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Peter Martin on Neg Gearing, page-16

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blueballs

19,757 Posts.

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07/02/24

18:43

Post #: 72290581
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Originally posted by chappy58 ↑

You also need to get out a little more and understand the finer facts a little more.

You know what a tax deduction means I hope and how it is applied.

Lets looks at the Stage 3 tax cuts in the overall scheme of things no matter what side of politics you look at it.

So you lower your income with legit tax deductions and now you are in the 30% tax bracket, somehow their tax deductions only becomes 30c in the dollar, where as before it may have been 37c or 45c.

There are going to be a lot people expecting a good tax refund and it is not going to happen.

So lets looks at it the other way, what ever cost they pay out with interest overall and other costs is going to cost them 70c in the dollar from their pay and that has to be paid up for 12 months in advance before getting there tax done.

CGT, also do you understand just because you get 50% discount after a certain time can mean nothing in tax paid on a sale.

Lets say 100k in CGT, 50k with the 50% off.
Remember when selling you have to add back in capital works claimed along the way.

So that 50k could turn into 130k in CGT which then could put that person in the 45c tax bracket, so where is the overall discount you want to sell.

Before you go on about making it look like everyone gets an easy ride claiming tax deductions with NG and CGT, come down to the real world.

The only real profit from CGT is in the family home when selling.

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What a crock, capital works are a deduction for starters, that’s if you even do any…

They do get an easy ride otherwise let’s scrap them if they don’t do much
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Peter Martin on Neg Gearing, page-16

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