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Bonusisode with Julia – Tax Planning Tips to Maximise your Returns (Part One)

By in Free Resources, Podcast

As the old saying goes…

“By failing to prepare, you are preparing to fail”. 

And folks, we believe this holds true today which is why this Bonusisode is all about organising your taxes in the lead up to 30 June 2022!! (Part one)

This is the 2nd episode from our NEW Property Tax education series called Talking Property Tax with Julia Hartman where we give YOU hot tips and tricks to boost your returns and avoid tax traps. 

(Pssst – check out  Episode 1: The Top 5 Tax Rules Every Property Investor Must Understand here!!)

In today’s episode, we’re covering…

How to top up your own super…  

The BEST bookkeeping practices everyone should implement (Like what records should you keep and how long you should keep them for!!)  

AND we’re also giving you handy tips for claiming car and travel costs!!  

We’ll also be putting on our property investors’ hats to unpack the difference between Improving vs. Repairing in the eyes of ATO!

But that’s not all!!   

To help illustrate what we’re talking about in today’s episode, we’re also giving you 3 FREE reports on:  

  • How to make your own Superannuation Contributions 
  • Tax deductions when working from home 
  • Year-end considerations for Rental Property Owners 

Just fill out the forms below to download them now!  

  • Select the FREE reports you'd like to download!
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There is tons of gold in this Bonusisode so tune in now!

p.s. If you are looking for an experienced and qualified tax accountant, you can reach out to us here 👉 https://thepropertycouch.com.au/tax

p.p.s Make sure you stay tuned for Part 2 where we hone in on maximising your claims with travel, plant and equipment deductions!!

 

Here’s some of the gold we cover… 

  • 1:33 – How to make contributions to your Super  
  • 4:09 – What benefits do you get from topping up your Super??
  • 10:48 – Pitfalls of the home office claim 
  • 13:24 – What should you be recording when bookkeeping?  
  • 17:00 – Should you bother claiming your utility bills in the home office?  
  • 18:37 – Listen tothis if you’re self-employed!  
  • 19:56 – Let’s Recap!  
  • 20:35 – Must-knows with car and travel claims!!  
  • 26:53 – Property Taxes and Interest in Advance  
  • 27:50 – Why 2022 is a (relatively) LOW tax bracket!  
  • 32:56 – Repairs vs. Improvements  
  • 36:01 – Example 1: Repairing a roof  
  • 37:37 – Example 2: Carpet to Floorboards 
  • 41:18 – What is plant equipment?  
  • 43:13 – Understanding different depreciation schedules… 

 

389 | Interest Rate Rise: What this means for YOU! – Chat with Evan Lucas

By in Podcast

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Right. Let’s get this out of the way first… 

Interest rate rises shouldn’t be scary!  

There might be some panic-inducing headlines floating around (Especially after the Reserve Bank of Australia’s announcement to raise interest rates for the first time in over a decade)  

But in reality, rising interest rates are not bad! 

To help us explain why this is true, we’ve got a NEW guest on The Property Couch… 

Meet Evan Lucas, Chief Market Strategist at InvestSmart! He is an accomplished financial markets professional who has been investing in and researching global markets for more than a decade!

Evan gained experience at several top-tier global institutions and has worked with the likes of ABN Amro, the Royal Bank of Scotland and RBSMorgans!!  

On top of debunking this idea, we’ll be uncovering… 

📈 Why the RBA has decided to lift interest rates now, 

📈 How inflation psychology actually works (plus how to flip your mindset around it!)  

📈 And of course, does this change mean you should go with a fixed or variable interest rate?!? 

(PLUS, the RBA and politics, predictions for the future, AND SO MUCH MORE!!!) 

Evan will also be sharing his money story growing up and explaining what the GREATEST ASSET you can buy with money is! 

So tune in now to cut through the noise and understand the who, what, and why behind rising interest rates!  

 

Free Stuff Mentioned… 

  

Here’s some of the gold we cover… 

  • 2:10 – Stay close to your Mortgage Brokers folks! 
  • 3:00 – Don’t get anxious…get understanding!!  
  • 4:22 – Welcome Evan Lucas!  
  • 5:30 – Evan’s journey to where he is today… 
  • 10:35 – The elephant paradigm! 🐘 
  • 15:02 – Money can buy you the greatest asset of all: T____.  
  • 26:08 – What does buying T___ look like in everyday life?  
  • 30:02 – Why is the property market so special?!?
  • 34:44 – Evan explains the reasoning behind the RBA’s cash rate hike (and what “The 3 Mandates” are!)  
  • 38:45 – How to flip your mindset folks!  
  • 45:51 – Why the rising interest rates shouldn’t be scary! (And it’s actually a…positive?!)  
  • 48:03 – How does inflation psychology work??  
  • 52:04 – How is the global economy and supply chain influencing Australia’s market?  
  • 55:15 – Breaking down Australia’s employment figures!  
  • 1:01:04 – Should folks choose fixed or variable interest rates??  
  • 1:04:51 – What we predict for the future!  
  • 1:09:39 – Will the RBA’s decision impact the Federal Government’s Election??  

And… 

  • 16:23 – Let’s recap: How to buy your time back and why rising interest rates are good!  
  • 1:20:49 – Never waste time re-opening tabs again (This one’s for you Google Chrome users!)  
  • 1:22:15 – Beware Scammers folks! Listen to this to understand how they work.  

 

387 | Everything you need to know about Home & Contents Insurance – Chat with Steve Mickenbecker

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It’s no secret that Australia is facing an insurance crisis. 

Did you know that roughly 70-80% of all Aussies are underinsured?!  

