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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! 🙂

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