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405 | Why the Great Australian Renter’s Tax is Everyone’s Problem!?

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Note: This recording was produced before Queensland’s Land Tax was scrapped.

Folks — full disclosure — today’s episode was NOT originally in the plan.

It is, however, an issue that is so insanely important that we switched things up…

Today you won’t be listening to Bryce & Ben of The Property Couch.

Today you’ll be listening to Bryce interviewing Ben Kingsley as the Chair of the Property Investment Professionals of Australia (PICA) on Australia’s greatest renter’s tax ever introduced.

We’re talking about Queensland’s New Land Tax.  

Here’s the deal…we’ll be examining what this means for renters and property owners across Australia, the repercussions yet to come and covering what is at stake for Queensland’s future.   

As Ben says, “there are no winners here.”   

At the heart of today’s show is the issue of government intervention and the rising rents left in its wake…   

We’re breaking down who the Australian Prudential Regulation Authority (APRA) are and taking a frank look at the unintended consequences that many of its reforms have had over the past decade. 

 

Strap in folks, this is an important episode that affects us all.   

 

P.S. And if you find this as disturbing as we do, you can make a positive change.  

The Property Investment Professionals of Australia (PIPA) is currently running its 2022 Sentiment Survey which allows everyday folks to have their thoughts heard on issues such as Queensland’s Land Tax.  

By having this data, organisations such as PIPA have the numbers to fight against tax reforms for the everyday mum and dad investors. Click here to fill out the survey now.  

 

Free Stuff Mentioned… 

 

Want to work with Bryce & Ben’s Award-Winning Team? 

 

Here’s some of the gold we cover… 

  • 0:00 – What’s in store today?  
  • 3:33 – Time is running out! Have your say in PIPA’s 2022 Sentiment Survey now.  
  • 5:02 – It’s more important to START folks  
  • 7:33 – Who is PIPA?  
  • 8:20 – The media’s depiction of Property Investors: Is there any merit?  
  • 11:55 – Who are the 3 types of renters??  
  • 17:04 – THIS is the largest group of renters in Australia… 
  • 17:48 – Our 2 Key Observations (Beware the Struggling Tenant Story!)  
  • 18:10 – Why Gov. Intervention = Rising Rents!!  
  • 21:19 – APRA’s 2017, 2019 & 2021 reforms  
  • 23:09 – And their unintended Consequences!  
  • 25:12 – Folks, rents have just caught up with inflation… 
  • 26:40 – This is a win for the big banks  
  • 28:20 – The Rental Crisis: These have contributed to what we’re seeing today….   
  • 30:47 – Tenancy Reforms: Where has it been introduced already?  
  • 32:51 – Regulations affect the ___ properties the most!  
  • 35:00 – Why Tenancy and Landlord Disputes aren’t what you think… 
  • 37:30 – REIWA’s 2022 Report: What are these regulations really costing? 
  • 40:09 – Ben’s big message to tenants and renters  
  • 41:05 – THIS is what happens if investors hold or fold…  
  • 41:39 – Meanwhile in the ACT: 11% of ACT’s rental stock gone in 6 months?!?  
  • 44:10 – What most folks forget about property investors  
  • 48:15 – In Summary…  
  • 49:08 – Land Tax 101 
  • 54:14 – What is Queensland’s Great Renter’s Tax?? 
  • 57:46 – What does this mean for property owners and renters today?  
  • 1:03:16 – We analysed 102 portfolios… 
  • 1:05:45 – What is at risk for Queensland in the big picture?  
  • 1:09:46 – Why this is EVERYONE’S problem (There are NO winners folks!!)
  • 1:17:50 – What can you do to make a positive change?  

And… 

  • 1:20:18 – Are you bringing global or local benefit?   

 

392 | “Don’t land the plane during a storm”: Should you change investment plans?! – Q&A

By in Podcast, Q&A

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We repeat! Do NOT land the plane during a storm!! 

What do we mean by this…?  

Well, in our minds, changing your investment plan due to changing circumstances is kinda like planning a flight and lifting off the runway…

And then hitting stormy weather.

Should you try and land the plan in the middle of the storm?!? 

You’ll have to tune in to the episode to find out what we think!! Since it’s a Q&A of course we’re flying this plane over looooads more ground like… 

Advice for a 16-year-old property investor?! (It’s fantastic to hear folks are having money conversations around the dinner table!)   

Residential vs commercial capital gains tax: where do they differ and how can you make more gains without being taxed like crazy!  

Putting property in a trust…or your name?! And what do Ben and Bryce do with their property portfolio?  

Plus Ben and Bryce share their top 5 favourite books (well Bryce sneaks in a 6th one 😉) and why they reckon you should give it a go too!!  

Read Ben and Bryce’s book list and the full list of questions below! 👇 

So if you’re ready, strap in cos we’ve got something for everyone in this episode!!  

