I am running a comp in my office.
What month WILL the new minister abolish the NSW Vendor tax.???????
OV
What month WILL the new minister abolish the NSW Vendor tax.???????
OV
Any Thoughts on The Date when NSW Vendors Tax to be abolished???
- Thread starter ocean view
- Start date
NSW Libs will abolish Vendor Tax
What is the date of the next state election in NSW. Assuming a change in government, then it will be the following FY.
It will be a part of their policies in their campaign for re-election. (There is a very solid basis for my assertion)
What is the date of the next state election in NSW. Assuming a change in government, then it will be the following FY.
It will be a part of their policies in their campaign for re-election. (There is a very solid basis for my assertion)
Last edited:
Vendors Tax
NEXT election!!! Please no.......
I assume if no one has it as a policy in the next election I just won't turn up to vote!
My flights to QLD are to many and to close together at the moment.
Well if you can't beat them join them..They say! (QLD Ruler ,,,jjj) save a spot at origin night next year if This Gov't doesn't change this rule soon I will have to join you ahead of schedule.
OV
NEXT election!!! Please no.......
I assume if no one has it as a policy in the next election I just won't turn up to vote!
My flights to QLD are to many and to close together at the moment.
Well if you can't beat them join them..They say! (QLD Ruler ,,,jjj) save a spot at origin night next year if This Gov't doesn't change this rule soon I will have to join you ahead of schedule.
OV
JoannaK said:
Hi Joannak
Sorry I did not here him say that!
Your joking right????
Does one feel Bob CAR and friends have purchased more properties in QLD and they want us to join them and push their prices???
What is going on in those minds.
I know they are trying to stop the rising house prices In NSW for many reasons ,, FOR FIRST HOME BUYERS,,AND TO STOP the line for the public housing ...does any one else have any other reasons why they will leave this tax??????????????/
Answer 1: "When it can be reliably and scientifically determined that hell has indeed frozen over." (Doonesbury, by Garry Trudeau)
Answer 2: Never. This is a cunning plan to arrest spiralling house prices which will result in wildly grateful mobs descending on parliament house to carry the Premier and his visionary team through the streets and straight to their next election victory. And the budget documents say it will raise money at the same time!
Answer 3: Never. That would be admitting a mistake.
Answer 2: Never. This is a cunning plan to arrest spiralling house prices which will result in wildly grateful mobs descending on parliament house to carry the Premier and his visionary team through the streets and straight to their next election victory. And the budget documents say it will raise money at the same time!
Answer 3: Never. That would be admitting a mistake.
Never
A vote for Never = For future IP'S FOR NSW PLEASE PROCEED to QLD,WA any where but NSW.
CRAZY.
I for one can't agree.. They simply will have to change it.
Wonder why the stockmarket had it's best ever day yesterday. Can anybody else see a trend here or is just me?
Maybe the The share market is a bit full with NSW vendor tax protesteors?
ov
A vote for Never = For future IP'S FOR NSW PLEASE PROCEED to QLD,WA any where but NSW.
CRAZY.
I for one can't agree.. They simply will have to change it.
Wonder why the stockmarket had it's best ever day yesterday. Can anybody else see a trend here or is just me?
Maybe the The share market is a bit full with NSW vendor tax protesteors?
ov
My pessimistic belief is the vendor tax will be like Nick Greyner's [sic] 3X3 (3% for 3 years to fund the Bicentennial roads project) on petrol. I believe the Bicentennial was in 1988. I also believe the 3% tax remains on petrol, along with a bunch of other taxes.
My optimistic view is. I am not optimistic, just bloody annoyed that the vendor tax will stay and Australians will remain amongst the highest taxed population on the planet.
My optimistic view is. I am not optimistic, just bloody annoyed that the vendor tax will stay and Australians will remain amongst the highest taxed population on the planet.
ToeEdge said:My optimistic view is. I am not optimistic, just bloody annoyed that the vendor tax will stay and Australians will remain amongst the highest taxed population on the planet.
