The Tax Man Knows More About Your Property Investments Than You Think – Assistant Taxation Commissioner Rob Thompson

The Michael Yardney Podcast | Property Investment, Success & Money

No one wants to pay more tax than they need to, and no one wants to get in trouble with the tax man, so today Ken Raiss and I interview Rob Thompson, Assistant Commissioner of Taxation, who has a front-row seat to the intricacies of our tax system, and he’s here to help unpack some of the complexities that property investors like you often face.

Today we’ll be discussing

• The ATO’s data matching program for property investors
• The tax gap of $1.2 billion and why it’s relevant to rental property investors
• PAYG instalments
• The difference between deductible repair expenses, initial repairs and improvements and
• The ATO’s new borrowing expenses calculator (this can be something we plug in the podcast and include links and more information in the show notes).
• How to Pay As You Go instalments help manage tax bills throughout the year.
• Understanding your tax obligations to avoid mistakes.
• Treating your property investments like a business, not a hobby.

Chapters

04:09 The Importance of Data Matching and Compliance

07:05 Navigating Property Management Data

09:45 Distinguishing Between Repairs and Capital Improvements

12:19 Initial Repairs vs. Ongoing Maintenance

15:15 Understanding Depreciating Assets and Their Claims

18:17 Managing Interest Expenses and Tax Gaps

21:26 Claiming Borrowing Expenses Effectively

24:14 PAYG Installments for Property Investors

26:04 Final Thoughts on Tax Obligations and Compliance

32:21 The Value of Struggle in Success

Links and Resources: 

Michael Yardney 

Ken Raiss – Director Metropole Wealth Advisory

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

• Tax time toolkit for investors: ato.gov.au/Investorstoolkit 
• Rental properties guide: ato.gov.au/rentalsguide 
• Rental video series: ato.gov.au/Rentalvideos 
• Tax statistics: ato.gov.au/taxstats 

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Also, please subscribe to my new podcast Demographics Decoded with Simon Kuestenmacher – just look for  Demographics Decoded wherever you are listening to this podcast and subscribe so each week we can unveil the trends shaping your future. 

Shownotes plus more here: The Tax Man Knows More About Your Property Investments Than You Think – Assistant Taxation Commissioner Rob Thompson