IASB confirms employee contributions amendments

first_imgThe London-based International Accounting Standards Board (IASB) has approved for publication a series of amendments to International Accounting Standard 19 (IAS 19), Employee Benefits, on the treatment of employee contributions.The changes – developed by the board in co-operation with its interpretive body, the International Financial Reporting Standards Interpretations Committee – will go out with an effective date of 1 July 2014.The changes will amend IAS 19 in two ways.First, employers can recognise employee contributions as a reduction against service cost only where they are linked to the employee’s service within that reporting period. Second, attribution of any negative benefit must follow the requirements of paragraph 70 of the standard.But also emerging during the board’s 16 September discussions were major question marks over the board’s prospects for mounting a root-and-branch reassessment of pensions accounting, and proposals for the interpretations committee to revive what is known as the IFRIC D9 approach as a possible solution to the problem of contribution-based promises.But perhaps of greatest interest to IASB-watchers were signals from a senior staff member that there is little appetite for a root-and-branch reform of IAS 19 accounting.IASB director Alan Teixeira said: “It’s on the longer-term research plan, but we don’t have any staff allocated to it or any standard setters who’ve expressed an interest in the project.“At the moment, there is nothing specific planned for it.”His comments came in response to remarks by IASB member Stephen Cooper, who told the 16 September meeting that the time had come for a fresh look at pensions.Cooper said: “I do think what we’re doing here, and also the contribution-based promises that are currently under discussion at the interpretations committee, indicate that we need to have a more fundamental look at the measurement of pension liabilities.”IASB’s vice-chairman Ian Mackintosh added that one option for the board to consider might be to revisit a 2008 discussion paper on pensions accounting produced under the auspices of the EU-wide Proactive Accounting Activities in Europe initiative.The European Financial Reporting Advisory Group (EFRAG) issued the document in January 2008.EFRAG released a report on feedback to the proposals and subsequent re-deliberations in November 2009.In overview, the discussion paper proposed that a liability “in respect of future pensions should be measured at a current value”.The document argued: “The objective of a current value measure of future payments of pension benefits is to reflect today’s value of the future cash outflows expected to settle the liability when it falls due.“This approach might be viewed as an ‘entity‐specific’ measurement because it aims to reflect not only the properties of the liability itself but also the relationship to its owner.”More controversially, on discounting, the report’s authors called for the use of a “current market discount rate to reflect the time value of money only – i.e. a risk‐free rate.”Alan Teixeira responded, however, that his reading of the market was that there “might be a lack of appetite” among possible project collaborators for breathing fresh life into the initiative.Teixeira said: “We’ve given everybody an opportunity to express an interest, and that’s one project that no-body outside has expressed an interest [in doing].“We might have to push hard to get somebody to do it.”But consultant actuary Simon Robinson at Aon Hewitt, speaking with IPE, questioned the need for change.“I actually think the current IAS 19 works pretty well,” he said.“There are some quirks – for example, contribution-based promises. But preparers of accounts have generally taken a pragmatic view on how to value these within the confines of the current IAS 19, and re-opening the debate might be akin to opening Pandora’s Box.“We can see that, with the minor revisions to IAS 19 around treating employee contributions as a negative benefit, what might seem a minor technical amendment is actually very difficult to achieve in practice with, I would argue, no benefit to users of accounts.”Cooper also warned against any tinkering around the edges.Speaking this time on an update on the interpretation committee’s activities, he questioned its decision to explore IFRIC D9 as a possible solution to contribution-based promises.“This is fine in terms of these plans that have a link to asset returns, it works well,” he said.“Existing accounting under DB accounting just produces the wrong answer, and that’s quite clear.”Cooper said the board should have fixed the problem sooner rather than wait until now.The approach, he added would not fix the challenge of plans that offer a guaranteed return or “higher-of” plans.D9 was, for these retirement promises “really bad accounting” that is “inconsistent with what we are doing in insurance”.“In insurance,” he said, “we are trying to get guarantees on the balance sheet, measured properly. The D9 approach just looks at intrinsic value.“It doesn’t take into account time value. So I’m rather concerned the Interpretations Committee seems to think D9 is a good answer.”Cooper also questioned the wisdom of including what he referred to as “current salary [and] career-average” plans within the scope of the work on D9.“That was the problem we had with the discussion paper when we had a second attempt to resolve this problem,” he said.“That failed because the scope was too wide. So, I’m concerned the problems we’ve had are just going to come back.”Pensions expert Simon Robinson said while he had sympathy with Cooper’s comments about D9, “trying to resolve them simply highlights more fundamental problems in IAS 19 such as the distinction between defined benefit and defined contribution plans”.He added: “Accounting for defined benefit plans under IAS 19 is not consistent with other areas of accounting – this inconsistency is not limited to contribution-based promises.”last_img read more

