue to be challenged by affordability issues in their attempts to enter the housing market, according to a new report.

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In a changing world with global growth declining, index investing might’ve outlasted its relevance, a fund manager has suggested.

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In conversation with nestegg, Hyperion executive chairman Tim Samway explained why he believes that in a changing world, index investing “is the worst thing an investor can do”.

“There was a period where index investing worked. But what we have seen with the deterioration of world growth, many broad-based indices have really become full of low-quality businesses.

“In the past, they benefited from economic tailwinds. That is, there was a big period of economic growth, there was falling interest rates, there was technological adoption that made businesses more efficient and an increase in globalisation,” Mr Samway explained.

The fund manager believes that those weaker businesses at the bottom, which will fail to grow in the future, dilute the profits of stronger businesses for investors. 

“A lot of those tailwinds have turned into headwinds. The majority of the indices are full of businesses that will struggle over the next 10 years in this new competitive environment.”

“The problem is that indices are created on a combination of past performance and liquidity. Businesses that are still large, liquid and well held take a long time to drop out of industries,” Mr Samway said.

As a result, the losers in that formula are those who remain exposed to them as they go backwards.

“There’s plenty of businesses whose earnings still have not recovered pre-GFC highs on a per share basis because they had to issue so much new capital to stay liquid in the period after the GFC.”

“Passive investing is dead, completely dead. There are all these businesses that just rely on GDP growth to pump out next year’s earnings growth.” 

“Their sales growth depends on GDP growth. They are non-competitive businesses, they haven’t kept up with the new competitive order and, as a result, they just rely on the economy being strong and just rely on the middle spending more money than last year. Frankly, that is not going to happen,” Mr Samway said.

However, the fund manager does not believe investors should “throw a dart at the board” and try to pick winners either. He suggests investments should be left to the professionals. 

“The stock market is a process of transferring wealth from the amateurs to the professionals,” Mr Samway concluded.

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Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, property and stock market." ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2020-02-14 01:27:55" ["slug"]=> string(59) "14586:is-index-investing-the-worst-thing-an-investor-can-do" ["parent_slug"]=> string(16) "284:invest-money" ["catslug"]=> string(16) "286:stock-market" ["event"]=> object(stdClass)#2940 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(0) "" ["afterDisplayContent"]=> string(0) "" } ["text"]=> string(179) "

In a changing world with global growth declining, index investing might’ve outlasted its relevance, a fund manager has suggested.

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The increased cost of health premiums coming into effect from 1 April has already prompted four in 10 privately insured Australians to reassess the value they are getting from their cover as new research revealed Australians’ use of their insurance inclusions.

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Research from insurance comparison service comparethemarket has indicated that 43 per cent of privately insured Australians will compare their options this year, potentially switching to a different policy when premiums are hiked, despite this year’s rate rise being the smallest in 19 years.

It also showed that a number of Australians aren’t getting the full value out of the health insurance.

Four in 10 (43 per cent) of respondents made just one or two claims to their health insurer in 2019, while 39 per cent made five to 10 claims.

Only 11 per cent made between 10 and 15 claims.

When asked what they found most valuable from their health insurance, almost one-third (29 per cent) nominated extras such as chiro, physio, remedial massage and podiatry.

A further 26 per cent nominated unexpected health issues such as in-hospital treatment for an accident or injury and cancer treatment as being the most valuable.

In terms of what was actually used, two-thirds (64 per cent) of privately insured individuals said they, or their families, had used dental services such as major dental, orthodontic and endodontic.

Just over half (56 per cent) also used their “extras” coverage to claim on optical services, which also took the crown as the highest-claimed health service among older age cohorts.

Commenting on the findings, comparethemarket’s health expert Anthony Fleming said “it’s crucial consumers don’t get complacent and remain health- and money-wise in 2020”.

“Health cover can be very valuable when treatment is not covered by Medicare outside of the hospital or patients opt to be treated in a private hospital.”

He outlined how “many of these medical treatment bills would otherwise be very expensive without private health cover, and this is when it becomes most valuable to consumers”.

Highlighting how this year’s increase in health insurance premiums is prompting “a significant proportion of policyholders to seriously consider the importance of their health cover”, Mr Fleming said it’s interesting to see the number of consumers who will shop around in 2020.

