https://www.theage.com.au/national/victoria/property-sales-freefall-blows-5-2-billion-hole-in-victoria-s-budget-20190524-p51qxz.html


Taxes to go up under Dirty Dan.


Property sales freefall blows $5.2 billion hole in Victoria's budget


A $5.2 billion hole blasted in the state budget by the real estate downturn has forced the Andrews Labor government to launch a tax raid on property owners, gold-miners and luxury car buyers to help make ends meet.

The government says stamp duty revenue will collapse by an average of $1.3 billion a year for the next four years, the worst such result in Victoria’s history, dwarfing the losses seen during the global financial crisis.

Treasury predicts the total shortfall over the four-year budget projection period will be $5.2 billion.

Up-market car buyers will be hit for $260 million over four years with an increase the duty on new and second-hand luxury motors worth more than $100,000, with the tax hike to be phased in from 1 July.

About 3000 foreign property investors will be hit by a boost to the ‘absentee owner’ surcharge, and foreign property duties will increase from 7 to 8 per cent in moves expected to raise an extra $330 million over the coming four years.

The government will also close a loophole allowing some owners to minimise the tax they pay on properties listed on the Victorian Heritage Register in a move expected to affect about 13,000 buildings.

About 1700 blocks of land across metropolitan Melbourne will be hit by the scrapping of the tax exemption for vacant land attached to the family home.

A 2.75 per cent gold duty will be imposed from January on large companies mining the precious metal in Victoria, with the government saying it is the only Australian state currently not charging a gold royalty.

Mr Pallas says small miners, those digging up less than 2500 ounces per year, will be exempt from paying the royalty which is expected to generate $56 million over four years.

They are addicted to stamp duty but they put all of their money on the one horse which is now running last. Now they have no other industries left to fill the void :(

Bad luck chinky chops with their investment properties :D ;D :D ;D LOL


Quote:

About 3000 foreign property investors will be hit by a boost to the ‘absentee owner’ surcharge, and foreign property duties will increase from 7 to 8 per cent in moves expected to raise an extra $330 million over the coming four years. The government will also close a loophole allowing some owners to minimise the tax they pay on properties listed on the Victorian Heritage Register in a move expected to affect about 13,000 buildings. About 1700 blocks of land across metropolitan Melbourne will be hit by the scrapping of the tax exemption for vacant land attached to the family home. The government says the change will discourage ‘land banking in residential areas’ and will argue that land owners can consolidate their titles if the blocks are genuinely part of an owner’s main residence, and avoid the tax hit.

Quote:

Mr Pallas defended some of his tax changes on Friday, saying they were 'only fair'. “It’s only right that foreign property buyers contribute more so we can keep building the vital projects we need across our state," The Treasurer said. “As the property market softens, we are making changes to help make sure Victoria has a fairer tax system. “These are prudent reforms, with the revenue funding essential services that Victorians need – schools, hospitals and public transport.”

Well sir Nail,
you better change your signature from -  Libbos are liars to

all politicians are liars.   ;D

The Victorian election was only recent - 24 November 2018.

They could have told us then.

https://gab.com/media/image/bz-5ce93849eabdf.jpeg

Bobbi, give till it hurts and then some. Sell all your stuff and send the money to the government.

Frog march Valkie to a garage sale and sell him for whatever you can get.

Politicians families are hungry for your money.

Laugh till you cry wrote on May 26^th, 2019 at 1:34pm:

Bobbi, give till it hurts and then some. Sell all your stuff and send the money to the government. Frog march Valkie to a garage sale and sell him for whatever you can get. Politicians families are hungry for your money.

And the Govt. will get it too - every last penny.

Sir lastnail wrote on May 26^th, 2019 at 12:40pm:

They are addicted to stamp duty but they put all of their money on the one horse which is now running last. Now they have no other industries left to fill the void Sad

the increases to stamp duty only apply to absentee and foreign owners.

Haven't you spent the last 7 years crying about foreign buyers and people buying houses and leaving them empty?


:D :D :D

John Smith wrote on May 26^th, 2019 at 6:17pm:

Sir lastnail wrote on May 26th, 2019 at 12:40pm: They are addicted to stamp duty but they put all of their money on the one horse which is now running last. Now they have no other industries left to fill the void Sad the increases to stamp duty only apply to absentee and foreign owners. Haven't you spent the last 7 years crying about foreign buyers and people buying houses and leaving them empty? :D :D :D

They should never have had those stamp duty taxes anyway.
People were having to take on extra borrowings to pay it.
The Govt. was providing nothing towards making sure people bought safe & sound houses -
example -
No legislation for independent property reports to be provided to buyers.

People were buying and are still buying run down old fibro dumps full
of asbestos and termites eating all the wood,
along with blocked sewers and you name it.
the whole property market is a scam.