With the constant string of natural disasters from fires to floods, the ability to choose the right personal insurance that actually covers you is becoming more and more critical!  

It might not be our sexiest topic folks, but it’s definitely super important to know!! 

But how are you supposed to know what insurance is best for you?   

Or what makes an insurance policy a good insurance policy??  

Thankfully to help us clear this muddy water we’ve got Steve Mickenbecker, financial services expert!  

As well as being part of Canstar’s Group Executive Team (aka. Australia’s Biggest Financial Comparison site!!), Steve is also Canstar’s financial commentator.

He brings more than 30 years of experience in home loans, superannuation, insurance, mortgages, banking, credit cards, investment, budgeting, money management and SO MUCH MORE!  

Basically…he’s the ultimate insurance guru!!  

And he’s here to explain… 

What the heck is Stagflation?!  

How to ensure your insurance policy appropriately covers flood damage!  

What the future for insurance policy services will be (Are we destined to forever be served by robots and AI?!)  

PLUS, Steve will deep dive into some of  Canstar’s and the Insurance Council of Australia’s Catastrophe Data. 

Listen in now folks – this one is real eye-opener! 🤯 

 

Free Stuff Mentioned 

 

Here’s some of the gold we cover… 

  • 2:02 – Money problems are actually Money H___!  
  • 3:48 – Welcome Steve Mickenbecker!!  
  • 5:37 – From ledger cards to cryptocurrency: Steve’s Money Backstory  
  • 14:36 – How Steve first got into finance!  
  • 16:21 – What the heck is Stagflation?! (And why haven’t we seen it since??)  
  • 22:13 – Why is it important to get your insurance right?   
  • 25:24 – What factors should you consider when selecting insurance? 
  • 27:44 – The underinsurance epidemic and why we’re seeing it today! 
  • 29:10 – How to CORRECTLY calculate if you’re underinsured… 
  • 35:23 – Folks, THIS is why you should read annual changes in your insurance policy!  
  • 36:36 – How to ensure your big-ticket items inside your house are actually covered!  
  • 40:20 – Steve’s rule of thumb for knowing what items you should ensure 
  • 42:05 – How to choose the best insurer for you!  
  • 47:30 – So…what actually makes a good policy?  
  • 51:15 – How much excess is juust right? 
  • 53:31 – Online vs. Human insurance service  
  • 55:45 – What sort of records should people keep for claims?  
  • 58:21 – Data dive into natural disaster coverage… 
  • 1:00:30 – The Average out of pocket costs for home and contents insurance!! (WOW!)  

And… 

 

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

By in Free Resources, Podcast

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 

 

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… 

 

376 | It’s never too late to start: How he’s on track for a $2k/week passive income! – Chat with Steve

By in Real life stories, Summer Series

It’s the final episode of our Summer Series 2021/22!! And folks, we are finishing with a bang!

Steve, our special guest only started listening to us back in January last year.

But… within a short span of 8 months (all during COVID as well), they…

  1. Paid off their bad debt,
  2. Implemented Money SMARTS,
  3. Got a property portfolio plan done
  4. And even bought an investment property

All without penalising themselves!!

They’re still doing all the fun things, still going away on weekend and having that lifestyle that they wanted but yet, things are looking a whole lot better now.

So… what are they doing differently?

Tune in now to find out why it’s never too late to start AND how you can also buy an investment property without impacting the family budget 😉

p.s. Make sure to tune in to 34:45 minute where he talks about how the podcast has given him the confidence to demand something from a certain someone.

 

Free Stuff Mentioned

  • FREE eBook – Make Money Simple Again
  • FREE MyWealth Portal & Start Your Financial Transformation Today! (includes Money SMARTS, Money FIT + Money STRETCH) – Fill in the form at the bottom of this page or Free Sign Up Here
  • BingeGuide to Property, Finance & Money Management – Download here
  • Free Report: How to Buy an Investment Property without Impacting the Family Budget? – Download here
  • (LIVE Video) How to find Hidden Money in your Family Budget? Watch here

 

Here’s what we cover…

  • 2:00 – Meet Steve.
  • 2:45 – “Financial situation of the parents was their business…”
  • 4:47 – What are his saving habits since he was young?
  • 6:00 – What are some of the money messages that he noticed growing up?
  • 7:13 – Steve’s saving habits in his early years…
  • 7:50 – The difference between a good teacher and a GREAT teacher!
  • 10:20 – $60,000 for a property… And it’s not cheap?!
  • 11:06 – Living through the Recession times and how that affected his job decision
  • 13:17 – How long did the renovation go for?
  • 16:22 – The lifestyle choices and struggles most parents face
  • 18:28 – When your kids don’t share the same passion as you…
  • 20:28 – How did they manage to fund the 3rd principal place of residence?
  • 22:30 – Who gave him the advice to deal with his properties THAT way? 😨
  • 23:00 – Building their dream home HIMSELF in 12 months!
  • 24:00 – What was his research outcome to build wealth? #WhyProperty
  • 26:23 – “Maybe it’s time to clean all these up…”
  • 27:58 – The unexpectedly easy transition to Money SMARTS…
  • 30:45 – What was their #1 priority in the first couple of months of Money SMARTS?
  • 31:55 – His lifehack to catch up to our 300+ episodes!
  • 34:45 – The podcast gave him the confidence to demand what he wanted from the _________ ?
  • 38:29 – What was the satisfying change that really mattered to him and his family…
  • 41:05 – Do you notice these signs… ?
  • 46:11 – Full steam ahead towards their end game!!
  • 48:48 – Steve’s advice for YOU!

 

 

Note: There are more real-life investor stories like this in our Previous Summer Series! Make sure you check them all out here.

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