Australian Politics Forum - Abolish negative gearing not Medical Research !!

Sir lastnail

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Abolish negative gearing not Medical Research !!
Apr 14^th, 2011 at 12:24pm

These Governments are backward thinking !!

Instead of nobbling medical research, how about abolishing negative gearing and saving 3 billion a year in tax avoidance by greedy property speculators and hoarders who are doing no one a favour except their own greedy selves Sad

And throw in the first home buyers scam as well Sad

It's typical of this Government to always pander to the building sector no matter what happens. We've had the pink bats rorts, BER rorts, first home buyers scams, negative gearing all designed to line the pockets of the building sector and the parasitic swill that hangs off it. But what is the pay off to the consumer ?? A property bubble and over priced rental dumps and public schools in desperate need of maintenance !! There is no advantage to the consumer so it is about time the Government grew a set and abolished all of these building and construction rorts starting with negative gearing.

Don't penalise what we have left of research and development in this country just so you can help out bob the dodgy builder.

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Verge Gold Member Offline Australian Politics Posts: 6329 Gender:	Re: Abolish negative gearing not Medical Research !! Reply #1 - Apr 15^th, 2011 at 9:39am Can you advise how much is lost in taxation revenue as a result of negative gearing, and is it any negative gearing you are against, or just real estate negative gearing? If a person makes a loss, are they allowed to carry that loss forward to future years to when a profit could be made?
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Lisa Jones Gold Member Offline Australian Politics Posts: 39047 Sydney Gender:	Re: Abolish negative gearing not Medical Research !! Reply #2 - Apr 15^th, 2011 at 9:40am Here we go again!
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Deborahmac09 Gold Member Offline Australian Politics Posts: 1619	Re: Abolish negative gearing not Medical Research !! Reply #3 - Apr 15^th, 2011 at 10:09am Okay I agree that Medical Research is important and should not be abolished. Can not agree with abolishing negative gearing though.
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Ex Dame Pansi

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Re: Abolish negative gearing not Medical Research !!
Reply #4 - Apr 15^th, 2011 at 10:14am

If the government stopped pandering to the real estate moguls and stopped propping up the building industry, real estate prices will crash then negative gearing will automatically become a thing of the past.

Now we have the states giving sales tax breaks.

Hey Lisa.......house prices are still falling at the gold coast lol

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Lisa Jones Gold Member Offline Australian Politics Posts: 39047 Sydney Gender:	Re: Abolish negative gearing not Medical Research !! Reply #5 - Apr 15^th, 2011 at 10:28am Yep .. they probably are. Interestingly enough .. properties are doing just fine in those parts of Sydney I have been investing in over the past 20 yrs (and yes I started at age 20).
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Lisa Jones Gold Member Offline Australian Politics Posts: 39047 Sydney Gender:	Re: Abolish negative gearing not Medical Research !! Reply #6 - Apr 15^th, 2011 at 10:32am A lot of naive comments in this topic re negative gearing (which amazes me given the number of times we've explored this subject matter).
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Foolosophy

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Re: Abolish negative gearing not Medical Research !!
Reply #7 - Apr 15^th, 2011 at 10:54am

Lisa Jones wrote on Apr 15^th, 2011 at 10:28am:

Yep .. they probably are.

Interestingly enough .. properties are doing just fine in those parts of Sydney I have been investing in over the past 20 yrs (and yes I started at age 20).

age 20?

so you were working from say the age 12 to save up enough for a deposit?

Very impressive

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Lisa Jones

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Re: Abolish negative gearing not Medical Research !!
Reply #8 - Apr 15^th, 2011 at 11:13am

As it so happens .. I began working from age 15 (part time) whilst studying for my school and higher school certificates.

I started full time work the day after my last HSC exam .. and within a few months I took on a 2nd part time job also (to cover my weekend hours).

I also began running a business at age 19.

I studied at Uni part time.

I bought my 1st home at age 20 and built my 1st home at age 21 (as an owner builder).

I'm just your typical, average girl (if you're a part of my family that's what you'd be considered in any event).

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If I let myself be bought then I am no longer free.

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Sir lastnail

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Re: Abolish negative gearing not Medical Research !!
Reply #9 - Apr 15^th, 2011 at 12:11pm

Verge wrote on Apr 15^th, 2011 at 9:39am:

Can you advise how much is lost in taxation revenue as a result of negative gearing, and is it any negative gearing you are against, or just real estate negative gearing?