Bobby. wrote on May 26^th, 2019 at 12:52pm:

The Victorian election was only recent - 24 November 2018. They could have told us then.

Did they then know that this price drop in Housing was going to occur, Bobby?

Bobby. wrote on May 26^th, 2019 at 7:11pm:

John Smith wrote on May 26th, 2019 at 6:17pm: Sir lastnail wrote on May 26th, 2019 at 12:40pm: They are addicted to stamp duty but they put all of their money on the one horse which is now running last. Now they have no other industries left to fill the void Sad the increases to stamp duty only apply to absentee and foreign owners. Haven't you spent the last 7 years crying about foreign buyers and people buying houses and leaving them empty? :D :D :D They should never have had those stamp duty taxes anyway. People were having to take on extra borrowings to pay it. The Govt. was providing nothing towards making sure people bought safe & sound houses - example - No legislation for independent property reports to be provided to buyers. People were buying and are still buying run down old fibro dumps full of asbestos and termites eating all the wood, along with blocked sewers and you name it. the whole property market is a scam.

Don't be a naive dick Bobby.  Stamp Duty has been an integral part of State Govt revenue for decades.

Aussie wrote on May 26^th, 2019 at 7:20pm:

Bobby. wrote on May 26th, 2019 at 7:11pm: John Smith wrote on May 26th, 2019 at 6:17pm: Sir lastnail wrote on May 26th, 2019 at 12:40pm: They are addicted to stamp duty but they put all of their money on the one horse which is now running last. Now they have no other industries left to fill the void Sad the increases to stamp duty only apply to absentee and foreign owners. Haven't you spent the last 7 years crying about foreign buyers and people buying houses and leaving them empty? :D :D :D They should never have had those stamp duty taxes anyway. People were having to take on extra borrowings to pay it. The Govt. was providing nothing towards making sure people bought safe & sound houses - example - No legislation for independent property reports to be provided to buyers. People were buying and are still buying run down old fibro dumps full of asbestos and termites eating all the wood, along with blocked sewers and you name it. the whole property market is a scam. Don't be a naive dick Bobby.  Stamp Duty has been an integral part of State Govt revenue for decades.

Then why no legislation for independent property reports to be provided to buyers?

Aussie wrote on May 26^th, 2019 at 7:17pm:

Bobby. wrote on May 26th, 2019 at 12:52pm: The Victorian election was only recent - 24 November 2018. They could have told us then. Did they then know that this price drop in Housing was going to occur, Bobby?

The prices have been going down for more than 18 months.
Try again,

Bobby. wrote on May 26^th, 2019 at 7:37pm:

Aussie wrote on May 26th, 2019 at 7:17pm: Bobby. wrote on May 26th, 2019 at 12:52pm: The Victorian election was only recent - 24 November 2018. They could have told us then. Did they then know that this price drop in Housing was going to occur, Bobby? The prices have been going down for more than 18 months. Try again,

Ok.

Link.

Aussie wrote on May 26^th, 2019 at 8:10pm:

Bobby. wrote on May 26th, 2019 at 7:37pm: Aussie wrote on May 26th, 2019 at 7:17pm: Bobby. wrote on May 26th, 2019 at 12:52pm: The Victorian election was only recent - 24 November 2018. They could have told us then. Did they then know that this price drop in Housing was going to occur, Bobby? The prices have been going down for more than 18 months. Try again, Ok. Link.

https://www.news.com.au/finance/economy/australian-economy/house-prices-notch-worst-annual-fall-since-gfc/news-story/b654a045a63553d6c97738943195e209

House prices in Sydney and Melbourne fell 0.7 per cent and 0.6 per cent in April, CoreLogic figures released on Wednesday show, bringing their annual declines to 10.9 per cent and 10 per cent respectively.

The NSW and Victorian capitals are now 14.5 per cent per cent and 10.9 per cent down from their respective peaks in July and November 2017, extending their falls further into uncharted territory.

All governments have a poisoned chalice.
The socialist ideas haven't worked - they have run out of money.
What can they do?
They have already borrowed too much.
https://www.australiandebtclock.com.au/
State Govts. & local council debt $168 billion.
National Govt. debt $702 billion.
Total Australian debt $7.2 trillion

Now they will just raid everyone's money wherever they can find it.
New taxes will be dreamt up.
They will import millions more immigrants which only dilutes the wealth
but gives them a larger GDP to work with.
Somehow they have to keep kicking the can down the road
to stop a great depression.

Bobby. wrote on May 26^th, 2019 at 1:56pm:

Laugh till you cry wrote on May 26th, 2019 at 1:34pm: Bobbi, give till it hurts and then some. Sell all your stuff and send the money to the government. Frog march Valkie to a garage sale and sell him for whatever you can get. Politicians families are hungry for your money. And the Govt. will get it too - every last penny.

Did you get any offers for Valkie at any garage sale?