502 | “It’s Putting the Mouse in Charge of the Cheese!”: Death, Taxes & Inheritance - Chat with Julia Hartman

The Property Couch

After last week’s insightful episode with Noel Whittaker, we’re thrilled to continue with another stellar guest who helped to co-write the tax chapters of Noel’s latest book, “Wills, Death & Taxes Made Simple.” 💰📝

Please welcome back, Julia Hartman, THE #1 Property Tax Expert in Australia!!

Julia is the Founder of BAN TACS, a cooperative of Accountants that has been helping thousands of Australians navigate the world of tax since 1992. Basically, she’s your ultimate tax guru!

In this week’s episode we’re uncovering the minefield that is death, inheritance and taxes.

Like...how much are you taxed when you receive an international inheritance?

Or how can you minimise the tax on your family home that’s been passed down?

And what are the #2 biggest challenges with inheritance if you don’t keep your records?
It’s an information-packed episode that could save you hundreds and thousands of dollars down the track. Listen in now!

FREE STUFF MENTIONED:

• Free Factsheet: Death in your home >>
• Listen to Julia’s other episodes here >>
• It’s nearly tax season! If you need a tax agent, we offer award-winning tax services (or get a free report through the link). Check it out now >>
• See Bryce’s lifehack here >>

LISTEN TO THE FIRST 20 EPISODES HERE >>
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Chapters

1. 502 | “It’s Putting the Mouse in Charge of the Cheese!”: Death, Taxes & Inheritance (00:00:00)

2. Mindset Minute: When to stick and when to quit? (00:02:11)

3. Welcome Julia Hartman! (00:06:40)

4. The ins and outs of Inheritance: Your family home (00:07:51)

5. Can you rent out your family’s primary residence? (00:10:19)

6. Record Keeping 101: Why does it matter? (00:12:13)

7. Why estate mortgages are Julia’s nightmare!  (00:16:17)

8. The slippery slope with shares 😮 (00:17:00)

9. Claiming inheritance from overseas (00:18:10)

10. Don’t know where to start? Start with Julia’s spreadsheet! (00:22:25)

11. Beware of Testimony Trust. Here’s why! (00:23:08)

12. Wills, Death & Taxes Made Simple (00:25:40)

13. How folks try to avoid the death tax (00:26:44)

14. The Rule of Survivorship (00:29:21)

15. Remember this 6-year rule! (00:30:16)

16. What if an existing investment property is passed down? (00:31:49)

17. Capital losses are lost on death (00:33:21)

18. What happens when you inherit units through a company? (00:36:37)

19. SMSF vs. Industry funds: Post-death tax treatment (00:37:32)

20. Case Study: Contesting wills & estate freezing (00:40:06)

21. How long can you keep the estate going for? (00:44:10)

22. Can you challenge a 25% trustee fee? (00:46:37)

23. What happens when your cost base is NOT reset? (00:47:44)

24. A bonus gift! (00:53:04)

25. Lifehack: Do this to stop your water bubbling over when boiling pasta! (00:56:32)

26. It’s tax season! If you need a tax agent, we offer award-winning tax services. (00:58:11)