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Abbotts new tax on foreign investors (Read 2411 times)
John Smith
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Abbotts new tax on foreign investors
Feb 26th, 2015 at 4:27pm
 
The real estate industry has criticised Prime Minister Tony Abbott's proposal to charge hefty fees for foreign buyers of residential property. Yesterday the PM announced plans to charge foreign investors who want to buy a residential property valued under $1 million a $5,000 application fee, plus an extra $10,000 for every additional million. Foreign investors found to be in breach of property investment laws could be forced to sell their properties for as little as 75 per cent of their value, while agents who help foreign investors breach rules could be fined $85,000, imprisoned for two years or both.

Greg Paramor, chairman of LJ Hooker, told The Real Estate Conversation he thought the proposed fees were bad policy. "It's poorly thought-through, and it's a knee-jerk reaction. I
t's just a stupid idea and everything coming out of Abbott's mouth at the moment is stupid.
This is just Abbott banging around in a room desperately trying to find something to help him, but it's just bad policy."


http://www.therealestateconversation.com.au/news/2015/02/26/industry-reacts-prop...

I really don't think these measure will do anything other than raise more revenue for the govt. Foreign investors, especially Chinese, have already shown they don't mind paying well over market rates for property ... it's not like an extra $5 000 will have any real effect. Personally I think that amount should be a minimum of $20K and only 99 year leases, with the property reverting back to the govt at the end of that term, as opposed to outright purchase. Unless of course they sell to a local in which case it reverts back to normal.
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Our esteemed leader:
I hope that bitch who was running their brothels for them gets raped with a cactus.
 
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two minutes hate
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Re: Abbotts new tax on foreign investors
Reply #1 - Feb 26th, 2015 at 4:59pm
 
Hopefully the government will tackle the real problem for first home buyers- negative gearing. John Smith wouldn't like that.
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John Smith
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Re: Abbotts new tax on foreign investors
Reply #2 - Feb 26th, 2015 at 6:02pm
 
good luck with that .... I suggest you spend your time playing lotto, your chances of getting your wish are higher Cheesy Cheesy
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Our esteemed leader:
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Sir lastnail
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Re: Abbotts new tax on foreign investors
Reply #3 - Mar 31st, 2015 at 9:48am
 
John Smith wrote on Feb 26th, 2015 at 4:27pm:
The real estate industry has criticised Prime Minister Tony Abbott's proposal to charge hefty fees for foreign buyers of residential property. Yesterday the PM announced plans to charge foreign investors who want to buy a residential property valued under $1 million a $5,000 application fee, plus an extra $10,000 for every additional million. Foreign investors found to be in breach of property investment laws could be forced to sell their properties for as little as 75 per cent of their value, while agents who help foreign investors breach rules could be fined $85,000, imprisoned for two years or both.

Greg Paramor, chairman of LJ Hooker, told The Real Estate Conversation he thought the proposed fees were bad policy. "It's poorly thought-through, and it's a knee-jerk reaction. I
t's just a stupid idea and everything coming out of Abbott's mouth at the moment is stupid.
This is just Abbott banging around in a room desperately trying to find something to help him, but it's just bad policy."


http://www.therealestateconversation.com.au/news/2015/02/26/industry-reacts-prop...

I really don't think these measure will do anything other than raise more revenue for the govt. Foreign investors, especially Chinese, have already shown they don't mind paying well over market rates for property ... it's not like an extra $5 000 will have any real effect. Personally I think that amount should be a minimum of $20K and only 99 year leases, with the property reverting back to the govt at the end of that term, as opposed to outright purchase. Unless of course they sell to a local in which case it reverts back to normal.


It's a great idea since the FIRB has been a sleep at the wheel for the last 10 years and desperately need a makeover to do their job properly.

Sometimes Abort does come out with a good idea every now and then Wink
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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
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Sir lastnail
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Re: Abbotts new tax on foreign investors
Reply #4 - Mar 31st, 2015 at 9:50am
 
two minutes hate wrote on Feb 26th, 2015 at 4:59pm:
Hopefully the government will tackle the real problem for first home buyers- negative gearing. John Smith wouldn't like that.


yeh smith and his realestate cronies wants all of the punters to take it up the arse just to have a roof over their head. John smith is a living example of why people hate realestate agents.
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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
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John Smith
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Re: Abbotts new tax on foreign investors
Reply #5 - Mar 31st, 2015 at 2:07pm
 
Sir lastnail wrote on Mar 31st, 2015 at 9:50am:
two minutes hate wrote on Feb 26th, 2015 at 4:59pm:
Hopefully the government will tackle the real problem for first home buyers- negative gearing. John Smith wouldn't like that.


yeh smith and his realestate cronies wants all of the punters to take it up the arse just to have a roof over their head. John smith is a living example of why people hate realestate agents.


not sure why you think agents would really give a fig? if pulling negative gearing did mean everyone sells, doesn't that mean more business for agents   Cheesy Cheesy

I'd happily take a 15 000 commission and sell ten houses instead of a 20 000 commission and sell 5, any time you want.  Cheesy Cheesy Cheesy Cheesy

one day you'll learn to think an argument through rather than just repeat the same 3 or 4 lines day in and day out.
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John_Taverner
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Re: Abbotts new tax on foreign investors
Reply #6 - May 20th, 2015 at 4:30pm
 
The next thing they need is a tax on Self Managed Super Funds purchasing property. The legislation that came in in 2007 permitting SMSFs to purchase property has had much more of an effect on the housing bubble than foreign investment, which mainly targets hotels and commercial property.
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Lisa Jones
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Re: Abbotts new tax on foreign investors
Reply #7 - Jun 4th, 2015 at 9:29am
 
John_Taverner wrote on May 20th, 2015 at 4:30pm:
The next thing they need is a tax on Self Managed Super Funds purchasing property. The legislation that came in in 2007 permitting SMSFs to purchase property has had much more of an effect on the housing bubble than foreign investment , which mainly targets hotels and commercial property.   


I disagree.

Anyway, have you anything to back up this assertion?
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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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MumboJumbo
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Re: Abbotts new tax on foreign investors
Reply #8 - Jul 2nd, 2015 at 11:03am
 
John_Taverner wrote on May 20th, 2015 at 4:30pm:
The next thing they need is a tax on Self Managed Super Funds purchasing property. The legislation that came in in 2007 permitting SMSFs to purchase property has had much more of an effect on the housing bubble than foreign investment, which mainly targets hotels and commercial property.   


Something tells me JT doesn't have his money there...
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See Profile For Update wrote on Jan 3rd, 2015 at 2:58pm:
Why the bugger did I get stuck on a planet chalked full of imbeciles?
 
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