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- Should You Take Your Small Business National?
- Upfront costs when buying a home and how you could save
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- Economic Stimulus 2022 – Latest Government Incentives – What can your business receive?
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- PRINCIPAL-AND-INTEREST VS INTEREST-ONLY
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- SAFE HARBOUR FOR DIRECTORS OF STRUGGLING COMPANIES
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- REMINDERS! LAND TAX REGISTRATION and DEED OF VARIATION
- The Importance of Estate Planning
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- SMSF - $1.6 MILLION TRANSFER BALANCE CAP
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- THE IMPORTANCE OF WITHDRAWING YOUR MINIMUM PENSION
- GST on Property Transactions has changed from 1 July
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- CAR LOAN – HERE’S AN OFFER
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- Over 65? Downsize your home to contribute to your super!
- Proposed Partner Visa Changes – NEW Two-Step Process
- NEW Skilling Australians Fund (SAF) Levy
- Should I ‘fix’ my home loan?
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- NEWS! CGT Main Residence Exemption to End for Foreign Residents
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- Small Business Instant Asset Write-Off : NOW up to $25,000
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- Single Touch Payroll – NOW Mandatory for ALL Businesses
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- Should you pay principal + interest on your investment property?
- Federal Budget 2019 – Immigration to Australia NEWS
- Economic Stimulus Package – JobKeeper Payment
- NOW is the time to consider your Year-End Super Contributions
- Economic Stimulus Package – Small Business Grants
- Federal Election 2019 Outcome – What it means for you
- STP – COMPULSORY Cloud-based Payroll Reporting
- JOBKEEPER INCENTIVE – ENROLMENT REQUIRED 30/04/20
- AI and RPA changing the Future of Work
- GOVERNMENT INCENTIVES UPDATE
- Superannuation Year End Considerations Continue!
- Economic Stimulus Package – Small Business Grants
- Happy NEW Financial Year – ATO Changes Update
- Does your SMSF have an investment strategy?
- Business Process Outsourcing (BPO) – Remote / Offshore
- Funding to help small businesses re-open after COVID-19
- New Work Tax Exemption (WTE) granted to SMSF Members
- Using your Equity to Lower your Rate AND to Invest
- New Tax Relief Introduction – Parliamentary Bill 2019
- Australian Immigration Visa Changes from 1st July 2019
- Deed of Variation – NSW Surcharge Land Tax
- Intelligent Process Automation (IPA) is here to stay
- Divorce Order – Self-Managed Superannuation Funds (SMSF
- Carry forward your unused Concessional Contributions
- Skilled Nominated Migration (190 Visa) – Live & Work in NSW
- Small Business Cyber Security
- Gift or lend to your child?
- Refinance and get up to $4k bonus OR renegotiate with your current lender?
- Proposed Superannuation Guarantee Amnesty – Have you correctly paid your staff super?
- CBA has increased its 4-year Fixed Rate – Is now the time to fix your loan
- ATO is Auditing Rental Property Expense Claims
- Is your lender charging your SMSF a KILLER interest rate?
- How a Mortgage can improve your Financial Position / How a Mortgage can grow your Wealth
- 5 Everyday Examples of IPA in Practice
- Is Your SMSF Investment Strategy Compliant?
- Buy your own Premises NOW – Business Loans at 2.45% per annum
- Business Intelligence (BI) in Small Business
- YML Finance – LOOK at these loan Interest Rates…
- Limitations to the Superannuation Death Benefit
- Why wait for interest rates to go up before considering a fixed interest loan from 1.89% p.a.?
- Managing your Money through this Crisis!
- Be ready before refinancing or applying for a new loan
- FBT 2020 – What do you need to consider?
- NOW is the time to re-look at your SMSF loan’s interest rate
- Annualised Salaries – New Rules from 1 March 2020
- How to manage your rising monthly loan repayments
- Superannuation and Pension Payment Changes
- Superannuation Guarantee Amnesty 2020
- Higher Interest Rates OR Options to Refinance your SMSF Loans?
- EOFY Removal of Main Residence CGT Exemption for Non-residents
- YML Chartered Accountants Digital Transformation
- Economic Stimulus Package Updates
- COVID-19 – Rent Moratorium + Financial Support
- MyGov – What is it and how do you apply?
- SMSF – Would it suit you?
- COVID-19 – Travel Bans and Exemptions
- COVID-19 – Workers Compensation and JobKeeper
- Digital Automation supporting Remote Work
- Buying Property through your SMSF
- Should I leave my savings in the offset or in the redraw?
- Do you want to make Interest-Only Repayments?
- Economic Stimulus Package Updates – JobKeeper 2.1
- General Outsourcing Services provided by YML
- Variable Interest Rate at 6.34% NOW
- How to get on top of your finances post COVID-19
- How RPA and Bots are making Employees happier
- Is your bank offering you the best interest rate?
- COVID-19 and Estate Planning – Your Will
- Dropbox Sign
- JobKeeper 2.0 – Extension 1 and Extension 2
- Bookkeeper Service – Why does your business need it?
- Did you know YML Group offers CFO Services?
