NSW: stamp duty payable on sale of investment prop

This has been touted before.

I think it a good thing.

Stamp duty paid on sale helps people get into a home or IP. It means their deposit goes much further.

It also means SD is paid out of profit which is easier than finding it up front.

Most importantly it is a godsend to the buy and hold investors!

I am sure that if adopted there will be provisions for people who have paid it not to have to pay it again on sale!

Cheers,

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

This sounds like the biggest rort in years. Where does the NSW state gov get off increasing the taxation of people who are just trying to create wealth for their retirement.

I sincerely hope it is a bad joke otherwise I feel there will be alot of agro coming up very soon. I would suggest that maybe 35 – 40% of houses in Sydney are over 500,000. So that affects so many people.

‘Eat rich food, barbeque a yuppie’ [greedy]

Thank you but I had already checked it out and am horrified.

It means if you buy an investment property in Sydney you are more than likely up for:

When you buy

1. Stamp Duty (NSW Gov)
2. Land Tax (NSW Gov)
3. Stamp Duty on Mortgage (NSW Gov)

When you sell

1. Stamp Duty (NSW Gov)
2. Capital Cains Tax (Fed Gov)

Where are the incentives to purchase property in this climate now?

‘Eat rich food, barbeque a yuppie’ [greedy]

date – to be finalised in may and effective no later than 1 july

Not Happy Jan, the Govt is just taking more and more money from our pockets. They should abolish stamp duty for a first home buyer completely and lower the rates for every one else, I guess they have to fill their black hole somehow and we the investor who is trying to do something for their retirement is suckered again. I know how I will vote next time, and it ain’t for Mr Carr.[angry2]

Well, this is fair isn’t it?

Taxed when you buy property, taxed when you own property, taxed when you sell property. Taxed 1/2 of what you earn, taxed on 2nd hand cars, marginally taxed on savings, taxed an extra 15% on Super if you earn a reasonable amount, taxed 10% on everyday shopping, etc etc ad infinitum. Yep, sound about right for Australia and it’s treatment of the poor old tax payer.

Tax in it’s own right is fine, it’s just the quantity that makes you think, well, is it all worth it?

JP

I understand that early last century there wasn’t any income tax in this country.

When income tax was introduced it was supposed to be a temporary measure only.

So much for politicians’ promises.

Until people stand up for themselves they will continue to be played for a sucker.

The government continues to grow its expenditure, it will always find ways and means to spend the money. Indeed it always appears to have a shortfall thence the continuing looking for new ways to raise revenues.

Yet, essentials are by and large overlooked.

We will shortly have another election. Have a look how, in a desperate attempt to get into (or remain) in power, promises are made which can only be funded by desperately looking for additional ways of raising revenues.

This world, this country, is sick. The politicians for making irresponsible concessions and promises and the public for being so shortsighted that they don’t appear to want to
know about the fact that there is always a price to pay, there aren’t any free lunches.

Apathy costs.

Pisces

>> How would we build roads, schools, hospitals, public transport, if there was no income tax? <<

Congratulations Kay. With one sweeping statement you have now solved all the ills of the world, and all that is wrong with the system has now been justified.

There doesn’t appear to be any room in your thinking to see what is wrong with the system.

The system allows pressure groups to milk the government’s resources to the detriment of the greater good.

Just one very relevant example : Health. The government KNOWS what can be, should be, done to improve the public’s health but aren’t prepared to take the steps necessary to attain that worthy goal.

As a consequence people make themselves ill (yes, they do it to themselves) with a lot of help from the government.

Isn’t it the government’s task and responsibility to educate people so as to discourage them to continue to take and eat certain harmful substances which cause such serious illnesses like heart problems, diabetis, cancer etc etc.

Billions are spend on subsidising medicines whilst the illnesses themselves could by and large have been avoided in such an easy way.

Whilst on the one hand the medical profession comes up with more and more discoveries to extend one’s lifespan at the same time it isn’t in their interest either to educate people.

How would they otherwise pay for their tennis courts if their waiting rooms are empty because the populations’ health stanfard has been improved so as to all but eliminate many of the social illnesses of the last 80 years ?

Still not convinced ? Walk into any club and have a look at the multitude of older people, all very busy pulling the poker machines.

Bloody monkeys. Sorry, that is probably offensive and unfair to monkeys because I would think that monkeys eventually would wake up to themselves.

Why would the government encourage such a scourge on society ?

Yeh yeh yeh, I can already hear some idit pundits saying ‘Oh, but the government isn’t encouraging this as they have strict control over the number of machine licences.’

Yeh, that would be right. They are really interested in the quality of life of the older lonesome people, give them something to do.

It sure isn’t because the government wouldn’t be able to function without the poker machine tax revenue they collect.

Pisces