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Free Report: Tax Traps to Avoid If Your Property Was Damaged in the Fires or Floods

There’s no doubt that we are seeing an increasing amount of natural disasters… from unstoppable flash floods to raging bush fires.

And it’s always devastating when your property is damaged by fires or floods, be it your home or investment.

Unfortunately, it’ll never be an easy fix either as it can range from significant repairs to a complete rebuild. Needless to say, the financial and emotional consequences are hard to bear. What’s worse, sometimes when you’re on your way to recovery and decide to rebuild your property, you get hit by a big fat tax bill ๐Ÿ˜จ

So to help raise awareness of this tax debacle, Bryce, Ben and Julia unpacked all the key details in Episode 386 | BEWARE Tax Traps! How to rebuild or repair after a natural disaster. The best part is… Julia has also helped create a free report to help provide more clarity!

So what are you waiting for?

Let’s get started! Simply fill in the form below and we’ll email the PDF to your inbox ๐Ÿ˜Š


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p.s. If you are affected emotionally, please do not hesitate to reach out for help. Thatโ€™s the first step to recovery.

Here are some useful links that might help you take that step:

 

 

 

 

 

 

 

 

 

 

 

 

 

386 | BEWARE Tax Traps! How to rebuild or repair after a natural disaster – Chat with Julia Hartman

To celebrate the beginning of the festive (tax) season, weโ€™re welcoming back a special guest….ย 

Itโ€™s the only and only…Julia Hartman!!!!ย ย 

And this week sheโ€™s sharing with us how to repair or rebuild your house if it was damaged by a natural disaster (Like a fire or flood) …ย 

Without paying tax through your eyeballs!!!ย ย 

Sheโ€™ll cover all bases from why it’s paramount that you move back into your house as soon as it’s been fixed (trust us, itโ€™ll save you a heck of a lot of tax…listen in to find out what we mean!)ย 

To what you should do if youโ€™ve been living overseas when your property was damaged!ย ย 

But weโ€™re not just covering that of course, Juliaโ€™s got far too much knowledge just waiting to be shared!ย 

Weโ€™re also looking at all the recent changes to tax rates and how you can be prepared for them this tax season…ย 

Plus โ€“ we unpack all things Duplex like…ย ย 

What’s the optimal way to create a battle-axe duplex (and not lose any or all of your benefits to GST or CGT!!),ย 

Why you should keep records of everything from lawnmower fuel to maintenance costs,ย ย 

And basically, in the wise words of Bryce, how you can โ€œMake apple pie with applesโ€ folks!!ย ย 

But weโ€™ll give you a little spoiler first…before embarking on EITHER of these renovations, itโ€™s critical that you speak to a tax advisor who specialises in property.ย 

We can NOT stress this enough โ€“ there are so many fine details in the process and rather than giving yourself a headache, or worse, kicking yourself later for paying unnecessary tax, itโ€™s best to seek advice first!!ย 

Now that weโ€™ve got that triple highlighted, tune in to todayโ€™s episode folks! It can seriously save you a lot of stress later down the track.ย 

 

Free Stuff Mentionedย 

 

Here’s some of the gold we cover…ย 

  • 1:52 – Donโ€™t miss the next PICA webinar with Peter Koulizos!!ย ย 
  • 2:51 – Remember to stop and smell the roses folks…ย ย 
  • 6:35 – Welcome back Juliaaaa! (Sheโ€™s a LEGEND!)ย ย 
  • 8:00 – What should you do if your home or investment property was damaged by fires or floods?ย ย 
  • 11:48 โ€“ Do I need a property depreciation expert? (PLUS, listen to this part for a silver lining)ย ย 
  • 14:47 – Why you shouldnโ€™t accept cash payouts for rebuilding!ย ย 
  • 16:34 โ€“ The importance of intention and using the principal place of residence exemptionย ย ย 
  • 18:20 โ€“ What happens if I choose to sell? (And tax implications)ย 
  • 21:55 – Use a M___ Scheme to reduce your CGT!ย ย 
  • 24:28 – Case study with Juliaโ€™s clientย 
  • 28:57 – Living overseas? Listen to this part!ย ย 
  • 33:16 – Letโ€™s RECAP! (Want more details? Read the FREE report in our show notes) ย 
  • 36:00 – Building a Duplex: What to consider when demolishing your home!ย ย 
  • 39:38 – Why having the INTENTION to use it as a duplex has a lot of upsidesย ย 
  • 42:47 – The ideal battle-axe duplex situation is…ย 
  • 44:10 – Juliaโ€™s advice on Buying and Demolishing vs. Rentingย ย 
  • 53:30 – Changes to the Tax Rates: Why we think you should claim your deductions NEXT financial year!ย ย 
  • 55:54 โ€“ Ben’s prediction for the future…ย 
  • 58:50 – Keep it simple folks, share the CGT!ย ย 

And…ย 

 

Would you like help in setting up your Money SMARTS?

