EP 027: Preparing For Property Tax Season (2023 Edition)

I’m sure we’ve all heard of those large, franchise accountants who advise their clients to buy off-the-plan properties to save money on tax…
Well, let me tell you.
Negative gearing isn’t the only way to win at tax time!

First of all…
Knowing the appropriate strategy (for your unique situation) is an extremely important step.

So, say goodbye to H&R Block.
It might be time to find a new accountant!

A good accountant will understand the tax laws, help you identify risks and maximise tax benefits,
A great one even understands property investments and will most probably be an investor themself!

Ultimately, the advice you receive will dictate the outcome of your investments.

Now, to give you some context around why I say this…

I have made mistakes using structures before.

When I was in a previous life (or a few years ago), I structured some of my investment properties in my personal name.

Only down the line did I realise that by doing this…

I very much limited my ability to manipulate my income distributions as well as to add other people to my trust accounts.

Now, it’s not that I can’t change that… but it is a very expensive process to do so.

If I was to move those properties into trusts, I’d be liable for stamp duty and capital gains tax on each one.

All up, those costs could equal hundreds of thousands of dollars!

Fortunately, I won’t let you make those same mistakes.

In this week’s podcast episode, Grant and I are preparing for the 2023 property tax season!
We’re here to help you avoid unwanted mistakes and maximise your tax minimisations.

We’ll be discussing:
– How to find a good accountant
– Why you need to be across your books
– As well as land tax, structures and more!

P.S. How have you prepared for EOFY? You know I love property, so I’m super curious to hear how you are approaching tax. Let us know.


All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.

Episode Highlights:

00:00 Welcome to Property and Investing
02:44 Not thinking about property investments as a business
04:27 Strong numbers and data
05:12 Opportunities and benefits of knowing your numbers
06:34 Negative gearing isn’t the only strategy to win the tax game
09:19 Tax loss harvesting
14:08 When to speak to your tax accountant
15:36 Forecasting your payable tax for the year
16:52 Going through what my plan and strategy is for the next year
19:05 Best question to ask your mortgage broker and accountant
19:49 Is it time to look for another accountant as a property investor?
22:22 Land tax and changes to structures
24:14 Importance of structures and setup from a tax perspective
31:00 Why it’s more beneficial to have an accountant that’s a property investor
31:27 Parking your cash in different offsets
33:42 Property investors need to be across their books and ready for tax season

If you enjoyed this episode, please don’t forget to subscribe, tune in, and share this podcast!



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