Re: Aus Federal Politics thread (III)

[JGK]

What is? Stamp Duty or Land Tax?

Stamp duty on the transfer of land is utter theft however all sides of politics are guilty of exploiting it. If i buy a house with my own money, why should i have to hand over 20-30 grand to the farking government. They provide no goods, no services....nothing. Its legalised theft & always has been.

I agree that transactions taxes generally are a really stupid idea in a modern economy. However, the market has already priced in stamp duty and to abolish it now would just create more winners and losers with associated equity problems.

As I mentioned, if you could replace it with a broad based land tax then I would be happy to abolish it but then you would need some grandfathering for people who already own property (and paid the stamp duty).

[Mick Sawyer]

Stamp Duty on real property should still remain or at least be converted to an ongoing land tax (even on family homes).

Not with a 15% GST.

Housing is ridiculously overpriced/undersupplied in oz. Disincentives such duty, tax, $100k + per block local government fees do nothing for housing affordability or availability.

[lardbucket]

But you and the rest of the Tories accept that the Greens in particular are economic vandals whose views will often be against the greater good of the nation.

So it isn't hard to see an instance where a tax policy reform that is ostensibly a good one might be opposed by the Greens with their socialist agenda. In that instance, only the Opposition would be to blame for voting down a good reform.

Anyway, as I said, the thread has moved on.

sh!t, you're not going merlo on us?

[JGK]

Stamp Duty on real property should still remain or at least be converted to an ongoing land tax (even on family homes).

Not with a 15% GST.

Housing is ridiculously overpriced/undersupplied in oz. Disincentives such duty, tax, $100k + per block local government fees do nothing for housing affordability or availability.

But then you'd just have more GST on the construction cost of new houses.

[skully]

So JGK, when are you gonna stand as the pinko candidate in Warringah? You seem to think you have the solutions to all our and your woes.

[Mick Sawyer]

Stamp Duty on real property should still remain or at least be converted to an ongoing land tax (even on family homes).

Not with a 15% GST.

Housing is ridiculously overpriced/undersupplied in oz. Disincentives such duty, tax, $100k + per block local government fees do nothing for housing affordability or availability.

But then you'd just have more GST on the construction cost of new houses.

Yeah you would, but more than offset by the savings of $130k+ on council fees & duty.

[G.Wood]

oi thunderqunt those council fees help pay for my tissues and socks

[JGK]

So JGK, when are you gonna stand as the pinko candidate in Warringah? You seem to think you have the solutions to all our and your woes.

Half my electorate support the Manly-Warringah Rugby League team so clearly those qunts don't deserve a candidate like me.

[JGK]

Stamp Duty on real property should still remain or at least be converted to an ongoing land tax (even on family homes).

Not with a 15% GST.

Housing is ridiculously overpriced/undersupplied in oz. Disincentives such duty, tax, $100k + per block local government fees do nothing for housing affordability or availability.

But then you'd just have more GST on the construction cost of new houses.

Yeah you would, but more than offset by the savings of $130k+ on council fees & duty.

FMD, that's one expensive house.

[horace]

phurt...Australians overinvest in housing ...how about an imputed rent tax on home ownership and knock off neg gearing?...money could be diverted from over investment in housing into more productive areas. ... Australians seem to think that every new house requires his and hers home theatres along with umpteen bathrooms

[Mick Sawyer]

FMD, that's one expensive house.

I'm talking about the fees payable on land as it is developed, money that finds its way into Woody's local K Mart.

[Mick Sawyer]

phurt...Australians overinvest in housing ...

So why is there an undersupply?

.............knock off the neg gearingment in housing into more productive areas....

We tried that ........... it lasted about 10 minutes. Guess which sector of the community was hurt the most?

[horace]

restrict neg gearing to new builds...

[Mick Sawyer]

restrict neg gearing to new builds...

There are always knock on effects horrie. What happens to the established dwelling market? Would that be beneficial?

[skully]

Crikey, we are roaring toward AFPt v4.0 very quickly. Whoda thunk?

[horace]

shaddap S....give us your thoughts on neg gearing

Mick - yes there is a knock on effect...might be that housing market goes through a necessary long term correction

[Mick Sawyer]

shaddap S....give us your thoughts on neg gearing

Mick - yes there is a knock on effect...might be that housing market goes through a necessary long term correction

I agree with the need for a sustainable correction but abolishing neg gearing won't achieve that whereas lowering the price of new land will find its way through the whole market.

[Mick Sawyer]

oi thunderqunt those council fees help pay for my tissues and socks

phurt. The additional GST revenue will be plenty enough to keep you in socks, the occasional fresh DVD and protein supplements.

[skully]

shaddap S....give us your thoughts on neg gearing

It's grouse, thanks, h. I have two investment properties and they are going very nicely thanks.

[JGK]

There is no problem with negative gearing per se. The problem is the ATO allowing investors to claim a CGT discount on the eventual sale of the property when the law is probably on their side to no allow this.

If investors paid full tax on their gains then it would be a fair system.

[embee]

a fair system would be for investors to pay their average rate of tax on cap gains over the period of the gain

[Mick Sawyer]

a fair system would be for investors to pay their average rate of tax on cap gains over the period of the gain

You mean: invest: zero marginal rate, zero marginal rate, zero marginal rate, zero marginal rate, sell: capital gain with zero average rate?

[embee]

Thats the worst case scenario if you want to live off your investments

If you can arrange your tax arrangements that way then good luck to you

[JGK]

Doesn't really sound very fair then.

In any case, if you were "living off your investments" then you probably wouldn't qualify for captial gains treatment anyway.

[Zat]

Back to the pokies legislation, and - shock, horror - it seems the clubs industry has been telling porkies about how the world will end if people who wish to pplay the pokies have to set a limit before they play...

http://www.smh.com.au/national/clubs-have-less-to-lose-on-pokies-betting-trial-20111009-1lfwf.html

LICENSED clubs have offered public support for a trial of compulsory betting controls for poker machines after fresh evidence emerged suggesting the clubs have exaggerated likely financial losses caused by the proposed measures.

[snip]

The Clubs Australia move follows the disclosure of an industry estimate that the drop in gaming revenues from the measures would be 10-20 per cent, half the figures publicly cited by Clubs Australia.

I'm pretty sure that in the lead-up to random breath testing being introduced, there were calls from pub and club owners saying it would be the end of the world, and nobody would go out if RBT was brought in.

Ironic this stuff coming out just a few days after this ad appeared on TV...

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