Toedge,
My view is that they are not making enough money on it
so they will have to rethink of the idea.
cheers
The biggest problems with taxes and governments is that once they introduce a tax -they say its for a specific purpose- they NEVER get rid of it.
And since when has politics had anything to do with common sense! They appear to think that we (the great unwashed masses) dont know anything about how the world works so they need to look after us (picture them patting us on the head).
cheers Sharyn (Queenslander hehe)
And since when has politics had anything to do with common sense! They appear to think that we (the great unwashed masses) dont know anything about how the world works so they need to look after us (picture them patting us on the head).
cheers Sharyn (Queenslander hehe)
Don't sell!!!
Given this is a voluntary donation to the Carr government, then why would you pursue a course of action which obligates you to voluntarily give money to the government? Why would you sell?
Given this is a voluntary donation to the Carr government, then why would you pursue a course of action which obligates you to voluntarily give money to the government? Why would you sell?
BV said:
Politics is all about saving face. Nothing about logic or admitting errors.
The tax will stay until:
A. NSW goes Lib but then will be keep in some form or another anyhow.
B. There is an overall shake up of Taxes and GST by the Fed Gov. that abolishes payrool tax, stamp duty etc. in exchange for GST share to NSW. Carr will them preach
"NSW is now getting it's fair share of GST so Labour will abolish/modify the tax because the Lib Fed Gov does force us to levy it anymore, blame Libs for the last three years or so."
Not only that, papers report the Stamp Duty Exemption for First Home Owners is costing heaps more than budgetted ( 60% more).
Maybee we should be asking when this exemption will be aboilished. Get in before next election I say to all the FHO.
It will go.
Peter 147
Yes they could democratize it, bigger and broader vendor tax, everyone shares a heavier load, 3% flat for everyone. This will discorage those nasty "uppity" middle class (probably liberal voters) upgraders as well as getting back some the unreasonable gains from those wicked landlords and so we on behalf of the people can invest in building better communities.Beach Bum said:
Why get rid of such a favourable tax for serious long-term property investors?
The tax helps keep prices down in the short term cause there's less people seeing property as a good (in and out) investment.
In the long term property will increase in value at exactly the same rate - tax or no tax, hence no effects on long-term CG growth prospects.
And if you refinance rather than sell to free equity, you never pay it
Course it does make in-and-out renos slightly less viable.....
Cheers,
Aceyducey
The tax helps keep prices down in the short term cause there's less people seeing property as a good (in and out) investment.
In the long term property will increase in value at exactly the same rate - tax or no tax, hence no effects on long-term CG growth prospects.
And if you refinance rather than sell to free equity, you never pay it
Course it does make in-and-out renos slightly less viable.....
Cheers,
Aceyducey
20% Reduction In Rent for NSW
Aside from Vendor tax this article today on Land Tax is pretty scary. A tax year after year!
And consider this comment
Real Estate Institute of NSW general manager Geoff Hunter said the State Government had become a "de facto landlord", reaping up to 20 per cent of all rent paid by a tenant in the form of land tax.
How do you feel about a drop in rental of 20% overnight!
Will people simply sell out? Pensioners may when they can get 5%+ from cash and more from shares last year.
Peter 147
Rent rise fears as investors feel the pinch
By Hannah Edwards
January 23, 2005
The Sun-Herald
The new land tax rules have left NSW investors confused and angry, with some saying they will simply refuse to pay and others unaware that they were required to lodge a payment.
The confusion came as the NSW Government sent more than 400,000 letters to investment property owners across NSW who were previously exempt from paying land tax asking them to start lodging returns.
Investors with a property valued at $317,000 or less were previously exempt from paying land tax before the government abolished the threshold from January 1. Now all investors in NSW must pay the tax on anything they own that is not their primary residence, calculated as a percentage of their land value.
Experts warn the effects of the new tax bills will be felt throughout the property market with tenants facing rent increases as landlords attempt to pass on their increased costs.
