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  1. #21
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    Quote Originally Posted by BigRedV View Post
    But if you had the money would you still negatively gear?
    I know this wasn't directed at me, but if I had the money to not have to borrow, I would still borrow and negatively gear. I would put my cash toward my home loan which I can't get any tax benefit from.

    I also didn't notice the emphasis on "you" in your original post. In our case, our properties are positively geared. But not sure how long that will last once interest rates continue to rise..

  2. #22
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    Default So why do *you* negatively gear property?

    Quote Originally Posted by witherwings View Post
    Negative gearing is a tax minimisation strategy. That's the short answer. It is best suited to people who are on high tax brackets and therefore get the biggest tax benefit.
    Yep. I get it. This is why it annoys me when Scott Morrison misleads people when he says says that people who negatively gear have a taxable income of $80k year...well of course they do because it's reduced their taxable income to $80k

    I'm sure some of these politicians have a taxable income of $80k or even less with the amount of properties they own.

    http://mobile.abc.net.au/news/2017-0...cebook_Organic

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  4. #23
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    I know someone earning $200k who reduces his taxable income so much he gets all family tax allowances

  5. #24
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    Quote Originally Posted by Wise Enough View Post
    I know someone earning $200k who reduces his taxable income so much he gets all family tax allowances
    That's really interesting. Centrelink won't let me claim negative hearing from my investment as a tax deduction. They actually add the $7000 interest on my investment mortgage back onto my taxable income.

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    Quote Originally Posted by Wise Enough View Post
    I know someone earning $200k who reduces his taxable income so much he gets all family tax allowances
    i'm surprised that's possible given your income for centrelink purposes is your adjustable taxable income, meaning rental and investment losses are added back, plus deductible super contributions. and reportable fbt and reportable employee super contributions are also added back.

  7. #26
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    Quote Originally Posted by Wise Enough View Post
    I know someone earning $200k who reduces his taxable income so much he gets all family tax allowances
    That's not possible, since investment losses are added back for Centrelink income tests.

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  9. #27
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    Quote Originally Posted by Wise Enough View Post
    I know someone earning $200k who reduces his taxable income so much he gets all family tax allowances
    Is he self employed?

  10. #28
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    Quote Originally Posted by BigRedV View Post
    Is he self employed?
    Good point. Hubs and I are self employed so we can claim business expenses - still can't claim negative gearing on the investment property though.

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    Default So why do *you* negatively gear property?

    Quote Originally Posted by Wise Enough View Post
    I know someone earning $200k who reduces his taxable income so much he gets all family tax allowances
    I didn't think you could do that. I'm pretty sure the income assessment for Centrelink / child support etc is your taxable income plus any losses from negative gearing.m
    Edit: Sorry just realised a million people just posted this.


 

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