[Podcast] Tax issues for property buyers in a time of disaster | ATO Assistant Commissioner Adam O’Grady

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Not too long ago, I appeared on the Australian Taxation Workplace’s podcast, Tax InVoice, to speak about tax-related issues that might be of curiosity to property buyers in a time of disaster. My Podcast #214 Tax Matters For Property Investors In A Time Of Crisis 2

I spoke with assistant commissioner Adam O’Grady about how the occasions of 2020 impacted property buyers and what latest regulation modifications imply for residential property buyers.

A few of the issues we coated included what can and what can’t be claimed, keep away from among the widespread tax errors, and the place to seek out additional info.

This was an informative dialogue, one which I feel listeners of my podcast will discover related and helpful, so I’m going to share that episode with you at this time.

Topics I talk about with Adam O’Grady

Landlords can proceed to say their deductions and curiosity, even when their tenants at present can’t pay lease on account of COVID-19

  • How curiosity is being accrued on financial institution loans, though the financial institution isn’t charging curiosity proper now

  • The tax implications of utilizing your rental property your self, even when you possibly can’t lease it out
  • If the surge in accessible rental markets impacts what you possibly can declare
  • How latest tax regulation modifications have an effect on buyers who’re overseas residents for tax functions
  • Modifications to the tax-deductibility of holding vacant land
  • Avoiding errors in apportioning bills and revenue if you happen to co-owned a property
  • Misconceptions about when you possibly can declare renovation work to your funding property
  • The distinction between a restore and a capital enchancment
  • How buyers can use the Authorities’s Renovations Grant to enhance their property, and what they will declare from that
  • Differentiating between what’s deductible and what isn’t
  • Maintaining data that present proof of revenue
  • The elimination of journey bills to examine your property or accumulate lease as a claimable expense

Hyperlinks and Sources:

Find this episode on the ATO website

A few of our favorite quotes from the present:

“There’s some modifications to the laws, there’s points with COVID, there’s been floods and bushfires, we’ve had a difficult yr.” – Michael Yardney risk investment market

“As we mentioned there’s fewer vacationers for the quick time period rental market, there’s fewer worldwide college students coming, and at present individuals are only a bit extra nervous about transferring anyway, so lots of people are going to have longer vacancies or are going to should drop their lease.” – Michael Yardney

“I’ve seen many individuals purchase a property, it’s a bit rundown, in order that they go forward and so they do a renovation to make it extra engaging to tenants, to get extra lease, in order that they’re doing it for good, reputable causes, however then they assume the restore may be claimed as a restore in that tax yr.” – Michael Yardney

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