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Welsh LGPS drop LGIM, SSgA after £2.8bn passive tender exercise

first_imgA spokesman for Aon Hewitt, which conducted the exercise on behalf of the funds, told IPE a total of four managers were considered for the mandate.Aon Hewitt’s head of public sector investment consultancy Dave Lyons said the funds were able to achieve “considerable” savings as part of the joint exercise.Unlike LGIM and SSgA, BlackRock already had an existing relationship with all of the eight funds involved in the exercise, managing in the case of the £1.9bn Dyfed Pension Fund 70% of its assets at the end of March 2015.At the Powys Pension Fund, it was responsible for 45% of assets.Overall, SSgA and LGIM were only employed to manage passive mandates for three of the eight funds. As a result, opting for BlackRock over SSgA or LIM would have kept transaction costs to a minimum for the consortium.LGIM managed £363m in UK and overseas passive equity mandates for the £1.5bn City and County of Swansea Pension Fund, as well as a smaller, £99m passive fixed income mandate, according to the fund’s 2014-15 annual report.The company also managed £60m worth of passive fixed income and equity mandates for the Rhondda Cynon Taf Pension Fund, while the £1.7bn Cardiff and Vale of Glamorgan Pension Fund had £321m in passive equity mandates managed by SSgA at the end of March 2015.The situation reverses some of the losses BlackRock suffered after a similar joint exercise by English LGPS funds, which saw a £6.5bn mandate awarded to LGIM.LGIM had existing relationships with all but one of the seven funds involved in last year’s exercise, and doubled its assets under management from the funds as a result.*The eight schemes (and their administering authorities): Cardiff and Vale of Glamorgan Pension Fund (Cardiff), City and County of Swansea Pension Fund, Clwyd Pension Fund (Flintshire), Dyfed Pension Fund (Carmarthenshire), Greater Gwent Pension Fund (Torfaen), Gwynedd Pension Fund, Powys Pension Fund and Rhondda Cynon Taf Pension Fund. Eight Welsh local authority funds have appointed a single manager to £2.8bn (€3.5bn) in passively managed equity and bond holdings, resulting in more than £700m in losses for Legal & General Investment Management (LGIM) and State Street Global Advisors (SSgA).The eight funds*, which have in excess of £11bn in assets, selected BlackRock as their sole passive manager, with the company now responsible for passive developed and emerging market equity mandates, as well as fixed income strategies and smart beta investments.A spokesman for the Welsh funds said they were impressed with the “breadth, depth and quality” of the bids put forward following February’s tender process, which comes ahead of the Welsh funds’ establishing a formal asset pool as part of LGPS reform championed by the UK government. “Our search was open to any potential provider who wished to submit a proposal,” the spokesman added, “and this helped to support an extremely competitive process, which was also reflected in terms of pricing.”last_img read more

