Runner Up: Carol Ann, WSC Group

Runner Up: Carol Ann, WSC Group

Solutions-oriented and with a keen eye for detail, Carol Allan is not only passionate about property; she’s also passionate about the complexities of tax law as it pertains to real estate and investing. As a landlord, isn’t this exactly the type of expert you want on your team?

“Carol is constantly providing up to date and relevant information regarding tax benefits and ATO regulations for property investing. I am new to investing in property and Carol has made my first experience in this exciting process very easy to understand.”– Steve Dorse

-I love property as a tangible, understandable investment. I relish the intricacies of tax law surrounding investment properties and developments, and finding solutions to tax issues encountered by landlords and developers. It’s a privilege to be able to help my clients and share with them what I’ve learned, and to teach those skills to our graduate accountants as they begin their journey to become trusted tax advisors themselves.

-Investing in property is a significant  financial commitment. To get the right advice that’s tailored to suit individual needs, it’s important to have someone who you feel comfortable with so that you can openly discuss your personal financial situation. This is required to be able to set up a tax-effective structure, and to ensure that ongoing claims against your rental income are correct, particularly when issues such as letting property to a family member or using your investment loan for private purposes requires adjustments to the standard calculations.

-Having an advisor who understands the rules and is approachable when decisions have to be made ensures an outcome in your best interests. It’s also important to have a property tax advisor who works alongside other professional members of your advisor team, such as lawyers, lenders, financial advisors, property managers and buyers’ agents, or who can refer you to the right person when required.

-Some mistakes arise from committing to a property purchase or making a decision regarding an investment property prior going to the accountant. Having tax advice before buying a property ensures that the property ownership is set up correctly, taking into account whether the property is positively or negatively geared.

-Advice regarding initial repairs, loans, depreciation and borrowing costs at this stage can also prevent nasty surprises at tax time.

-Seeking advice prior to moving into a former rental property is also important so that investors don’t miss out on deductions, as they may not know they can claim them or what time limits are imposed to ensure the claims are valid.

-Other mistakes often involve loans. Beware banks saying you have funds available for redraw: it’s the purpose of the funds that makes a loan deductible. So you can water down your deductible loan with personal withdrawals, even if you later pay them back.

-Having one loan for more than one property is also a danger – it may be prudent to refi nance well before thinking of selling so that remaining borrowings stay fully deductible after a sale.