have any punters had a chance to see if it impacts more/less on Prop Investing?
Negaive gearing will stay as is. they are also looking at allowing superfunds to invest in property, which i thought they already did, maybe they will change the rules regarding this. Lower incomes are supposed to be better off with extra money in pocket each week.
They are looking at imposing a hefty tariff on mining company's profits. I wonder if this will impact on the number of staff they employ and therefore property prices in mining towns.
Company tax rates to reduce to 29% and then 28%.
Small business write off assets of up to $5000.
Nothing much else applies to property investors.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
So much for the rumour that something would be done to stop the rapid escalation of property prices. Yet another empty threat. In fact, I'd be very keen to see what they CAN do about this. Any move they make that is going to be effective is going to lose them the votes they need.
Bit of a non-event for property investors huh?! Good on you KRUDD for making sure you try to distance yourself from anything remotely scary or complex or controversial.
I think that the fallout from this will be pretty big. The Western half of Australia props up much of the Eastern half and they will slaughter the KRUDD govt over this. Where is the cash cow, KRUDD would like a steak…..
Should be interesting to read what happens next. The fallout from the foreign investors thing has been big and will only snowball in an election year. Mentioning tax reforms in an election year with a govt that has only been in for 1 term is lunacy. (Can you tell I am not a fan? lol)
Ahhh love Australia, I can have an opinion.
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeIt was a fizzer, really. Many of the Henry recommendations have not been taken up, and have been ruled out 'for ever'. (Just like the GST!)
There were no changes to negative gearing, capital gains discount, and there was no 'tax free bank accounts', which had been proposed.
The only new thing is the 40% mining tax, which basically replaces the royalty system currently in place. The miners are squeeling, but it isn't as bad as they thought it would be. Some small miners who are not yet profitable will in fact be better off.
Everything else was just tinkering with programs or taxes that are already in place, such as reducing company tax rate, increasing super guarantee and increasing asset write-off threshold for small business.
A bit of a let-down, really, but what did we expect in an election year!
What was it 4 out of 131 recommendations taken up.
Still we have a budget in the non too distance future (like next week) so may get a few uncontencious recommentations added then.
Wont be until post election time will you see any real changes.
The Mining Tax and the Super increase must have been the worst kept secrets in town and i think you will find the big 2 miners had this factored into their share price over the last couple of weeks. BHP have opened 3.63% but a lot of that will be to do with what happened overseas on Friday.
Richard Taylor | Australia's leading private lender
Another example of why this is the worst government we have seen in generations.
Howard introduced GST put it up to the electorate and got it up at a large political cost because Howard felt it was important.
This government take up a couple of suggestions out of nearly 200 recommendations. Great reforms.
Time to change governmentNigel Kibel | Property Know How
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Malcolm Turnbull has stated that the govt have taken up 2.5 of the 138 recommendations. (Although, I'm not sure how you can take up half of a recommendation)
Added to that, the lift in the super guarantee WAS NOT a recommendation of the Henry Review.
Yeah seems like the whole thing was a big waste of time…
Why get a systematic report done if you don't want any changes, suggestions or reform to actually happen. The only thing that has really come out of this is the fact that between KRUDD and Swanny neither of them really have a spine. Seems like Abbott has also decided that anything KRUDD says he says the opposite. Geez both contenders suck (again)! The WA papers are crying and I'm sure there will be a bit more sooking but even the crying is subdued. Anticlimax.
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeDWolfe wrote:Why get a systematic report done if you don't want any changes, suggestions or reform to actually happen.It's administrative bullshit. It's how some bums-on-the-seat cushion warmers earn their massive pay each year by writing a thousand pages of trash. I think I know a few.
You gotta feel sorry for Henry though. Bring us tax reforms, do all this work, all the hype. Umm, ooo, actually you know what? We are going to shelve all your hard work because we don't like to make a fuss.
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeThis crap has been going on for years …
Read the new book Conspiracy of the rich …
Don't worry Rudd has an agenda just hasn't played his cards yet …
Governments cant run business …
Tax the rich = "inflation" and the poor pay for it …
Same as the Roman empire system that collapsed …
Rudd will hit Real Estate the same way as Financial planners it's coming …
He is a Machiavellian personality type …
Wait for the budget then we will see what other lies and plans are in the works.
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeYeah, I'm incorrect to be hard on Henry. It's a disappointment however to see that, after all that speculation about: scrapping (or reducing) stamp duty, reviewing negative gearing, and all the other stuff to go with it, we are hardly seeing any changes. Our level of income tax isn't changing one iota, in fact after this 1000 page document, it appears that very little has changed. I'm going to be very honest and say I find politics to be a very humourous thing. They bicker like children in parliament, only that they never grow up.
They'll probably still be bickering about the same stuff in 10 or even 20 years time.
And guess who suffers from the inaction?!
We are the worker bees and Rudd is the Queen.
When people get fed up they will do what the Tias did and put on their red shirts and kick the buggars out …
Sorry I have no respect for they way these people who WASTE tax dollars …
D
KRUDD has proved he is a Dancing Queen after this. Sidestep, backflip, waddle, go slowly, go softly, slither.
Bring on the election, one term wonder.
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeDan42 wrote:Malcolm Turnbull has stated that the govt have taken up 2.5 of the 138 recommendations. (Although, I'm not sure how you can take up half of a recommendation)I think you take the bit that says "My recommendation is that the government should……." (That's the first half. Then you fill in the rest with whatever first pops into your flitty little spendthrift pea-brain).
Don't get me started on the inept actions of this government. I have never seen as much wastage as is currently happening with the BER!!!! Working in a school i can see first hand how much money and time is being wasted. What a joke!!
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