The Cooee Quickie – 2020 August

This quickie focuses on the New Government Incentive for First Home Buyers. This could help your children or you might know someone who could benefit from this. If so, they should check it out.

 

NSW First Home Buyer Grant

Act now
Amount Where from?
$25,000 – Federal Grant
$10,000 – State Grant
$0 – Stamp Duty
$15,000 – Minimum Deposit
$80,000 – Minimum Income

Living in NSW, especially Sydney can be expensive. Most people think that their kids won’t be able to afford to buy in this market. Well, now they can. It’s just about making a little sacrifice for a long term gain.

First Home Buyers can now enter the Sydney property market with as little as a $15,000 deposit and only $80,000 of income (that could be combined for a couple).

What’s the catch? Well, the property must be new and you must live in it for at least the first year. And the maximum price is $750,000.

 

Tax Planning

With only 2 weeks remaining to maximise your tax deductions for this year, what can you do?

  • Pre-Pay interest in advance
  • Contribute to super & claim a tax refund
  • Buy a tax-deductible item now, rather than later

Other Tax Planning Strategies you could do now:

  • Sell capital losses to offset capital gains
  • Move investments into a lower-taxed entity like;
    • Children over 18
    • Trusts
    • Super
    • Non-working Spouse

If any of these sound like they might apply to you then please call your Wealth Partner to discuss.

 

We are happy to help.

If you have an unanswered question then please call us on (02) 9125 2088.