To celebrate the beginning of the festive (tax) season, we’re welcoming back a special guest….
It’s the only and only…Julia Hartman!!!!
And this week she’s sharing with us how to repair or rebuild your house if it was damaged by a natural disaster (Like a fire or flood) …
Without paying tax through your eyeballs!!!
She’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, it’ll save you a heck of a lot of tax…listen in to find out what we mean!)
To what you should do if you’ve been living overseas when your property was damaged!
But we’re not just covering that of course, Julia’s got far too much knowledge just waiting to be shared!
We’re also looking at all the recent changes to tax rates and how you can be prepared for them this tax season…
Plus – we unpack all things Duplex like…
What’s the optimal way to create a battle-axe duplex (and not lose any or all of your benefits to GST or CGT!!),
Why you should keep records of everything from lawnmower fuel to maintenance costs,
And basically, in the wise words of Bryce, how you can “Make apple pie with apples” folks!!
But we’ll give you a little spoiler first…before embarking on EITHER of these renovations, it’s critical that you speak to a tax advisor who specialises in property.
We can NOT stress this enough – 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, it’s best to seek advice first!!
Now that we’ve got that triple highlighted, tune in to today’s episode folks! It can seriously save you a lot of stress later down the track.
Free Stuff Mentioned
- Check out the TWO FREE REPORTS mentioned in today’s episode:
- Read the “Tax Traps to Avoid If Your Property Was Damaged in the Fires or Floods” Report Here (This’ll also show you how you can calculate your Cost Base of House)
- Read the “When one becomes two… the tax implications of building a duplex” Report here.
- The Property Investors Council of Australia (PICA) is hosting another great webinar featuring Property Professor Peter Koulizos. Sign up for a PICA membership and get FREE access to all webinars for a year!
Here’s some of the gold we cover…
- 1:52 – Don’t miss the next PICA webinar with Peter Koulizos!!
- 2:51 – Remember to stop and smell the roses folks…
- 6:35 – Welcome back Juliaaaa! (She’s a LEGEND!)
- 8:00 – What should you do if your home or investment property was damaged by fires or floods?
- 11:48 – Do I need a property depreciation expert? (PLUS, listen to this part for a silver lining)
- 14:47 – Why you shouldn’t accept cash payouts for rebuilding!
- 16:34 – The importance of intention and using the principal place of residence exemption
- 18:20 – What happens if I choose to sell? (And tax implications)
- 21:55 – Use a M___ Scheme to reduce your CGT!
- 24:28 – Case study with Julia’s client
- 28:57 – Living overseas? Listen to this part!
- 33:16 – Let’s RECAP! (Want more details? Read the FREE report in our show notes)
- 36:00 – Building a Duplex: What to consider when demolishing your home!
- 39:38 – Why having the INTENTION to use it as a duplex has a lot of upsides
- 42:47 – The ideal battle-axe duplex situation is…
- 44:10 – Julia’s advice on Buying and Demolishing vs. Renting
- 53:30 – Changes to the Tax Rates: Why we think you should claim your deductions NEXT financial year!
- 55:54 – Ben’s prediction for the future…
- 58:50 – Keep it simple folks, share the CGT!
And…
- 1:02:33 – As tax season approaches, get the most deductions with our tax team!
- 1:07:08 – You can use chrome as a C____?!
- 1:07:58 – Did you know Julia Gillard’s primary place of residence is in THIS sleepy suburb?
