@BlairHealt68622 @AvidCommentator Watch the luxury end go off - cgt free - people will have all their property exposure in one house
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Ben Niall
22.1K posts
@AvidCommentator Went to a local auction in my neighborhood today, just out of curiosity.
I live in a sort after middle class area of Brisbane.
Reserve was at 2.8 million & passed in at 2.4 million.
realestate.com.au/property-house…
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Given everything that has happened since the budget, I'm thinking we might see a new cycle low in auction clearance rates tonight in Sydney and Melbourne, what do you folks reckon?
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@AvidCommentator Nope - top end properties that can be principal place of residence will do well - the luxury end will rise and apartments will fall a bit
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Trusts aren’t businesses - they are tax minimisation schemes and always have been.
Noel Whittaker@NoelWhittaker
I'm running numbers on family trusts. If the trust owned by mum, dad, and 19-year-old daughter earns $180,000 a year and they distribute $60,000 to each the tax will be three times $9,000 = $27000. At 30% flat, it's $54,000. That's double - The only way out is to change distributions to wages, but they must be able to justify the wage. It's a shameful attack on business
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@mase_the @SimonDavisTas 5 years it’s 42% which is a more typical cycle of building &selling - shouldn’t we ask the question how do we make it the best place to start a bus ? We want innovation , growth , &we in vic esp are the worst in the country- gov crushing us with regs /taxes- the gov hates us
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@BenNiall1 @SimonDavisTas It’s not really 47% either though when you factor indexing.
Let’s say you made a $500k investment and you sold after 10 years and it doubled to $1m.
Currently your tax would be something like $117,500. Effective rate 23.5%.
Assuming 3% YoY inflation = $154k ~31%
Rough numbers
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There may well be good arguments about enterprise to be made about these tax changes but the arguments I'm mostly seeing, like this one, are making me like the budget a lot more. Tax these people harder, please.
Noel Whittaker@NoelWhittaker
I'm running numbers on family trusts. If the trust owned by mum, dad, and 19-year-old daughter earns $180,000 a year and they distribute $60,000 to each the tax will be three times $9,000 = $27000. At 30% flat, it's $54,000. That's double - The only way out is to change distributions to wages, but they must be able to justify the wage. It's a shameful attack on business
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@Potstirrer111 Try this one - I have a tenant who is 2k behind on rent , was arrested for assaulting his partner on the premises , I didn’t put the notice to vacate in the right format &had vicat reject that &make me re apply in the right format & I need to go back 2x to vicat the get a warrant
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@FeathersMcGee @SimonDavisTas Not on the gain on sale - it’s 47% - it’s ridiculous for risk takers and bus builders - sad - terrible policy - tax the gas companies
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@bowtiedstocks There will be a boom in luxury property and upgrading existing homes as they are cgt free - so trades will benefit /suppliers to this segment
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Many recent purchasers are about to be financially wiped out
Spachus Aus@SpachusAus
Friday thoughts: • Investors can’t buy existing housing stock using negative gearing • There is already a shortage of new builds and tradies • 42% of mortgages over the past 12 months were investor loans • Higher construction costs mean many new builds no longer stack up financially So where does that leave property investors and mortgages? 🤔
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@ahlmanforne You will end up helping the GOP win mate - if you had ranked choice voting it would make sense
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It seems I’ve pissed some people off!
Look, taking on the establishment of both major parties was never going to be easy. They’re fighting back and that isn’t very surprising.
But here’s the deal – the overwhelming majority of real people in Nebraska – whether they’re registered Republicans or Independents or Democrats, they all want change. They’re sick of being looked down on and sold out on and lied to.
Congressman Flood is selling us out to big money donors as he climbs the ladder in Washington. Americans are ready to elect independents who work for them, not party bosses or corporate donors.
That’s why we’re going to win 💪
Lincoln Journal Star@JournalStarNews
A 28-year-old Norfolk native launched an independent bid for Nebraska's 1st Congressional District, drawing criticism from Republicans and Democrats alike. journalstar.com/news/state-reg…
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@troymondo @paxtherock @NoelWhittaker With this tax regime , I would not do it ,that is the point - this budget has grandfathered boomers with property portfolios who employ no one , left gas comp to rip off the country for 17-34b a year , gone after real employers who are the engine of growth, the future tax base
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@BenNiall1 @paxtherock @NoelWhittaker And the company gets all manner of write-downs, write offs and depreciation etc etc. you ain’t that hard done by. You wouldn’t be doing it if you weren’t making money.