- JobKeeper 2.0 – Extension 2 Commencing Soon
- NSW State Budget 2020-21 – Economic Stimulus Packages
- Would your business withstand one of its key people falling ill or dying?
- Will you benefit from a SMSF loan with an offset account?
- ATO Increased Audit Activity – Including JobKeeper
- JobMaker Hiring Credits – Explained
- HR in the Australian Hospitality Sector – Specialist Service Available
- YML Finance can help you pay your ATO Debt and Division 7A Loans
- Australian Director Identification Number (DIN) – Introduction
- Is it a good time to think about fixing your loan and will it help your borrowing capacity?
- Land Tax NSW – Have you registered? Will you pay a surcharge?
- NEW Superannuation Contribution Caps from 1 July 2021
- Cryptocurrency – What are the Taxation Implications?
- Small Business – Fees & Charges Rebate – Up to $1500
- When are Superannuation Pensions available to Younger People?
- Australian Taxes Payable as a Foreign Resident
- Car Loans - In your Business or Personal Name?
- Is it time you outsourced your business processes with YML?
- Superannuation Increases – Trust Members + Contribution Caps + Guarantee Contribution Base + Pension Caps – from 1 July 2021
- Property Development – Deed of Partition and Transfers (NSW)
- Virtual Bookkeeping at your Service
- Splitting your Superannuation Contributions with your Spouse – A Way to a Better Retirement for Couples
- Deduction of Interest on Vacant Land – Draft Ruling
- Single Touch Payroll (STP) Phase 2: What Your Business Will Have to do to Comply and How YML can Help
- Insurance in your Superannuation Policy
- It’s time to apply for a Director Identification Number (DIN)
- Australia’s Company Tax Rate lowered to 25%
- Transfer Balance Caps and what they mean for your Superannuation and Succession Plan
- Cryptocurrency – What are the Taxation Implications?
- ACT NOW – YML can help you with Phase 2 Single Touch Payroll (STP)
- Superannuation Guarantee – Quarter 2 Late Payments Due and New 2022 Threshold Removal
- Transferring asset ownership to a SMSF is an in specie contribution
- It’s time to apply for a Director Identification Number (DIN)
- Do yourself a Service – Partner with YML’s Bookkeeping Service and be ready for FYE 2022
- Superannuation Contribution Laws are changing – Boost your Retirement Savings from 1 July 2022
- 2022 Year-End Tax Planning – Our Tips
- ‘PAYG Instalments’ – What is this system? When is it used?
- ACT NOW – YML can help you with Phase 2 Single Touch Payroll (STP)
- Trust Distribution Minutes – SIGN before 30 June 2022
- Australia’s Minimum Wage Increases effective 1 July 2022
- Investors and SMSF Members: How to Spot an Investment Scam
- Australia’s Holiday Maker Visa – Latest News
- Australia’s Labour Shortage – Could Co-Sourcing be the answer for your business?
- SMSF Withdrawal and Re-Contribution Strategy: Tax Benefits
- Superannuation Guarantee Contribution – Reporting and Payments via STP
- Do you have yours by now? – Director Identification Number (DIN)
- Superannuation death benefits – review succession
- Succession – Do you have a Five-Year-Plan and an Exit Strategy?
- Important tools for your business: Cash Flow and Budgeting
- Multiple Offset Accounts – Save money in more ways than one
- What to know about Property as an Investment Asset Class
- NEW Superannuation Guarantee (SG) Rate – Employers’ Obligations
- Your SMSF – How much may you contribute under the Bring Forward Rule?
- Check your Single Touch Payroll (STP) software system – Is it fully ‘Phase 2’ compliant?
- Transferring asset ownership to a SMSF is an in specie contribution
- Watch Out! You may be liable for a maximum criminal penalty of $13,200 if you have not acquired your Director ID Number by now.
- SMEs’ Obligation under Australia’s Renewable Energy Target (RET) Scheme
- Tax Audit Insurance – Why is it important?
- End-of-Year Festive Season – Claims and Tax Exemptions
- Australian Taxation Agents require Clients to provide Photo ID
- Welcome to YML Legal – Legal Support in English and Mandarin
- How to Improve your Company’s Environmental and Social Impact
- PAID Family and Domestic Violence Leave from 2023
- NSW Surcharge Purchaser Duty and Land Tax – NEW Exemption for Foreign Owners from Four Countries
- Why engage a Lawyer for Advice on State Taxes and Duties?
- Long-term Value Investing – How it is suited to SMSFs
- Do you want a Tax Incentive for your Company to conduct Research and Development?
- Take Advantage: Capital Gains Tax (CGT) Concessions for Small Businesses
- Australian Taxation Agents require Clients to provide Photo ID
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- Ways to stay afloat when interest rates keep going up
- You may access your Superannuation Benefits… When?
- Superannuation Guarantee Rate – Change from 1 July 2023
- NEW Register of Foreign Ownership – Do you need to notify it?
- A General Guide to Property Transfers and ATO Clearances
- What can you do if you do not agree with a Notice of Valuation of your land?
- Watch Out! You may be liable for a maximum criminal penalty of $16,500 if you have not acquired your Director ID Number.
