Summary

Taxation is not a subject that most property people get excited about, but an increasing number of people have more than a passing interest in the topic, because of the recent introduction of a range of taxes from the state government that are reaching into the pockets of more and more property owners.

The expansion of land tax and the introduction of vacant land tax has many property owners and sellers scratching their heads trying to figure it all out. In this episode, I interview a local accountant and partner at Sharp Accounting Ewen Fletcher, to discuss all of these topics, along with some of the stamp duty concessions available to buyers. As always, this information is general in nature and should not be consider professional advice and you should speak to your own accountant or legal professional to understand your unique circumstances.

Takeaways

• Taxation is crucial for property investors to understand.
• Seek professional advice for specific tax situations.
• Capital gains tax applies to profits from property sales.
• Inherited properties have unique tax implications.
• Land tax is concern for some investors.
• The six-year rule can exempt certain properties from capital gains tax.
• Vacant land tax applies from 1st Jan 2025, get advice now.
• Windfall gains tax applies to rezoned land but there are exemptions.
• Stamp duty exemptions exist for first home buyers and downsizers.
• Planning ahead can help reduce capital gains tax liabilities.
• Legal advice is essential for navigating tax regulations.

Chapters

00:00 Introduction to Taxation in Property

03:03 Understanding Federal and State Taxes

06:01 Capital Gains Tax Explained

08:42 Inherited Properties and Capital Gains Tax

11:28 Planning for Capital Gains Tax

14:31 The Six-Year Rule for Principal Places of Residence

17:05 Land Tax: Current Trends and Implications

19:49 Land Tax Structures and Ownership

22:58 New Taxes: Vacant Land Tax

25:26 Understanding Win-Fall Gains Tax

28:02 Stamp Duty Exemptions and Considerations

Contacts:

Stone Real Estate Ballarat

Stu Brien

P: 03 5341 2200

E: stubrien@stonerealestate.com.au

W: https://www.stonerealestate.com.au

A: 513 Warrenheip St Buninyong 3357

Sharp Accounting

Ewen Fletcher - Partner

E: ewen@sharpac.au

W: https://www.sharpaccounting.com.au

P: 03 5338 7100

Summary

In this conversation, Graham Whitfield shares his journey from being a FIFO worker to a successful property flipper and coach. He discusses the importance of understanding the numbers in property flipping, the strategies for successful renovations, and the significance of market research. Graham emphasises the need for creative financing, building a reliable team, and managing risks effectively. He also touches on selling strategies, taxation considerations, and the impact of market conditions on property flipping. Throughout the discussion, Graham provides valuable insights for aspiring property investors and highlights the importance of taking action and being proactive in the real estate market.

Takeaways

• Graham transitioned from FIFO work to property flipping in 2021.
• He has successfully flipped 27 properties without doing any handy work himself.
• Understanding the numbers is crucial in property flipping.
• Creative financing options can help those with limited serviceability.
• Building a reliable team is essential for successful property flipping.
• Market research is key to understanding buyer expectations.
• Emotional decisions can lead to costly mistakes in property flipping.
• Selling strategies should focus on creating competition among buyers.
• Taxation can be managed by structuring property investments as a business.
• The property market can still offer opportunities in neutral conditions.

Chapters

00:00

Introduction to Graham Whitfield and His Journey

03:46

The Transition from FIFO to Property Flipping

06:03

Understanding the Numbers in Property Flipping

08:12

Graham's Experience and Future Strategy

09:32

The Blueprint for Successful Property Flipping

11:44

Due Diligence and Market Research

13:33

Creative Financing Strategies

15:41

Building Your Dream Team

16:54

Risks and Challenges in Property Flipping

19:13

Selling Strategies and Market Pricing

20:55

Understanding Pricing Strategies and Taxation in Real Estate

23:02

Market Dynamics: Identifying Opportunities in Different Markets

27:42

Choosing the Right Properties for Flipping

29:50

Starting Out in Real Estate: Overcoming Financial Barriers

32:24

Transforming Lives Through Real Estate Coaching

Interview Overview

• What is "Flipping" how did you find your way into it?
• It would be great if you had some examples that might relate to regional listeners
• What is the "blueprint" or overall process to follow (on high level) to flipping?
• Some key risks and challenges people encounter and how to mitigate those
• What sort of markets is this process best applied to (ie Metro vs Regional, growing vs declining etc)

Contacts:

Stone Real Estate Ballarat
Stu Brien
P: 03 5341 2200
E: stubrien@stonerealestate.com.au
W: https://www.stonerealestate.com.au
A: 513 Warrenheip St Buninyong 3357

Red Mane Property Coaching
Graham Whitfield
E: info@redmane.com.au
W: https://www.redmane.com.au

Summary

In this conversation, Stu Brien interviews Nick Cronin from Style Fox, discussing the significance of home staging in real estate. They explore the process of staging, its benefits for sellers, and the impact on property sales. Nick shares insights on market trends, challenges faced in staging, and the differences between virtual and physical staging. The discussion emphasises the importance of creating emotional connections with potential buyers and the future of staging services in the industry.

Key Takeaways

• Staging transforms vacant properties into appealing homes.
• A well-staged home can attract more buyers and higher offers.
• Staging can reduce the time a property spends on the market.
• The emotional connection buyers feel is crucial for sales.
• Staging involves careful planning and professional execution.
• Virtual staging is a cost-effective alternative but may lack authenticity.
• Staging can be tailored to fit the specific needs of a property.
• Feedback from agents indicates a higher inquiry rate for staged homes.
• Understanding buyer demographics is essential for effective staging.
• Collaboration with real estate agents enhances staging success.

Chapters
00:00 Introduction to Staging and Styling
03:35 The Journey into Staging
06:04 Understanding the Staging Process
09:02 Benefits of Staging Properties
11:31 Timing and Duration of Staging
14:19 Feedback and Results from Staging
16:57 When Staging Isn't Worth It
20:45 Virtual Staging: Pros and Cons
23:35 Future Services and Conclusion

Contacts:

Stone Real Estate Ballarat
Stu Brien
P: 03 5341 2200
E: stubrien@stonerealestate.com.au
W: https://www.stonerealestate.com.au
A: 513 Warrenheip St Buninyong 3357

Style Fox Property Staging
Nick Cronin
P: 0493 391 282
E: info@stylefox.com.au
W: https://www.stylefox.com.au/