Update: Hi all, just a quick update on this episode. At the 18 minute mark, we talked about Buyers Agency fees in Canberra and if it’s tax-deductible. We weren’t certain during the recording but we can now confirm that Buyers Agent Fees is not tax-deductible in Canberra.
Tax Time! The question is: what can (and can’t) property investors claim? And how can you get MORE tax back and avoid paying a cent more than you must WITHOUT breaking the law and ending up behind prison bars!?!
(The latter quite important for obvious reasons.)
Folks, we get that you want to claim as much as legally possible this tax season and keep as much in your “back pocket” (AKA offset or savings account 😉) as you can.
So, here to help property investors MAXIMISE their tax deductions on their investment properties is none other than THE #1 Property Tax Expert in Australia… Julia Hartman!!!
Julia is the Founder of BAN TACS, a co-operative of Accountants that has been helping thousands of Australians navigate the world of tax since 1992. (yep… since 1992… says quite a bit about her industry experience, right?). She has a Bachelor of Business and is a Chartered Accountant (CA), Certified Public Accountant (CPA) and a Registered Tax Agent.
And when it comes to Property Tax… Julia is ALL over it!
Not only is she CO-HOSTING this episode with Bryce and kicking off our AweGuest series while Ben’s relaxing in the north of Western Australia, but also Julia is a total JET when it comes to understanding the intricacies and often grey areas of tax… in a way that won’t make your eyes glaze over! (Phew!)
We’ve broken this episode into a 3-part framework for you:
- 1 – What Everyone Needs To Know About Property Tax!
- CAN’T Claim Deductions
- CAN Claim Deductions in the income year you incur the expense
- CAN Claim Deductions over a number of income years
- 2 – Other Important Taxes to Consider
- Capital Gains Tax (CGT)
- Goods and Services Tax (GST)
- 3 – Listener Questions on TAX!
Plus, Julia has thrown in a property checklist of Dos and Don’ts as well.
So… fancy some winning property tax tips? Listen now to get ‘em.
Folks, as mentioned in this episode, we’ve just introduced a NEW TAX SERVICE within our business. We very rarely mention our own company on the show, but if you are on the hunt for a specialised property tax accountant, fill in the form below to register your interest or click here to find out more.
Free Stuff Mentioned
- Episode 226 | Capital Gains Tax 101 with Julia Hartman – Everything You Need to Know About Property Tax (PART 1)
- Episode 228 | Ownership Structure & Trusts with Julia Hartman – Everything You Need to Know About Property Tax (PART 2)
- New Property Tax Accountancy: register your interest for a free appointment here
- Leave a question for our AweGuest series here – if we answer it on the show you get FREE LIFETIME ACCESS to our Start & Build Online Course (valued at $497)!
The Questions We Answer
Psst… if we’ve answered your question today please get in touch with us here so we can organise your free access to Start & Build 😊
Question on Capital Gains Tax on Knockdown Rebuild from Tamika:
Hi there Property Couch. I’ve been loving your podcasts I’m enjoying them. I’ve been listening for over 12 months since I’ve found them, I’ve been looking forward every Thursday to the little message saying that they’re uploaded. I’ve got a question, it’s in regard to capital gains tax and knock down rebuild. I don’t know what sort of information I need to keep and whether a valuation prior to a demolishment is necessary all of that sort of information. If you could please help with this? I’m thinking your tax agent Julie Hartman might have the best sort of information and advice in this situation. I’m planning to demolish a property that I’ve held for over 15 years, it’s been a rental income since day dot and obviously it was a lot cheaper, the land value and the house, and I just want to get this right so if you could give me some advice I’d really appreciate it. Thanks!
Question on Deductibility of Interest from Lennard Abarcar:
Hello everyone, I’ve got a question for Julia. I took on a new loan by extracting some equity from an investment property that increased in value. Will the interest on this new loan be tax deductible if it is used for one of both of the following: renovating the investment property or paying the monthly interest expense of the investment property loan? Thank you!
Quote of The Ep:
“The difference between tax avoidance and tax evasion is the thickness of a Prison Wall” – Denis Healey former Chancellor of the Exchequer