We’re ready to help! ๐Ÿ‘‹

Building on from Bryce and Benโ€™s post summer series message on the podcast, we are thrilled you want to learn more about how we might be able to help get you started with our MoneySMARTS money management system in 2022.

Youโ€™re not alone, in recent years we have received a growing number of enquiries coming in about getting โ€˜humanโ€™ help to set up Money SMARTS the right way from day one, which is amazing, but we didnโ€™t have anyone who could help until now. And based on the feedback we got after telling them to just rely on the book and use the free online MoneySMARTS tool, there was always a risk, they will instead pass on using this amazing time saving and life changing system due to their lack of confidence in getting started in the first place.

Soโ€ฆ fast forward to 2022 and weโ€™ve listened to the feedback and weโ€™ve decided to launch a new hands on Money SMARTS Set Up service for people just like you.

Ben Kingsley himself, along with Joel Burton, one of our in-house Money SMARTS guru, will be leading this new initiative, so you will be in good hands. They are planning to run a few free 15 minute information sessions in February & March to outline whatโ€™s involved and what you will get as part of this service.ย  They will also answer any questions you might have, so you can make an informed decision if this set up service is right for you in getting you started with the MoneySMARTS money management system.

If youโ€™re interested, leave your details below and we will be in touch shortly.

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TPC Summer Series 2021/22 has landed!!

Do you know what itโ€™s likeย growing up where money is scarce?
Do you know what itโ€™s likeย to be stung by a spruiker?
Do you know what itโ€™s likeย to recover from PTSD?
Do you know what itโ€™s likeย to beย a singleย parent?
Do you know what itโ€™s likeย toย own upย toย yourย mistakesย and change?ย 

ย 

Maybe you do or you donโ€™t but why doesย itย even matter?ย ย 

Thatโ€™s becauseโ€ฆ.ย 

The first episode of our Summer Seriesย is OUTย todayย folks!!ย 

And that means… weโ€™re showcasing REAL LIFE MONEY TRANFSORMATIONS all throughout this summer season!ย 

This is our 4thย year of Summer Series and we get veryย veryย excited each time because not only do we get to chat directly with our listeners, we get to learn so much from their life transformation. From the adversity that life threw at them, the mistakes that theyโ€™ve made, the perseverance that theyโ€™ve shown, the tenacity to be better and just so much more.ย ย 

Their story is so insightful and motivating that weโ€™re certain that you would definitely learn at least one gold from each of them.ย 

And this year is no different.ย 

Here are all the episode folks!
(Note: if you click on it and the link is not available, that’s because the episode is not out yet ๐Ÿ˜‰)

 

P.S. And of course, don’t forget to download our free e-book at https://makemoneysimpleagain.com.au/

p.p.s. And if you’re a visual person and like to see a snapshot of your financial position, then make sure to create your free account in our Money SMARTS Platform or fill in the form below and get started now!

Already have an account? Log in here.

 

 

 

 

 

CASE STUDY: How to Break into the Property Market?

Folks, the last time we unpacked a case study on the podcast was back in Episode 64 on 19th of May 2016. (WHAT?!!!)

Soโ€ฆ you can imagine how excited we were with this case study, canโ€™t you?

The answer isโ€ฆย  VERY!!!

 

Weโ€™ve been planning for this case study for weeks (whilst recording for the Summer Series too in fact) and thereโ€™s just so many moving parts when it comes to the variables and cashflow modelling. Itโ€™s simply not possible to explain it in an audio environment.

So we thoughtโ€ฆ

Letโ€™s make sure we prepare this as a free downloadable for our community! ๐Ÿ˜Š


  • Are you also interested to have a better understanding of your cashflow position via our FREE Money SMARTS Platform?

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p.s. To help you understand it a little bit more, make sure to tune in to Episode 366 | How to Break into the Property Market?. Fast forward to theย 46:39ย minuteย mark and youโ€™ll get to play along at home. And of course, if you prefer a written copy instead, weโ€™ve also added a rough transcript in the report. (Stiggyย got you covered!)

 

 

 

 

 

 

 

 

 

 

 

 

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