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    Family tax benefit rules are up the creek

    why would you want to buy a rental property?
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    Family tax benefit rules are up the creek

    it's more than just FTB tho. look at all those $1000 cheques, $900 cheques, the GST exemption on food and residential housing, rules for deducting legal fees and software, various caps on super... could go on all day. this country thrives on admin, tall poppy cutting and giving the under dog a...
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    Family tax benefit rules are up the creek

    yeh it's a fair call, however if you are middle class you want to take the middle class welfare
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    Family tax benefit rules are up the creek

    very true. Unfortunately the best of plans can come unstuck tho
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    Family tax benefit rules are up the creek

    I just made the numbers up - it is a public forum after all. The beauty of the example is, the more you lose, the more you are deemed to make. If I lost $1m and didn't have a scrap of wages or anything, I would be deemed to have an income of $1m. so someone that made $10k would get benefits...
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    Family tax benefit rules are up the creek

    the problem seems to be the way the ATO reports the numbers to centrelink. They are given 2 numbers... what is your taxable income and what loss did you claim for neg gearing. they add the 2 together. What centrelink is not told is that the loss created a negative income, hence the losses in...
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    Family tax benefit rules are up the creek

    may do, dunno. not that bothered really. I was pointing out a stupid rule and i seem to be getting a workers unite lecture. I may appeal on the basis that the rules are stupid and I hate bureacracy. hmm - are you sayig their interpretation of the rules is wrong? after all they are...
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    Family tax benefit rules are up the creek

    can and they do mate - them's the rules... and I agree with their assessment
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    Family tax benefit rules are up the creek

    can someone please explain what tax advantage is offered by negative gearing a property when you have no income?
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    Family tax benefit rules are up the creek

    who is on $100k? she has no income and also has a loss of $100k
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    Family tax benefit rules are up the creek

    no, they add it back again. $0 income, $100,000 loss, total income = -$100k+$100k+$100k = $100k. nothing actually earned
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    Family tax benefit rules are up the creek

    already there surely you need it more when you lose $100k in cash? at least as much as the guy that has no losses
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    Family tax benefit rules are up the creek

    it won't really affect us, but the stupidity is frustrating. my rant is more agaisnt the perception of the 'wealthy landlord' i.e. "you must be wealthy if you lost $100k on your property"
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    Family tax benefit rules are up the creek

    agreed. the property has sat empty for 9 months whisltwe have tried to sell it. it settles next week. She won;t be claiming losses on it after this debacle - will jsut say it wasn;t available for rent thus it is all a capital loss. what a nightmare it has been having a property in her name...
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    Family tax benefit rules are up the creek

    err no.... the only way to explain it is the loss is added back twice. example. no earnings, loss of $100k. the rules say your income is nil, then we add back $100k = income of $100k. So from a position of losing $100k, they say you have an income of $100k... $200k difference nope. never...
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    Family tax benefit rules are up the creek

    I'm not. I am saying someone that has a loss of $100k and no income deserves at least the same treatment as someone that has no loss and no income. to deny a loss is fine, but to add it back twice is just a stuff up in the rules surely
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    Family tax benefit rules are up the creek

    I guess I got a bit annoyed as when you speak to the help line you get comments such as "well it's only fair because you have had the benefit of the tax losses" - oh really? pray tell, what benefit has there been? A guy sitting on the dole with no property has less "income" under the rules than...
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    Family tax benefit rules are up the creek

    I'd be interested too. I just wrote off the losses which is a shame
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    Family tax benefit rules are up the creek

    here's a fact... if you have no income just a loss from neg gearing of say $100k, Centrelink not only deem you to have nil income, they say that your income is actually $100,000 how's that for insulting, not only have you lost $100,000 but the govt is saying you have a big fat income?!
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