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Congratulations to Shane Light – AFA Awards 2018 top six finalist!

When you seek advice on how to best set yourself up for future success, it’s nice to know you’re dealing with an expert who knows their stuff.

This week, we were thrilled to learn that our Head of Advice and Senior Financial Adviser, Shane Light, has been selected as a semifinalist in this year’s AFA Adviser of the Year Award.

Managing Director of The Hopkins Group Michael Williams says acknowledgement of Shane’s efforts is a team achievement. “This recognition is testament to the quality of service we provide at The Hopkins Group and recognition of the calibre of staff we have working with us,” he said.

“We are proud of Shane and his team for the quality of their work and service, and thrilled that it has earned industry recognition. To make it through to the top six on a national stage is no mean feat and we wish him luck for the coming stages.”

The AFA Adviser of the Year Award has come to stand for many things; vision, leadership, excellence. The award looks to recognise the spirit and high professional standards of financial advisers and is described by the Association of Financial Advisers (AFA) as “shining a spotlight on, and sharing, best practice insights”.

“Many advisers are continuously looking to improve both their business efficiency and their client engagement proposition and [the award] plays a pivotal role [in recognising these efforts].”

Following his nomination, Shane underwent an intensive application process before progressing through to an interview round. It was then announced at the end of July that Shane had been selected as a top six finalist.

“I’ve always strived to be the best adviser I can be but never dreamt of this kind of acknowledgement,” said Shane who champions The Hopkins Group’s philosophy that clients are at the core of our business.

“It’s testament to the quality of the team I have around me and the holistic approach we take to helping our clients.”

From here, a selection of The Hopkins Group’s financial planning clients have been asked to participate in an independent survey conducted by the Beddoes Institute, to provide feedback on their experience with Shane and The Hopkins Group as a whole. This process will help the AFA select their top three finalists, before a winner is announced at the AFA 2018 National Adviser Conference in October.

In the media : Michael Williams quoted in Domain

Managing Director and Senior Financial Adviser Michael Williams has been quoted in Domain today, speaking on changes to depreciation deductions. The article – Why the depreciation shake-up gives off-the-plan investors an edge at tax time – discusses the changes which came into effect from 1 July last year and how they impact property investors this tax time.

Read the full article here or contact an adviser to discuss this article in the context of your financial situation today.

Tax time sorted with The Hopkins Group

Can you believe it? It’s July already!

Like clockwork, another financial year has come to an end so it’s time to start thinking about getting your tax affairs in order.  Benjamin Franklin once said that “in this world nothing can be said to be certain, except death and taxes.”

A morose turn of phrase, but nonetheless true – you can’t avoid tax time.

But just because you can’t avoid something, doesn’t necessarily mean you have to suffer through it. Tax time can be a breeze if you arm yourself with the right tools and advice.

That’s where The Hopkins Group comes to the rescue! This tax season, we’re arming you with the latest blogs from our accounting team, discussing some of the different deductions you can (or can’t) claim.

We’re also giving all blog readers access to our comprehensive tax checklist to ease the collation process and help you get the best tax return possible. You’re going to want to download this ASAP (as an added bonus, you’ll also find a vehicle log book and rental property checklist on this page).

Upcoming Deadlines

First things first – it’s not tax-time without a deadline or two.

If you are completing your tax return yourself, you have until 31 October 2018 to file your 2017/18 tax return with the ATO. But did you know, you can get an extension to that deadline?

If you complete your tax with a registered tax agent, like the accounting team at The Hopkins Group, you have until May 2019 to file the same return. This gives you that extra time to get everything together and work with an accountant to hopefully get the best result possible from your return. It also means that if you know you’re probably in for a bit of a tax bill, you’ve got that extra time to save up that money.

If you are looking for that extra time, please note you’ll still need to be on a tax agent’s list by 31 October. To get on the list, all you need to do is contact an accountant and they’ll liaise with you to make it happen. From there, simply get in touch with your accountant again when you’re ready to complete your return (before May 2019). And don’t worry – if they don’t hear from you by March, they’ll send you a friendly reminder.

Latest Accounting Blogs

Working from home: How much can you claim on tax?

