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