 

Questions we Answer

Bee on Buying in a Trust or Your Own Name 

Hi Guys, it’s Bee here. We have family trust set up and (weaved?)a few of our investment property in them. We’ve recently gone to a buyers agent and they have mentioned that if it was them, they would forget about the family trust and bond in their own names to take advantage of the land tax threshold. Just wondering could please explain this further. 

 

Anthony on What advice would you give your daughter? 

Good day boys, Anthony from Adelaide here. 

Well done on the show, you’re doing a cracking job it’s really impressive. I’ve been a longtime listener first time caller. I went back and listened to episodes 1 to 20 as you suggest it’s pretty well captures all the errors of my property investing. Wrong areas, Spruikers, oh dear anyway I guess investing is nonlinear I’m pretty sure next time I’ll invest with you blokes. 

My question is, we are family who loves property investing, we talk about it all the time, we have our principal place of residence, we own that out right, we have three investment properties working on our 4th and my daughter would like to get into property, she’s 16 1/2, she’s at school, she got a part time job, she saved up about 12 grand so far, so in about a year she’ll have 20 grand. 

My question is, what would you suggest she buys? And what kind of structure would work? So i guess really, if it was your daughter what advice would you give her? 

Thanks boys 

 

Mark Seaton on CGT on Commercial same as CGT on residential
 

Hi Guys! Mark is my name and I live in the Southwest Town Country (WA?) 

I’ve been listening to your podcast for a couple of years. I haven’t got a everything in place although I do have a PPR and 2 rental properties. One rental property is a fixer upper at the moment which I bought at the start of COVID.

My wife and I have a business and we’ve just purchased a commercial property. I am not sure if this is in your wheelhouse or not but listening to your podcast for the last year, you’ve had people talk about tax and capital gains on residential properties.  Is Capital Gains when you fit out a commercial property, the same?

Do you have to keep all of these records and when you sell you property is the fit out cost come off or is that totally separate due to the fact that it’s a business as opposed to a building?

Just like your thoughts on that if it’s even in your wheelhouse. Anyways, thanks guys! 

 

Patrick on Circumstances when you would change your plan 

Hi Bryce and Ben. 

It’s Patrick here from the Sunshine Coast. I’ve a question around sticking to your plan vs. changing your plan. 

Essentially I would like to know what are some special events that might cause you  to change your investment plan or are you always better off sticking to the plan for the long term? 

For example, there might be a wide range of things like the property doesn’t grow as much as you would have thought or the yield is lower or there’s damage to the property or the holding cost increased significantly? 

I would just love to hear you guys have some discussions around navigating that choice to either stick to your plan or change your plan when things don’t work out the way you would like. Thanks! 

 

Sophie on Updated Books we Recommend 

Hi Ben & Bryce, Sophie here, loyal listener.

I listened to your podcast previously when you mentioned about books that you recommend.We’ve got some holidays coming up and I was hoping that you could give me a bit of arefresher as to what some of the books are that you recommend.Either property wise or maybe some other (shilady shibumshee?) you’ve been reading recently.Thanks very much love the Podcast. Bye bye.

 

Bryce and Ben’s UPDATED Top 5-ish Book Lists:

Bryce’s List:  

Ben’s List:  

 

Free Stuff Mentioned… 

 

Here’s some of the gold we cover… 

  • 0:38 – An Election & a Footy Match: Two big results in one weekend?! (Ben’s very happy with one of them 😉)  
  • 1:28 – If you’re a new listener or a seasoned listener, listen to this! 
  • 5:44 – Warren Buffett’s wealth was actually built from… 
  • 11:05 – Some advice for those thinking of investing now  
  • 13:30 – A shoutout to the ladies (We want to hear from YOU!)  
  • 14:12 – Q1 – Buying in a Trust or Your Own Name (The Pros!)  
  • 18:42 – The Cons! 
  • 20:00 – Let’s Clarify; we do not have Property in our… 
  • 24:47 – Q2 – What advice would you give your daughter? 
  • 26:50 – A couple of options… 
  • 29:35 – The types + structures we recommend!  
  • 34:15 – Q3 – CGT on Commercial same as CGT on residential?  
  • 37:42 – Breaking it down with an equivalent scenario  
  • 39:48 – CGT on Commercial: What’s different?  
  • 43:58 – Q4 – Circumstances when you would change your plan 
  • 45:00 – When you SHOULDN’T change plans (Doing these will halt your wealth…)  
  • 46:58 – Plans should include S___ testing!  
  • 47:42 – Should you land the plane during the strorm?!  
  • 48:57 – Your first strategy should be… 
  • 50:20 – We don’t usually do this but folks if you need help, check us out! 
  • 54:50 – Q5 – Books we’d recommend!  
  • 55:40 – Bryce’s top 5 booklist (*he may sneak an extra one in later 😉)  
  • 1:00:38 – Ben’s favourite 5 books (+ one lecture series)  

And… 

 

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

By in Free Resources

Folks we’re back to finish what we started… 

In last week’s Bonusisode we featured Part One of Tax Planning Tips to Maximise your Returns and now, we’re back to give you the rest of the gold!  

