They stuffed up the voice and now created a situation of potential violence.
Australian Politics General...
- Thread starter MrBurns
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Capital gains discount is available to owner-occupiers also, and 70% more of them than property investors.
https://www.beesnees.com.au/2023/05...3LXYNY6naMTXm9YlOMpFkIXUxgt5UF_1crWz3NkCJyaqE
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"Their data shows 71% of property investors have a taxable income of $100,000 or less"
I would say that would include a number of retirees on tax free super perhaps ?
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I doubt that happens, every SF retiree I know including myself wouldn't go near property, maybe younger working people with the time and energy, but as you get older the less you want the hassle.
Latest ATO statistics show more young women establishing SMSFs
More younger women established an SMSF in the March quarter of this year than men highlighting the trend that self-managed funds are now becoming a much more popular option for women looking to set th
Caution urged after rise in young workers managing their own super
Self-managed super funds have their place, but those contemplating running their own super fund need to have their eyes wide open, experts warn.
Figures from the Australian Taxation Office (ATO) show 25- to 49-year-olds accounted for almost 60 per cent of new establishments of self-managed superannuation funds (SMSFs) in the first quarter of this year.
Plus from what I have read on investment property in the fund, it can be very cumbersome, like having it valued annually which then affects the drawdown requirement the next year, but the income from it can stay stagnant or even non existent.
Also from memory you can't improve the property, only repair it.
IMO it would be more hassle than it's worth, no one knew that the property market would be allowed to run the way it has over the last few years, there have been long periods with low growth and poor rental returns.
If everyone knew the floodgates were going to be opened to mass immigration and inflation was going to be pump primed, it would have been a great play, but hindsight is a great thing.
We called it that the Govt would inflate away the debt, but the amount of immigration was from left field, now we have everyone's money tied up in rent and mortgages .
Which then leaves less money for job creation and nation building projects, hence the call of the super funds to step up, mums and dads are already stretched to the limit of the elastic band and daren't risk any more capital. All only my opinion of course.
Floats and capital raisings drought hits ASX
There has been a drought in new companies floating on the ASX and an 80 per cent collapse in the amount of fresh capital raised over the last 12 months.Jan 2023
The ASX has had a terrible past 6 months. Is 2023 going to be better?
ASX investors may not be aware of this, but the Australian bourse is actually a listed company in its own right - trading under the ticker code ASX.
stocksdownunder.com
Ironically, new capital raised for CY22 was actually 40% higher than CY21, at $197.2bn. But FY23 so far (the 6 months to 31 December 2022) paints a gloomy picture. Initial capital raised was barely $2bn, down 93%, while secondary capital raised was $30.2bn, down 50%.
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If in retirement phase it would not be reported as taxable income.
Here is data from the ATO for the September quarter 2023. Go to Table 2 "Asset Allocation" for details of the assets held by SMSFs.
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Close to 80% of them are mum and dad investors, so it wouldn't be that many retirees. If it was that easy without risk everyone would be doing it but it's not the case. Investors pay higher land rates, land tax, higher stamp duty, higher interest on loans, and the turnaround for investment properties is generally 3~5 years. How much does the government feed off them?
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As I thought not a huge allocation, I do think a lot of younger people starting up SMSF may well use the money they have in there already, as an opportunity to get into the property market through their super.
It will be interesting to watch if the allocation to that sector increases, my guess is it will.
wayneL
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Don't forget that is **taxable income after all deductions including the negative gearing. Therefore many of those would have a normal income of greater than a hundred thousand dollars, but reduced substantively because of the tax loss from the properties.
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Like a nose bag filled with chaff on a horse.
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That's very true Wayne, when I was at work which is a while back now, one of the guys had $5m gearing, I had a $250k mortgage and was $hitting myself.
That's called risk tolerance, what annoys me is I'm criticised for being retired and self funded, he is still working.
You can, if you wish, spend Christmas Day fooling around in this page to develop trends, etc. It's from there I got the data.
