Property Owners

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Catastrophic fires have, for over three months, escalated to unprecedented levels in Australia with many beholding the tragic loss of lives, property, wildlife and livelihoods.
Today, CEO of CoreLogic International, Lisa Claes released a statement concerning recent bushfires in Australia. 
"Across the country, people are coming together to support those impacted by these terrible events and we are pleased to let you know that CoreLogic is also making a substantial contribution. We are not only donating to the Australian Red Cross and WIRES to support these efforts, but will also match all employee dollar donations for the bushfire appeal," Ms Claes assures.
"In addition, we would like to acknowledge the significant sacrifices being made by volunteer firefighters across multiple fire zones. As a consequence, CoreLogic employees who are members of the Rural Fire Services are being provided with paid volunteer leave to support their efforts. On top of that, we will also be working closely over the coming months with our community partner Habitat for Humanity Australia, providing employee volunteers to assist with recovery and property clean-up activities in the Cuddlee Creek community in South Australia, where over 85 homes have been lost.
"We have already established a Bushfire Response Team to accelerate a number of initiatives that will help customers impacted. That includes a program to help ensure that our customers (and their customers) receive the assistance they need at this difficult time. All our programs for <a href="https://www.corelogic.com.au/corelogic-australian-bushfire-support#banking" target="_blank">financial institutions</a>, <a href="https://www.corelogic.com.au/corelogic-australian-bushfire-support#insurance" target="_blank">insurance companies</a>, <a href="https://www.corelogic.com.au/corelogic-australian-bushfire-support#government" target="_blank">government agencies</a> and <a href="https://www.corelogic.com.au/corelogic-australian-bushfire-support#propertyowners" target="_blank">property owners</a> are outlined on this web page."
CoreLogic offer a free of charge on a one-time basis to financial institutions, insurers and property owners.
<h2>Helping Financial Institutions</h2>
CoreLogic can help identify customer properties that may have been impacted by the bushfires. They can also help find the property's recent estimated value, whether it was listed for sale or rent, and the estimated rebuild cost of the property.
<h2>Helping Insurers</h2>
CoreLogic can help identify customers whose properties may have been impacted which enables insurance organisations to reach out proactively to them and to priorities their inbound enquiries. 
<h2>Helping Government Agencies</h2>
<a href="https://www.corelogic.com.au/corelogic-australian-bushfire-support#contact_us_form" target="_blank">CoreLogic data</a> can help assist state and federal government agencies by identifying and providing information about those properties that may have been impacted. 
They will help government agencies understand population displacement and dislocation, validate relief payment claims, provide economic impact analysis, assist with tax assessments for individuals, businesses or corporations, and identify longer-term health impacts.
<h2>Helping Property Owners</h2>
CoreLogic's can help simplify the task of estimating rebuild costs using their<a href="https://www.propertyobserver.com.au/https://sumsure.cordell.com.au/?_ga=2.200442925.244147514.1579496227-612828265.1579496227#/products/7/profiles/112" target="_blank"> Cordell Sum Sure Calculator</a>. This is an intuitive digital tool that uses CoreLogic property and construction data. It is available as a free-to-use service to help answer pressing concerns regarding bushfire related damagers.
Ms Claes suggests, "For more information regarding our bushfire response, please contact the CoreLogic Customer Call Centre on 1300 734 318, or your client account manager. Alternatively, use the form at the bottom of this page. We are ready to discuss how we can assist you." 
Main photo from <a href="https://www.corelogic.com.au/corelogic-australian-bushfire-support#insurance%20owners" target="_blank">CoreLogic News</a>
 
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j.ballantyne1990-6AQqhLzZaK

Response to Australia's bushfire crisis by CoreLogic

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A finder.com.au survey has found that over three million renters believe they may be renting for the rest of their life. 
Their research found that 38% of Aussies are currently renting and just 19% of Australian renters intend to buy property in the near future.
5% of Aussies are currently ‘rentvesting’ meaning they are renting and also own a property.
The research ties in with all the recent reports out highlighting the rental price growth trends across the nation’s capital cities, several of which identified Brisbane as one of the most affordable cities to rent a house or unit.
<img src="https://gallery.mailchimp.com/cc5e9bce699fa1d71a67cf499/images/169b2c64-03e9-4e84-894a-9452710c9ec5.png" width="548" height="200" data-imagetype="External">
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Over 3 million Aussies think they’ll be renting for life

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With the end of the 2015/16 financial year less than two months away, Angus Raine, executive chairman of Raine &amp; Horne, is urging Australian property investors to have a current depreciation schedule in place by 30 June 2016.
“Almost 80 percent of landlords fail to maximise depreciation claims against their investment property, potentially missing out on thousands of dollars come tax time,” says Mr Raine.
“The problem is that many landlords either aren't aware of the benefits associated with depreciation, or don't have an up-to-date depreciation schedule, which enables them to claim against the reduction in value of items such as carpets, curtains, stove cook tops, some light fixtures, shower heads and so on.
“Each year, landlords can claim between 10 percent and 40 percent off a variety of depreciable items, and sometimes more.
“In many cases, 2.5 percent of the building cost of the investment home is also claimable on an annual basis.”
Landlords should seek professional support when creating or updating a depreciation report, according to Mr Raine.
“Arranging a specialist tax depreciation company such as BMT to carry out the report will ensure that everything is done by the book,” says Mr Raine.
This advice is particularly appropriate for established properties, where it is also possible to back-date missed depreciation claims by two years.
“Always seek professional advice for established investments as it can be trickier to navigate the tax deductions.
“Moreover, the costs associated with a depreciation schedule, which can be between $650 and $700 per report, are also tax deductible,” advises Mr Raine.
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jchancellor-FAypfDUnLy

Property 101: Maximising depreciation claims

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GUEST OBSERVER
Increasing land tax as an alternative to raising the GST rate could have far reaching ramifications on both property owners and the broader property industry. 
Imposing land tax to all land owners from a state level should only be considered in line with the reduction or abolition of transfer duty. 
Failure to do this could cause the property industry, one of Australia’s largest earners and employers, to slow drastically.
Lifting the GST rate could potentially have a regressive tax impact. 
Lower income earners generally spend a higher proportion of their income on necessities. 
Land is already heavily taxed through stamp duty, such as transfer duty, landholder duty, rates, income tax, including capital gains tax and, of course, land tax.
If land tax was to be increased, it could dampen activities in the sector which could also affect those working in the industry and the wider economy, not just property owners. 
Making the ownership and transaction costs of property too expensive could reduce investment and development activities in the sector. 
We all know the impact of a property industry downturn, which affects a wide range of workers in the real estate and construction industries, not just property owners. 
Many property owners are just mum and dad investors, so increasing ownership costs through land tax could erode the viability of their investments, which may also trigger a potential depression in property investments. 
It is not fair to punish people for wanting to get ahead financially by investing in property.
BDO is committed to encouraging public debate and being at the forefront of discussions around Australian tax reform. From next week BDO invites participation in the annual BDO Tax Reform Survey.
Hung Tran is BDO Brisbane Real Estate and Construction partner and can be contacted <a href="https://www.bdo.com.au/en-au/our-people/hung-tran" target="_blank">here</a>.
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