We’ll be unpacking… 

  • How to claim travel expenses related to work (especially if you’re a rental owner!)  
  • Is it possible to successfully act as your own accountant and claim travel expenses for properties? Hint: you need to prove this ONE thing to be eligible…
  • The 2 key ways to keep a travel record (Plus Ben gives a life hack which makes recording 100% easier!)   
  • How to determine if you’re eligible for Building Depreciation + when should you get a Tax Depreciation Schedule?!  
  • What’s included when claiming plant and equipment depreciation!? 

Julia also shares an extremely handy tax tip (Just see how excited it makes Ben!)  for those who’ve missed out on creating a property depreciation schedule… 

Spoiler: You may be able to go back and AMEND past tax returns to gain access to these benefits! 

And lots more! So before you get start lodging any tax returns for 2022, listen to this first folks!  

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

Free Stuff Mentioned…

 

Here’s some of the gold we cover… 

  • 1:54 – The 2 ways to keep a travel record  
  • 4:40 – Which record is best for you??  
  • 5:10 – We’re setting THIS common myth straight… 
  • 6:25 – Deducting taxes from travel related to work – what is claimable?!  
  • 8:27 – Can Realtors claim travel expenses?  
  • 9:15 – Defining normal workplaces and being itinerate  
  • 12:15 – Essential rules for transporting others  
  • 13:09 – Recap! (Plus, how to make recording your logbook easier!)  
  • 14:50 – When is TOO LATE to start a logbook?  
  • 16:19 – Successful & unsuccessful examples of claiming travel expenses for Rental Properties!  
  • 19:40 – Should you get an accountant or DIY with a private ruling?  
  • 20:50 – The 3 Key Takeaways…  
  • 25:13 – Is your property eligible for Building Depreciation?  
  • 28:10 – Should you get a Tax Depreciation Schedule?! 
  • 30:20 – The who, what, when and why of SCRAPPING   
  • 32:44 – Plant and Equipment Depreciation: What’s included??  
  • 36:18 – When should you get a depreciation schedule?  
  • 39:25 – Missed out on a schedule? Listen to this for a HOT tip!  
  • 42:50 – So.much.free.stuff!!  

 

Free Report: How to Make your Own Super Contributions

By in Case Study, Free Resources

It’s almost here folks.

After nearly a year of documenting bills and recording receipts, it’s finally time to whip out the calculators and sharpen those pencils…

Yep, that’s right – it’s the 2022 Tax Season!!

And boy are we excited to get into it!!

Well more specifically, we’re excited to get into all the ways that you can maximise your tax return!

That’s why in our April Bonusisode we invited our favourite Property Tax Guru, Julia Hartman, back to the show to share her knowledge!

But we realised while recording that there was just SO much gold to cover…

That there was only one solution:

To write it down in a report for y’all!! 

Hence this report is ALL about making your own super contributions. We explain how to make them, its implications and how you can measure the $27,500 cap!

So what are you waiting for?

Let’s get started! Simply fill in the form below and we’ll email the PDF to your inbox 😊

 


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p.s. Tune in to the full Bonusisode on Tax Planning Tips to Maximise your Returns (Part One) to hear Julia and our own Ben Kingsley unpacking this report. Start playing from 1 minute 33 seconds folks!

p.s.s On the hunt for a good Tax Accountant? Well, look no further! Book in a free and no-obligation initial consultation with one our Tax Experts here!

 

 

 

 

 

 

 

 

 

 

Free Report: Tax Deductions When Working From Home

By in Case Study, Free Resources

We all know that COVID has irrevocably changed how the world works…

From how we interact to travelling regulations, perhaps one of the greatest areas affected is the work sphere.

Gone are the 5-day-in-office-rosters and cramped public transport. Instead, we’re now facing a hybrid of home and work office environments with a sea of new devices and platforms to connect us.

But how do these changes affect your 2022 tax return? 

Well, this is exactly what we answer in this free report!!

We’re looking at what taxes you can claim when working from home, how to claim them, AND unpacking how the Australian Taxation Office (ATO) will try to deny your claim.

Basically, we’re looking at how you can maximise your returns this 2022 tax season!! 

So what are you waiting for?

Let’s get started! Simply fill in the form below and we’ll email the PDF to your inbox 😊







P.S. In fact, we’re so passionate about maximising your returns this 2022 tax season that we featured a whole Bonusisode around it! Tune in as our favourite Property Tax Guru, Julia Hartman, and our very own Ben Kingsley unpack this report. Start listening from 10 minutes and 48 seconds!

 

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