Abby Morphett Consulting

07/07/2024

The auction guild for this property was $735k. It sold remarkably for $873,500.

The home was in a highly coveted location but not even the bank of mum and dad could nab the keys to it.

02/07/2024

https://www.australianpropertyjournal.com.au/2024/07/01/sa-housing-project-secures-funding/

HOMES for Homes has granted $100,000 to its inaugural South Australian social housing project, which will see units built in Wallaroo for low-income elderly singles and couples. Homes for Homes opened this grant round for social and affordable housing projects last year, with another $200,000 set to...

30/06/2024

Great news! The Australian Taxation Office (ATO) has just issued TR 2023/3, clarifying that you can claim interest payments on your construction loan for your new investment property during the building phase. This ruling builds upon the original vacant land rules introduced in S.26-102 back in 2019.

If you're in the process of buying or have plans to buy a house and land package, this is important information to bear in mind.

Typically, under the vacant land rules, your property must genuinely be available for rent, meaning it should be completed with an occupancy certificate. While we've previously seen the High Court ruling in the Steele case allowing deductions, notably interest, in some cases before this stage, the TR 2004/4 outlines specific conditions following the Steele case. These conditions include ensuring that interest expenses are incurred with the aim of generating assessable income, ongoing efforts are being made toward that goal, and the period before any assessable income is derived doesn't exceed a reasonable timeframe, generally up to five years.

However, it's essential to note that other holding costs such as rates, land tax, and insurance won't be deductible until the property is genuinely available for rent. But, the good news is that interest expenses related to the construction drawdown will indeed be deductible.

As long as you maintain your intention to use the construction as an investment property, these expenses are deductible under S.8-1. Moreover, the vacant land rules don't apply to deny these expenses, as the ATO does not consider interest on a loan for property construction as a loss or outgoing related to holding land. You can refer to paragraph 26 of TR 2023/3 for further details.

Hope this helps! If you have any questions or need further clarification, feel free to reach out.



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22/05/2024

PSA. I’ve had number two fraudulent withdrawals for two different visa debit cards… one is Prime Video … Sydney South and the other was Vodafone Sydney South. It was about $500 over a few months because they just withdrew the same amount as membership or top up. $9.99. I thought, gee I must we watch a lot of movies and then went back through and cross check to prime video account. I reckon they could be a connected scam but an easy way to check was to search south in statements.

30/11/2023

29/11/2023

I am currently conducting interviews for potential future accounts. If you believe there could be a good fit between our services and your needs, please feel free to book a time for a discussion.

I am particularly interested in working with:

First home buyers
First-time property investors
Millennials aiming to maximize their property portfolio

You can now book and manage appointments using our booking page.

28/11/2022

Pasta Grannies is an internet sensation and it’s easy to see why. As creator Vicky Bennison says in the latest Big Issue, “people come for the pasta and stay for the grannies.” Buy a copy from your local vendor today!

28/11/2022

Zebra vibes 🦓💗