18 January 2017

Steadfast givers are now receivers too

Posted in Business Partnerships / Chaplaincy / Supporter

Long-time SU QLD supporter, Phil Henley, principal of Steadfast Realty Qld is now making it more cost-effective to sell your home, while also building into the lives of children and young people.

You may recall, Phil’s generous offer to donate 50% of the commission paid to Steadfast (after advertising costs) from the sale of your home to SU QLD and school chaplaincy. As attractive as that was, unless selling an investment property, the deal didn’t include a tax deduction. Now it does.

“By just a small change in how the donation is paid, we can make that portion a tax deduction for sellers,” Phil explains.

Previously, sellers paid their full commission to Steadfast, and Phil would then issue a separate cheque to SU QLD.

Under the new method – which Phil has discussed with his solicitors and the Australian Taxation Office to ensure everything is above board – the seller’s solicitor will sign two cheques. The first cheque is paid to Steadfast and the other is paid directly to SU QLD, thus allowing the seller to claim a tax deduction.

“My commission cheque is then reduced by the amount that will be donated to SU QLD. That way the seller can claim a tax deduction on that donation, and as an extra bonus they won’t pay GST on that portion. We organise these details, so no extra effort is required by the seller,” he says.

Here’s how it looks in practical terms…

Existing method (example)

Commission paid: $10,000 (at settlement)

GST: $1,000

SU QLD donation: $5,000 (paid by Steadfast from commission)

Total payable: $11,000

No tax deduction for seller.

New method (example)

Commission paid: $10,000 (at settlement)

GST: $500

Steadfast receives: $5,000 (discounted fee on basis that the donation is paid)

SU QLD donation: $5,000 (direct from settlement proceeds – donation in name of the seller)

Total payable: $10,500

As a family man himself, Phil has a big heart for children, young people and their families. It’s why he supports school chaplaincy. He’s also passionate about helping families like yours get the best deal they can in today’s property market.

If you would like to know more about selling your home and supporting our chaplains, you can contact Phil on 0439 990 320 or email phil@steadfastrealty.com.au.

Casey Seaton

Media & Communications Delivery Manager

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