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Episode 229 | How to Release Your Money Fears – Chat with Denise Duffield-Thomas

Folks, did you know that almost all of us have buried “bad feels” about money lurking somewhere inside us?? And this contributes — rather significantly — to how we spend and earn our hard earned money… whether we’re aware of it or not!

Ah-huh…. That long-forgotten moment you witnessed when you were five?? … Still remembered! The way your parents spoke about money?? Still remembered! Basically, your psych has stored all your money stories somewhere… and these little tell-tales resurface at the best and worst of times. Say, when you’re putting yet another thing on credit… or refusing to spend a single dollar more than simply surviving. This stuff is not “woo-woo” either folks — it’s legit, and it impacts how each of us responds to and values money… the devil is just in our unique details!

And if there’s one woman who knows ALL about this, it’s a certain someone who wrote a book called —let’s be honest, you’ve probably heard about it — Get Rich Lucky Bitch.

Yep!! Joining us today is Money Mindset Mentor Denise Duffield-Thomas of LuckyBitch.com — aka the woman inspiring, mostly but not exclusively, other women on their very real “money blocks” and how to ditch their fears and simply get on with creating true wealth!! She’s a savvy (but “unbusy”) entrepreneur and the well-respected author of, yes, Get Rich Lucky Bitch as well as Lucky Bitch and most recently, Chillpreneurthe latter, which lets you in on the new rules for creating success, freedom and abundance on your terms!

Now… as two middle-aged fellas who are quick to admit we don’t have all the answers, we’ve gotta hand it to Denise — she, quite literally, is on the money here!! Obviously, we see A LOT of bad money managers and, sure, we’ve got our Money SMARTS Platform to solve this….. but today’s episode is a real eye-opener into WHY people are bad managers and how we (yep… women and men) can reach our absolute potential without lingering on the jitter-bugs from our past!

And folks … you can’t beat an expert in their field who’s “smoking what they’re selling”!!! So, let’s just say… Denise is CLEAR proof of this! Soon you’ll hear just how well her money story’s working out for her … and how you can steal her secrets to success!

Before we crack open the gold, if you’re looking for Julia Hartman’s “Property Tax Pack” that we released last week, you can DOWNLOAD the full Property Tax Q & A from Ep 226 and Ep 228 HERE

Also, Denise has kindly gifted us a copy of Get Rich Lucky Bitch AND her newly-released, Chillpreneur, so if you’re keen to be the Lucky Winner of BOTH BOOKS — Tell us Your #1 Money Block Here for Your Chance to Win!

Here’s what you’ll learn….

Bonusisode – Negative Gearing Policy removed from Labor’s Homepage

Folks, if you haven’t noticed the level of activities that had been happening on our show recently, there were heaps of things going on regarding Labor’s Proposed Negative Gearing policies.

Long story short.. Two weeks ago, Ben as the Chair of Property Investors Council of Australia (PICA), discovered that Labor and the Parliamentary Budgeting Office (PBO) had been using incorrect data in their costing for the proposed Negative Gearing Policy.

Since then, Ben had been speaking to researchers, aggregators, politicians, lenders and real estate agents to find out what’s the actual rate of investors that are buying brand new properties vs existing ones. So far, it’s been found that the proposed Negative gearing savings could be overstated by up to $8 billion. This again highlights the importance of having the right data.

So last week, Ben was on the Money News Show with Ross Greenwood to discuss further about this discovery and he was also invited to the Housing Industry Forum to share his point of view as Chair of PICA.

And it looks like, he’s finally made an impact because now, you couldn’t find much information on the policy on ALP’s website!

We’re very excited that Labor and the PBO are updating their costing with good data now but the work’s not done. It’s important to include subject matter experts like the Master Builders Australia, Housing Industry Association, Real Estate Institute of Australia (REIA), Property Council, Property Investment Professionals of Australia (PIPA), PICA and others to craft this policy together.

Again, as we mentioned before, we’re NOT against Labor.

