Proposal to make owner-occupiers’ home mortgages tax deductible
Housing economics experts have warned the government against a proposal to make owner-occupiers’ home mortgages tax deductible after the new assistant minister to the treasurer left the policy option on the table.
On Thursday Michael Sukkar, whose responsibilities include housing affordability, told Sky News the government wanted to give people a “realistic opportunity to save and purchase a home”.
Asked whether the government would consider adopting the US system where owner-occupiers deduct the cost of their mortgages from their tax bill, Sukkar said there was no “silver bullet” for housing affordability, including that option.
Asked to rule out allowing owner-occupiers a new tax deduction to compete with investors, Sukkar said only: “I will examine, and I know that the treasurer will look at, all good ideas.
Asked if the owner-occupier deduction was under active consideration, a spokeswoman for Scott Morrison told Guardian Australia: “Housing affordability will be an important policy focus of the Turnbull government in this parliamentary term.”
"The truth is that there are no good men, or bad men. It is the deeds that have goodness or badness in them. There are good deeds, and bad deeds. Men are just men."
Proposal to make owner-occupiers’ home mortgages tax deductible
Housing economics experts have warned the government against a proposal to make owner-occupiers’ home mortgages tax deductible after the new assistant minister to the treasurer left the policy option on the table.
On Thursday Michael Sukkar, whose responsibilities include housing affordability, told Sky News the government wanted to give people a “realistic opportunity to save and purchase a home”.
Asked whether the government would consider adopting the US system where owner-occupiers deduct the cost of their mortgages from their tax bill, Sukkar said there was no “silver bullet” for housing affordability, including that option.
Asked to rule out allowing owner-occupiers a new tax deduction to compete with investors, Sukkar said only: “I will examine, and I know that the treasurer will look at, all good ideas.
Asked if the owner-occupier deduction was under active consideration, a spokeswoman for Scott Morrison told Guardian Australia: “Housing affordability will be an important policy focus of the Turnbull government in this parliamentary term.”
It would level the playing field.
Most people are not aware that Gough Whitlam introduced a scheme 40 years ago where people on lower wages could claim the interest cost of their mortgage off their tax. It wasn't universal but it did help the young and the lower end.
But wait for the screams from the left wing think tanks - they will hate this idea. They just love taxation.
Take risks - if you win you will become wealthy, if you lose you will become wise
I have heard this but it is a transitional plan to abolish NG
I know you just made that up, but it would suit me fine if they removed it for IPs and kept it for PPORs. There are far more PPORs than IPs so the overall effect would still be stimulatory, while also placing upwards pressure on rents. A win-win, especially for those who already own IPs, or who buy early before the changes push house prices up to the next level.
"The truth is that there are no good men, or bad men. It is the deeds that have goodness or badness in them. There are good deeds, and bad deeds. Men are just men."
I have heard this but it is a transitional plan to abolish NG.
Learn more about these things before you rejoice in them Shads.
Abolishing NG only affects lower income people who will be forced to wait longer for their tax return. Rich people will always find some other investment income to offset losses against if they are not allowed to use income tax.
You believe such a lot of nonsense Chris, if you spend 5 mins researching the tax laws involved you will see the truth.
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.
Proposal to make owner-occupiers’ home mortgages tax deductible
I hope this goes ahead... a lot of pple are already doing this illegally through negative gearing, it only favours the dishonest, honest pple suffer... if this goes ahead, the dishonest & honest pple will have a level playing field
I hope this goes ahead... a lot of pple are already doing this illegally through negative gearing, it only favours the dishonest, honest pple suffer... if this goes ahead, the dishonest & honest pple will have a level playing field
Why do you write pple instead of people?
Collecting desperation. Ex-Bp Golly April 2 2015. "I see with a slight overshoot -70% [fall in Sydney house prices] as being well within possibility"
This should give house prices another welcome boost.
Looks like you have just admitted why this would not improve affordability or be of any benefit to buyers.
Nice own goal there.
Matthew, 30 Jan 2016, 09:21 AM Your simplistic view is so flawed it is not worth debating. The current oversupply will be swallowed in 12 months. By the time dumb shits like you realise this prices will already be rising.
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