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Limit investor tax concessions, says brokerage

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Australian Broker | 08 Apr 2014, 06:00 AM Agree 0
A major mortgage brokerage said the government should limit excessive tax concessions to investors in order to combat declining home ownership
  • norgs | 08 Apr 2014, 09:55 AM Agree 0
    Crazy!.... without the tax concessions we would have a serious rental housing crises. The building industry would stall! around 50% of homes built are in one way or another going to lead to an investment property coming onto the market be it the new home or the current owner occupied home.

    Limiting tax concessions acheives nothing as investors stop building, rental prices sky rocket which in turn push home values. I would have thought he would know better
  • Incognito | 08 Apr 2014, 11:12 AM Agree 0
    I agree with most of this.

    People will invest in housing regardless as it's SAFE and SATISFYING - so why give tax gifts (entitlements) as well? It only pushes up prices..

    The rental property argument isn't based on facts, usually made by vested interests and referring to some outlier event from the 80's.

    EVERY renter i know wants to buy (every. single. one.). It's just that compared to income the prices are rediculous. We know this.

    Progressively scrap the tax-gifts over 10 years.
  • Greg of Perth | 08 Apr 2014, 11:40 AM Agree 0
    Occupants of Larger homes want to downsize, John......Really.
    What about your not so small house on the harbour, you'll now be downsizing, will you?
  • Harry Myers | 08 Apr 2014, 02:19 PM Agree 0
    More people thinking they can control the biggest and most complex industry in the country. How about just butting out and leaving the market to work out what is needed, by whom, when, where and for how much.

    By the way its only the govt greedy craving for money and it decision to make rental income a taxable form of income that has created the whole negative gearing, tax concessions issue. Once again unintended consequences. Its just not as easy to grab peoples rental income and be fair and equitable as the politicians thought it would be. Quite happy to surrender all my short term "tax benefits" if in turn the ATO keeps its grubby paws off my long term rental income.
  • Papery | 08 Apr 2014, 03:34 PM Agree 0
    The rich get richer & the middle class get stitched up with spiralling higher rents....
  • Invest Invest | 08 Apr 2014, 03:59 PM Agree 0
    Negative gearing for property is no different to other forms of negative gearing, like for shares, a business etc. It is ignorant to focus on property only when the concept is a tax ruling that covers many other possibilities. We have on one hand people saying keep housing prices down so as to be more affordable for home ownership and on the other hand we have people wanting home values to got up to increase their wealth or fund retirement. Can't please everyone. The home owners who are upset are probably wanting to start or upgrade in the better areas where there is more competition and demand. First home buyers who can't afford an area may need to look within their means in other areas. Removing stamp duty for home owners would be a start in helping affordability in reducing funds required for deposit & fees. Reducing red tape, Government compliance cost and subdivision costs would also help. Another would be for Governments to release land instead of sitting on (land banking) it waiting for higher prices.
  • Jack D | 09 Apr 2014, 01:28 PM Agree 0
    What about big John's suggestion for a broad based Property Tax on every residence on the basis of reduced Stamp Duty?

    I know Stamp Duty is regressive but I'd rather that than being slugged every year for every property including my home. And seriously, who would suggest implementing this new tax without the total abolition of Stamp Duty?

    Thank goodness we have Aussie to "Save" us.
  • Jack D | 10 Apr 2014, 11:20 AM Agree 0
    What about big John's suggestion for a broad based Property Tax on every residence on the basis of reduced Stamp Duty?

    I know Stamp Duty is regressive but I'd rather that than being slugged every year for every property including my home. And seriously, who would suggest implementing this new tax without the total abolition of Stamp Duty?

    Thank goodness we have Aussie to "Save" us.
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