sad day for those who negative gear??
- Thread starter kero
- Start date
How can you claim capital losses against the income from your IP?kero said:
Also, even for negative gearing, lower tax rates are beneficial overall. After you subtract the deduction from your other taxable income, you'll be paying less tax on what's left, thus ending up with more cash in your pocket.
GP
I'm with Greatpig,
Comments like these always bug me. I just don't get the mentality that suggests that a reduction in income tax thresholds is somehow a bad thing! (If I've mis-represented the post then I apologise, but I think that's the message). At the end of the day you're left with more money in your pocket. Negative gearing only gives you back a percentage of your loss based on your marginal tax rate.
I welcome the day when negative gearing is abolished!
Abolished by abolishing all income tax that is! Then I won't be paying any tax and won't need negative gearing to recover half my losses. I'll be so much better off in a net "cash in the pocket" perspective that I won't care.
Never forget that negative gearing is only a way of getting back a small amount of tax you've already paid. If they give it back to you up front then you don't need the negative gearing to get it back.
Cheers,
Michael.
Comments like these always bug me. I just don't get the mentality that suggests that a reduction in income tax thresholds is somehow a bad thing! (If I've mis-represented the post then I apologise, but I think that's the message). At the end of the day you're left with more money in your pocket. Negative gearing only gives you back a percentage of your loss based on your marginal tax rate.
I welcome the day when negative gearing is abolished!
Abolished by abolishing all income tax that is! Then I won't be paying any tax and won't need negative gearing to recover half my losses. I'll be so much better off in a net "cash in the pocket" perspective that I won't care.Never forget that negative gearing is only a way of getting back a small amount of tax you've already paid. If they give it back to you up front then you don't need the negative gearing to get it back.
Cheers,
Michael.
Dale GG said it recently.
There is a preoccupation with 'saving tax' and 'minimising tax' and if all that effort was instead, focused on making a profit, you would be much better off !!
I got a big tax bill this year, over and above the PAYG installments.
Thanks Dale, I believe I made a profit !!
kp
There is a preoccupation with 'saving tax' and 'minimising tax' and if all that effort was instead, focused on making a profit, you would be much better off !!
I got a big tax bill this year, over and above the PAYG installments.
Thanks Dale, I believe I made a profit !!
kp
Even if the tax benefit was the reason you bought, and that is no one around here because we all know better... Many middle income Australian's who negatively gear (for instance a single professional on $60K) will only be slightly effected by the latest budget tax cuts.
Negative gearing isnt exclusively a domain for high income earners.
Negative gearing isnt exclusively a domain for high income earners.
What has been changed is the comparative advantage of RE over super.
If I were 55 I would definately be seeking professional advice on the changes announced last night.
I don't know much about it but I heard Noel Whittaker waxing lyrical today.
I didn't make it clear that it was Super, Noel was referring to.
If I were 55 I would definately be seeking professional advice on the changes announced last night.
I don't know much about it but I heard Noel Whittaker waxing lyrical today.
I didn't make it clear that it was Super, Noel was referring to.
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