We are NOT saying that we should leave Negative Gearing unchanged.

We are against the ill-prepared policy here. And if you agree with us, please share this with your network and hopefully, common sense would prevail.

Episode 228 |Ownership Structure & Trusts with Julia Hartman – Everything You Need to Know About Property Tax (PART 2)

Here we go, folks…. Property Tax PART 2 is finally here!!
So, let’s get down to the Ownership Structure, Trusts and SMSF insights you need!

If you tuned into Episode 226, then you’ll know we have none other than The #1 Property Tax Expert in Australia… Julia Hartman, unpacking the gold for you!

Julia is the Founder of BAN TACS, a co-operative of Accountants, which has been helping thousands of Australian’s navigate the world of tax since 1992!! She has a Bachelor of Business and is a Chartered Accountant (CA), Certified Public Accountant (CPA) and a Registered Tax Agent…. which, if they don’t mean much to you, translates to this — “impressive” and “rare”!!

PLUS, because we knew she was coming, we threw it out there for our listener’s to ask us their most pressing Tax Q’s they have — and Julia’s going to answer the last of these today and dishing out her top tax tips on ownership and borrowing tax structures!

Get the answers to…

Before we get to today’s questions, we want to let you know that we’ve compiled all of Julia’s Answers and Additional Resources into a PDF! If you’re interested, then just fill in the form below and we’ll send it to you right away. 🙂

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Today’s Ownership Structure and Trust Related Questions:

Question from Ben:

When investing for the long term as a couple (with one partner’s income considerably higher than the other), what are your top tax tips to consider when determining ownership and borrowing structures.

Question from Locky:

What is the best tax structure for being able to keep borrowing (family trust or company)? Buy build and rent out for passive income? Thanks guys.

Question from C L Wong:

Should we open a company to manage the residential properties or a trust perhaps? If so, what are the tax benefits do we have? Thank you, Gents 🙂

Question from Alistair:

How to transfer property between entities (company to trust or company to personal name). Investigate how the family law act interprets this. Thanks.

Question from Damien:

Is there any point in getting a tax depreciation schedule anymore for existing fixtures (since recent changes)?

 

Question from Paul:

Is there any point getting a depreciation schedule done on a brand new build IP considering I can just give my accountant the exact costings of the build to depreciate?

Question from Pete:

I want to know: am I able to claim tax deductions if I rent out 1 or 2 bedrooms in my home? If I rent out 2 bedrooms in my 3 bedroom home, am I able to claim two thirds or my rates, Strata, etc?

Question from Matthew:

When renovating an investment property to what level must you renovate the IP so it can be classed as a “Substantial Renovation” to allow you to claim it as a depreciating asset?

Question from Andrew:

Would love to know if we have any further clarification on the possible negative gearing changes from Labor are we able to still offset our income with interest down to 0 but not claim it as a loss i.e. negative gearing or is there plans to take away claiming the interest charges at all so all income is classed as income.

Question from Nick:

How do I transition my investment property at retirement with minimal tax impact?

Question from Kosta:

What implications must we consider if we go down the short-let Airbnb route?

Question from Sandy:

How do you choose/ find a quality property investment savvy tax accountant? Thank you for all your insights

Question from Sineth:

How to differentiate investment savvy/specialist tax agent and general Tax agent? What outcome Investment savvy tax accountant can bring in to table? Cheers

Question from Iain:

What sort of benefits could one expect from a property investment savvy/specialist tax agent over a generalist or do it yourself?

Thanks again for sending in your questions on Facebook folks! All of the answered questions will get a free book so make sure to reach out to us at info@thepropertycouch.com.au! 🙂

Julia’s Answers on Ep 226 & 228

So you’ve checked out Episode 226 on Capital Gains Tax 101 & Episode 228 on Ownership Structure and Buying in a Trust and thought to yourself…

Oh my god! This is next level!