“We recommend that those who are considering taking out private health insurance or switching to a new policy do so before 1 April when the rate rise takes effect, to enable them to prepay their years’ worth of premiums in advance and lock in their health policy cost for the next year,” the health expert advised.

Mr Fleming also recommended that Australians regularly review their cover “to make sure it’s still relevant to their needs and circumstances, as well as their back pocket”.

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The increased cost of health premiums coming into effect from 1 April has already prompted four in 10 privately insured Australians to reassess the value they are getting from their cover as new research revealed Australians’ use of their insurance inclusions.

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Property investors should ignore the common consensus and focus on fundamentals if they want to achieve the greatest returns, an industry expert has advised.

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The focus of Australia’s property market being on the capital cities because of “higher growth” has been labelled “complete BS”, with regional towns outperforming their capitals. 

Analysis from Propertyology head of research Simon Pressley showed that investors priced out of the capital cities could use their savings to buy a regional cash flow positive property. 

He said the best-performing locations have an entry price of around $400,000 and a rental yield of 5 per cent.

“So, even with a deposit as small as 10 per cent, the income from the rent covers the entire annual expense associated with owning the investment property.” 

The property investor highlighted that investors should not be focusing on the name of the city, but looking at the fundamentals. 

“Imagine if one had the foresight three to five years ago to ignore the consensus and instead follow what the fundamentals were saying,” Mr Pressley said.

The property guru believes investors need to learn from past mistakes and not follow the herd if they want to achieve maximum results.

“Ignore the consensus, don’t confuse ‘reading’ with research, and learn what really drives property markets. The best-performed locations for the next three years probably aren’t being mentioned by today’s consensus,” Mr Pressley concluded.

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Property investors should ignore the common consensus and focus on fundamentals if they want to achieve the greatest returns, an industry expert has advised.

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An almost $200 million hit to company profits and a declaration that there will be no shareholder dividends for 2019 haven’t been enough to prevent AMP’s CEO from potentially taking home a pay packet that’s double his base salary in 2020.

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The wealth giant’s board has confirmed an “adjustment” to CEO Francesco De Ferrari’s remuneration terms, which will boost his short-term incentive opportunity to 200 per cent of his base salary – replacing the maximum short-term incentive opportunity of 120 per cent of his base salary.

Mr De Ferrari was appointed with a base salary of $2.2 million back in August 2018.

According to AMP, the change will only apply to the maximum short-term incentive opportunity achievable if all targets set for the CEO are exceeded.

When questioned by media about the potential for him to take home an even bigger slice of the pie, Mr De Ferrari outlined that his remuneration is set by the board “and is a matter for the board”.

“Our bonuses are discretionary.”

Emphasising that the announcement regarding the remuneration update was around “the maximum opportunity”, the CEO conceded: “I suppose if I don’t perform, I don’t get paid.”

“I’m really focused on delivering the three-year plan that I came here to deliver,” he added.

“And so I’m really driven and passionate by the purpose and delivering the strategy.”

Mr De Ferrari was speaking about the “three-year transformation” that is currently being undertaken by AMP.

Noting 2019 as a “fundamental reset”, the CEO said the wealth giant had rebased its business, set out a new group strategy and strengthened its capital base to accelerate the execution of its strategy.

“In a period of unprecedented legislative and regulatory pressure, we have established a strong three-year roadmap for recovery. Our focus is now on delivery,” he offered.

Across its entire suite of business units, AMP recorded a 25 per cent hit to profits in the 2019 financial year.

Most notable was a 50 per cent hit to operational earnings by its Australian wealth management business – from $363 million in 2018 to just $182 million in 2019.

AMP Bank and New Zealand wealth management also recorded lower earnings: AMP Bank saw a 4.7 per cent drop from $148 million in 2018 to $141 million in 2019, while New Zealand wealth management reported a 17 per cent drop in operational earnings from $53 million to $44 million.

AMP Capital managed to buck the trend, boosting its operating earnings by almost 20 per cent in 2019 compared with 2018 – pulling in $198 million in 2019 compared with 2018’s $167 million.

The losses have flowed through to AMP’s ultimate capital positioning in the market and led the board to make the decision to not declare a final dividend for shareholders.

Its official positioning, as outlined by the report, was this: “To maintain balance sheet strength and prudent capital management through a period of significant change, the board has resolved not to declare a final dividend in FY19.”

The report did concede that this position would be reviewed after the completion of the AMP Life sale.

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