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Axing CGT concessions on the family home (Read 4789 times)

Swagman

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Re: Axing CGT concessions on the family home
Reply #30 - Jan 12^th, 2016 at 12:23pm

John Smith wrote on Jan 11^th, 2016 at 10:34am:

Axing capital gains tax exemption on homes could raise $46b, new research says

The Federal Government could raise as much as $46 billion a year if it axes the capital gains tax (CGT) exemption on the family home, according to new research.

A new Capital Gains Tax report, issued by think tank The Australia Institute with data by the National Centre for Social and Economic Modelling, said that more than half the benefit of the CGT exemption was enjoyed by households in the top 20 per cent of incomes.

The report estimated that ending the exemption for houses worth more than $2 million would still draw nearly $12 billion in new revenue over four years.

Australia Institute executive director Ben Oquist said at an annual loss of $46 billion, the CGT exemption for primary residences was costing the Government more than its entire defence or aged pension spending.

Mr Oquist told the ABC it would be "nonsensical" to exclude the exemption from serious tax reform.

"While it's probably politically unrealistic to think about removing that exemption altogether, one thing we've modelled today is looking at removing the exemption for homes worth more than $2 million," he said.

"Such a move would affect a very small amount of the population."

http://www.abc.net.au/news/2016-01-11/capital-gains-tax-reform-could-raise-46-bi...

won't happen .... nor should it.

Not currently it won't.

Only Labor and the Greens listen to the Australia Institute & NATSEM Cheesy

Cheesy

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Sir lastnail

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Re: Axing CGT concessions on the family home
Reply #31 - Jan 12^th, 2016 at 12:24pm

Lisa Jones wrote on Jan 12^th, 2016 at 12:16pm:

Sir lastnail wrote on Jan 11^th, 2016 at 9:39pm:

mariacostel wrote on Jan 11^th, 2016 at 6:25pm:

A $2M starting point is a daft idea given the huge variation in typical prices in different cities. $2M in Hobart would buy you half a suburb while in Sydney it wouldnt even get you into a inner suburb.

The whole idea is one of those ridiculous ideas that a boffin in a cubicle comes up with before he has his morning coffee and the media runs with it. It has zero hope of ever being adopted by a rational government of any persuasion. As one poster has said, it would effectively require interest payments on loans and costs of ownership such as depreciation, council rates, maintenance and repair to be included. Admittedly, this would employ 100,000 public servants to manage and at the end of the day would raise only a small portion of what this OP claims.

f.ckoff longprong69

There's no need for that abuse.

And what she posted was 100% correct!

why don't you just admit that yourself in collaboration with longprong69 posted it ?

"All of the arab states have said we will have peace with Israel when there is a state of Palestine as a UN member state and properly constituted." - Jeffrey Sachs.

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Lisa Jones

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Re: Axing CGT concessions on the family home
Reply #32 - Jan 12^th, 2016 at 12:28pm

Sir lastnail wrote on Jan 12^th, 2016 at 12:24pm:

Lisa Jones wrote on Jan 12^th, 2016 at 12:16pm:

Sir lastnail wrote on Jan 11^th, 2016 at 9:39pm:

mariacostel wrote on Jan 11^th, 2016 at 6:25pm:

A $2M starting point is a daft idea given the huge variation in typical prices in different cities. $2M in Hobart would buy you half a suburb while in Sydney it wouldnt even get you into a inner suburb.

The whole idea is one of those ridiculous ideas that a boffin in a cubicle comes up with before he has his morning coffee and the media runs with it. It has zero hope of ever being adopted by a rational government of any persuasion. As one poster has said, it would effectively require interest payments on loans and costs of ownership such as depreciation, council rates, maintenance and repair to be included. Admittedly, this would employ 100,000 public servants to manage and at the end of the day would raise only a small portion of what this OP claims.

f.ckoff longprong69

There's no need for that abuse.

And what she posted was 100% correct!

why don't you just admit that yourself in collaboration with longprong69 posted it ?

1. Stop abusing.

2. Stop telling me to admit to something which never took place.

Why?

I don't like it Last Nail. I'm funny like that.... Roll Eyes

Roll Eyes

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: Axing CGT concessions on the family home
Reply #33 - Jan 12^th, 2016 at 12:29pm

Swagman wrote on Jan 12^th, 2016 at 12:23pm:

John Smith wrote on Jan 11^th, 2016 at 10:34am:

Axing capital gains tax exemption on homes could raise $46b, new research says

The Federal Government could raise as much as $46 billion a year if it axes the capital gains tax (CGT) exemption on the family home, according to new research.

A new Capital Gains Tax report, issued by think tank The Australia Institute with data by the National Centre for Social and Economic Modelling, said that more than half the benefit of the CGT exemption was enjoyed by households in the top 20 per cent of incomes.

The report estimated that ending the exemption for houses worth more than $2 million would still draw nearly $12 billion in new revenue over four years.

Australia Institute executive director Ben Oquist said at an annual loss of $46 billion, the CGT exemption for primary residences was costing the Government more than its entire defence or aged pension spending.