Well, we thought the same too folks. And like you, tax can sometimes make us confused and overwhelmed. As Ben mentioned on the podcast, if we lay the printed copy of the Australian Taxation Law side by side, we can probably reach the moon! #TrueStory

Anyway, that is we always refer to an investment savvy tax accountant when it comes to matters like this and please note that Julia’s answers is general in nature and should not be relied on to make any investment decision.

Now, with that in mind, go ahead and download the report! We’ve included additional link to some of her blogs and resources as well. Just fill in the form below to get access.

You wouldn’t regret it. 

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p.s. We’ve got heaps of other Free Resources on the site! Make sure to check them all out here.

 

Bonusisode with Ross Greenwood on the Money News!

Yes you’ve heard it right yesterday! Ben was on the Money News with Ross Greenwood!

Folks, if you haven’t tune in to the Money News yet, do yourself a favor and check out their podcast. We tune in to the Money News almost every day and with multiple highlights throughout the day,  it really helps you to stay up to date to what’s happening in Australia and globally.

>> Tune in on iTunes here

 

So, why was Ben on the Money News show?

Well, as the Chair of PICA and also the one who exposed the data that were used for the proposed Negative Gearing policy, Ben was invited to share some of his findings. 

And the team at Money News has generously allowed us access to the audio to share with you guys! What are you waiting for? Tune in now to find out more.

p.s. Don’t miss out the Q&A session at the 8:30 minutes mark as well! 😉

p.p.s Want to listen to Ross’s full episode? Click here.

Episode 227 | Exposed: “Dodgy Data” Driving Labor’s Negative Gearing Policy

Folks, let’s just say… it’s been a week!!!

You know that exclusive story we shared with you in last week episode?? Well, it’s, ahh, hit the headlines… BIG TIME!

Don’t know what we’re talking about? Here’s a Quick Recap…

Ben was listening to Chris Bowen (Shadow Treasurer of the Labor Party) on ABC’s Insiders: The Interview. Bold Statement made. Rather bold in fact (Listen to ABC’s audio here). Chris Bowen quotes that 96% of properties negatively geared are Established Properties. Ben nearly “loses his cornflakes”. Where had Labor got their data from???

Fast forward to today and not only do we know that the ABS data Labor used to model their negative gearing policy is, in fact, WRONG… but also Ben’s done a bit of behind-the-scenes leg work to expose the real data.

The result? You’ll find out EVERYTHING in today’s episode! But we WILL say this… our world exclusive has made front page news on the Financial Review and Chris Bowen himself has mentioned a certain “mortgage broker” (aka ol’ mate Kingsley) in an address yesterday.

Watch the National Press Club clip here on ABC iview here.

 

Hence, we’ve decided to push Julia’s “Part 2” property tax episode back a week because we think this breaking news is SERIOUSLY IMPORTANT for you folks!

Before we get into it, we do want to add that we are NOT questioning the methodology of the PBO and other expert economists responsible for the modelling work here — far from it. What we’re saying is the data they had access to was simply wrong. And without Labor approaching any of our industry experts prior to pushing the pedal on their modelling, the figures they’ve been telling the general public are, and have always been, misinformed. And this, to be frank, can have quite dangerous consequences for the property market.

Here’s what you’re about to learn….

Read Financial Review’s Articles:

ALP’s Negative Gearing Policy Based on ‘Dodgy Data’

Negative Gearing Savings Overstated By Up to $8b

Bowen Revises Negative Gearing Numbers

Other resources mentioned in this podcast…

Check out Ben’s Analysis on the Negative Gearing Data here.

Become a member of PICA — only $5 for a year OR $20 for 5 years

PICA is coming to BRISBANE next Wednesday — 18th April 2019 — with key note speaker, Cameron Kusher from CoreLogic. Register here.

Two new charts are now available on the Platform! Make sure to check them out today here! 🙂

Win one of Turia Pitt’s books below! — Find out more

Significant Urban Area (SUA) Tracker Report | April 2019

12 months ago, we released our first-ever Significant Urban Area Tracker report on our location research platform, LocationScore.com.au!