Real Estate Institute of NSW general manager Geoff Hunter said the State Government had become a "de facto landlord", reaping up to 20 per cent of all rent paid by a tenant in the form of land tax.
He said public housing waiting lists were also expected to blow out as tenants were priced out of rental properties.
A spokesman for NSW Treasurer Andrew Refshauge said 400,000 letters had been sent to the newly "potentially" eligible taxpayers asking them to register by February 28.
He said 110,000 investors already paid land tax.
There is a bright side for some investors, however, with those owning a property with land valued at more than $408,000 due to receive a tax cut. Mr Hunter said people were "pretty angry" about their increasing land tax bills.
"Many small investors have [now] got the State Government as a partner," Mr Hunter said.
"The Government is a de facto landlord."
With many landlords saying they are unable or unwilling to absorb the increased costs themselves, Mr Hunter warns that the changes will result in rising rents.
The office of the NSW valuer general released its latest land valuations last week, and revealed soaring prices across the state.
A property in the St George area has seen its land value climb from $467,000 in 2001 to $732,000 in July 2004.
Land at a Mortdale property jumped from $240,000 to $496,000 during the same period.
CASE STUDIES
Joan Searl said it came as a major shock when a $12,000 land tax bill recently landed in her letterbox.
Ms Searl, 74, owns five small investment properties that she rents out to disadvantaged and low-income tenants.
She said she was willing to go to jail as she simply could not afford to pay the bill.
"I can't pay it," Ms Searl said. "I only have $1601 in my bank account. It's my first [land tax] bill."
She said that if she was to pass on the $12,000 to her tenants it would result in a weekly rent rise of $40.60 on each unit, a huge amount for the area.
A local real-estate agent recommended Ms Searl, of the Lake Macquarie suburb of Belmont, take out a personal loan to cover the bill, but she said she had no means of paying back the loan.
"If I paid the tax myself I would have $7500 a year to live on. I don't know what to do. I'm 74 and I don't need this. I'm just a quiet person."
Ms Searl has submitted a formal objection to the bill, outlining the fact the properties are rented out to disadvantaged people.
"If rents go up that much where will the poor people end up? I can't sell because I haven't got the heart to put those people out. They are very good tenants."
Adele Mangolini knows she is due to receive her first land tax bill but she has no idea when it will turn up or how much she will be required to pay.
She admits she feels confused, ill-informed and angry about the whole process. She owns one investment property, a renovated semi in Leichhardt that she rents out for $440 a week.
"I'm in the dark and absolutely lost," Ms Mangolini, 34, said. "I have no idea whatsoever how much I will be up for."
But Ms Mangolini is certain she will need to cut her spending to compensate for the extra costs.
"Either my home goes without something or I go without something. My tenants are moving out at the end of the month and I wanted to upgrade the home. But I can forget that now. I might have to do without a couple of outfits for winter."
She said she feels inadequately informed about how the new tax will affect her.
"I would like some info pack or resources to help me understand it in black and white. I've got no idea. I thought I would get a bill or something. I'm sure mine is coming. You hear so many different stories."
As a direct consequence of the additional expense, Ms Mangolini has decided to sell the Leichhardt property.
"My first idea for this year was to sell the house. You have a dream of establishing a little portfolio for yourself. I have always had the real estate urge. It used to be a good thing. But these days it's not really worth your while."
Aside from Vendor tax this article today on Land Tax is pretty scary. A tax year after year!
And consider this comment
Real Estate Institute of NSW general manager Geoff Hunter said the State Government had become a "de facto landlord", reaping up to 20 per cent of all rent paid by a tenant in the form of land tax.
How do you feel about a drop in rental of 20% overnight!
Will people simply sell out? Pensioners may when they can get 5%+ from cash and more from shares last year.
Peter 147
Rent rise fears as investors feel the pinch
By Hannah Edwards
January 23, 2005
The Sun-Herald
The new land tax rules have left NSW investors confused and angry, with some saying they will simply refuse to pay and others unaware that they were required to lodge a payment.
