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jantimot

30,924 Posts.

174

15/07/18

09:00

Post #: 34350348
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Originally posted by makingmoneystill ↑

You guys been reamed up the clacker by the Australian system of lies,

Sold my rental property over a month ago,

Did my tax last week,

Today I found out that after 10 years of investing I've near enough made zero in the whole exercise,

I have to pay back the depreciation that I was legally allowed to claim, 10 years, I never knew this and I never seen or heard anyone in that scenario,

Then on top of that the capital gains tax that I've made, I don't have a problem with that, as that's just a part of the deal,

The system is unfair,

in my opinion, do not invest in property unless it is a house of your own that you will live in for most of your life,

Don't invest in this country as it doesn't encourage investors,

I feel sorry for all you guys that are about to find out the hard way,

I wonder if all those people( investors) that have sold their properties at a loss, in the last 10 years, will have to pay back the depreciation that they claimed,

Never again will I invest in property,

So how many of you guys will come forward and be honest, like I have,

I guess I'm lucky, I never had to pay land tax, or any other bullshit to this country,

So disappointed, I am,

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It comes down to understanding what you’re doing. Not believing the hype. UT has a good understanding of what their doing, the risks they’re taking and the arithmetic. When I came to Oz 25+ years ago, negative gearing was all the rage. The in-laws were all saying that we needed to get into property, to reduce our tax. I said, “wait a minute! Negative gearing means that you are investing with the intention of losing money? That sounds a great strategy - not.” Capital gains, they all crowed, it’s the capital gains!! Yes, says I, on which you get taxed. Well, with interest rates at 21% and no capital growth for the next 8 years, that would have been a real winner, eh? Stick to stocks, selected for rapid growth, held for more than twelve months to halve the tax we will.
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