Tax and superannuation statistics | Australian Taxation Office
Data we collect as the government's principal revenue collection agency and administrator of Australia's super system.
This link is to Interest in a rental property, by overall net rent outcome, Go to Table 8
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As I've said before @IFocus, only the faces change.
The big call Albanese and Wong made in secret
It would be wrong to present this as a rift with the US. Our allies – even Israel – were alerted ahead of time. But Labor colleagues had no idea what was coming.
wayneL
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Pure politics and pandering to the lefty yuppies and the brainwashed.As I've said before @IFocus, only the faces change.
The big call Albanese and Wong made in secret
It would be wrong to present this as a rift with the US. Our allies – even Israel – were alerted ahead of time. But Labor colleagues had no idea what was coming.
I would advise Israel to do an Elon Musk and tell them to GFY.
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Are all farriers that aggressive? It must be swing a hammer in hot weather getting to you.
wayneL
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Au contraire. Best practice is to be very chilled and relaxed.Are all farriers that aggressive? It must be swing a hammer in hot weather getting to you.
But with BS politics all bets are off. I know a little about what happens behind the scenes and most of them are absolute mongrel dogs, as evidenced above.
IFocus
You are arguing with a Galah
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As I've said before @IFocus, only the faces change.
The big call Albanese and Wong made in secret
It would be wrong to present this as a rift with the US. Our allies – even Israel – were alerted ahead of time. But Labor colleagues had no idea what was coming.
Cannot see the article but not surprised at the call for a cease fire the Israelis know they are on borrowed time killing so many civilians note the local Israeli media don't show a single dead civilian bit like the Iraq war etc.
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I haven't been following it, there is enough depressing things happening locally.
I was just pointing out, that sometimes politicians have to do what they think is right for the situation, if they run it past the whole tribe it becomes a bun fight and nothing gets done. Barny and McGowan excelled at it and actually got things done, some didn't like it, but that is always going to be the case.
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And we look like having a Mk2 of robodebt coming up.
www.abc.net.au
From the article:
The inspector-general of taxation is investigating the theft and hijacking of personal information that has allowed millions of dollars of tax fraud by professional scammers.
In many cases, the fraudsters generate bogus refund claims, leaving their victims with tax debts that then need to be explained to the ATO.
"These are unsuspecting individual taxpayers who've had their accounts compromised and used to perpetrate a fraud in the tax system. Why is that not being caught before the money goes out the door?" Ms Payne said.
Inspector-General of Taxation investigates ATO myGov scams
The inspector-general of taxation is investigating the theft and hijacking of personal information that has allowed millions of dollars of tax fraud by professional scammers.
www.abc.net.au
The inspector-general of taxation is investigating the theft and hijacking of personal information that has allowed millions of dollars of tax fraud by professional scammers.
In many cases, the fraudsters generate bogus refund claims, leaving their victims with tax debts that then need to be explained to the ATO.
"These are unsuspecting individual taxpayers who've had their accounts compromised and used to perpetrate a fraud in the tax system. Why is that not being caught before the money goes out the door?" Ms Payne said.
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I would suspect it is easier to chase up the peasant/s who have been scammed, rather than the scammer/s.And we look like having a Mk2 of robodebt coming up.
From the article:Inspector-General of Taxation investigates ATO myGov scams
The inspector-general of taxation is investigating the theft and hijacking of personal information that has allowed millions of dollars of tax fraud by professional scammers.
The inspector-general of taxation is investigating the theft and hijacking of personal information that has allowed millions of dollars of tax fraud by professional scammers.
In many cases, the fraudsters generate bogus refund claims, leaving their victims with tax debts that then need to be explained to the ATO.
"These are unsuspecting individual taxpayers who've had their accounts compromised and used to perpetrate a fraud in the tax system. Why is that not being caught before the money goes out the door?" Ms Payne said.
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Well if you can't prove it wasn't you, I guess it depends how easy it is to prove you didn't receive the funds.
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