Happy Easter Everyone

The team at C.T. Harris & Company would like to wish you and your family a happy and safe Easter. Whether you prefer chocolate eggs or prawns we hope you have a great time.

McGrath Property Investment Seminar

It was great to present at the McGrath Property Investment Seminar yesterday. There was a lot of relevant information covered relating to the income tax and financial planning aspects of property investment.

The main topics discussed were:

  • Reviewing your financial position
  • Reviewing your property value and capital gains
  • Reviewing your income returns
  • How to increase both your property value and income returns
  • Repairs vs renovations and improvements
  • The importance of having a depreciation schedule
  • The impact of claiming depreciation on your capital gains and income returns
  • Developing a property investment plan
  • Record keeping

Neil Richardson outlined how he uses his quantity surveying skills and experience to generate depreciation schedules. 

Thank you Todd Brandon & Brooke Brandon and the McGrath Rockhampton and Capricorn Coast team for arranging this seminar. 

Breakfast with John McGrath

On Tuesday 27 February, 2018 it was great to meet John McGrath over breakfast at Headricks Lane.
John had a very interesting story to tell about how he started in real estate and the challenges he has faced during his journey. He outlined how his McGrath real estate agencies focus on the importance of developing relationships with the four main groups being – tenants, landlords, property buyers and property sellers.
There was also an update on what is happening in Australia's three main property markets being:
1) Sydney & Melbourne,
2) Brisbane, Adelaide, Hobart, Perth, Darwin and
3) other regional markets.
John outlined his keen interest in the Central Queensland property market and the areas where he saw prospects for growth in both our local economy and more broadly in the real estate market.
Thank you to Todd Brandon, Brooke Brandon, Bev Smith and the whole McGrath Rockhampton and Capricorn Coast team for organising such a great event.

Pitch Night at Rockhampton Smart Hub

As the founder of the Rockhampton Angel Investors Network it was great to attend the 'Pitch Night' at the Rockhampton Smart Hub last night. The recently opened Smart Hub is a great facility and provides a focal point for start-up activity in the Rockhampton Region.
It was very fitting to have Queensland's Chief Entrepreneur Stephen Baxter in attendance as well.
The audience comprised of investors, mentors, Margaret Strelow, the Mayor of Rockhampton Regional Council as well as representatives from Start-up Capricorn and the Capricornia Chamber of Commerce.
Congratulations must be given to the four Central Queensland based businesses who delivered their 'pitch'.
There was robust discussion around each of the pitches and positive and constructive feedback was provided.
Well done to Elize Hattin and the Smart Hub team and we look forward to the next event.

Australia Day 2018

We hope you have a great Australia Day and enjoy celebrating all of the things which make this country great.

Happy New Year

The team at C.T. Harris & Company would like to wish you and your family a happy and prosperous New Year. It is now time to start putting your New Year's resolutions into action. However, have you set yourself the right goals? Remember, goals must be SMART (Specific, Measurable, Agreed Upon, Realistic, Time-based). We hope that you are able to refine your goals in ways which allow them to be true drivers of positive change within your business in 2018.

Reflecting on 2017

The end of the year is a natural time to reflect on what has occurred personally and professionally during the past 12 months. I encourage all business owners to spend time this week reflecting holistically on your business' performance this year. In what ways was your business successful? How is the market changing and evolving within your industry? What do customers seem to want? How might your business continue to improve and evolve?
Most importantly, what do you want your business to look like at the end of 2018? 

Have a Very Merry Christmas

The team at C.T. Harris & Company wish you and your family a very Merry Christmas.

After another big year, we hope that this festive season provides time for you to catch up with family and friends and relax. For those travelling, we hope you have a great journey.
We look forward to catching up with you in the new year.

C.T. Harris and Company would like to congratulate Will & Sasha Treloar from Boothulla Queensland who were awarded this year's Harris Award at the Executive Link meeting of RCS in Rockhampton. This award is for outstanding business achievement in agribusiness and this year's winners were able to improve their profitability, generate new income streams and commence the process of succession planning.

We started presenting this award fourteen years ago. It is our way of acknowledging outstanding achievement in agribusiness and we would like to thank Terry, Pam, David and the RCS team for allowing us to be involved in presenting this award.

This award is close to our hearts because although my family are often associated with our accounting business, we have also been heavily involved in agribusiness for many years and enjoy using this first-hand experience to help our rural clients grow their businesses. My parents Paul and Clare started their cattle business from scratch and it has now grown into a significant Wagyu operation. One of Paul's greatest sayings is that 'If you are doing the same as you have always done, you'll always get the same results you've always got'. By taking a risk to invest in genetics and change the composition of our herd, we currently cannot produce enough cattle to meet demand. We have been involved with RCS for many years and have attended grazing for profit, graduate link and executive link programs. Through our own businesses, we have learned about the importance of working hard, listening to and acting on expert advice, and showing perseverance in the face of adversity.  These are the qualities we looked for when deciding on the winner of the award for this year and we'd like to congratulate the winners and all nominees for their contributions to the agribusiness industry and their examples for others to follow.

For most rental property owners, their property or portfolio of properties is part of a long-term investment strategy. As a Chartered Accountant, financial planner, real estate developer, and rental property owner, I have learned many strategies for how to successfully invest in property and maximise your return. Over the coming weeks I will be sharing some of my tips on getting the most out of your rental property and how to strategically invest in property.

While long term gains may be the primary focus of owning an investment property, it is important not to miss out on potential tax savings along the way. Income from your rental property is relatively easily to record.  While most expenses relating to a rental property will be deductible, saving you income tax, not everything is deductible, nor can everything be deducted straight away. Before you spend money on your rental property, identify which category the spending falls into so you understand the tax implications of your decision:

  • Outlays which are deductible in the year they are incurred
    Examples of these types of outlays include council rates, water rates, insurance, interest on investment property loans, management fees, advertising for tenants, or minor repairs like fixing a broken tap.

  • Outlays which are deductible over a number of years
    Generally these outlays will provide a benefit for more than one year. Examples are building a new deck, putting on a new roof, or significant renovations of a bathroom or kitchen.

  • Outlays which are not deductible
    As of May, 2017 when the federal budget was announced, owner travel expenses to their residential rental property are no longer deductible. Also, investors who purchase an established property as an investment on or after 10 May 2017 can no longer claim a deduction for depreciation of plant and equipment items acquired through the purchase. 

Top tip
– Make sure you retain records of all income and outlays so that when your income tax return is prepared at the end of the financial year, you can substantiate all deductions you are claiming and do not miss out on deductions by forgetting to claim them.