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EIOPA sees ‘common methodology’ referenced in ESRB stress test calls

first_imgRecommendations from the European Systemic Risk Board (ESRB) for improved stress testing of non-bank entities reference the “common methodology” EIOPA developed for its stress tests of occupational pension funds, according to a spokesperson at the latter.The ESRB recently said regulatory stress tests for pension funds, asset managers, central counterparties and other non-bank entities “need to be developed further and carried out in a more holistic fashion, modelling the transmission of shocks across sectors”.It made the comments in a strategy paper setting out its vision for improving macroprudential policy addressing financial stability risks that originate “beyond banks”.The paper sets out short-term policy options and a long-term agenda. Mario Draghi, president of the European Central Bank and chair of the ESRB, said: “In recent years, financial sector growth has primarily occurred outside the banking system. “This development is expected to continue, supported by the move to a European Capital Markets Union. The growth of finance beyond banking reflects new opportunities but may also bring financial stability risks.”The European Insurance and Occupational Pensions Authority (EIOPA) carried out its first EU-wide stress tests of occupational pension funds last year, having already done such exercises for insurers; the results were announced in January 2016.A spokesperson at EIOPA told IPE the authority developed its “common methodology” to be able to take a more holistic view of potential deficits in pension funds across Europe, with direct comparisons made difficult by “the diverse and fragmented regulatory system in Europe”.“This methodology,” the spokesperson added, “is also referenced in the ESRB report as the preferred way forward for future stress tests – as opposed to running exercises based on the national regimes.”As part of the European System for Financial Stability (ESFS), EIOPA cooperates closely with the ESRB, which contributed to the development of EIOPA’s pension fund stress tests.EIOPA had input into the ESRB’s strategy paper, and the spokesperson said EIOPA “welcomes the macroprudential discussion beyond banking and, in particular, for the insurance and occupational pensions sectors”.“These two sectors represent significant differences when compared with banking,” added the spokesperson, “both on the systemic relevance and on the transmission channels of potential risks to the system but also on the possible macroprudential approach to deal with them.”Many in the pensions industry were critical of the so-called common methodology, seeing it as a re-named version of the Holistic Balance Sheet and linked to since-abandoned plans to introduce harmonised solvency rules.EIOPA is planning to carry out further stress tests of occupational pension funds in 2017.In February, the ESRB suggested future stress tests should incorporate carbon asset risk.The ESRB’s recent strategy paper also states that the monitoring of systemic risk would benefit from aggregate and sector-specific indicators, which could enable policymakers to focus on sectors that contribute most to systemic risk.“In addition to banking,” it says, “it is likely that market-based finance (including open-ended investment funds), insurers, pension funds and financial market infrastructures such as CCPs will make a relevant contribution to overall systemic risk.“Such an approach could allow monitoring of risk shifting to or from different sectors – for example, as the size of a sector grows.“Such risk indicators could be complemented with sector-based indicators of resilience, which could be linked to a resilience standard.”last_img read more

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MiFID II: Why DB funds could save from research cost unbundling

