Q: I am looking for a small business tax adviser that understands fintech startups and the concessions and grants that are available and also research and development in investment start up businesses?
A: Hi Rebecca
Congratulations on your new business, an exciting time no doubt.
Kelly + Partners is an ASX listed Chartered Accounting Network with 12 offices throughout NSW and one in Hong Kong, and a number of specialists in the areas you’ve identified in your question. Our head office is close by at North Sydney and we have one at Brookvale also.
As a coordinated network we’d love to meet with you to discuss the business, outline the options available and hopefully build a working partnership together.
Q: Is a Commercial Letting Agent obliged to secure a bond from a perspective tenant before allowing a tenant to occupy a property?
A: No -- bank guarantee needs to be provided (6-12 months usually depending on tenant covenant) and really up to landlord to decide / do their DD. Would get a 1 or 2 month deposit until guarantee sorted.
Q: Does a Commercial Real Estate Agent acting for a Land Lord have an obligation to check the financials of a tenant before leasing a property?
A: Typically not. Usually, you would ask for the last 2 years audited P&L statement for Lessor/Landlord to review and make an informed decision. Landlord would also undertake a company search. Of course bank guarantees (6-12 months ) also normal.
Q: Which areas of eastern suburbs sydney are (relatively) affordable to buy property for families?
A: Relatively is certainly the appropriate word Adam -- the 5 or 6 I would suggest are most affordable in order, especially for families are:
Phillip Bay/Little Bay
Matraville (David Warner's origins)!!
All of the median prices of these range from circa $1.3 to $1.55 m
Q: A lot of talk about interest rates. Big decision by the RBA next week. What is everyone predicting?
A: Underlying or core inflation is now at the lowest ever rate of around 1.5%, well below the RBA band of 2.0-3.0%, so the RBA is much more likely to cut rates on Budget day.
The RBA may now be thinking (like in the US, Japan and Euro area) that low inflation itself is “the” problem.
Whilst before Wednesday's deflation result I did not think there was any glaring need for interest rates to be cut as the labour market is OK and GDP growth surprised on the upside recently, the issue is the $AU. If the RBA does NOT cut rates in May, it would likely provide further upward pressure on the $AU which would be a net negative.
I reckon rates will be cut to 1.75% on Budget day on May 3rd and I trust the banks will pass on in full.
Q: With the banks raising rates out of cycle (independently of the RBA), are we likely to see, or are we already seeing rates for commercial loans or say commercial property (office, industrial, retail etc) loan margins increase also ?