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  1. #121
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    Quote Originally Posted by ExcuseMyFrench View Post
    Because the way capital is taxed (vs work) increases the level of wealth concentration within our society.
    can you explain what you mean in more detail, I'm genuinely interested in where you're coming from.

  2. #122
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    Quote Originally Posted by turquoisecoast View Post
    I see where you're coming from with this sentiment but I also think people these days have a tendency to over extend themselves
    Oh I completely agree, I'm a firm believer in living within your means and I get annoyed when people whinge about being broke on a good income bc they have over borrowed.

    But I've realised in the capital cities that the prices are insane. Even on very basic places. I'd be in a corner rocking with the stress of that much debt

  3. #123
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    Read the last Thomas Piketty book "Capital in the Twenty-First Century"

    As a fellow accountant Im sure you'll enjoy it

    He's a great economist and his book focuses on the concentration of wealth, and the long-term evolution of inequality in developed countries.

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    turquoisecoast  (23-02-2016)

  5. #124
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    Quote Originally Posted by turquoisecoast View Post
    I don't know why people assume such silly levels of risk. why not just buy something affordable and that you've saved up for and enjoy it stress free. yes it mightn't be your forever house but it's a foot on the ladder and you can build from there.
    Yes! I know that property prices are ridiculously high but there is also a major problem with the ease of credit in this country and a culture of spending beyond your means. Even very high income earners often can't save and are in a lot of debt.

    Here's an idea for the government to increase their revenue: sell all the HECS debts that aren't being paid off to debt collectors.

  6. #125
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    Quote Originally Posted by witherwings View Post
    Yes! I know that property prices are ridiculously high but there is also a major problem with the ease of credit in this country and a culture of spending beyond your means. Even very high income earners often can't save and are in a lot of debt.

    Here's an idea for the government to increase their revenue: sell all the HECS debts that aren't being paid off to debt collectors.
    noooooooo!! sorry but I have to disagree with you there! my hecs is $33k still, so I have a personal interest against that idea. people who go live overseas and never return to pay their debt though, that's another story!! my hecs is being paid off, just very slowly.

    yes agree with credit being quite readily available. we were offered almost double our mortgage in terms of lending ability. which just made our eyes water. we bought well within budget and endured our home loan was serviceable on one salary. why borrow an amount just because the banks are offering it?

    I do agree re housing affordability in capital cities. we're in an average area 11km out of the cbd and its def not flash, pretty daggy still if you ask me. and we were very fortunate to buy here! I know other couples in good financial positions now struggling to buy in this area. it does seem unfair.

    if we'd had to, we'd have bought further out and got something we could afford then just pay it down as fast as we can. that's the beauty of having a mortgage you can easily service, it's easier to make extra repayments as you have excess cash and you're putting yourself in a stronger position in the long run. we're quite a bit ahead with our home loan and have had it for less than 12 months. that would not have been possible had we borrowed as much as the banks were willing to throw at us. but I guess that's their point, loan people crazy amounts then charge them insane amounts of interest.

  7. #126
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    Quote Originally Posted by turquoisecoast View Post
    noooooooo!! sorry but I have to disagree with you there! my hecs is $33k still, so I have a personal interest against that idea. people who go live overseas and never return to pay their debt though, that's another story!! my hecs is being paid off, just very slowly.
    I agree that those overseas should be repaying HECS. I thought there was talk on doing that.

  8. #127
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    Quote Originally Posted by twinklify View Post
    I agree that those overseas should be repaying HECS. I thought there was talk on doing that.
    It passed the senate. I got a letter about it in the mail last week.

    If you are overseas and earn over the threshold to repay your hecs you must make payments through the ATO.

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    turquoisecoast  (23-02-2016),twinklify  (23-02-2016),witherwings  (23-02-2016)

  10. #128
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    I don't mean to sound ignorant or offend anyone, but people are talking about negative gearing like it's terrible because it only benefits the investor. What about parents who claim PPL from their employer and the government? I'm not saying that I think that's a bad thing because I actually don't, but that only benefits the person receiving the money as well. And I can go as far as to say, if you can't have a child without getting pay out of both, then you shouldn't be having said child.

    Like I said, I'm not saying this to offend anyone, I'm just curious (and not very good when it comes to financials and how it affects society as a whole. When we negative geared our property for a few years, we weren't thinking about the country as a whole).

  11. #129
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    Default Negative Gearing - Politics talk

    Quote Originally Posted by turquoisecoast View Post
    noooooooo!! sorry but I have to disagree with you there! my hecs is $33k still, so I have a personal interest against that idea. people who go live overseas and never return to pay their debt though, that's another story!! my hecs is being paid off, just very slowly.
    Oh yes I am referring to people who don't pay it off! People who either go away to travel, clearly having enough money for travelling after uni but not enough to pay the debt off, or who leave permanently, or people who earn just under the threshold to make compulsory repayments but still have enough to go out and have fun and take drugs etc.

    Or another idea - increase GST. I don't understand why that idea is now off the table.

  12. #130
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    Quote Originally Posted by PomPoms View Post
    It passed the senate. I got a letter about it in the mail last week.

    If you are overseas and earn over the threshold to repay your hecs you must make payments through the ATO.
    The problem with this is that chasing people for the debts is going to be an expensive exercise and virtually impossible if people choose to never return. It would just convert the loans (which are asset in the government's balance sheet) from one kind to another. Effectively no change at all to revenue. Selling the debts to private enterprise will force people to repay - for some reason people are a lot more willing to pay off the credit cards and home loans than they are willing to pay their tax debts...


 

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