And the response was amazing! There is still much to be done but to celebrate this milestone, we’ve decided to share our most recent SUA Tracker with The Property Couch community!

So fill in the form below to download the Report now to get access to it now.

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p.s. If you have any feedback or if there is a particular data that you would like to see included in this report, please let us know! Send in your feedback to info@locationscore.com.au.

p.p.s: AND we’ve got heaps of other Free Resources on the site! Make sure to check them all out here.

Bonusisode – We are hiring!

Let’s cut to the chase folks! Yes, we are hiring.

You’ve probably heard us mentioning our parent company, Empower Wealth a few times in the past. Our company is growing rapidly and we have FOUR positions available across Melbourne and Sydney!

  • Experienced Financial Planner (Sydney)
  • Experienced Mortgage Broker (Sydney)
  • Associate Property Investment Advisor (Melbourne)
  • Loan Processor and Mortgage Support Officer (Melbourne)

So…. Do you have a passion for property or have been listening to the podcast, loved it?
Or if your current job isn’t fulfilling for you or it’s not allowing you to be that person who wants to help others achieve their goals and dreams?
Or you want to work with BRW Fast 100 Companies for 2016, 2017 & 2018 and multi-award winner for customer service and innovation?
Or you simply want to work alongside Bryce, Ben and Stiggy?

Then we want to hear from you! Please send your resume together with a cover letter to Cristina Rodriguez at enquiries@empowerwealth.com.au.

Want to learn more about the role? Click here to go to www.ThePropertyCouch.com.au/jobs

 

 

 

Episode 226 | Capital Gains Tax 101 with Julia Hartman – Everything You Need to Know About Property Tax (PART 1)

Property Tax… let’s have a real conversation about it folks!

Because if we’re being honest— even with 40-odd years of industry know-how between us (and an accounting degree wedged in there as well) — there’s still a bit of property tax knowledge we could use too.

And if you’ve listened to us for a while now, you’ll also know that, when it comes to tax, we’re only allowed to talk about “Statements of Fact” — as we’re not qualified to give advice in this area.

So it’s GREAT NEWS that today’s guest is absolutely, well and truly, qualified to dish out the Capital Gains Tax, Depreciation Benefits, Trusts, Ownership Structures and ALL of the property tax perks & pitfalls!! In fact she’s SO qualified and willing to share what she knows, that we stole a couple of hours of her time to deliver you TWO EPISODES – today, clearing being Part One.  😉 

Who’s our epic guest?

Oh, “just” The #1 Property Tax Expert in Australia… Julia Hartman!!!

To give you an idea of the calibre of skill set we’re working with here — Julia is the Founder of BAN TACS, a co-operative of Accountants, which has been helping thousands of Australian’s navigate the world of tax since 1992!! She has a Bachelor of Business and is a Chartered Accountant (CA), Certified Public Accountant (CPA) and a Registered Tax Agent.

Ben’s also been admiring her work since “way back in the day” when she first began writing tax articles for Australian Property Investor Magazine, sharing the insights that a lot of property investors out there simply don’t know about.

PLUS, because we knew she was coming, we threw it out there for our listener’s to ask us their most pressing Tax Q’s they have — and Julie’s going to answer plenty of these today and next week.

Today’s round… Capital Gains Tax!!

But, of course, we also had quite the week, including….

  • Federal Budget ANNOUNCEMENT on Tuesday night (2nd April 2019)
  • DATE FOR NEGATIVE GEARING — 1st January 2020
  • RBA Cash Rate Announcement for April
  • Comments on Negative Gearing from Chris Bowen, Shadow Treasurer of the Labor Party, on ABC’s Insiders: The Interview (Listen to ABC’s audio here)
  • And Ben is in Canberra to present at the Housing Panel!!!

… SO we’re going to tackle these guys at the START of the show.

