The Tax Man Knows More About Your Property Investments Than You Think – Assistant Taxation Commissioner Rob Thompson
Property Investment & Wealth Creation Australia | The Michael Yardney Podcast · Michael Yardney
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Show Notes
No one wants to pay more tax than they need to, and no one wants to get in trouble with the tax man, so today Ken Raiss and I interview Rob Thompson, Assistant Commissioner of Taxation, who has a front-row seat to the intricacies of our tax system, and he's here to help unpack some of the complexities that property investors like you often face.
Today we'll be discussing
- The ATO's data matching program for property investors
- The tax gap of $1.2 billion and why it's relevant to rental property investors
- PAYG instalments
- The difference between deductible repair expenses, initial repairs and improvements and
- The ATO's new borrowing expenses calculator (this can be something we plug in the podcast and include links and more information in the show notes).
- How to Pay As You Go instalments help manage tax bills throughout the year.
- Understanding your tax obligations to avoid mistakes.
- Treating your property investments like a business, not a hobby.
Chapters
04:09 The Importance of Data Matching and Compliance
07:05 Navigating Property Management Data
09:45 Distinguishing Between Repairs and Capital Improvements
12:19 Initial Repairs vs. Ongoing Maintenance
15:15 Understanding Depreciating Assets and Their Claims
18:17 Managing Interest Expenses and Tax Gaps
21:26 Claiming Borrowing Expenses Effectively
24:14 PAYG Installments for Property Investors
26:04 Final Thoughts on Tax Obligations and Compliance
32:21 The Value of Struggle in Success
Links and Resources:
Ken Raiss – Director Metropole Wealth Advisory
Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us
- Tax time toolkit for investors: ato.gov.au/Investorstoolkit
- Rental properties guide: ato.gov.au/rentalsguide
- Rental video series: ato.gov.au/Rentalvideos
- Tax statistics: ato.gov.au/taxstats
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Shownotes plus more here: The Tax Man Knows More About Your Property Investments Than You Think – Assistant Taxation Commissioner Rob Thompson