This week we go to WA as part of our series looking at suburbs home to a University.
And in our tax tip we look at making a standard end of month owner or tenant rental statement acceptable to the ATO as an ABN tax invoice.
NewsThe average house price continued to rise across Australia in the year to June.According to the Australian Bureau of Statistics, the stand-out increases were in Melbourne, where house prices rose 24.3% in the year to June, and Sydney where prices rose 21.4% over the same period.But just as house prices increased - new home sales fell in June to a 17-month low, as rising interest rates continued to erode demand.The Housing Industry Association's home sales index dropped 5.1% in June, following a 6.4% drop in May, as the lingering effects of pricier loans acted as a deterrent to new buyers entering the market.Victoria fared the worst, with house sales sliding 1%, while New South Wales posted a 2.2% fall. HIA said sales of houses dropped 5.2% in Western Australia and 5.1% in Queensland. In South Australia new home sales went backwards by 4.2% in the month of June.
Suburb in FocusIn our suburb in focus, we wrap up our series looking at suburbs that have a University. This week we focus on two suburbs in WA.
First up, we take a look at the house market in Rockingham, home to a campus of Murdoch University. Located 47km south to south west of Perth and 28km south of Fremantle the suburb’s population in the last census was 12,996. Rockingham is well serviced by transport with both a train line and the "Rockingham Shuttle Bus" which follows a route from the Train Station to the foreshore via the local Shopping Centre. The 920 service to Fremantle runs at 15-minute intervals Monday-Friday, providing access to Perth.Turning to the figures, the median house price in Rockingham for the year to March 2010 was $364,000, up 15.6% for the year. The median weekly rent for a house was $320 with an average rental yield of 4.6%. 358 houses were sold in Rockingham during the 12 months to March 2010, with 251 houses currently listed for sale.
And now to our second suburb, the unit market in Joondalup, 26km kilometres north of the Perth CBD. The town is home to main campus of Edith Cowan University which boasts state-of-the-art facilities including a multi-million dollar sport and fitness centre and outdoor cinema complex. Joondalup is bounded by Burns Beach Road to the north, Mitchell Freeway to the west, Eddystone and Lakeside Drives to the south and Lake Joondalup to the east with good shopping at Lakeside Joondalup, adjacent to the local railway station. The suburb’s population in the 2006 census was 8,420 and is regarded as the "city of the north". Looking at the figures now, the median unit price in the suburb for the year to March 2010 was $379,000 with unit prices up 0.9% for the that period.The median weekly rent for a unit there was $340 with an average rental yield of 4.7%. 54 units were sold in Joondalup during for the 12 months to March, with 52 units currently listed for sale.
Tax TipAnd now to the Tax Tip of the week from Depreciator - the Tax Depreciation Schedule specialists.
This week’s tip looks at the whether the standard end of month statement, owner statement or tenant rental statement with the addition of an ABN suffices as a tax invoice.
The ATO reported that a standard end of month invoice, with the addition of an ABN, doesn’t satisfy the requirements of a tax invoice however it can be modified to comply. So long as the statement includes:
1. the ABN of the entity that issues it 2. the price of the supply 3. such other information as regulation 29-70.01 of the GST Regulations and;4. be in the approved form of the GST Act.
So if your owner statement provided by your agent doesn’t currently comply you should request it be changed to avoid unnecessary paperwork.
And as always this is general advice only and you should consult your accountant or tax professional before making any tax related decisions.
