Tax Tip 273: A List of Aussie Tax Related Podcasts

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

 

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.)

 

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.

 

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.

 

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

 

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?

 

Thank you for your reply..

 

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.

 

Well thanks .. i keep that in mind.

 

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?

 

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

 

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.

 

@Terry_w

How about this one looks good

Podcast - Terry Waugh - Structuring (Investing through a trust/company/personal name) - Aussie Firebug

PODCAST – TERRY WAUGH – STRUCTURING (INVESTING THROUGH A TRUST/COMPANY/PERSONAL NAME)

Some of the topics in today’s episode include:

• What structuring options do investors have when owning or controlling assets – specifically property and shares? (05:22)
• Land tax – when is it relevant to property investors? (08:34)
• Do many people invest through a company and what are the benefits of doing so? (10:43)
• What trust structures work best for property and share investors? (13:40)
• What is a trust, how do they work and how do investors benefit from trust structures? (15:44)
• What are discretionary trusts and why are they so commonly used? (19:05)
• What are the main pros and cons of using a trust structure and when does it make sense to use one? (20:49)
• How does a trust structure protect your assets? (25:20)
• How do distributions work when investing through a trust? (27:10)
• Who can pay money into a trust and how does that work? (29:42)
• When does it make financial sense to set up a trust? (34:38)
• How much do trusts cost to set up and to keep running? (35:34)
• What is a bucket company and why would anyone use it? (36:14)
• Terryw’s Tax Tip #14 – Never park money in a loan – why avoiding mixed purpose loans is so important. (40:09)
• How to set up and execute a debt recycling strategy in 2021. (42:54)
• Are testamentary discretionary trusts a good option for preserving wealth for your kids? (47:49)
• Why Terry thinks that a testamentary discretionary trust is the ultimate structure. (50:00)
• Buying an investment property through a company structure. (54:06)
• Protecting your own assets when entering a new personal relationship. (55:34)
• Who is the best person to see for investment structuring advice – a lawyer, accountant or financial adviser? (01:00:12)

 

Property Tax Nerds
Property Tax Nerds

By Mike A

 

And my podcast
Podcast – Structuring

contains a lot of tax stuff too