I think it's inevitable it will be modified or go altogether. I don't think there's much sympathy for people who benefit from it within the community at these times.
And as for the mining tax I think that ship has sailed. The companies are laying people off over here. Any tax would be extremely unpopular now as it will result in even more sackings and redundancies.
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22-02-2016 12:44 #61
22-02-2016 13:01 #62Member
- Join Date
- Apr 2015
My understanding is that labor have put negative gearing and capital gains tax on the table to demonstrate where they would make savings if they get in. This is forcing the coalition's hand at making a policy to tackle these things as well.
The long and the short of it is government is looking to make savings and it's going to hurt no matter where the savings end up coming from
22-02-2016 13:05 #63
Negative Gearing - Politics talk
I don't understand the complaint really. Investors will still claim depreciation, their interest rates, property management costs, repairs, insurance....the list goes on.
It's just saying the tax payer won't prop up the gap between your mortgage payments and rent returned, and nor should they. It's up to investors to invest in property that is neutrally or positively geared if they can't afford the investment without the additional tax breaks.
No one is saying you can't buy investment property, you will just wear the costs for it.
Last edited by NoteToSelf; 22-02-2016 at 13:23.
22-02-2016 13:15 #64Senior Member
- Join Date
- Mar 2015
If we tax mining/banks then that hurts investors and employees.
Lowering of house prices can help investors afford to buy a home. The mortgages are smaller. The repayments and rent can be smaller.
Maybe I am just naive but I seriously do not believe it is sustainable long term anymore.
22-02-2016 13:15 #65
22-02-2016 13:19 #66
I pay tax too, but that doesn't mean I expect the other 19 million Australians who don't have property investments to subsidise mine.
22-02-2016 13:35 #67
22-02-2016 13:37 #68
22-02-2016 13:46 #69
I can't remember the exact figures but my first investment property, once I sold it (8 years ago) I worked out how much stamp duty and capital gains tax I paid and how much I got back each tax year from negative gearing and it worked out that I paid more in CGT and stamp duty than I ever claimed from the government.
You'll also find foreign investment is largely responsible for property booms, not your average Joe mum and dad investor who is preparing for their retirement and their kids' futures.
As I said in a previous post governments need to do more to make housing more affordable / accessible absolutely, but if you look at the long term implications for the abolishment of NG and reduction in the CGT discount, you're supposedly solving one problem (housing availability and affordability) but creating another.
I also don't like the attitude that only the super wealthy benefit from these tax rules. Yes the percentages of $80k a year individuals are overstated in the media and by some property investment experts, however there is still a lot of typical Aussies who are trying to provide a bright future for their kids and shouldn't be penalised when there are other ways to solve the problem NG apparently creates.
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22-02-2016 13:49 #70
@A-Squared - wish I was as eloquent as you are explaining all this!
Last edited by hopeful1986; 22-02-2016 at 13:56.
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