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

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