Chris Bates

speaker

1,659 appearances 5 recordings 1 series first heard Jun 2021 last heard Dec 2022

Chris Bates’s voice in public audio — every appearance, attributed to the second.

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Australian Finance Podcast · Property investing strategies (advanced) with Chris Bates · 4 Oct 2021 podcast

And then when you decide to sell that property, there's not the tax office doesn't come knocking and say, hang on a sec, you bought that house for 500 and you're selling it for a million.

You owe us 100 or 150 grand of capital gains tax, right?

So whenever you sell your home that you lived in, you don't pay any tax.

And that's a huge benefit as an investment.

over anything else really.

It's the biggest sort of tax write-off.

Like if you went 500 grand of income, you know, you probably pay 30 to 50% tax on that, right?

So you've got to earn, you know, $600,000, $700,000 of income to get that 500.

So that's the thing that's really forgotten about and something that you definitely, you can only do it on one property.

So it's definitely one opportunity.

And it's also...

means when some clients are thinking to us and saying like i've got a house i want to live modestly right i want to have a house and a caravan which i think andrew spoke about right in berk right what they are also doing is they're missing out on the opportunity to have one that asset growing tax-free so the house the caravan in burke's growing tax-free but he hasn't got a house in a good suburb growing tax-free and so that one opportunity is wasted really and it's also something when clients come to us and they go i'm really happy in my house um

but I don't really need to upgrade.

Well, potentially that's the best thing to do rather than buying an investment property or rather than buying shares because the house they're in maybe now might not be a great asset.

It might be on a poor street.

It might be dark.

It might be a two bed house that couldn't convert to three.

But if they went and spent another couple hundred thousand, they shift into a whole other market and they get a better asset growing from tax-free.

So you really need to use it wisely because it is the one opportunity to have a good asset growing for you tax-free.

So that's the most important thing.

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