The confusion came as the NSW Government sent more than 400,000 letters to investment property owners across NSW who were previously exempt from paying land tax asking them to start lodging returns.
Investors with a property valued at $317,000 or less were previously exempt from paying land tax before the government abolished the threshold from January 1. Now all investors in NSW must pay the tax on anything they own that is not their primary residence, calculated as a percentage of their land value.
Experts warn the effects of the new tax bills will be felt throughout the property market with tenants facing rent increases as landlords attempt to pass on their increased costs.
Real Estate Institute of NSW general manager Geoff Hunter said the State Government had become a "de facto landlord", reaping up to 20 per cent of all rent paid by a tenant in the form of land tax.
He said public housing waiting lists were also expected to blow out as tenants were priced out of rental properties.
A spokesman for NSW Treasurer Andrew Refshauge said 400,000 letters had been sent to the newly "potentially" eligible taxpayers asking them to register by February 28.
He said 110,000 investors already paid land tax.
There is a bright side for some investors, however, with those owning a property with land valued at more than $408,000 due to receive a tax cut. Mr Hunter said people were "pretty angry" about their increasing land tax bills.
"Many small investors have [now] got the State Government as a partner," Mr Hunter said.
"The Government is a de facto landlord."
With many landlords saying they are unable or unwilling to absorb the increased costs themselves, Mr Hunter warns that the changes will result in rising rents.
The office of the NSW valuer general released its latest land valuations last week, and revealed soaring prices across the state.
A property in the St George area has seen its land value climb from $467,000 in 2001 to $732,000 in July 2004.
Land at a Mortdale property jumped from $240,000 to $496,000 during the same period.
CASE STUDIES
Joan Searl said it came as a major shock when a $12,000 land tax bill recently landed in her letterbox.
Ms Searl, 74, owns five small investment properties that she rents out to disadvantaged and low-income tenants.
She said she was willing to go to jail as she simply could not afford to pay the bill.
"I can't pay it," Ms Searl said. "I only have $1601 in my bank account. It's my first [land tax] bill."
She said that if she was to pass on the $12,000 to her tenants it would result in a weekly rent rise of $40.60 on each unit, a huge amount for the area.
A local real-estate agent recommended Ms Searl, of the Lake Macquarie suburb of Belmont, take out a personal loan to cover the bill, but she said she had no means of paying back the loan.
"If I paid the tax myself I would have $7500 a year to live on. I don't know what to do. I'm 74 and I don't need this. I'm just a quiet person."
Ms Searl has submitted a formal objection to the bill, outlining the fact the properties are rented out to disadvantaged people.
"If rents go up that much where will the poor people end up? I can't sell because I haven't got the heart to put those people out. They are very good tenants."
Adele Mangolini knows she is due to receive her first land tax bill but she has no idea when it will turn up or how much she will be required to pay.
She admits she feels confused, ill-informed and angry about the whole process. She owns one investment property, a renovated semi in Leichhardt that she rents out for $440 a week.
"I'm in the dark and absolutely lost," Ms Mangolini, 34, said. "I have no idea whatsoever how much I will be up for."
But Ms Mangolini is certain she will need to cut her spending to compensate for the extra costs.
"Either my home goes without something or I go without something. My tenants are moving out at the end of the month and I wanted to upgrade the home. But I can forget that now. I might have to do without a couple of outfits for winter."
She said she feels inadequately informed about how the new tax will affect her.
"I would like some info pack or resources to help me understand it in black and white. I've got no idea. I thought I would get a bill or something. I'm sure mine is coming. You hear so many different stories."
As a direct consequence of the additional expense, Ms Mangolini has decided to sell the Leichhardt property.
"My first idea for this year was to sell the house. You have a dream of establishing a little portfolio for yourself. I have always had the real estate urge. It used to be a good thing. But these days it's not really worth your while."
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