first_img“However, the costs incurred throughout the supply chain would reduce as a result of the research being taxable. This is because the broker providing research to this investment manager would be slightly better off compared to the current position, as it would be entitled to recover VAT associated with the research.“With MiFID II closing in, it is time to start preparing for the potential VAT consequences.”Jochum Zutt, EY“Thus pension funds operating schemes that are subject to VAT – eg defined benefit schemes – may expect a reduction in fees.”The EU’s VAT Directive, which came into force in 2006, includes an exemption for “special investment funds”, Zutt said.However, where a manager provides such VAT-exempt services, the manager would not be able to recover any tax included in the cost of its third-party research, Zutt continued.As a result, “it may be beneficial for an investment manager to pass the costs of research on to the client rather than absorbing it as a cost” on the company balance sheet, he said. This would allow the manager to recover VAT, at least partially.“With MiFID II closing in, it is time to start preparing for the potential VAT consequences,” Zutt said. “Unfortunately, the most relevant question – around the VAT treatment of research – is still out in the open.“However, it is likely that some member states will apply VAT on research. Companies can start preparing by identifying the administrative burden and identifying the potential to (partially) recover VAT on research.”So far, the vast majority of managers have declared that they will pay the costs of research themselves.Of the 120 biggest managers of European institutional assets, as identified by IPE, 45 have so far made public their intentions regarding the payment of third-party research costs. Only Amundi (including its subsidiaries CPR Asset Management and Pioneer) and Fidelity have said they will past the cost on to clients. As asset managers grapple with the unbundling of research costs from trading costs, EU member states’ tax authorities are deciding how the newly visible service should be taxed.In the UK, HM Revenue & Customs (HMRC) is expected to publish guidance on the taxation of investment research services “soon”, according to a Bloomberg report today. Other EU jurisdictions are at various stages of deciding how value-added tax (VAT) will apply.The effect on how much pension funds and other users or beneficiaries of research pay will depend on the type of investment fund used, according to EY.Jochum Zutt, senior manager at EY in the Netherlands, said: “For example, [for] an investment manager that provides taxable services to a pension fund, separating research would not change the VAT treatment of the supply by the investment manager – it will still be taxable.last_img read more

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Tobacco giant seals £3.4bn pension de-risking deal with PIC

first_imgMitul Magudia, head of business development at PIC, added: “Insuring both pensioner and deferred members introduces more complexity to an insurance transaction when compared to similarly large pensioner buy-ins and requires careful consideration of areas including residual risks, asset strategy and reinsurance.“This transaction continues to advance the development of innovative structures in the de-risking market and we are really pleased to have been able to help the trustee secure its members’ benefits following their excellent stewardship.” Source: BATBAT’s de-risking deal accounted for the bulk of its £4bn DB pension fundFTSE 100-listed BAT joins a number of other major UK companies to have offloaded pension risk this year. Rolls-Royce’s UK DB scheme insured the benefits of around 40% of its members in a £4.6bn deal with Legal & General (L&G) in June, while L&G also backed a £500m transaction with publishing company Pearson and a £95m deal with private equity house 3i this year.PIC insured £900m of liabilities for Marks & Spencer’s UK DB scheme in May, with Phoenix taking on £460m.  Michelle Wright, head of trustee consulting at LCP and adviser to the BAT trustees, said: “This landmark transaction is an important milestone for the market. The fund exemplifies the growing trend of large schemes accelerating their de-risking plans due to attractive pricing and improved affordability…“The competitive pricing negotiated with PIC allowed the fund to maximise the amount insured. Having now insured three quarters of its liabilities, the fund has successfully achieved another important step in reducing risk and increasing the security of members’ benefits.”The employer was advised on its de-risking strategy by Mercer. British American Tobacco (BAT) has insured £3.4bn (€3.7bn) worth of UK pension liabilities with Pension Insurance Corporation (PIC), one of the industry’s biggest such deals.The transaction covers 8,300 pensioners and 2,300 deferred members, accounting for the majority of the tobacco manufacturer’s £4bn defined benefit (DB) pension scheme. It is the biggest pension de-risking deal to cover both retired and non-retired members, and is PIC’s largest single transaction to date.Brian Barrow, chairman of the British American Tobacco UK Pension Fund, said: “This transaction is very good news for our members, insuring the vast majority of benefits within the fund. It achieves a significant step towards the trustee’s objective of reducing risk and increasing the security of members’ benefits.“We are delighted that we have been able to complete a transaction of this scale successfully, despite the recent market volatility. PIC has been flexible and innovative throughout and I want to thank them and our advisers for helping us achieve our de-risking goals.”last_img read more

