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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the latest in equities, property investing and super.

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Steve Waters, director of Right Property Group, chats about the latest in property, including CoreLogic’s latest findings, which suggest national home values have increased at the fastest pace in over 30 years, and why he isn’t quite sure this is the case.

RMIT’s senior lecturer of finance, Dr Angel Zhong, talks about soaring travel stocks, the rising popularity of NFTs and what they are, as well as the sudden meltdown of Archegos Capital Management.

And lastly, tax and super guru Timothy Munro gives his thoughts on Paul Keating’s early release of super verdict, as well as an overview of life after JobKeeper.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Home values up 30% (or are they); NFTs taking the world by storm, and why Keatin...

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There is $17.5 billion in lost and unclaimed super across ...

Invest

Is buying a holiday home a worthwhile investment?

By Grace Ormsby

January 08 2020
Share

Invest

Is buying a holiday home a worthwhile investment?

By Grace Ormsby
January 08 2020

With summer well and truly upon us, it should come as no surprise that the idea of investing in a holiday home becomes a very real question for a number of Australians – but is it really a good idea? A tax expert breaks down some of the things you must consider.

Is buying a holiday home a worthwhile investment?

By Grace Ormsby

January 08 2020
Share

According to HLB Mann Judd tax partner Peter Bembrick: “While holiday homes are very popular at this time of year, families shouldn’t be naive in overstating their place as a worthwhile investment.”

He noted that such homes “should be viewed as a lifestyle asset and not one that investors are likely to make a return on in the same way as other investments, such as equities”.

For those investors who are intent on making a holiday home purchase, or already own one, Mr Bembrick did flag the importance of considering CGT “right from the moment of purchase”.

He considered that “one of the most appropriate ways of reducing the amount of CGT incurred is for investors to record non-deductible property costs that can be added to a cost base in reducing the overall CGT”.

“On the basis that no expenditure has been claimed as an income tax deduction and that appropriate receipts have been maintained, the cost base of a property is made up of items ranging from the total of any money you have paid to acquire the asset, incidental costs incurred in acquiring or selling the asset, and non-capital costs of ownership (including cleaning, gardening, repairs, insurance, rates, strata levies and land tax),” he explained.

Other cost base elements investors should be wary of include capital expenditure incurred by purchasing items intended to increase or preserve the asset’s value or that relate to the installation or moving of the asset.

It also includes capital improvements, which may or may not be reflected in the current state of the property, as well as costs incurred in establishing, preserving or defending the owner’s title to the asset, Mr Bembrick outlined.

He considered that “all these items should be collectively assessed in determining the best means of mitigating CGT”.

“If property investors are smart, over the Christmas break when people are using holiday or secondary homes, they should start to think about whether any of these factors could be applied as part of their financial and tax planning strategies, and speak to their professional adviser accordingly.”

The tax expert also flagged how incidental costs incurred by an investor in the acquisition or selling off of the asset can often be overlooked.

He said that while “clients will often be across stamp duty and the costs of transfer, areas such as advertising or marketing to find a seller or buyer, search fees relating to a CGT asset, conveyancing kits, borrowing expenses and termination fees should all be cited and factored into lowering your overall level of CGT”.

“Even professional services sought, both when buying and selling, in the form of surveyors, valuers, auctioneers, accountants, brokers, agents, consultants or legal advisers can all help reduce CGT incurred,” he concluded.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace Ormsby

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