Let’s be honest, we’ve all fantasised about dropping the 9-to-5 daily grind and seizing the freedom of working from home. The question is – how much would your tax return benefit from making the switch? Read more…

Get schooled on self-education deductions

Looking to up your professional development education game? You might be able to claim these expenses at tax time! Read more…

Changes to GST on property transactions

Thinking about property development? Our Director of Accounting breaks down the importance of considering GST and tax obligations from the outset. Read more…

Travelling to Inspect Your Rental Property? Pause before you go

Before you claim a deduction on your rental property travel expenses, it’s best to check you’re eligible to continue making that claim. Read more…

How will changes to depreciation deductions affect you?

Recent tax law changes might see a loss in deductions available to property investors. But is there a silver lining for those purchasing new and/or off-the-plan properties? Read more…

Are you ready to get started getting your tax affairs in order? Book an appointment with an accountant at The Hopkins Group today.

General advice warning: The information contained herein is of a general nature only and does not constitute personal advice. You should not act on any recommendation without considering your personal needs, circumstances and objectives. We recommend you obtain professional financial advice specific to your circumstances.

Understanding bank valuations and market value

When buying a property or refinancing an existing loan, your lender will often request a bank valuation so they can make sure they are lending responsibly;  they need to make sure that they’re not lending over and above the recoverable value of the property. But property owners often make the mistake of assuming a bank valuation is the same as a market valuation – and can be shocked when a figure they weren’t expecting comes back from their lender. To help clear up this confusion, let’s break down the differences.

A bank valuation is an internal control tool, which reflects what a bank can reasonably expect to recover its losses if they need to take possession and sell the property in circumstances where the borrowers can no longer afford to repay their debt. This is why a bank valuation is often lower than a market valuation. This type of valuation can be requested by either the lender or a mortgage broker.

A market valuation on the other hand, acts as a guide estimating a property’s value on the real estate market – i.e. what someone may purchase the property for at an auction/private sale, etc.  This is usually higher than a bank valuation. This type of valuation on the property may be requested by a buyer, seller or lender.

How valuations are conducted

Now we know the difference between these two types of valuations, let’s unwrap the different ways they can be conducted.

If your home is or will be mortgaged, your lender will almost certainly need to value it. A full short-form valuation is comprehensive inspection of the premises, including measurements of internal and external areas. When you apply for a home loan your lender/broker will send out an independent valuer selected from a panel to inspect and determine the value of the property you wish to buy.

For a full short-form valuation, the appointed valuer will inspect the entire premises – inside and out.  The external part of the valuation involves an assessment of the land – its size, shape and potential zoning for development.  The internal part of the valuation then considers things that make up the inside of the property, i.e. the number of bedrooms, bathrooms, age of the building, its fixtures, plan, etc.

By contrast, a curbside or drive-by valuation, does not involve an inspection of the property. As the name suggests, it occurs outside the property – on the road or by the curb.

The final method is a desktop or electronic valuation. This method involves digital research, turning to the internet to research comparable sales data within a certain radius of the property.

What does a valuation cost?

Property valuations from independent valuers and banks can cost you between $100 and $600. Banks and lenders usually charge you between $100 and $200, as a part of your home loan fees/professional package fee, but independent valuers usually charge upwards of $400.

How to overcome a low valuation

Not all bank valuations will return at the expected price – but this isn’t necessarily something to worry about. Bank valuations are traditionally conservative assessments, sometimes 10 – 20% less than the current selling prices of comparable homes.

If you are concerned that your valuation is not a fair reflection of the value of your property, you can file a dispute with the valuer by using evidence of comparable sale of properties around that area.

You can also request another valuation to be undertaken by a different assessor that is engaged by the same or a different lender.

While the best case scenario is that you can bump up your valuation to something more palatable, there may be times that the issue lies with the vendor – perhaps the property was overpriced to begin with. For situations such as these, it might be worth negotiating a better price to bring your costs down in line with your valuation.

If you’re purchasing property, it makes sense to have an expert adviser on your side to navigate the tricky valuations landscape. At The Hopkins Group we pride ourselves on working to get the best results for our clients. Our mortgages and finance team has experience with a range of lenders and is familiar with a number of different valuers – so you can trust that we keep your options open. Chat to the team about your mortgage and finance needs today.

General advice warning: The information contained herein is of a general nature only and does not constitute personal advice. You should not act on any recommendation without considering your personal needs, circumstances and objectives. We recommend you obtain professional financial advice specific to your circumstances.

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The Hopkins Group

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Level 23, 500 Collins Street, Melbourne, VIC 3001

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