Getting Hammered every which way

[jrc]

ACT is phasing out stamp duty by increasing rates and land tax I believe and stamp duty will be eventually gone by 2020. Only problem is, for those of us who have already paid stamp duty, we'll also now get slugged with higher ongoing taxes!

There is some research to show that reductions in purchase costs like stamp duty might have the effect of increasing prices ie purchaser has $x to use for deposit and stamp duty, if stamp duty is abolished the purchaser still has $x to use but can use it all on the deposit.

 

[Deltaberry]

Happy to pay taxes if it means we can continue to capitalise on and rent to a generation who's gone on too many holidays and now have to rent.

 

[Dazz]

I am ticked off with the amount of tax we property investors have to pay, in particular stamp duty, its cruel.

...... and there is more.... once I complete my developments this year I will be also up for GST and CGT, they take a bite each way. Of course there is also land tax.

Hi MTR,

I made the mistake of mentioning something on Somersoft about taxes and massive stamp duty paid. Many years ago. Big mistake. Huge mistake.

During the recent federal election campaign, the vindictive and truly nasty young Labor and Green muck rakers trolled this site and based on that officially dobbed me into the ATO for comments made here, which has now morphed into conducting a full audit.

We're confident we'll pass with flying colours, but it ain't much fun nevertheless and your time can be spent far more productively doing things other than answering audit probes.

I'd highly recommend you (and everyone else) say nothing at all.

 

[skater]

Hi MTR,

I made the mistake of mentioning something on Somersoft about taxes and massive stamp duty paid. Many years ago. Big mistake. Huge mistake.

During the recent federal election campaign, the vindictive and truly nasty young Labor and Green muck rakers trolled this site and based on that officially dobbed me into the ATO for comments made here, which has now morphed into conducting a full audit.

It ain't much fun. We're confident we'll pass with flying colours, but it ain't much fun nevertheless and your time can be spent far more productively doing things other than answering audit probes.

I'd highly recommend you (and everyone else) say nothing at all.

Just because you mention that the taxes are high & you don't like them, does not mean that you are not paying them.

 

[Angel]

Here I was expecting to see a plethora of comments about probes, especially from the fellas.

 

[MTR]

We were advised by our accountant about 2 years ago that ATO would be conducting a full audit. At the time my accountant advised that 75% of these never actually happen due to lack of resources.

Audit never happened and we actually received interest on money which ATO held up for 3 months.

Dazz
Nothing wrong with having an opinion on taxes.

MTR