Welcome Guest [Log In] [Register]


Reply
  • Pages:
  • 1
  • 2
Forget negative gearing - it's the other tax breaks that cost us dearly
Topic Started: 2 Jan 2014, 06:31 AM (2,532 Views)
Count du Monet
Member Avatar


Maybe the industry dear to the heart is creating debt slaves!

The next trick of our glorious banks will be to charge us a fee for using net bank!!!
You are no longer customer, you are property!!!

Don't be SAUCY with me Bernaisse
Profile "REPLY WITH QUOTE" Go to top
 
peter fraser
Member Avatar


Count du Monet
2 Jan 2014, 11:07 AM
Maybe the industry dear to the heart is creating debt slaves!

Well yes it does - we call them borrowers.

The trick for a borrower is to not get in too deep and make sure they are well out of debt by the time of retirement. Some manage that very well so the servitude is quite acceptable - and others fail miserably.

Life is a serious game, and like all games someone has to lose.

Since the time of the caveman we have left our shelters to gather food daily, and in the pursuit we have faced danger, often mortal danger.

A world where we all hold hands and sing happy uplifting songs all day just isn't possible.
Any expressed market opinion is my own and is not to be taken as financial advice
Profile "REPLY WITH QUOTE" Go to top
 
Trojan
Default APF Avatar


Black Panther
2 Jan 2014, 06:31 AM
And then there's the Howard government capital gains tax discount, which halves the tax paid on profits from the sale of investments for individuals and most trusts.

Like negative gearing, it applies to all investments, not just housing. Introduced in 1999, it now costs about $5 billion a year.
I really hope they get rid of that ... and go back to the old system where the cost base is indexed with inflation.
That way, if house prices only go up in line with inflation, you pay zero capital gains tax.
This should benefit the long term investor rather than the "renovate and flip in 12 months" brigade
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
Profile "REPLY WITH QUOTE" Go to top
 
Count du Monet
Member Avatar


peter fraser
2 Jan 2014, 11:36 AM
Well yes it does - we call them borrowers.

The trick for a borrower is to not get in too deep
And how deep is that?
Edited by Count du Monet, 2 Jan 2014, 11:59 AM.
The next trick of our glorious banks will be to charge us a fee for using net bank!!!
You are no longer customer, you are property!!!

Don't be SAUCY with me Bernaisse
Profile "REPLY WITH QUOTE" Go to top
 
skamy
Member Avatar


HardTruths
2 Jan 2014, 09:26 AM
All arguments about what should be taxed are nothing more than one segment of the electorate using political power to steal from another segment. The government prints all the money, enforces it as legal tender, enforces property rights and contracts through the threat of violence. All of your money and your possessions belong to the government, how much of it they let you play with depends on how hard they think you will work given the incentive to do so. More incentive == harder work.


Ain't that the truth
themoops
2 Jan 2014, 10:22 AM
Removing NG would probably crash property. But that's correct it's not the main culprit.

It's mass immigration and cheap money. The left are scum because they'd rather bury their head in the sand than admit that their kumba ya policy of mass immigration is sick and deranged and criminal.

At least the right knows they're sick, deranged and criminal. :lol

As Count says it's an honest evil!
Moops you have headed away to la la land again,there is no massive immigration ya duffer, just the same levels as usual.
Edited by skamy, 2 Jan 2014, 12:05 PM.
Definition of a doom and gloomer from 1993
The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
Profile "REPLY WITH QUOTE" Go to top
 
peter fraser
Member Avatar


Count du Monet
2 Jan 2014, 11:56 AM
peter fraser
2 Jan 2014, 11:36 AM
Well yes it does - we call them borrowers.

The trick for a borrower is to not get in too deep
And how deep is that?
It's less that too deep.

It's individually calibrated.

Any expressed market opinion is my own and is not to be taken as financial advice
Profile "REPLY WITH QUOTE" Go to top
 
Count du Monet
Member Avatar


peter fraser
2 Jan 2014, 12:13 PM
It's less that too deep.

It's individually calibrated.
Squeeze the maximum out the slave without killing them? :D
The next trick of our glorious banks will be to charge us a fee for using net bank!!!
You are no longer customer, you are property!!!

Don't be SAUCY with me Bernaisse
Profile "REPLY WITH QUOTE" Go to top
 
HardTruths
Default APF Avatar


skamy
2 Jan 2014, 12:03 PM
Moops you have headed away to la la land again,there is no massive immigration ya duffer, just the same levels as usual.
Do you mean numbers granted citizenship, or visas total?
Profile "REPLY WITH QUOTE" Go to top
 
peter fraser
Member Avatar


Count du Monet
2 Jan 2014, 12:21 PM
peter fraser
2 Jan 2014, 12:13 PM
It's less that too deep.

It's individually calibrated.
Squeeze the maximum out the slave without killing them? :D
It's the borrowers choice.

If they are lured by the shiny things in life they will choose to squeeze themselves. In fact lenders often save a lot of people from themselves by putting barriers in their path.

Other borrowers will be more conservative and borrow the minimum.

You and others on various blogsites seem to assume that you are extremely intelligent but the rest of the populace is stupid.

I don't support that point of view, and neither does the evidence at hand.
Any expressed market opinion is my own and is not to be taken as financial advice
Profile "REPLY WITH QUOTE" Go to top
 
Strindberg
Member Avatar


peter fraser
2 Jan 2014, 09:37 AM
I agree with that. To manage the economy the government really has to manage the population by giving them enough incentives to remain industrious, but not so many that they all decide that they don't need to work again.

