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Family homes could be used to kick people off the age pension
Topic Started: 5 Aug 2014, 09:20 PM (3,295 Views)
Trojan
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peter fraser
5 Aug 2014, 10:33 PM
If they are penalised for holding savings in their home then they will find other ways to beat the system.
Yep - not having the the house under their own name springs quickly to mind ....
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
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Gossamer
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Q. Family homes could be used to kick people off the age pension

Why? People who have worked hard, saved all their lives and paid their taxes should not be penalised for it.
Common sense is a curse - those who have it need to suffer dealing with those who don't have it.

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Nelson
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busted
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peter fraser
5 Aug 2014, 09:59 PM
Once people understand what this means, all those people who scrimped and saved to pay off their homes and accumulate some savings for their retirement instead of living the high life, will just stop saving and they will spend it all. Why be penalised for trying to do the right thing, why not do the wrong thing and spend every dollar earned and then get the full pension, a pension supplement and rental assistance.
Go ahead to spend all your money today to boost the comsumer confidence, what's desperately needed to stimulate our dying economy. Thank you very much to do the Right Thing.
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Gossamer
6 Aug 2014, 01:26 AM
Why? People who have worked hard, saved all their lives and paid their taxes should not be penalised for it.
Because others spent their hard earned money to help Aussie retails and jobs. They also paid 10% GST to help other fellow Australians.

It's time to put the millionaires off dole.
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peter fraser
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busted
6 Aug 2014, 01:38 AM
Because others spent their hard earned money to help Aussie retails and jobs. They also paid 10% GST to help other fellow Australians.

It's time to put the millionaires off dole.
if everyone spent all of their money they wouldn't be millionaires because they would take their home loans on interest only to maximise their spending power and never pay off their home. Seriously why would they bother paying off a home if they are penalised for it. The homeowners could just keep treating their homes as ATM and keep spending.

Woolworths, Coles and other retailers would make a fortune and everyone else would eventually be on the full aged pension plus rental assistance.

I think that this is one of the dumbest ideas that a politician has ever come up with, but he did. Predictably it appeals to many people who don't own a home and it offends those who do.
Any expressed market opinion is my own and is not to be taken as financial advice
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hoofarted
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Gossamer
6 Aug 2014, 01:26 AM
Q. Family homes could be used to kick people off the age pension

Why? People who have worked hard, saved all their lives and paid their taxes should not be penalised for it.
Would you say the same if I rented and had $1m in cash in the bank? If not, what is the difference?

Edit: would it be more fair to allow everyone the ability to have an assets amount not evaluated? Everything else is? E.g. You can have assets up to the amount of an average XXX property price, cash or property, that is not evaluated but everything else is? That would sound far more fair than it is today.
Edited by hoofarted, 6 Aug 2014, 08:36 AM.
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ThePauk
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Note, the suggest cap is $750k for the PPOR. Any value over that would be included in the asset test.
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peter fraser
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ThePauk
6 Aug 2014, 09:27 AM
Note, the suggest cap is $750k for the PPOR. Any value over that would be included in the asset test.
I know that I'm pointing out the obvious, but $750K could be a modest workers cottage in Sydney or Melbourne and a mansion in other cities. How do they determine the market value? Do they get a professional valuation done or use the unimproved value as per the rates notice?
Any expressed market opinion is my own and is not to be taken as financial advice
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goldbug
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herbie
5 Aug 2014, 09:44 PM
Still struggle to see why I (what's paid tax all me life) shouldn't get a pension, when them what's never paid tax in their life do?
That's what happens when you give your money to con-men herbie. I did exactly what you did but hid the money in gold where the confidence men can't get their fingers on it. Any visable asset is a target.

There are plenty of landlords now fully retired with a ppor and a few houses that are counting their copper because the after tax after expenses income from 3 homes barely matches the cash and benifits received by 2 people on an oldage pension. If they get a lengthy void it's time to eat bread and dripping.
Shadow was hopelessly wrong about the Gold Bull Market.
What else is he wrong about?
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stinkbug
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goldbug
6 Aug 2014, 09:53 AM

There are plenty of landlords now fully retired with a ppor and a few houses that are counting their copper because the after tax after expenses income from 3 homes barely matches the cash and benifits received by 2 people on an oldage pension. If they get a lengthy void it's time to eat bread and dripping.
Even when those 3 homes are owned outright?
---------------------------------------------------------------

While it's true that those who win never quit, and those who quit never win, those who never win and never quit are idiots.

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