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I don't disagree with NG restrictions, but I actually prefer the...

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nosirommit

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17/11/17

15:10

Post #: 28897277
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Originally posted by kenalex ↑

I see some merits in capping negative gearing. The profession with the highest percentage of negative geared properties are Anaesthetists and surgeons at 29% each compared to teachers at 12% and they also claim more than 10 times the amount than teachers (as an example).
The cost of negative gearing and CGT halving cost the government 11.5 billion yearly according to the Grattan Institute.
This is why I support restrictions to the current negative and CGT policies put in place because tax payers money is being diverted to the less needy investors.
As an real example, my friend's parent sold a house at 7.6 million plus which was negatively geared as an investment. Do you think he needs similar support from the government as to someone who bought a 450k investment?
I think that common sense should prevail...

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I don't disagree with NG restrictions, but I actually prefer the quarantining of deductions until such a time as the asset has a tax liability.

I also think there should be a limit to how much you can reduce your income.
e.g. there should be no way a CEO on $4m can reduce their income to $180k.

As for CGT, I don't agree. I think the government taking full whack on capital gains is criminal.
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