News

In a bid to prove their green credentials, the Australian Labor Party are promising a 50% one off tax deduction for expenditure on plant and capital works that improve a building's NABERS ratings from 2 or below to 4 and above.

Under the new Building Energy Efficiency Disclosure Act 2010, there will now be a transition period for the first twelve months for the Commercial Building Disclosure (CBD) program.

The Building Energy Efficiency Disclosure Act 2010 commences in July 2010 but the disclosure obligation does not commence until 01 November 2010.

With the passing of the Building Energy Efficiency Disclosure Bill 2010, the disclosure requirements under the Commercial Building Disclosure scheme (CBD scheme) will commence around October 2010. The Government will make this date known and finalise the regulations of the scheme in the coming weeks.

Income Tax (Effective Life of Depreciating Assets) Amendment Determination 2010 (No 1) has been released today outlining a number of new effective lives for various assets.

Nicola Woodward reviews the recommendations relating to capital allowances and tax depreciation made by the Henry Review and the Governement's response. Read more.

The Henry tax review 'Australia's Future Tax System' has been released to the public after having been presented to the Rudd Government back in December 2009. We will be posting more information here in the next day or so detailing the recommendations that impact on the property industry.

The Autumn 2010 edition of the Apex newsletter covers a variety of topical issues that we hope you will find interesting and informative. The lead article covers the new legistlation for Mandatory Disclosure which has been labelled as the stick approach to greening the built environment.

The Bill promoting the mandatory disclosure of information about the energy efficiency of buildings was presented to the House of Representatives on 18 March. There will be significant fines if building owners do not comply with the legislation when it comes into force. We will follow up with a comprehensive review of the Bill shortly.

The 31st December 2009 saw the cut off date for commiting to make capital investments that will qualify for the investment allowance. Commitments for expenditure made after that date will not qualify. If commitments have been made, taxpayers have until the 31st December 2010 to install the assets for use in order for the allowances to be available.

The Directors and staff at Apex Property Consulting wish you a very safe and joyous holiday season. Thank you for your support during 2009 and we look forward to working with you in 2010.

Apex's offices will be closed from Thursday 24th December 2009 until Monday 4th January 2010. Enquiries during this period should be directed to 02 8234 4500.