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Miccalady- $60 is all the individual pays and BMA pays the remainder- however this is currently being revised, I have heard the cap will be $800pw. I know they have a housing allocation scheme whereby operators etc are allowed a 3bedroom house and supervisors etc a 4 bedroom. I don’t work for BMA however and hear this info through colleagues (I work for another mining company in Moranbah area). There are other contractors and mining companies that do not have this policy however. Units can be attractive for companies to rent for couples as they are cheaper and there are lots of younger guys and girls in the industry. It is true that a mining town only holds its value so long as mining continues, however with all the new projects and billions of dollars being pumped into the area at the moment I think the outlook is healthy for the next 3-5years at Middlemount Mine Details
Tenements ML70379, MDL282, EPC1225
Location 6 kilometres south-west of the township of Middlemount in central Queensland
Coal types Low volatile PCI coal and semi-hard coking coal
Manager Middlemount Mine is being developed by Middlemount Coal Pty Ltd an incorporated Joint Venture between Macarthur Coal Ltd and Noble Group Ltd
Mining operations
Mining operations for production at 1.8Mtpa ROM will commence in the 2010 calendar year.
Mining operations are carried out by Leighton Contractors Pty Ltd.
A coal handling and preparation plant will be constructed by Sedgman Ltd.
Mining and coal preparation activities will be carried out 24 hours a day, seven days per week by contractors.
History
Macarthur Coal completed the purchase of the Middlemount project on 15 January 2008
Bulk sample pit overburden removal commenced in December 2007 with first coal uncovered in May 2008
Coal mining commenced in the bulk sample pit in October 2008.
The Mining Lease was granted in September 2009.Hi John,
I use to work in expatriate tax and would provide advice on LAFHA- this is going back a few years so the law may have changed slightly from then (2004). To be LAFH you generally have to actually move you and your family to a new location for 2 years or more. If the ATO digs deep into your situation you may find that you aren’t actually living away from home, as I assume your return to your principle place of residence every week or so to visit the family. The ATO may therefore deem your LAFHA to be an ordinary allowance and therefore taxable. LAFHA is the only monetary benefit under FBT that is exempt- i.e. your employer doesn’t pay FBT on it. LAFH is determined on a case by case basis- if you aren’t infact LAFH then the LAFHA will be taxed at your marginal rate. Hope this helps.I live in Moranbah and work in a mine here in mgmt and can say that things are on the move again. We have tried to buy a few properties, only to lose out to multiple offers or the house selling on the spot to someone on the agent’s buyer’s list- All well priced houses don’t make it to the internet, they all sell within the first few days. Rents are still down on what they were during the boom but still returning 7-8%, once contractors come back into town rents will tighten again. With construction of 2 new mines next year things are expected to take off again, which is why investors are snapping up houses now, before prices go silly again. From a macro perspective, coal demand and export pricing is picking up again which is good news for the industry.
Just came across this thread and thought I'd add my 2 cents worth. I live in Moranbah and work in Mgmt at one of the coal mines so have a pretty good idea of what is happening with coal prices and demand etc. I can definitely say Moranbah is heating up again. We have tried to buy several properties only to contend with multiple offers or the property selling to the first offer with a few hours of listing. We inspected a house at 4:45pm, went to inspect another at 6pm, put an offer on the first at 6:30 only to be told it had already sold! Well priced houses (early $400k for tidy 4×1's, late 300k for 3×1's untenanted) are being snapped up in the first day or so. The new land estate released by council has also sold out. There is still plenty of supply around for rentals which is keeping yields at approx 7-8% on new leases. Houses are moving in anticipation of Contractors coming back into town early 2011 for Construction works on new mines. I can't speak for other mining towns as I haven't looked at them- I do know Dysart is performing on par with Moranbah for yields, not sure if stock is moving there or not though.
Beware of Real Estate agents- I was told a house would be listed at $430k, and rent appraisal of $800pw. The agent then renegged on the $430k (no paper work through from Vendor) due to our interest on the property. I later found it advertised for rent at $650pw. Case of buyer beware.
