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Episode 349 | How To Avoid Paying Tax Without Going To Prison! – Chat with Julia Hartman

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 AustraliaJulia 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.

  • Please select your type of Tax Return

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Free Stuff Mentioned

 

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

 

 

 

Episode 340 | Auction Ready: How To Win In Any Market! – Chat with Veronica Morgan

Want the proven tactics and bidding tips to WIN at auction!?!

Folks, this episode will help take the STRESS out of the intimidating auction process and give you the exact strategies professional Buyers Agents use to…

  • Master the buying process
  • Outsmart real estate agents
  • Beat the competition (without overpaying)
  • Avoid auction mistakes
  • … and, ultimately, secure the property!

Here to help us unpack ALL this – plus a whole heap of other must-know property and auction tips! – is nonother than our good friend Veronica Morgan, Founder and Principal of  Good Deeds Property Buyers, co-host of The Elephant in the Room, Bryce’s co-host of Location, Location, Location Australia, and arguably one of the BEST Buyers Agents in the country.

… Together, we’re going to get you Auction Ready!

You’ll learn how to navigate auctions in a HOT property market (like a pro!) and get the epic EVERGREEN bidding tips that’ll confuse your competition so the auctioneer will drop their hammer on YOUR final “I can still sleep at night” bid.

Sound good?

Tune in now to get a complete walkthrough of the entire buying process – enjoy!

 

Free Stuff…

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Here’s What We Cover…

  • Understanding your Buyer Profile: How it affects you at auction!
  • Why do most people hate Auctions?
  • What are the benefits of Auctions for buyers?
  • How to spot the frightened buyer…
  • What do you always need to do BEFORE you purchase property?
  • What real estate agents know that you don’t!!
  • What details SHOULD you tell the agent?
  • How to work out how much the property’s worth
  • How to set your maximum bid
  • What To Do On Auction Day: Your Prep Checklist!
  • What are the 12 “Behavioural Biases” that make people irrational buyers under auction conditions?
  • Top Auction Tips For A HOT Property Market
  • 5 Powerful Bidding Tactics That Work!
  • What are 7 Types of Auction Bidders?
  • The 4 Bidding Mistakes That Cripple Property Buyers! (Ouch…)
  • The Post-Auction Process: What To Do, What Not To Do
  • The 8 Types of Real Estate Agents!
  • What are the best type of real estate agents?
  • Bidding With ODD Numbers: Why It Works And Why You Should Do It Too
  • The Quickest Way To Work Out Who Your Competition Is!
  • Wait, what… people bid against themselves!?!….
  • Vendor Bids: How can you use them to your advantage?
  • The $1 Million Dollar Bidding Mistake That You Have To Hear To Believe…

 

 

Episode 338 | Going Ape S#!t: How To Hack Your Brain To Make More Money – Chat with Phil Slade

What if we told you there’s a hidden part of your brain that controls your financial decisions… even if you believe you’re the one calling the shots!?!

Folks, today we have a very exciting episode in store for you (Ben’s in his absolute element!) that’s about to reveal how to hack your brain to make you more money!

Here’s the reality… despite our best intentions, we DON’T make decisions out of spreadsheets – we make decisions out of emotions!

And this is where Behavioural Economics comes in.

That is: the study of the “how and why” behind our financial and property choices. The “Oh, yeah, I’m actually a human!” stuff that deeply influences our choices and the economy at large.

Fun Fact: This is the EXACT same study we used to make the correct judgement call way back in March last year (when COVID panic was at its peak!) that the property market was NOT going to fall off a cliff despite the scary economic predictions out there.

… And it ALL comes down to understanding human behaviour!

Joining us today is Behavioural Economist and Psychologist Phil Slade – the author of “Going Ape S#!t” , Founder of Decida and regular contributor to Money Magazine.

Phil makes neuroscience simple, interesting and FUN by highlighting irrational ‘blind-spots’, increasing awareness of cognitive biases that influence perception and behaviour, and inspiring people to become less reactive, and more responsive!

And he’s going to fill you in on a little thing called “The Ape Brain” and how you can tame it with a simple framework that’ll get you making better financial decisions, winning at auction (or walking away so you don’t pay too much!) and delaying gratification in a way that doesn’t trigger dread or make you feel like you’re missing out in the present moment.

Strap yourselves in folks — ‘cos no word of a lie: nail this, and you’re pretty much set for life. (Money is Simple… Behaviour is Hard, right!?!)

