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

  • Jan 8 2025
  • Length: 43 mins
  • Podcast

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

  • Summary

  • 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 

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

    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

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