Tax Tip 273: A List of Aussie Tax Related Podcasts

Discussion in 'Accounting & Tax' started by Terry_w, 17th Feb, 2020.

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  1. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Plus Member

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    Here is an incomplete list of Australian Podcasts that relate to Tax.


    The ATO’s Podcast – Tax inVoice

    Great name, but I have just stumbled on this and haven’t listened to any yet.

    ATO podcast - Tax inVoice


    TaxYak

    This one is pretty good.

    Tax Yak Podcast by TaxBanter - Australia's Fastest Growing Tax Podcast


    The Tax Institute

    These ones seem to mostly cost money to listen to, but there appear to be some free downloads

    Podcasts - The Tax Institute


    Tax Talks

    Australia's Tax News Podcast For Tax Professionals - Tax Talks


    Tax Wrap

    Tax Wrap podcast
     
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  2. Zozo

    Zozo Member

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  3. Zozo

    Zozo Member

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    Tricky question about residential rental property sale in a loss (or not)

    I have bought a residential property in 2009 for 350.. and got rented 9 years later in 2018 so it become a residential rental property ( i was renting elsewhere).. before it was rented it got valued ( properly) for 740.. and 2 years later got sold in 2020 for 650..

    Question no1. Do i benefit anything out of the 2 year loss .. and if yes

    Question no2. Can i use the capital loss in the 2 years for tax purposes? If yes..

    Question no3. Can i use it to lower my income taxes ?


    Thank you. (Sorry about my English.)
     
  4. Trainee

    Trainee Well-Known Member

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    Did you live in it between purchase in 2009 and 2018 as your principal place of residence?

    Confirm you rented elsewhere between 2018 and 2020 and did not have a ppor?

    if yes to the above, ask your accountant whether the 6 year rule applies. In which case your questions are irrelevant.
     
  5. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

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    1. CGT loss possibly. The actual gain / loss needs to be calculated based on a range of issues. And then shown in your 2020 return (!!) unless you choose not to as it may also meet the main residence exemption. You may wish to apply this exemption to another property however ? Or your spouse ?
    2. Depends
    3. No. Not unless you have taxable gains at some time. CGT losses will carry forward and only offset CGT gains.
     
    Last edited: 21st Feb, 2020
  6. Zozo

    Zozo Member

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    I did live in it as my residence between 2009-2018 and the rental place was not my ppor
     
  7. Zozo

    Zozo Member

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    Thank you for your reply .. in no3. I do have another property as an investment one.. new question no4. How long will it carry forward to offset the other CGT ? Do i have to sale my investment property in that tax year or do i have more time?
     
  8. Zozo

    Zozo Member

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    Thank you for your reply..
     
  9. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

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    Losses carry forward indefinitely until you use them. If you sold the other IP in 5 years then the loss would offset. BUT....

    When we talk gain we often discuss the CGT 50% discount. With losses there is a formula to follow. Total gains are reduced by losses FIRST. Then if there is any gain left over the 50% discount is applied after that.

    So in your example eg
    You have a CGT loss of say $50K. Then in 3 years sell the other property with a taxable gain of $70K.
    The calculation is $70 - $50 = $20K /2 = $10K is taxable.
    Its NOT $70K /2 = $35K less $35K leaving $15K still available.
     
  10. Zozo

    Zozo Member

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    Well thanks .. i keep that in mind.
     
  11. Zozo

    Zozo Member

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    In future i will use this information.. however as the other person mentioned if it was my residential property that i just sold (even if it was rented for 2 years) because of the 6 year rule.. this maybe irrelevant.. do you think so too?
     
  12. Zozo

    Zozo Member

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    As u mentioned it too.. (i just want to confirm it..)
     
  13. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Plus Member

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    Back to the topic at hand - podcasts

    Taxcast
    The Taxcast – The Tax Justice Network’s monthly podcast
    Not an Aussie one but the Tax Justice Network has an interesting one:
    Welcome to the Taxcast – the Tax Justice Network’s monthly podcast: around 30 minutes of unmissable corruption, scandal and analysis on tax havens, tax dodging and financial secrecy you won't hear anywhere else – we cover the battles for transparency, fairness and the public interest. Each month we speak with experts in the field to help us analyse the top global stories.