NewsFlash 14th October 2008

On 14th October 2008, the Australian Government announced an economic stimulus package designed to strengthen the Australian economy.

As part of that package the government has announced that it is extending the first home owners grants up to $21,000 for persons that qualify.

It is estimated that up to 150,000 first home buyers may be entitled to benefit from these grants.

It should be noted, however, that the additional grants will only be applicable to contracts exchanged between 14th October, 2008 and 30th June, 2009.

For further information about the government initiatives  please follow the links.

NewsFlash 12th May 2009

On the 12th May 2009 the Australian Government announced the following measures in its 2009 budget papers:

• First Home buyers buying an existing home will continue to receive  government grants of $14,000 and those buying a new home will receive $21,000 for purchases by 30th September 2009. From 1st October until 31st December 2009 the grants will continue but  reduce to $14,000 for those buying a new home and $10,500 on established homes.
• For Small Businesses there will be a 50% tax deduction for spending on capital assets purchased between December 2008 and December 2009 and installed and ready for use by 31st December 2010. The change means business owners can claim a "bonus" tax deduction on new capital assets bought for more than $1,000. Businesses with a turnover of less than $2 Million will be able to apply for this benefit.

If you wish to discuss the government initiatives or are considering purchasing a property please feel free to contact us for a no-obligation free consultation.

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