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Wow there's a few in there I didn't know....
1. Move into a rest-home and still have your house unsold within 12 mths and one that's more relevant right now.....
anyone who buys another family home but hasn't sold their current family home within 12 mths
2. If you claim expenses for a home office
3. anyone who buys a section for a new home and it isn't completed within 12 mths
Geez it really is a catch-all. No wonder even the Aussies thought it was ridiculous and needed a lot of work.
cheers,
DonnaEmail Sign Up - New Discussions, Monthly Newsletter, About PropertyTalk
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what coalition voters want to hear is
"your taxes will fall as we force the 1% to pay more".....revenue neutral tax shift
but even jacinda isn't a good enough liar to pull that off with a straight face
so what they will muddle out is
"we promise you more of everything, ideally paid for by the top 49%
but if they duck+dive and/or our optimist numbers are crap
you'll all pay more...
but don't worry coalition voters will get MUCH MORE than they pay for!
we think, we hope, probably...
just give us more of your MONEY!
we have better uses for it than YOU!"Last edited by eri; 04-04-2019, 06:54 PM.have you defeated them?
your demons
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2. If you claim expenses for a home office
It's not a tax just on the wealthy - it's a tax on the 'employed'.
If your employer says you can work from home, or as many businesses do now - 'we want you to work from home' (so we can save on office costs etc), and you rightfully claim for the expenses incurred - then your family home is compromised and CGT applies. Or have I got this wrong?
cheers,
DonnaEmail Sign Up - New Discussions, Monthly Newsletter, About PropertyTalk
BusinessBlogs - the best business articles are found here
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Originally posted by donna View Post2. If you claim expenses for a home office
It's not a tax just on the wealthy - it's a tax on the 'employed'.
If your employer says you can work from home, or as many businesses do now - 'we want you to work from home' (so we can save on office costs etc), and you rightfully claim for the expenses incurred - then your family home is compromised and CGT applies. Or have I got this wrong?
cheers,
Donna
I thought you couldn't - I'd be expecting the employer to stump up a little.
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Originally posted by donna View Post2. If you claim expenses for a home office
It's not a tax just on the wealthy - it's a tax on the 'employed'.
If your employer says you can work from home, or as many businesses do now - 'we want you to work from home' (so we can save on office costs etc), and you rightfully claim for the expenses incurred - then your family home is compromised and CGT applies. Or have I got this wrong?
cheers,
Donna
It could be that many home offices will be subject to CGT.
Maybe an accountant can refresh us on the current rules on home offices - who can claim and for what type of work?
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A capital gains tax does make economic sense if, like the Goods and Services Tax, it applies to everyone and everything.
However as soon as there are exemptions for various activities and certain assets it become subject to accusations of social engineering, political expediency, and the perception of being an an envy tax.
Residential property investors are firmly in the sights of this tax. Yet they are carrying on a perfectly legal small business, providing a service to willing customers at a competitive market price.
Strangely, our society does not despise motel owners who rent out accommodation by the night or by the week, but appears to detest and dislike landlords who rent out accommodation by the month or by the year.
Thus we can only assume that there is a political agenda involved within the proposals aimed at penalising the frugal, the hardworking and the aspirational.
It is generally held by knowledgeable economists that home owner-occupiers who have largely paid off their house mortgages are the most advantaged group under the current tax system, paying no tax on the value of their own housing costs. So why are they specifically exempted from the CGT proposals?
There can only be one answer - because it it politically expedient to do so. This immediately and totally undermines the whole 'fairness' concept of the CGT proposition.
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I Disagree - Strongly
Originally posted by flyernzl View PostA capital gains tax does make economic sense if, like the Goods and Services Tax, it applies to everyone and everything.
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Originally posted by Perry View Post
As with all such crap - sponsored by strongly vested interest groups, it seems - just how fair is defined is omitted. Funny, that.
Same with the CGT Report: the words fair and balanced are not defined in the glossary.
Wonder why?
They all have vested interests - both sides and all the bits in the middle.
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The hoarding uses the word "fair."
A hung comparative.
Did you find the word "fair" used in the post you referenced?
Do you think a tax on inflation is fair?
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Originally posted by Wayne View PostIt's a hoarding dude - not a dissertation!
If it was a dissertation, no one would read it.
Whether a thesis, dissertation or a hoarding, it uses the hung comparative, "fair."
That's why it's crap.
The idea is to inculcate the great unwashed, with one-liner sophistries.
The worst part is that it will likely work.
But when the reality is made plain that the family home is not exempt in many circumstances, maybe the great unwashed will awaken from their torpor and appreciate the CGT con for what it is?
Not holding my breath, though.
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Originally posted by Perry View PostThe idea is to inculcate the great unwashed, with one-liner sophistries.
The worst part is that it will likely work.
But when the reality is made plain that the family home is not exempt in many circumstances, maybe the great unwashed will awaken from their torpor and appreciate the CGT con for what it is?
Not holding my breath, though.
Family home not exempt - it will be for most voters and the others can change their claims a little.
The exact form for the tax will be the important bit.
I wonder what happens if you owned a house (PPOR) for 40 years.
For 5 of those years you claimed a home office - does it matter which 5 years to deny the exemption?
Say it was the 1st 5 years?
I suspect they'll work around that - just too messy.
When you know the exact details you'll know what to vote for in the next election - that's when it will count.
Till then I'll hold my teeth gnashing.
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