Budget 2014 seems to contain no changes for property investors as many scaremongers predicted.
property investors winners
- Thread starter coastymike
- Start date
Yay to that
But it will cost you more in petrol when you visit your IP.
And if you are feeling a little crook after visiting your IP it will cost you to see a quack.
Then, if your tenant is on the dole, they might be forced onto the lower paid youth allowance forcing them to miss rent payments.
You then become sicker and are slugged not only to see the quack but also for pathology and an Xray of your broken hand which you used to punch the wall after finding out your tenant has scarpered.
So you see, the budget will affect property investors
But it will cost you more in petrol when you visit your IP.
And if you are feeling a little crook after visiting your IP it will cost you to see a quack.
Then, if your tenant is on the dole, they might be forced onto the lower paid youth allowance forcing them to miss rent payments.
You then become sicker and are slugged not only to see the quack but also for pathology and an Xray of your broken hand which you used to punch the wall after finding out your tenant has scarpered.
So you see, the budget will affect property investors
Yes but your negatively geared property reduced your taxable income below 94k and you still get the FTB so it all evens out in the end, lol.
Oh and the hysteria leading up to tonight's budget was simply not called for.
Terrible media propaganda.
One thing worries me. It wasnt in this budget but will be in the next one. (Not the next Federal Budget)
Land tax and stamp duty.
Feds arent funding all the schemes and parties anymore. This includes the states !! GST revenue is states and is not enough. Rate isnt going up....So it stands that all states will ramp up their taxes !!!
Property is up across parts of this country. generally over past five years most of the country..So stands that this is what they will tax for now. Stamp Duty rises as property prices rise...But if rate goes up marginally the take multiplies ! I would expect minor rate increases. Land tax also based on smoothed 3 year values in NSW. Why not just ditch that ? It would add a higher value to all taxed property.
Land tax and stamp duty.
Feds arent funding all the schemes and parties anymore. This includes the states !! GST revenue is states and is not enough. Rate isnt going up....So it stands that all states will ramp up their taxes !!!
Property is up across parts of this country. generally over past five years most of the country..So stands that this is what they will tax for now. Stamp Duty rises as property prices rise...But if rate goes up marginally the take multiplies ! I would expect minor rate increases. Land tax also based on smoothed 3 year values in NSW. Why not just ditch that ? It would add a higher value to all taxed property.
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Paul
Plebs are concerned about housing affordability. Increasing taxes on it will only make them whinge louder.
What I think needs to happen is to trade an increase in gst for a decrease in income tax with the balance going to the states.
Or, a rethink in state / federal boundaries of responsibility
Plebs are concerned about housing affordability. Increasing taxes on it will only make them whinge louder.
What I think needs to happen is to trade an increase in gst for a decrease in income tax with the balance going to the states.
Or, a rethink in state / federal boundaries of responsibility
They plan to abolish the FHSA though
https://www.ato.gov.au/General/New-...-the-first-home-saver-accounts-(FHSA)-scheme/
https://www.ato.gov.au/General/New-...-the-first-home-saver-accounts-(FHSA)-scheme/
Losses in property are actually counted as gains, so in the eyes of centrelink your taxable income is higher, not lower.
Thought I'd correct this before someone else starts talking about the "national property boom".
Agree its a bit generalised and edited my post. Over 5 years I stand by a broader + growth. Some areas its negative too. No national property boom and technically no such thing. Like no such thing as a bull share market - there will be duds that oppose the trend. . I wouldnt want to own a house in Canberra with some sales expected yet I'm sure many homes in Canberra are above their values 5 years ago.
No. Taxable income isnt used by centrelink. They base benefits on adjusted taxable income. Its a formula designed to blind and confuse while the magician steals your benefits.
Important to understand the formula. Child support can add or reduce ati. Rental losses get added back to increase ati. FBT and salary sacrifice add to ati. ATI can be different for different benefits too. Formula info here.
Housing affordability isnt an issue with land tax. It taxes non-residence owners not first home buyers. I would expect the states would just reengineer their first home buyer concessions and still impose higher stamp duties. Its worked for the last 30 years that way.
But it will cost you more in petrol when you visit your IP.
And if you are feeling a little crook after visiting your IP it will cost you to see a quack.
Then, if your tenant is on the dole, they might be forced onto the lower paid youth allowance forcing them to miss rent payments.
You then become sicker and are slugged not only to see the quack but also for pathology and an Xray of your broken hand which you used to punch the wall after finding out your tenant has scarpered.
So you see, the budget will affect property investors
The wall repair is tax deductible so net effect is zero. Hockeys handing out $$ to investors again will be the headline
Tax deductibility makes the repair cost $0 after tax?
But it will cost you more in petrol when you visit your IP.
And if you are feeling a little crook after visiting your IP it will cost you to see a quack.
Then, if your tenant is on the dole, they might be forced onto the lower paid youth allowance forcing them to miss rent payments.
You then become sicker and are slugged not only to see the quack but also for pathology and an Xray of your broken hand which you used to punch the wall after finding out your tenant has scarpered.
So you see, the budget will affect property investors
Are these the reasons not to buy IP in Mt Druitt?
Thanks Paul, I didn't know that.