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Phenix launches impact fund rating service

first_img Dirk MeulemanCarbon offsetting is also a criteria, according to Meuelman: “For instance, we look at how organisations do their carbon offsetting and if they carbon offset, the carbon footprint of the team or of the entire organisation.“If they carbon offset the entire organisation, we would rate them a little bit higher.“If they would also carbon offset the parent of their portfolio companies or make sure that happens, we would actually rate that a little bit higher as well.”So far, funds from 40 managers have been rated.The 2020 Phenix Capital Global Impact Platform Fund Report, published in April, covers €245bn of institutional capital allocated to over 1,300 funds.Phenix Capital’s Global Impact Platform Report highlightsTracks total allocated capital of €245bn to 1,306 institutional impact funds€160bn committed in the last 10 years€110bn currently being raised across 562 fundsDeveloped markets account for 47% of committed capital Meuleman told IPE: “On the reporting side, if you report over your entire portfolio you score a little bit higher than if you only do a part of your portfolio.“If you report with a standardised system across your entire portfolio, then it would score a little bit higher than some of those more anecdotal impact reports.” Netherlands-based Phenix Capital is launching a rating service for impact investment funds, according to its chief executive officer Dirk Meuleman.Funds will be assessed across 33 criteria on a five-point scale. This is supplemented by a more detailed numerical score on a 1-100 basis and a benchmarking report, including recommendations for improvement.Although the ratings assess funds, they will also take into account the parent company and portfolio companies.Assessment criteria include areas such as impact reporting, investment beliefs, responsible exits, management, selection, SDG alignment and reporting. Intentionality is covered, whereby a fund would rate higher if the performance fee is linked to impact goals.last_img read more

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German investors rank corruption top exclusion criteria

first_imgSustainable investment strategies are still mostly based on exclusion criteria, used by 99% of funds and mandates.Standards-based screening applies to almost 95% of sustainable funds and mandates, and environmental, social, and governance (ESG) integration to 79% of the assets in funds and mandates, an almost 10% increase in 2019 compared to the previous year.ESG integration is already an integral part of the strategy for most asset managers. It covers a large part of the classic investment universe and is well anchored in the analysis processes.According to the study, based on a survey of asset managers in German-speaking countries with total assets of €2trn, institutional investors represented the largest share of cash deployed in sustainable funds and mandates with €154bn, up 27% in 2019 compared to the prior year.The demand for green investments from private investors, however, rose strongly by 96% last year to €18.3bn.McClellan said: “We believe that this trend of sustainable investments by private investors will continue” because EU rules requiring investors to ask their clients about sustainable investments will apply from mid next year.She added that institutional investors still have a share of 89% of the demand for sustainable investments. German investors put corruption on top of the list of exclusion criteria to deploy sustainable investments, according to a study conducted by the Forum Nachhaltige Geldanlagen (FNG), the industry association promoting sustainable investment in Germany, Austria and Switzerland.“To determine the level of corruption of a company, it is important that a firm has an anti-corruption policy in place and a code of conduct that is clearly communicated to the employees,” Angela McClellan, FNG’s chief executive officer, told IPE.It is critical not only to use the code of conduct and to list violations, but also that breaking rules has consequences, she added.“Corruption relates to the governance and points at how important the leadership and governance of a company is for its sustainability performance,” she said. “We believe that this trend of sustainable investments by private investors will continue”Angela McClellan, FNG’s CEOAmong institutional investors, church institutions and charities took 26.7% of the share of the pie in 2019, down from 40% in 2018, followed by insurance companies and mutual associations with 18.6%, the public sector with 16.6% and public Pensionsfonds with 12.8%.The five largest asset manager firms handle 77% of all sustainable assets in Germany, and many smaller financial service providers, some specialised in sustainability, share the rest of the market.The majority of investments are in equities, corporate bonds and government bonds, while 7% is in alternative investment products such as liquid assets or real estate.The study calculated that in Germany sustainable investments grew by 23% in 2019 to €263.3bn, including €120.3bn in mandates (+36%) and €63.2bn throguh investment funds, up 41% compared to 2018.For the German Investment and Asset Management association (BVI), the total volume of funds and mandates in Germany reached €3.4trn as of December 2019, a 15% growth compared to 2018.The sustainable investment market rose twice as fast at 37%, with a share of sustainable funds and mandates of around 5.4% of the total fund market, a 0.9% growth compared to the previous year.“In Germany, sustainable investments have grown constantly,” said McClellan.She added that the most important driver of sustainable investments is in particular the EU regulatory framework.“All the players in the finance market have to disclose how they deal with sustainability risks, and this is also an aspect that drives sustainable investments, in particular for responsible investments,” she said.McClellan believes that the coronavirus crisis “leads to thinking about how to include sustainable finance criteria in the public aid packages to support the economy and to set the course for the future.”FNG differentiates between sustainable investments, where ESG criteria are applied at product level, and responsible investments, where the ESG criteria are defined at the institutional level, she explained.Responsible investments progressed by €114bn, or 7% growth, to over €1.6trn in 2019 compared to the previous year.ESG integration is the prevalent investment strategy for responsible investments, applying to 95% of responsibly managed assets, according to the study.Looking for IPE’s latest magazine? Read the digital edition here.last_img read more

