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The Albanese government

Who is going to be the first to try and knife Airbus next year?

  • Marles

    Votes: 1 8.3%

  • Chalmers

    Votes: 3 25.0%

  • Wong

    Votes: 1 8.3%

  • Plibersek

    Votes: 3 25.0%

  • Shorten

    Votes: 2 16.7%

  • Burney

    Votes: 0 0.0%

  • Other

    Votes: 2 16.7%
  • Total voters
    12
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Apart from thinking this is insane, I have questions:

Is this only for fully owned ppor?
Will equity on mortgaged ppors be taxed (including inherent complexities)?
Will we be able to claim deductions such at mortgage interest, rates, repairs/maintenance, depreciation etc like investors can?
How will this imputed rent be calculated?
Will it be means tested according to ability to pay?

Considering the above, a 90yo widow(er) with declining mental competency (such as one of my neighbours) will effectively be forced into running business accounts on their own damned house.

This is idiocy of the highest order IMNTBCHO.
 
Its just a brain fart from an academic, no chance whatever that it will be implemented.
 
SirRumpole said:
Its just a brain fart from an academic, no chance whatever that it will be implemented.
Click to expand...

As I posted a while ago.



I hunted down the ABS paper and it was a net concept i.e. rent less holding costs (rates, interest, etc, etc.) To apply it I think you would need to adjust for the price of houses/apartments in various areas at average price levels which would need to be continually adjusted. A three bedroom shack at Kalgoorlie would have a different value to an old renovated three beddie in Arncliffe.
 
Regarding the idea of removing the CGT exemption from ya home; I trust if such insanity ever passed it would only take effect from a certain date and not be retrospective. Some of us have made a specific decision to never take in a paying lodger because of how that would negatively impact the CGT exemption.
 
I'm wondering how tiring it must be to have a mini meltdown each time an article appears in the media or some comment is made by a talking head about possible changes to tax or social issues.

Rather than worrying about what hasn't happened yet which may never happen, I'm looking forward to much money coming into my account on the 19th when MIR pays and then on the 12th of next month when ARG does the same, shortly followed ETFs advising of distributions and giving me the dosh in mid-October.

Money and I'm not afraid to use it.
 
You can imagine what it would do to the budget if an owner in a strata block could claim their levies, water, rates, depreciation etc because the family home is taxable
 
wayneL said:
Brain farts sometimes develop into great steaming piles of turd.

We already have unrealised CGT in case anyone has forgotten.
Click to expand...
Another brain wet fart from Blighty. Stand by for talk of an inheritance tax here in 'Straya (of which has already been mooted).

 
wayneL said:
View attachment 206274
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I've a very simple answer to that.

What she's referring to is not a greater good but rather is simply a scheme to enable the privileged to gain at the expense of the rest.

Welfare for those in genuine need I'm firmly in favour of, heck I'd actually march through the streets in support of that. If someone's fallen into trouble then as a society we ought help them back up yes. Likewise if the parents are crap, then we need to do what we can to give the kids an education and so on and break the cycle.

Welfare for those who simply can't be bothered doing any sort of legitimate work, or who only want to do work of a type society has little need for, is something very different however and that's what I'm referring to. No, we shouldn't fund people to live a life of luxury or pursue some impossible fantasy.
 
So let me get this right.

Government intentionally creates inflation and drives up house prices and these people think we ought then pay a tax on something that is already a tax, that's what inflation effectively is in practice, and that government has already profited from.

I have an alternative thought that involves a shakeup of how we run society.

I'll be polite, but suffice to say I'd like to see a lot more influence in the running of society from those with a background in any career where getting it wrong results in real consequences. Bearing in mind this is most of the workforce outside academic and social science fields.
 
If the Government get investors out of the housing market, it would mean the Governments have to get back into supplying social housing and they don't want that, it took them years to get out of it.
 
sptrawler said:
If the Government get investors out of the housing market, it would mean the Governments have to get back into supplying social housing and they don't want that, it took them years to get out of it.
Click to expand...
Do we really think that investors supply "social" housing? Social housing is for people who can't afford market rents.

It has to be a government operation and NG and CGT allowances cost around $20 billion a year.

A lot of social housing could be built for that sort of money.
 

Each year, I think, Treasury publishes a paper "Tax Expenditure and Insights Statement.: While it may seem odd it terms some tax expenditure as "Revenue Forgone."

Here is a link to the latest report in case anyone is interested.

2024-25 Tax Expenditures and Insights Statement | Treasury.gov.au

What is the Tax Expenditures and Insights Statement? The 2024–25 Tax Expenditures and Insights Statement (TEIS) estimates the revenue forgone through tax expenditures. It also provides data on how large tax expenditures and common tax system features are distributed across individuals and...
treasury.gov.au
 
The reductio ad absurdum argument would then say that any taxation less than 100% is revenue forgone I guess.
 
Australia is the 8th lowest taxed country in the OECD if we were average there would be another $100bil taken in each year.
One major problem with Australia’s tax system is the wealthy don’t pay their share.
One way to solve this is an inheritance tax
On asset’s worth more than $5 to $10 million.
 
Chicken feed really.

We should be putting an export tax (say 10-20% of the current market price) on all our natural resources.

Major Export Commodities – Value Estimates for 2024​



Top commodities by value:


CommodityValue (Approx.)Notes
Iron ore & concentrates(Largest share)~60% of exports to China (≈ US$100 b among ~US$340 b total goods) The AustralianTrading Economics+1
Coal (thermal & metallurgical)multi-billion AUDForecast ~A$36 b (thermal) & A$47 b (metallurgical) in 2023-24 minister.industry.gov.au
LNG (petroleum gases)A$63 b–A$71 b forecastDown from A$93 b in 2022-23 minister.industry.gov.au
Unwrought gold & precious metals~A$22 b forecastDown from A$24 b in 2022-23 Industry.gov.au

So at 10% export tax that's

Iron ore $34b pa
Coal $ 8.3b pa
LNG $6b pa (say)
Gold $2b pa

Not to be sneezed at.
 
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