Australian State Taxes Explained: The Best Property Investment Strategy for Doctors | Ep. 04

12/04/24 • 36 min

Join 26,000+ doctors and dentists in the 'Investing for Doctors' Facebook group: https://facebook.com/groups/investingfordoctors

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In this episode, join me, Dr Bi Mian and Munzurul Khan, Chairman at KHI Partners, as we demystify state-based taxes in Australia and share insider strategies that could save doctor investors thousands in unnecessary tax payments.

We talk about why land tax varies between states (and how to use this to your advantage), the truth about joint property ownership that most doctors don't know, and the hidden opportunities in stamp duty planning that could reduce your tax burden.

We also explore the controversial shift from stamp duty to land tax systems currently being debated, why payroll tax seems to punish business growth (and what to do about it), and the strategic ways doctors can structure their property holdings to maximise tax thresholds.

If you want to master the state tax landscape and make smarter property investment decisions, then make sure to listen to this episode!

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TIME STAMPS:

00:00 - Intro
01:02 - Why Are We Paying At a State & Federal Level?
03:24 - Land Tax
12:37 - Joint Venture & Land Tax Nuances
14:50 - Stamp Duty
25:22 - Payroll Tax
29:44 - Inheritance Tax
33:52 - Conclusion

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SHOW NOTES LINKS

https://ifdgroup.com.au/

https://doctorbi.com.au/https://au.linkedin.com/in/mian-bi

https://khipartners.com.au/https://au.linkedin.com/in/munzurul-khan-7ba6a318

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LISTEN TO THE PODCAST

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Apple Podcasts: https://podcasts.apple.com/au/podcast/investing-for-doctors-podcast/id1775535608
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FIND US HERE

Website: https://ifdgroup.com.au/
Facebook Group: https://www.facebook.com/groups/investingfordoctors
Facebook Page: https://www.facebook.com/investingfordoctors

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DISCLAIMER

The information provided in this podcast is for general purposes only and should not be considered personal advice. Always consult with qualified professionals or experts in the relevant field for personalised advice tailored to your specific situation.

Join 26,000+ doctors and dentists in the 'Investing for Doctors' Facebook group: https://facebook.com/groups/investingfordoctors

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If you want to master the state tax landscape and make smarter property investment decisions, then make sure to listen to this episode!

-----

TIME STAMPS:

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SHOW NOTES LINKS

https://ifdgroup.com.au/

https://doctorbi.com.au/https://au.linkedin.com/in/mian-bi

https://khipartners.com.au/https://au.linkedin.com/in/munzurul-khan-7ba6a318

-----

LISTEN TO THE PODCAST

-----

FIND US HERE

Website: https://ifdgroup.com.au/
Facebook Group: https://www.facebook.com/groups/investingfordoctors
Facebook Page: https://www.facebook.com/investingfordoctors

-----

DISCLAIMER

Previous Episode

Why Do Australian Doctors Pay So Much Tax? (And What to Do About It) | Ep. 03

Join 26,000+ doctors and dentists in the 'Investing for Doctors' Facebook group: https://facebook.com/groups/investingfordoctors

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In this episode, join me, Dr Bi Mian and Munzurul Khan, Chairman at KHI Partners, as we share important tax fundamentals that every doctor needs to know to optimise their tax position and maximise their earnings.

We talk about why Australia's self-assessment tax system creates unique opportunities and responsibilities, how the widely misunderstood marginal tax rate system actually works in your favour, and the strategic advantage of superannuation's concessional 15% tax rate.

We also discuss the clever ways to leverage capital gains tax discounts for wealth building, how franking credits can boost investment returns, and why international doctors with overseas assets must be extra careful with their tax planning.

If you want to make smart financial decisions that could save you thousands in taxes as a medical professional in Australia, then make sure to listen to this episode!

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TIME STAMPS:

00:00 - Intro
01:47 - Tax Obligations / How an Accountant Thinks About Taxes
04:58 - Deep Dive Into Aus Tax System
06:26 - Income Tax Tiers
09:14 - Superannuation Tax / Concessional Contribution
13:28 - How Are Things Taxed Within a Superfund?
14:47 - Superfund Tax
17:18 - Capital Gains Tax
23:25 - Dividends / Franking Credit
29:35 - International Association / Deemed Capital Gain
31:39 - GST
34:40 - Conclusion

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SHOW NOTES LINKS
https://ifdgroup.com.au/

https://doctorbi.com.au/https://au.linkedin.com/in/mian-bi

https://khipartners.com.au/https://au.linkedin.com/in/munzurul-khan-7ba6a318

-----

LISTEN TO THE PODCAST

-----

FIND US HERE

Website: https://ifdgroup.com.au/
Facebook Group: https://www.facebook.com/groups/investingfordoctors
Facebook Page: https://www.facebook.com/investingfordoctors

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DISCLAIMER

Next Episode

Think You’re Bad With Money? Here’s Why That’s a Myth for Doctors | Ep. 05

Join 26,000+ doctors and dentists in the 'Investing for Doctors' Facebook group: https://facebook.com/groups/investingfordoctors

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In this episode, join me, Dr Bi Mian, together with Jessica Brady, a maverick financial advisor who, after selling her award-winning practice, created accessible online money programs to help the 80% of Australians who couldn't access financial advice.

Jessica talks about why traditional financial advice has become prohibitively expensive, with fees reaching $8,100 annually, how damaging money narratives particularly affect women's financial confidence, and why breaking free from the "I'm bad with money" mindset is vital for building wealth.

She also discusses her innovative approach to making financial education fun and gamified, why waiting for the "perfect time" to start learning about money is a trap, and how bringing diversity to financial services can better serve all Australians.

If you want to learn how to access quality money education without the hefty price tag of traditional advice, then make sure to listen to this episode!

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TIME STAMPS:
0:00 - Intro
02:03 - Changing Landscape of Financial Advice
06:37 - Demographic Changes in our Society
09:45 - Misconceptions About Women and Money
15:51 - Jessica on Giving up Personal Advice
23:39 - Taxes and Deductions.
26:34 - The Barefoot Investor
30:44 - Overriding Natural Bias toward Stability and Security
32:59 - Concept of Knowing Yourself
43:05 - Conclusion

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SHOW NOTES LINKS

https://ifdgroup.com.au/

https://doctorbi.com.au/https://au.linkedin.com/in/mian-bi

https://jessicabrady.com.au/https://courses.jessicabrady.com.au/investingfordoctorscall

https://www.instagram.com/jessbrady_financialadvice/https://au.linkedin.com/in/jessica-brady-21165812https://m.facebook.com/61552351622335/https://podcasts.apple.com/au/podcast/financially-fierce/id1727968994
Jessica Brady (also known as Jessica Gerken) is an authorised representative of Paragem Pty Ltd. All comments made in the podcast are general in nature and do not take into account your objectives, financial situation or needs. Authorised Representative No. 001259972 | AFSL | 297276 ABN | 16 108 571 875 | Corporate Authorised Representative No. 1305567.

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LISTEN TO THE PODCAST

-----

FIND US HERE

Website: https://ifdgroup.com.au/<