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Logan is experiencing an influx of high end buyers

first_imgThere were multiple living spaces.“They loved how big it was compared to what they were coming from,” he said.“There was also dual living for the oldest of the kids and the size of the land was a benefit.The lowset brick house had five bedrooms, three bathrooms and several living areas.There was also a double lockup garage, ducted airconditioning, and an inground pool.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:51Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:51 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p432p432p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenStarting your hunt for a dream home00:51 The buyers were attracted to the pool.More from newsDigital inspection tool proves a property boon for REA website3 Apr 2020The Camira homestead where kids roamed free28 May 2019Mr Aston said the house at 11 Lloyd Court, Heritage Park, sold in about two weeks, which was fairly quick for the area for $660,000.According to CoreLogic data, the median days on market for a house at Heritage Park over the past 12 months was 45 days and the median sale price was $450,000.Mr Aston said the house was bought by a large family from Marsden. REAL ESTATE: 11 Lloyd Court, Heritage ParkTHE Logan market is experiencing a shortage of stock as interest in high-end properties ramps up.All Properties Group agent Jay Aston said property was hot in suburbs like Heritge Park.“There are more buyers than houses available,” Mr Aston said.“There are a lot of buyers in the high end market, $500,000 and above, but not enough properties coming to market.”last_img read more

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Live like property expert, television host Andrew Winter

first_imgThree further bedrooms are in the main house and each have an ensuite. The fifth bedroom with a walk-in wardrobe and ensuite is detached offering a perfect spot for guests or a home office. A resort-style backyard with a pool, landscaped gardens, 8m pontoon and triple garage are also part of the package. Winter remained tight-lipped on his price hopes for the house.Harcourts Coastal Broadbeach agents Glenys Pitkin and Julie Playforth are marketing the property. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:02Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:02 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenAndrew Winter: How to flaunt your Unique Selling Point01:02 Despite being a property expert and having a number of flips under his belt, Winter said no reno was without its challenges. “The most important thing we have learnt is nothing ever goes completely to plan, the hardest part is the management of the whole thing,” he said. Winter said the biggest mistake was living in the house during the renovation. “We decided we could still live in the property if we did it in two stages, my kids and my wife are saying it’s never happening again.” Kitchen goals. Winter and his family are selling to move south with a knockdown rebuild on the cards. “We did a total renovation across 2017-2018 from top to bottom,” he said.“What we didn’t change was the original architecture or layout of the build. “It had the most perfect orientation for its block, all the bits that need the sun get the sun and the bits that need shade, get shade.” MORE NEWS: ‘Millionaires’ Row’ lives up to its name It has luxurious fixtures and fittings throughout. The highlight of the property is the main living area with water views over Coomera River.The luxe kitchen sits below a daring black ceiling and trendy pendant light, while gold tapware, integrated appliances, bespoke joinery and porcelain benchtops set the cooking zone apart. “I’m rather proud of our porcelain-clad front door,” Winter said. “Porcelain is suddenly a fairly new product to be used in design, all the benchtops are done in porcelain so we used it on the front door as a unique feature.” The makeover has a sleek and sophisticated style. The high-end renovation has everything you would expect from a property expert. center_img There’s a chance to live like property expert and television host Andrew Winter, with his latest personal project up for grabs. How do you know when a house has had a top-notch renovation? When it has been completed by a real estate expert who is a familiar face on Australia’s top property television shows. Selling Houses Australia and Love it or List It host Andrew Winter and his wife Caroline are selling their glamorous Sanctuary Cove home. What was once a Tuscan-inspired five-bedroom house is now a sophisticated, luxurious and modern home after a year-long makeover. More from news02:37International architect Desmond Brooks selling luxury beach villa11 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days ago MORE NEWS: Coast’s secret garden has new owners Andrew Winter is a familiar face on some of Australia’s top real estate TV shows. Picture Glenn Hampson The central backyard is another highlight. The home’s U-shape layout ensures every bedroom, living space and the study have direct access to the poolside courtyard. The main bedroom offers water views, a private deck, double-vanity ensuite and walk-in wardrobe. mikaela.day@news.com.aulast_img read more

