The home at 38 Hunter St, Wooloowin.IT was a case of the first home buyer beating the developer for a change when a house in Wooloowin sold under the hammer recently.The two-bedroom home on an elevated 728sq m block at 38 Hunter St had been in the same family for eight decades before selling to a young couple for $890,500.Amanda Butler, of Butler and Co Estate Agents, said the buyers planned to restore the 1936 house and make it their dream family home.“The seller was happy about that,” she said.“It was very emotional for the seller but the time was right to move on.”More from newsFor under $10m you can buy a luxurious home with a two-lane bowling alley5 Apr 2017Military and railway history come together on bush block24 Apr 2019The auction attracted five registered bidders — a mix of developers and first home buyers.Ms Butler said developers had been keen on buying subject to conditions, but the auction format suited the young first-time buyers the best.The home had been marketed as an opportunity to either renovate or develop, given its zoning and proximity to schools, public transport and local amenities.It comes with all the original features you would expect from a property of that era, including ornate ceilings and dark hardwood floorboards.The large back deck offers views across the suburb and the range.Ms Butler said Wooloowin was a high-demand market given its location, just 6km from the CBD.According to data from CoreLogic, Wooloowin has a median house price of $735,500 and a median unit price of $479,000.
The Tax Cuts and Jobs Act, (TCJA) aka the Trump Tax Cuts, was signed into law in Dec 2017 and brings numerous major changes to existing tax laws. For sure, many persons and corporations will benefit from lower taxes but some individuals will definitely be paying increased taxes under the new legislation. One thing is for sure, the new tax regulations will have some impact on virtually every single individual and corporate taxpayer in the US. The TCJA was a purely political animal and is projected to increase the national debt by up to $2.3 trillion over the next ten years despite the economic growth it is designed to stimulate. This major rewrite of the tax laws was done in under 6 months and was rushed through Congress so that the President could deliver on his promised 2017 Christmas gift! The law was literally signed into law 3 days before Santa came down the chimney! It’s important that all readers remember that the provisions that relate to individuals will reverse (sunset) after 2025 while the cuts in relation to corporations are permanent. Predictably, this piece of legislation had several problems and has probably made tax computation more complex than in previous years and will not result in a postcard sized return for most as indicated by its proponents. One main feature of the TCJA is the near doubling of the standard deduction which in turn removes the need for many millions of taxpayers to itemize. This should significantly reduce the amount of resources expended in filing tax returns and the bureaucracy necessary to process the returns. This dramatic increase in the standard deduction was offset by the removal of individual exemptions which taxpayers were previously entitled to for themselves and their dependents. Another main feature of the law is the reduction in tax rates; from a maximum of 39% down to a maximum of 21% in the case of corporations and from a maximum of 39.6% to 37% for individuals. A 20% qualified business income deduction(QBI) was implemented to harmonize the tax rates of LLCs and other pass through entities with the much lower 21% rate applicable to regular corporations. The QBI is an immensely complex calculation and requires its own discussion. In subsequent articles, I will be discussing other aspects of the TCJA as well as other general tax issues. Please send your questions to Ask@CrichtonMullings.com