- Australian Taxation Agents require Clients to provide Photo ID
- What are your SMSF Tax-deductible Expenses?
- How to remove a Property Caveat in NSW
- Is Co-Sourcing the Solution to help your Business thrive?
- Who is a Related Party in your SMSF and why should you know?
- Bring Forward Rule to top up your Superannuation
- Next 5000 - Private Tax Group - Tax Performance Program
- Land Tax Change – Provisional Primary Residence Exemption
- Landholder Duty – Changes to the Ownership Percentage Threshold
- Navigating the Waters of Tax Audits: The Benefits of Tax Audit Insurance for Taxpayers
- NEW Stage 3 Income Tax Cuts from 1 July 2024
- Refresher : ‘Downsizer’ Superannuation Contribution
- What is your EOFY accounting strategy? How will you finance your EOFY business asset acquisitions?
- Outsourcing and Co-sourcing to increase Productivity in a shifting Economy
- Restructure Relief Options – Small Business Restructure Rollover
- Virtual Bookkeeping Services for streamlining your Business
- Who should register for Land Tax?
- How Transition-to-Retirement (TTR) works
- Not-for-Profits and Deductible Gift Recipients – Eligibility
- A Trump Presidency – What it means for Australian Investors
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- WORK RELATED CAR EXPENSES - WHAT'S LEGAL?
- WHAT IS THE BEST WAY TO PAY OFF YOUR DEBTS?
- New Withholding for Non Residents
- Business Protection Insurance
- Aiming to Make a Final Non Concessional Superannuation Contribution for 2016? Be Careful!
- Getting Organized and Planning Effectively This EOFY
- Four Per Cent Stamp Duty Surcharge for Overseas Investors Buying Residential Real Estate in NSW
- Co-Sourcing: An Alternative To Out-Sourcing
- What Small Business Expenses Can You Claim?
- Israeli Tax of Trusts
- New Superannuation Rules
- YML Group App - Coming Soon
- Obtaining a Business Skills Visa
- Quick Tips to Pay Off Your Mortgage Sooner
- FBT on Christmas Gifts and Tax Deductibility of Christmas Parties
- Changes to the Assets Test for Centrelink Aged Pensions from January 1st 2017
- Why You Should Consider Co-Sourcing for your Business
- Is It Worth Fixing Your Loan?
- Co- Sourcing
- RPA
- Shareholder's Agreements
- FAMILY TRUST DEED VARIATION
- ENCOURAGING NEWS FOR Permanent residency (pr) APPLICANTS
- Tax
Upfront costs when buying a home and how you could save
When buying a home many people focus solely on saving for the deposit. While your deposit is likely to be your biggest financial outlay, it’s only part of the cost of buying a home. We detail the other costs and fees you need to consider and how you could save.
Stamp duty:
Stamp duty is a charge applied by the State and Territory Governments in Australia and relates to the transfer of land or property. In some states/territories there are concessions available to certain purchasers e.g. if you are building a new home. It’s wise to check out the government website for your state or territory to understand the rules and exceptions that apply to your individual circumstances.
Borrowing costs:
When taking out a home loan there may also be a number of fees payable to your lender including loan establishment fees, valuation fees and settlement fees. However in today’s competitive lending market some lenders will offer cash-back incentives. The amount offered will vary, but could be up to $2,000 and can be used to cover some of your fees. Talk to a YML Finance specialist to find out how you could receive cash-back on your home loan.
Insurance:
There are a few types of insurance that you may require when buying a home including:
- Mortgage insurance: covering the lender for losses if a mortgage defaults and usually between 1-3% of the loan amount. Mortgage insurance is only applicable for home loans over 80% of the purchase price & this is a cost that you can avoid by saving up 20% or more for your deposit.
- Building insurance: is usually a condition of your mortgage and covers you if your home is damaged in the event of theft, fire, storm and flood.
- Contents insurance: covers you if your contents are stolen or damaged, some policies even provide new for old replacement of goods.
Legal costs:
Conveyancing is the process of transferring the property from the seller to the buyer. You can engage a solicitor or conveyancer to do this, or you can do it yourself. A licenced conveyancer will review your contract, perform checks on the title and draft the settlement documents. They basically guide you through the complex process of buying property and do the paperwork for you.
Inspection costs:
- Building Inspection: checks structural soundness and lists any visible defects and necessary repairs.
- Pest Inspection: checks for any signs of past or present pest infestation.
- Strata Inspection: examines and reports on the written records of the owners’ corporation.
Council, water and strata rates
When you purchase a property you are required to pay the vendor the remaining yearly or quarterly water and land rates. If you are moving into a strata title development, you will also be up for strata fees.
Utility connection
When moving into your new home you will need to pay connection or transfer fees to connect water, electricity and gas.
Moving costs
Finally, don’t forget that there will be removalists costs and possibly storage costs to consider as well.
There are a number of costs associated with buying a home, which can differ depending on the type of property you are buying and your individual circumstances. A YML Finance expert can provide professional advice and help reveal not only the costs you need to consider but also the savings available to you.