They have to keep dangling carrots in front of us. Luckily our natural greed and want of blingy things does most of the work for them.
But the tax and benefit system doesn't encourage and incentivise people to work.

For example, only people who don't work (or are self employed) are allowed to make concessional super contributions. This allows non-workers to contribute $25k to super each June (it was previously more), pay 15% tax and avoid up to 45% tax, and then withdraw the $21,250 in July making a profit of $7500 over what they would have had. This is not available to employed workers.

People over 65 get a substantial Seniors tax offset as long as their income is under ~$80k (from memory). This means, as non-workers, they pay much less tax than workers who are on exactly the same income. There are many cash benefits (eg electricity, rates, gas, fishing licences, rail, buses etc) which are limited to certain income levels which effectively discourage working.

It is widely believed that families with many children, especially single parents, gain no dollar advantage from working.

I haven't worked for the last 19 years and have paid far less tax than workers on the same income. I was not incentivised.
Edited by Strindberg, 2 Jan 2014, 01:06 PM.
Housing costs to Income broadly unchanged since 1994 - re-ratified here
The People of Australia have the highest median wealth in the World
2002-2012 10 year house price growth the SLOWEST since 1952-1962
"There are two kinds of people in this world: ones that fiddle around wondering whether a thing's right or wrong and guys like us." (Hugo to Gagin in Ride the Pink Horse)
Profile "REPLY WITH QUOTE" Go to top
 
1 user reading this topic (1 Guest and 0 Anonymous)
Go to Next Page
« Previous Topic · Australian Property Forum · Next Topic »
Reply
  • Pages:
  • 1
  • 2



Australian Property Forum is an economics and finance forum dedicated to discussion of Australian and global real estate markets and macroeconomics, including house prices, housing affordability, and the likelihood of a property crash. Is there an Australian housing bubble? Will house prices crash, boom or stagnate? Is the Australian property market a pyramid scheme or Ponzi scheme? Can house prices really rise forever? These are the questions we address on Australian Property Forum, the premier real estate site for property bears, bulls, investors, and speculators. Members may also discuss matters related to finance, modern monetary theory (MMT), debt deflation, cryptocurrencies like Bitcoin Ethereum and Ripple, property investing, landlords, tenants, debt consolidation, reverse home equity loans, the housing shortage, negative gearing, capital gains tax, land tax and macro prudential regulation.

Forum Rules: The main forum may be used to discuss property, politics, economics and finance, precious metals, crypto currency, debt management, generational divides, climate change, sustainability, alternative energy, environmental topics, human rights or social justice issues, and other topics on a case by case basis. Topics unsuitable for the main forum may be discussed in the lounge. You agree you won't use this forum to post material that is illegal, private, defamatory, pornographic, excessively abusive or profane, threatening, or invasive of another forum member's privacy. Don't post NSFW content. Racist or ethnic slurs and homophobic comments aren't tolerated. Accusing forum members of serious crimes is not permitted. Accusations, attacks, abuse or threats, litigious or otherwise, directed against the forum or forum administrators aren't tolerated and will result in immediate suspension of your account for a number of days depending on the severity of the attack. No spamming or advertising in the main forum. Spamming includes repeating the same message over and over again within a short period of time. Don't post ALL CAPS thread titles. The Advertising and Promotion Subforum may be used to promote your Australian property related business or service. Active members of the forum who contribute regularly to main forum discussions may also include a link to their product or service in their signature block. Members are limited to one actively posting account each. A secondary account may be used solely for the purpose of maintaining a blog as long as that account no longer posts in threads. Any member who believes another member has violated these rules may report the offending post using the report button.

Australian Property Forum complies with ASIC Regulatory Guide 162 regarding Internet Discussion Sites. Australian Property Forum is not a provider of financial advice. Australian Property Forum does not in any way endorse the views and opinions of its members, nor does it vouch for for the accuracy or authenticity of their posts. It is not permitted for any Australian Property Forum member to post in the role of a licensed financial advisor or to post as the representative of a financial advisor. It is not permitted for Australian Property Forum members to ask for or offer specific buy, sell or hold recommendations on particular stocks, as a response to a request of this nature may be considered the provision of financial advice.

Views expressed on this forum are not representative of the forum owners. The forum owners are not liable or responsible for comments posted. Information posted does not constitute financial or legal advice. The forum owners accept no liability for information posted, nor for consequences of actions taken on the basis of that information. By visiting or using this forum, members and guests agree to be bound by the Zetaboards Terms of Use.

This site may contain copyright material (i.e. attributed snippets from online news reports), the use of which has not always been specifically authorized by the copyright owner. Such content is posted to advance understanding of environmental, political, human rights, economic, democratic, scientific, and social justice issues. This constitutes 'fair use' of such copyright material as provided for in section 107 of US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed for research and educational purposes only. If you wish to use this material for purposes that go beyond 'fair use', you must obtain permission from the copyright owner. Such material is credited to the true owner or licensee. We will remove from the forum any such material upon the request of the owners of the copyright of said material, as we claim no credit for such material.

For more information go to Limitations on Exclusive Rights: Fair Use

Privacy Policy: Australian Property Forum uses third party advertising companies to serve ads when you visit our site. These third party advertising companies may collect and use information about your visits to Australian Property Forum as well as other web sites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here: Google Advertising Privacy FAQ

Australian Property Forum is hosted by Zetaboards. Please refer also to the Zetaboards Privacy Policy