Tax Strategy & Property Structures: Molly Lim’s Expert Insights

As your career develops and your property portfolio grows, your financial affairs naturally become more complex. But when does a 'simple' tax return turn into a strategic liability?In this episode of The Property Web, Tom Carr sits down with award-winning accountant Molly Lim, founder of Above Advisory. Molly specialises in helping small business owners and property investors navigate the increasingly sophisticated Australian tax landscape.We dive into:The 'Trust' Debate: Why family trusts aren't always the answer for borrowing capacity and what you need to know before setting one up.ATO Watchlist: The common mistakes investors make with vacant properties and interest deductions that are triggering audits.The New 'Payday Super': What business owners need to prepare for starting July 1st.Growth Mindset: Transitioning from a corporate salary to business ownership while maintaining a property investment strategy.Whether you're a first-home buyer or an established investor, Molly’s "un-stuffy" approach to accounting provides the clarity needed to keep your strategy on track.Resources🎙️ Guest Molly Lim - Socials & Contact: 🔗 Website: https://aboveadvisory.com.au 📸 Company Instagram: @mollytaxtips 📸 TikTok - https://tiktok.com/@mollylim 💼 LinkedIn: linkedin.com/in/mollylim14/ 📧 Contact: [email protected]🎙️ Host Tom Carr – Socials & Contact: 💼 LinkedIn: linkedin.com/in/tomrcarr 🔗 Website: wombathomeloans.com.au 📧 Email: [email protected]🎧 The Property Web – Socials: 📸 Instagram: @thepropertywebpod 📘 Facebook: @thepropertywebpod 📧 Email: [email protected]:00 Introduction and Molly Lim's Background 01:27 Molly's Journey from Myanmar to Australia 02:26 Starting Above Advisory and Her Business Focus 03:25 Her Gym Franchise and Business Diversification 04:43 Typical Clients and Financial Guidance 06:08 Young Entrepreneurs and Social Media Outreach 08:31 Recognition and Awards in Accounting 09:27 Motivation Behind Her Accounting Practice 10:27 Australian Business Environment vs Myanmar 11:47 Office Setup and Client Interactions 13:42 Client Success Stories and Property Investment Advice 15:12 Property Structures and Borrowing Strategies 17:02 Understanding Tax Deductions and ATO Compliance 20:50 Changes in Small Business Regulations and Superannuation 22:15 When to Seek Professional Financial Advice 23:09 Closing Remarks and Contact Information