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Folks, in this special episode we’re becoming a fly on the wall to reveal the inner workings of the Australian Taxation Office (ATO)!

Allowing us to do so is Rob Thomson, Assistant Commissioner – Experience, Government and Case Leadership – Individuals and Intermediaries, and the official Tax Time spokesperson at the ATO!

With over a decade of experience, including a stint as Minister Counsellor at the OECD in Paris, Rob brings a wealth of knowledge on the ins and outs of the Australian tax landscape.

Today, we’re picking his brain to give you a sharp look into the world of property tax, compliance, and the latest changes to regulation that every property investor needs to know.

 

Here’s what we cover:  

  • The ATO’s Latest 2021/22 Data 📊 — How many Australians are investing in property, average income reported, and the most common deductions!
  • Self-Assessment 🧾 — What it means, and how the ATO audits your tax return.
  • Data Matching & Audits 🔍 — How the ATO tracks rental income and expenses, and the surprising mistakes landlords make.
  • Foreign Resident Capital Gains Withholding 🌏 — Upcoming changes on 1st January and what you need to do to avoid a hefty 15% withholding on property sales.
  • Claiming Borrowing & Interest Expenses 💰 — The ATO’s latest tools to help you claim accurately and avoid over-reporting deductions.

For Rob’s expert advice into navigating the complex world of tax and staying compliant, tune in to this episode now!

 

Free Stuff  

 

Timestamps  

    • 0:00 – Chat with ATO Assistant Commissioner Rob Thomson
    • 1:08 – Moorr’s greatest evolution and Australia’s first property AI!?
    • 8:50 – Mindset Minute: “The rules are not there to restrain you, but to reveal new paths for growth and opportunity.”
    • 10:17 – Welcome Rob Thomson!
    • 11:55 – Money Story: Festival or drum kit? 😉
    • 17:33 – The pivot from not-for-profit to the taxation office
    • 20:13 – The headline figures from the Australian Taxation Office (ATO) 2021/22 data
    • 24:24 – Why do these numbers matter?
    • 25:52 – Lag data EXPLAINED
    • 26:20 – Self Assessment: How does the ATO review your return?
    • 30:03 – What data does the ATO have on rental properties?
    • 32:45 – The most common mistakes property investors make
    • 38:48 – What is the difference between repairs and improvements?
    • 41:04 – Folks, the timing of when you repair matters! Here’s why.
    • 43:25 – How to break up the cost of your depreciating assets
    • 48:15 – The 1st January changes that will affect ALL Australians
    • 51:03 – What happens if you don’t get a clearance certificate?
    • 55:48 – How the ATO’s new Borrowing Expenses Calculator can help you!
    • 58:28 – The $420M problem: Over-claimed interest
    • 1:01:51 – Everything you need to know about the tax gap
    • 1:04:15 – Pay As You Go (PAYG): Automatic vs. Voluntary entry
    • 1:06:57 – Why use PAYG?
    • 1:08:52 – Rob’s top tax tips and comments

And…

    • 1:12:54 – Thank you, Rob!
    • 1:15:55 – Lifehack: Embrace the toolkit available to you!
    • 1:17:40 – WMPN: What do the NSW ‘No Grounds’ Evictions actually mean??