"in Australia, i have lived my entire life heathy, educated, safe & mobile"
I wasn't arguing 'mobile' so no need to repeat that. I guess we have a different standard of 'educated, safe and healthy'.
"most people in Australia are not living at a subsistence level and, generally, the one's that are doing so due to wasting away their money on cigarettes & alcohol"
Yes, ignoring the ones who never learned to balance their budgets and curb their appetites, MOST of the people I know are living from pay to pay because of taxation and usury, mostly. The escalating cost of living isn't helping either.
"what burdens most Australians that are financially burdened is the high cost of rent & real estate,"
It's certainly up there I wont argue that, but those things are largely optional, you can always get cheaper rent/housing somewhere if you are prepared to do what it takes.
"which has occured due to not enough taxation on property related matters"
So people trying to get ahead by speculating in investment property haven't been slugged enough? Is that what you are saying?
Let's see if that stacks up, here's a list of some of the tax related to property in Australia.
Goods and services tax (GST) or VAT
GST is charged at a flat rate of 10% and is charged on the supply of goods and services, including real estate. It is essentially a value added tax as it is the consumer or end user who ultimately bears the tax.
Stamp Duty (biggest rort ever)
Stamp duty is levied on a wide range of transactions, such as agreements for acquisitions of real estate, business and some marketable securities, as well as leases and financing transactions. It is a state tax and is charged either at a fixed rate or on an increasing scale depending upon the value of your property. Land Tax
This is an annual state tax based on the ownership of land and, in some states, on the usage of land. Land tax is levied on the total unimproved value of the land at a specified date. The tax rates and thresholds vary from state to state and over time.
Capital Gains Tax (CGT)
CGT in Australia is payable upon realized capital gains and it is not treated separately in its own right, but forms part of the income tax system. However, for home owners this tax is not charged as the sale of personal residential property is normally exempt from capital gains tax. Gains realized during any period in which the property was not used for personal use (eg. rental) are, however taxable.
Recent reforms to the CGT system in December 2006 have been good news for foreign residents as the range of capital gains taxable assets for foreigners has been limited. This is an attempt by the Australian government to further enhance Australia’s appeal as an attractive business environment for overseas investors.
Tax on Rental Income
Generally, any income that you receive from renting out property will be liable for income tax, so you must include it in your tax return. This income could be from renting out land or buildings, or it could be income you earn by having private lodgers or flatmates living with you.
Property Taxes
Council rates or property taxes typically fund the local governments in all States. Taxes are charged on residential, industrial and commercial properties. In addition, some States levy tax on land values.
So please don't tell me the property market is under taxed.
