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

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

Property Investment & Wealth Creation Australia | The Michael Yardney Podcast