And of course, the Resources mentioned in this episode are:

Today’s Capital Gains Tax (CGT) Questions:

|42:38| Question from Joshua:

If I have purchased a block of land but choose to on sell it prior to settlement, but the new purchaser’s don’t settle, would I be taxed on the 10% deposit the new purchaser pays in the event that they don’t follow through with the sale, leaving me to settle on the land?|

 

|44:13| Question from Brendan:

What is the threshold between claiming all renovations/maintenance in one year, vs having to stagger it over “X” years?

|48:50| Question from John:

If 5 family members own 1 investment property, can the income be all directed to 1 person or must it be 20% each?

|50:34| Question from Alisdair:

Hypothetical question. I have a PPR and I decide to build an extension and use it to rent out, Airbnb or lease to a tenant. Is the deductible percentage based on square metres only? Any other considerations that should be made, such as a common garage? Will the build be able to be depreciated as a capital works deduction? When I sell my PPR, it won’t be without CGT, will it only the same square meterage that is subject to CGT? The answer to these questions makes it clear if it is a worthwhile proposition.

|58:16| Question from Andrew:

When selling an investment property, how does the depreciation you have claimed on the investment property affect how your capital gains tax is calculated?

|1:01:47| Question from James:

Are Stamp Duty and Capital Gains Tax affected for first home buyers when purchasing a property for the purpose of investment vs owner-occupied?  Also, if the property is initially purchased as an owner-occupied property but later turned in to an investment property what is the tax outcome of this both throughout the life of property ownership and when the property is sold (further down the track).

|1:03:37| Question from Karen:

If I move out of my PPOR and turn it into an investment, then sell it after 6 years, how is CGT calculated?

|1:06:27| Question from Josh:

Can I claim any ongoing CGT discounts if I move and rent out my PPOR if I move into a rental myself?

|1:08:09| Question from John:

I will be looking at losing close to $80k on an investment property I have held onto for 12 years. Just wondering how long I can carry this capital loss over for? And how the whole offset process works…. (ie would a $80k profit in the future completely be offset against this loss?)

|1:10:25| Question from Richard:

I recently tried to work out how to calculate Capital Gains Tax that I would pay on an investment property but the ATO’s website made it very hard to do this. Is it just a straight 50% of the profit made OR does it matter how long you hold the property OR does the profit then go into your yearly income and the percentage is worked out that way?

RBA April 2019 Announcement – Are you prepared for what’s to come?

Folks, we’ve got a very FULL week ahead of us!

Firstly, it’s the first Tuesday of the month which means the RBA Board has met and announced the official cash rate.

And tonight at 7:30 PM (AEDT) is Budget Night! We’ll be hearing from Treasurer Josh Frydenberg and many are expecting some cash splurge. As indicated by the recent economic data, we need some good old stimulus in the economy.

This is then followed by a reply by the Labor party on Thursday! Do they agree? Do they not? Not to mention the recent shocking news that the Labor party released regarding their proposed Negative Gearing policy.

All this and more in Ben’s RBA commentaries. PLUS he’ll walk you through the global and domestic economy and give you his cash rate predictions for 2019! Make sure to tune in folks! 🙂

 

 

 

 

DISCLAIMER: This podcast is general information only and is an opinion comment by Ben Kingsley. The information contained in this video is for Australian residents only. The information does not take into account the particular investment objectives or financial situation of any potential viewer. It does not constitute, and should not be relied on as, financial or investment advice or recommendations (expressed or implied) and it should not be used as an invitation to take up any investments or investment services. No investment decision or activity should be undertaken on the basis of this information without first seeking qualified and professional advice.

The Property Couch, its employees or contractors do not represent or guarantee that the information is accurate or free from errors or omissions and therefore provide no warranties or guarantees. The Property Couch disclaims any and all duty of care in relation to the information and liability for any reliance on investment decisions, claiming the use or guidance of this publication or information contained within it.

For more information, please visit: http://thepropertycouch.com.au

 

 

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