Money Australia - August 2019

THIS MONTH

NEWS

&

VIEWS

SNAPSHOTTop 10 medicalprocedures

ithoutinvasiveinvestigation Source: Bupa

Most expensive claim items at Bupa in 2018

Orthopaedics

Orthopaedics

Ophthalmology

Obstetrics

Orthopaedics

General Surgery

Cardiology

Cardiothoracic

Cardiology

General Surgery

Knee replacement

Hip replacement

Lens procedures

Caesarean delivery

Spinal fusion

Major procedures for obesity

Interventional coronary, with stent

Cardiac valve procedure*

Cardiac pacemaker implantation

Major small & large bowel procedures

Speciality Category

*W

spent on the top

10 procedures

at Bupa

$1.1b

More than

$223.3m

$197.3m

$154.3m

$125.7m

$92.2m

$75.7m

$74.2m

$71.9m

$58.3m

$58.2m

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NICOLAFIELD

TAX TIP

Spotlight shines on

property deductions

W

ith tax time now upon us, the tax

office has launched its usual blitz of

announcements on the types of business

activities and deductions it will focus on

in the new tax year.

At the top of the list are rental property

deductions, with the ATO claiming that

in a sample of audited taxpayers 90%

of tax returns were incorrect.

The number of people who own a second

home – either for rental or for their own use

• has exploded in recent years and the ATO
  is concerned that those entitled to deduc-
  tions are over-claiming while others are
  claiming deductions to which they are not
  entitled. The classic example of the latter
  is owners who use their holiday home for
  personal use rather than renting it out.
  Rental property owners should only claim
  for the periods the property is rented out
  or is genuinely available for rent. Periods of
  personal use can’t be claimed.
  Another focus will be the incorrect appor-
  tionment of rental income and expenses
  between owners, such as where deductions
  on a jointly owned property are claimed by
  the owner with the higher taxable income
  rather than jointly.
  Also, the costs to repair defects existing
  at the time of purchase or the costs of ren-
  ovation cannot be claimed immediately but
  instead need to be added to the cost of the
  property for capital gains purposes.
  MARK CHAPMAN, DIRECTOR OF TAX COMMUNICATIONS AT
  H&R BLOCK. [email protected]

T

his revised edition of a 2008 bestseller

provides an invaluable checklist for

property investors to make the best purchases

for their circumstances. It covers key points

such as location, the investor’s risk profile, how

to secure finance, how much you should pay,

whether it will be easy to rent out, and more.

Margaret Lomas is the founder and director

of Destiny Financial Solutions, which assists

property investors across Australia. She is

one of the country’s most recognised and

respected experts, and the author of nine

property investment books, which collectively

have sold more than 100,000 copies.

Ten readers can win a copy.

In 25 words or less, tell us your best

property investment tip. Enter online at

moneymag.com.au/win or send entries to

Money, Level 7, 55 Clarence Street, Sydney,

NSW, 2000. Entries open July 29, 2019

and close September 4, 2019.

20 MUST ASK QUESTIONS

FOR EVERY PROPERTY

INVESTOR by Margaret Lomas

(Major Street Publishing, $29.95)

BOOK OF THE

MONTH

APP OF THE

MONTH