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Adventure Time June 2017

By Natasa Marinkovic

TERRIGAL BEACH MARKETS

Terrigal Beach is a great place to visit, the foreshore vibrant hub of cafe’s, restaurants, bars, locals and day trippers. A new addition to the busy hive of weekend activity are the Terrigal Beach Markets. You can find these markets on the first Saturday of every month adjacent to Terrigal Esplanade (next to the war memorial). Explore over 30 exciting stalls featuring handmade items from outstanding artists and local artisans. You will find designers, growers and makers of fashion, jewellery, homewares, artwork and so much more. There will also be live musical entertainment, food trucks, food stalls and face painting for the kids. Come along!

VIVID LIGHT SHOW SYDNEY

Vivid Sydney is a unique annual event of light, music and ideas, featuring an outdoor ‘gallery’of extraordinary lighting sculptures, a cutting-edge contemporary music program, some of the world’s most important creative industry forums and, of course, the spectacular illumination of the Sydney Opera House sails. The multi-award-winning winter festival of light, music and ideas returns to illuminate Sydney with exciting new precincts to explore, mesmerising new light art to inspire and plenty of entertainment for everyone. Friday 26th May to 17th June.

HUNTER VALLEY WINE FESTIVAL


The Hunter Valley wine festival brings together the best of Hunter Valley’s local produce, superb wine and boutique beer coupled with great entertainment. Family friendly day with lots to do for the kids – jumping castles, train rides, face painting & lots more! Saturday 24th June from 11:00am to 5:00pm. Tickets – Individual pre purchased ticket $20 – Group offer, buy 6 for the price of 5. Children under 18 free of charge (must be with an adult).

THE NEW FEDERAL BUDGET NEWS

1) Foreigners can only buy up to 50 per cent of a development

Under the new budget rules, developers will no longer be able to sell every property in their new development to overseas buyers.

Instead, a maximum of half the development can be sold to foreign buyers with the rest to be sold locally. The budget documents note this is to provide a “clear message” that new housing stock is expected to increase supply for Australian buyers.

Before this change developers required pre-approval to sell properties to foreign buyers but there was no limit on the proportion of sales.

Effect on revenue: No impact

In place from: May 9, 2017

2) First Home Super Saver Scheme

First-home buyers weren’t ignored by the budget with a new First Home Super Saver Scheme announced. The new super saver scheme will allow first-time buyers to put up to $15,000 a year, to a maximum of $30,000 under the scheme, into their superannuation.

These funds can later be withdrawn for a home deposit, including any earnings the deposits made.

This means they will have a tax incentive to save more, and it can be taken advantage of as a couple with each claiming $30,000.

Effect on revenue: Cost of $250 million ($9.4 million funding given to ATO)

In place from: July 1, 2017 (contributions), July 1, 2018 (withdrawals)

3) An ’empty home’ tax on foreign investors

Foreign investors who keep properties vacant for more than six months will be faced with a vacancy tax. This is described as a charge on “underutilised residential property”.

The cost of this tax will be the equivalent of their foreign investment application fee – some several thousand dollars – and will be charged annually.

This change is intended to get more vacant homes onto the rental market.

Effect on revenue: Gain of $16.3 million ($3.7 million funding given to ATO)

In place from: May 9, 2017

4) Stopping investors from claiming travel deductions

Investors who previously had tax deductions for travel expenses related to their investment property will no longer be able to make these claims.

The government has ruled them out, even for those travelling to collect rent, maintain or inspect a premises, saying many have been incorrectly obtaining this deduction. This has included situations for “private travel purposes”.

Effect on revenue: Gain of $540 million

In place from: July 1, 2017

5) Retirees given incentives to downsize

Australians aged over 65 who sell their home of a decade or more will soon be able to put up to $300,000 in sale proceeds into their superannuation.

This incentive to downsize is expected to help free up larger homes for families to move into.

Effect on revenue: Cost of $30 million

This newsletter is brought to you by the fantastic team at Ray White Terrigal. Call 4385 8888 for any further details.

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