 

Free Stuff & Resources Mentioned 

 

Here’s what we cover…

  • What factors are studied in Behavioural Economics?
  • Behavioural Economics vs Classical Economic Theory (note: don’t stress, this is a palatable explanation 😉)
  • How much of the population applies this stuff to their decision making around finance?
  • How did Phil get into this field, anyway?
  • 3 Simple Ways To Apply Behavioural Economics To Your Finances!
  • How much of your income should you save?
  • What is Cognitive Bias and how does this shape your relationship to money
  • How To Tame Your Ape Brain So It Doesn’t Steal Your Money!
  • What’s the #1 Killer Of Financial Independence!?!
  • Why does the gap between your “Real Self” and “Presentational Self” have such a significant impact on your choices?
  • Why is Afterpay so dangerous!?!
  • Who are Amos Tversky and Daniel Kahneman? (And why should you care about them!?!)
  • The Dunedin experiment: What it teaches us about human behaviour!
  • Is all emotion BAD?
  • Practical Application For Property Investors!
  • How can you tame your ape in an auction environment?
  • What is “Loss Aversion” & “Endowment”?
  • Right… how can we HACK our brain to make us more money!?!

 

 

Episode 283 | Buy & Hold vs Buy & Sell – which strategy works best in WA? – Chat with Damian Collins, President of REIWA

And so our theme of chatting with the Presidents of the property markets across the country continues! 

Here to tell us what’s happening in Bryce’s hometown (Perth 😉and the best strategy a property investor should adopt in WAis Damian Collins, President of REIWA – the Real Estate Institute of Western Australia! 

The last time we checked in with Damian was waaay back in Episode 73… and there’s been more than a few changes in the WA property market between then and now… plus, even more news since COVID-19 came on the scene! 

A bit about today’s guest… Damian has served on the REIWA Council since 2011 and was elected President of the Institute in 2018. He’s been an active investor for over 25 years and is ALSO the Founder and Managing Director of Momentum Wealth   a Perth-based property investment consultancy. As well as all thishes also the Chairman of commercial property funds management business, Mair Property Funds. 

We tackle the big question… Should a Buy & Hold Property Investor actually invest in Western Australia? 

This one is for our WA folks… and those interested in what’s happening on the grounds in the Perth property market 

  • Pre-COVID-19 
  • During COVID-19 
  • Post-COVID-19 

 

Free Stuff 

Free resources: ABCD during Pandemic

Fill in the form below and we'll email you the PDF right away! 😉
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What we talk about in today’s episode… 

 

And of course… Additional Helpful Resources on COVID-19

National Update: Click here

State Update:

 

 

 

 

 

Episode 282 | “I Was Fired Every Week”… And Now She’s The President Of The Largest Property Market In Australia – Chat with Leanne Pilkington, President of REINSW

Leanne Pilkington is no stranger to real estate. When she first started in the property industry almost four decades ago, things looked a bit different from what they do now…

For one, she was literally fired from her job every Friday afternoon! And now? Well, today’s guest is the PRESIDENT of Real Estate Institute of New South Wales (REINSW) — the largest and most influential association of real estate professionals in the country’s biggest property market!

Sure, Leanne Pilkinton is one of the most respected and sought-after commentators in real estate and a strong advocate for women in the profession, lobbying for improved education and training across the entire industry… but she’s also the Managing Director of leading NSW boutique real estate group Laing+Simmons.

And she knows the market inside and out!

Obviously, with everything COVID-19 going on, it’s safe to say that Leanne is VERY MUCH in the trenches, lobbying the government and looking at new ways the real estate industry can adapt to this climate while also being really honest about the fact that quickly formed legislation can have a disastrous impact on real estate agents, property managers and landlords.

This is a passionate and knowledge-sponge of an episode, folks!!

 

The Free Stuff

 

What’s Covered in Today’s Episode

  • Okay, what’s the deal with Leanne getting fired EVERY week?
  • What did the pathway to REINSW look like?
  • What’s it really like being in “the boys club”… and how can women in real estate navigate the industry?
  • What makes for a great selling agent?
  • What makes for a great property manager?
  • What’s the best way a buyer can get a fair price on property?
  • How should property investors deal with real estate agents?
  • Should you tell a real estate agent your budget?!
  • Real Estate 101 – The Two Ways A Real Estate Agent Gets Paid
  • What will happen to industry professionals during COVID-19?
  • What’s REINSW currently lobbying the government for?
  • Are there alternatives to paying stamp duty?
  • What’s happened in NSW’s property market since the coronavirus?
  • Is Leanne personally investing in property right now?
  • What should you expect from your tenant during COVID-19?
  • How to recognise “opportunist tenants” from tenants in genuine hardship
  • The Sydney Property Market: Pre-, During, and Post- COVID-19
  • When will Open for Inspections and public auctions kick off again?
  • What’s going to happen to the property market in September?
  • What’s the real concern in VIC and QLD right now?

 

 

And of course… Additional Helpful Resources on COVID-19

National Update: Click here

State Update:

And One Final Word…

If you’re worried about your finances or if you have no clarity on your cash flow position, we strongly recommend you to organise your finances now. It’s more important than ever to have a clear view, down to the exact cent, on how much you’re spending each month and how much surplus you’ve got. If you don’t know it, then log in to your Money SMARTS Platform here and update the numbers.

Don’t have an account yet? Create your free access below and we’ll also send you an e-copy of the instruction manual which is also our best-seller book, Make Money Simple Again. Just fill in the form below and we’ll email it to you right away.

 

 

 

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