If a person makes a loss, are they allowed to carry that loss forward to future years to when a profit could be made?

just real estate negative gearing. It accounts for about 3 billion in lost taxes.

And that is not the only aspect of negative gearing on property that you have stated. There are claims on repairs and maintenance as well as interest payments on loans to buy the joint which home buyers don't get.

Why not give these concession to first home buyers instead of greedy landlords and speculators ??

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Sir lastnail

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Re: Abolish negative gearing not Medical Research !!
Reply #10 - Apr 15^th, 2011 at 12:16pm

Lisa Jones wrote on Apr 15^th, 2011 at 10:32am:

A lot of naive comments in this topic re negative gearing (which amazes me given the number of times we've explored this subject matter).

that's not true. You sound like there is absolutely no benefits when there is at least 3 billion per year in lost taxes because of this scam so someone must be benefiting from it.

Why should medical research get the axe because greedy people want to profit out of tax payer funded property scams ??

I mean what sort of priorities do we have here ??

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Foolosophy

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Re: Abolish negative gearing not Medical Research !!
Reply #11 - Apr 15^th, 2011 at 12:22pm

you are not strictly an investor if you must borrow the capital

The bank is investing on behalf of your wage slavery

that's why they keep the title deed in their vaults

In fact I would check the title when you claim it after you have paid off the loan. Banks are not returning the original document and preparing copies ont he basis that it was lost or damaged in fire flood etc.

The banks then gather these title deeds worth billions and use that as security when dealing in overseas markets and for obtaining loans themselves .

Big Scam - and totally illegal of course

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Lisa Jones

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Re: Abolish negative gearing not Medical Research !!
Reply #12 - Apr 15^th, 2011 at 1:01pm

Hmmm .. Foolosophy is onto it.

The REAL winners in negative gearing are:

1) The banks

2) The govt

Negative gearing <-- be VERY VERY careful.

Last Nail your posts clearly show me that you don't understand negative gearing very much. You have a little theoretical understanding .. but not much in the way of practical experience in this area.

As a result .. you are conferring this message board only a part of the story and the resultant picture is blurred and distorted.

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If I let myself be bought then I am no longer free.

HYPATIA - Greek philosopher, mathematician and astronomer (370 - 415)

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Sir lastnail

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Re: Abolish negative gearing not Medical Research !!
Reply #13 - Apr 15^th, 2011 at 1:16pm

Lisa Jones wrote on Apr 15^th, 2011 at 1:01pm:

Hmmm .. Foolosophy is onto it.

The REAL winners in negative gearing are:

1) The banks

2) The govt

Negative gearing <-- be VERY VERY careful.

Last Nail your posts clearly show me that you don't understand negative gearing very much. You have a little theoretical understanding .. but not much in the way of practical experience in this area.

As a result .. you are conferring this message board only a part of the story and the resultant picture is blurred and distorted.

That applies to first home buyers as well. The bank has the title of the property in its hands until you have paid off the loan.

Is it true that people who buy property as an investment get the interest payments as a tax deduction ??

Is it true that people with investment property can claim maintenance and equipment as a tax deduction ??

Is it true that first home buyers or anyone who buys a property as an owner occupier doesn't get these concessions ??

You sound like there is no benefit to property investors. If that is the case then why don't they abolish it ?? Surely the tax they could save from abolishing it would allow medical research to continue. The clever country my arse Sad

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Sir lastnail

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Re: Abolish negative gearing not Medical Research !!
Reply #14 - Apr 15^th, 2011 at 1:18pm

Foolosophy wrote on Apr 15^th, 2011 at 12:22pm:

you are not strictly an investor if you must borrow the capital

The bank is investing on behalf of your wage slavery

that's why they keep the title deed in their vaults

In fact I would check the title when you claim it after you have paid off the loan. Banks are not returning the original document and preparing copies ont he basis that it was lost or damaged in fire flood etc.

The banks then gather these title deeds worth billions and use that as security when dealing in overseas markets and for obtaining loans themselves .

Big Scam - and totally illegal of course

Then you could be a speculator profiting out of capital gains. It's called leveraging in case you didn't know.

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"If you take out Saddam, I guarantee you that it will have enormous positive reverberations on the region..." - Benjamin Netanyahu in 1995

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