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I'm running numbers on family trusts. If the trust owned by mum, dad, and 19-year-old daughter earns $180,000 a year and they distribute $60,000 to each the tax will be three times $9,000 = $27000. At 30% flat, it's $54,000. That's double - The only way out is to change distributions to wages, but they must be able to justify the wage. It's a shameful attack on business
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@troymondo @paxtherock @NoelWhittaker It’s now 5 separate businesses built over 20 years - current bus is 20 &our bus uses suppliers who are all small biz who also employ people - see how that works - they can all work for the gov I guess instead , employees get tax free threshold and less than 23% -100k you pay 20%
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@BenNiall1 @paxtherock @NoelWhittaker 100’s of job eh. That’s a lot for a small business. Employees get taxed way more than 23%. But you go ahead and feel hard done by. But don’t go taking of that instant tax write offs or any other benefit that reduces your tax. Remember you’re the one taking all the risk
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@troymondo @paxtherock @NoelWhittaker Yes i invested post tax money , put my house at risk , into creating hundreds of jobs , why should i not be taxed the same as a public servant ? Let’s create no jobs or tax base of the future - I think 23% on gains is fair, 47% is self defeating
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@BenNiall1 @paxtherock @NoelWhittaker you want to use all the services that taxpayers fund and when it’s your turn to pay a bit you try and weasel out of it. What risk did you take? Spent some money? And if it failed you had a taxpayer funded welfare system ready to catch you. Go to Singapore then if it’s so good
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@troymondo @paxtherock @NoelWhittaker 47%- Yes let’s all get a gov job.what do you think grows the economy ?, If no one takes a risk then there is no tax to collect mate - Every person who starts a biz will move to Singapore-no tax on big gas -17b? Try cutting spending ? Alp smashes risk takers, big end of town fine
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@BenNiall1 @paxtherock @NoelWhittaker The trust owns the biz so the trust can pay taxes when the biz is sold. You can’t have it all ways. These risk arguments are worthless.
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@Damaan4u33 @killa09917643 No he votes 90% with dems and is electable as he makes the far left angry - he is terrible on Israel /gaza - he will win general by 10 plus - think Joe manchin - you would swap him in a heart beat for who is there now
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@DavidPocock If we run an active bus , we use trusts not to divert income but to protect assets and I build /work. 7 days , hope to sell and its often peoples “super “ in a sale - and I am taxed 47%???
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Canberra is the startup capital of the country, an incubator for extraordinary innovations and we want it to stay that way.
While I've pushed hard for and welcome sensible reforms to CGT concessions in housing, we need to avoid unintended consequences for the start up sector & and this is something I raised with the Assistant Treasurer yesterday.
So important that govt gets this right.
afr.com/technology/gov…
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@TheAusInstitute But if you build a bus and risk your house and work 7 days you are taxed at 47% if you are lucky enough to sell - let’s all work for the gov and take a salary
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“We’ve actually changed direction in this Budget and said . . . we need to start making sure that whether you work for a living or you inherit for a living, you have to pay tax.”
– Dr Richard Denniss, co-CEO of The Australia Institute
Read more ➡️ thepoint.com.au
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@bowtiedstocks @NoelWhittaker You pass franked dividends through , I support neg gearing removal on existing , but should the gov be a 47% shareholder in every start up /small bus ? I work 7 days for 8 years building a bus , employ people , risk my house , and pay 47% tax on the gain ? It’s my super ..
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@ProjVictoria @NoelWhittaker Wood for trees , do you think it’s worth working 7 days over a decade to build a small bus , employ people , risk your house , and be taxed at 47% on the gain like a salary ?? The gov is now a 47% shareholder in every start up /small bus in this country
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@paxtherock @NoelWhittaker I run a small biz , company is owned by a trust , the main reason is asset protection. If I get sued by a customer , I don’t lose the house - I work 7 days - should I pay 47% tax on the sale of my bus ? I took risks , employed people , gov now owns 47% of yours too btw
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I own a small business. We are already taxed at the newer rate. Why should a trust get an advantage over my company structure. I work my backside off. Please tell me why I should pay more than the person who is just getting money out of a trust- because they are wealthier and have been able to set up a tax avoidance scheme. We are literally earning the same.
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