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Porter Davis Homes Queensland shares tips on spending tax return

first_imgNew bedding is on the list of Porter Davis Homes Queensland’s top five home items worth splashing your tax return on. Porter Davis Homes Queensland’s top five home items worth splashing your tax return on this year includes feature lighting. 2. FEATURE LIGHTING More from newsParks and wildlife the new lust-haves post coronavirus12 hours agoNoosa’s best beachfront penthouse is about to hit the market12 hours agoLighting is a great investment if you’re looking to transform any room of your home. Larger, statement light fittings such as those made from natural fibres, have become quite popular, and work well to accentuate a resort-style feel within your home. Dimmer, but accentuated lighting in bedrooms and bathrooms will transform your home into a personal paradise, while down lighting, above artwork is a great way to highlight feature pieces and reinvent areas such as the entry, hallways or living areas. 4. NEW BEDDING Utilise different colours and textures to create an inviting and peaceful atmosphere. Natural fabrics such as linen, bamboo and silk are great to use as bedding, and both durable and comfortable to sleep on. Pairing these with feature cushions and chunkier, statement throws is a great way to add layers within the room. STAR PUPPET AGRO MAKES A MOVE 1. A COMFORTABLE SOFA RATES SET TO HOLD UNTIL NOVEMBER 5. DINING TABLE House plants continue to trend as we move towards spring. Not only do they bring life to any room in the home, they add a natural tone of green and texture to the space and work to purify the air, providing relaxation. Investing in a taller, more mature plant can be a great way to add a focal point within the space. While open-plan living continues to be popular among homeowners, “zoning off’’ more distinct spaces of the home with furniture is becoming increasingly popular. Formalised dining tables are key in achieving this type of spatial division.For more information about Porter Davis Homes displays visit porterdavis.com.au Your sofa is often the centre of the communal area within the home. From entertaining guests to curling up and watching movies under a warm throw, your sofa should be able to adapt to your lifestyle. A sturdy and comfortable sofa is always a sound investment for any home. It is also good to ponder whether the fabric of the sofa you choose will complement your lifestyle. Leather is more durable, but can be expensive. 3. HOUSE PLANTS A comfy sofa is on Porter Davis’ Homes Queensland’s top five home items worth splashing your tax return on this year.Taking advantage of your tax return could allow you to splash some cash on items you have resisted all year. But how do you determine which decor items are an investment piece and which are just an impulse buy?Porter Davis Homes Queensland lead interior designer Janelle Miles shares her top five home items worth splashing your tax return on this year. MORE QLD REAL ESTATE NEWS:last_img read more

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