Michael Yardney /

[Podcast] Avoiding the Tax Trap: An In-Depth Discussion with Assistant Tax Commissioner Tim Loh

[Podcast] Avoiding the Tax Trap: An In-Depth Discussion with Assistant Tax Commissioner Tim Loh
View all Michael Yardney Podcast episodes and subscribe via your favourite player:

In today’s episode, I chat with Assistant Commissioner Tim Loh as he demystifies the tax obligations of property investors in Australia.

Lowe discusses the nuances of a $9 billion revenue deficit, three key areas to monitor when filing tax returns, and the importance of keeping thorough records.

He explains rental property taxes and deductions, and the ATO's mission to maintain a level playing field for all rental property investors.

We’ll also delve into capital gains tax, the importance of a certificate of residency for foreign investors, and key insights from the property market.Tax Questions With Tim Loh 10

An In-Depth Discussion with Assistant Tax Commissioner Tim Loh

Tim Loh and I discuss the common pitfalls investors encounter, the importance of keeping accurate records, and the ATO's approach to maintaining a level playing field in the rental property market.

  • Overview of the Australian Taxation Office's focus on rental properties
  • What the ATO is focusing on this year
  • The estimated $9 billion revenue deficit the ATO is trying to recoup
  • The three key areas to monitor when filing tax returns
    • Incorrect reporting of rental income and taxes
      • The importance of keeping clear records
    • Reporting interest expenses
    • Distinguishing between repair and maintenance versus capital expenses
  • The difference between a holiday home and a rental property
  • How the ATO obtains data from third-party providers
  • Importance of obtaining a certificate of residency for foreign investors
  • Impact of capital gains tax on property sales
  • The importance of consulting a financial advisor when considering property sales
  • Tips and resources to help investors find more information or answer questions

This episode is a goldmine of information for property investors, with expert insights into the complexities of taxation. The conversation highlights the critical role that thorough record-keeping plays in avoiding tax issues, and the measures the ATO takes to ensure fairness in the property market.

Whether you're a seasoned investor or just starting out, this episode provides valuable guidance to navigate the tax landscape successfully. It underscores the importance of being well-informed and prepared when it comes to your tax obligations as a property investor.

Links and Resources:

Michael Yardney

Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us

Get a bundle of eBooks and reports = www.PodcastBonus.com.au

ATO Resources:

Some of our favorite quotes from the show:

“90% of people filling out their tax returns make errors.” – Tim Loh

“Let's make it clear at the beginning, that if you take a loan for an investment purpose and then, all of a sudden, you taint it with personal expenses, that makes it very difficult, very confusing, to apportion the tax expenses.” – Michael Yardney

“I think one of the things we really should understand is the tax man knows what's going on. Don't think they won't notice these things.” – Michael Yardney

PLEASE LEAVE US A REVIEW

Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

icon-podcast-large

Subscribe & don’t miss a single episode of Michael Yardney’s podcast

Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.

Need help listening to Michael Yardney’s podcast from your phone or tablet?

We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.

icon-email-large

Prefer to subscribe via email?

Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.


About

Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and one of Australia's 50 most influential Thought Leaders. His opinions are regularly featured in the media.


No comments
Copyright © 2024 Michael Yardney’s Property Investment Update Important Information
Content Marketing by GridConcepts