Mr Oquist told the ABC it would be "nonsensical" to exclude the exemption from serious tax reform.

"While it's probably politically unrealistic to think about removing that exemption altogether, one thing we've modelled today is looking at removing the exemption for homes worth more than $2 million," he said.

"Such a move would affect a very small amount of the population."

http://www.abc.net.au/news/2016-01-11/capital-gains-tax-reform-could-raise-46-bi...

won't happen .... nor should it.

Not currently it won't.

Only Labor and the Greens listen to the Australia Institute & NATSEM Cheesy

Cheesy

but lets never talk about houses even though it's on the table. Instead lets go straight for the goodies and wack a GST on nickle and dime online purchases that will cost more than it raises !!

Yes everything is on the table but some things are purposely slipped under the others where they can never be seen Sad

Sad

"All of the arab states have said we will have peace with Israel when there is a state of Palestine as a UN member state and properly constituted." - Jeffrey Sachs.

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Sir lastnail

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Re: Axing CGT concessions on the family home
Reply #34 - Jan 12^th, 2016 at 12:31pm

Lisa Jones wrote on Jan 12^th, 2016 at 12:28pm:

Sir lastnail wrote on Jan 12^th, 2016 at 12:24pm:

Lisa Jones wrote on Jan 12^th, 2016 at 12:16pm:

Sir lastnail wrote on Jan 11^th, 2016 at 9:39pm:

mariacostel wrote on Jan 11^th, 2016 at 6:25pm:

A $2M starting point is a daft idea given the huge variation in typical prices in different cities. $2M in Hobart would buy you half a suburb while in Sydney it wouldnt even get you into a inner suburb.

The whole idea is one of those ridiculous ideas that a boffin in a cubicle comes up with before he has his morning coffee and the media runs with it. It has zero hope of ever being adopted by a rational government of any persuasion. As one poster has said, it would effectively require interest payments on loans and costs of ownership such as depreciation, council rates, maintenance and repair to be included. Admittedly, this would employ 100,000 public servants to manage and at the end of the day would raise only a small portion of what this OP claims.

f.ckoff longprong69

There's no need for that abuse.

And what she posted was 100% correct!

why don't you just admit that yourself in collaboration with longprong69 posted it ?

1. Stop abusing.

2. Stop telling me to admit to something which never took place.

Why?

I don't like it Last Nail. I'm funny like that.... Roll Eyes

Roll Eyes

but didn't you admit that your were posting under the alias mariacostel ?

"All of the arab states have said we will have peace with Israel when there is a state of Palestine as a UN member state and properly constituted." - Jeffrey Sachs.

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Lisa Jones

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Re: Axing CGT concessions on the family home
Reply #35 - Jan 12^th, 2016 at 12:35pm

Sir lastnail wrote on Jan 12^th, 2016 at 12:31pm:

Lisa Jones wrote on Jan 12^th, 2016 at 12:28pm:

Sir lastnail wrote on Jan 12^th, 2016 at 12:24pm:

Lisa Jones wrote on Jan 12^th, 2016 at 12:16pm:

Sir lastnail wrote on Jan 11^th, 2016 at 9:39pm:

mariacostel wrote on Jan 11^th, 2016 at 6:25pm:

A $2M starting point is a daft idea given the huge variation in typical prices in different cities. $2M in Hobart would buy you half a suburb while in Sydney it wouldnt even get you into a inner suburb.

The whole idea is one of those ridiculous ideas that a boffin in a cubicle comes up with before he has his morning coffee and the media runs with it. It has zero hope of ever being adopted by a rational government of any persuasion. As one poster has said, it would effectively require interest payments on loans and costs of ownership such as depreciation, council rates, maintenance and repair to be included. Admittedly, this would employ 100,000 public servants to manage and at the end of the day would raise only a small portion of what this OP claims.

f.ckoff longprong69

There's no need for that abuse.

And what she posted was 100% correct!

why don't you just admit that yourself in collaboration with longprong69 posted it ?

1. Stop abusing.

2. Stop telling me to admit to something which never took place.

Why?

I don't like it Last Nail. I'm funny like that.... Roll Eyes

Roll Eyes

but didn't you admit that your were posting under the alias mariacostel ?

Ahhh damn. I did too.

Nobody believed me at the time.

Now it seems you suddenly do. Roll Eyes

Roll Eyes

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: Axing CGT concessions on the family home
Reply #36 - Jan 12^th, 2016 at 12:40pm

Lisa Jones wrote on Jan 12^th, 2016 at 12:35pm:

Sir lastnail wrote on Jan 12^th, 2016 at 12:31pm:

Lisa Jones wrote on Jan 12^th, 2016 at 12:28pm:

Sir lastnail wrote on Jan 12^th, 2016 at 12:24pm:

Lisa Jones wrote on Jan 12^th, 2016 at 12:16pm:

Sir lastnail wrote on Jan 11^th, 2016 at 9:39pm:

mariacostel wrote on Jan 11^th, 2016 at 6:25pm:

A $2M starting point is a daft idea given the huge variation in typical prices in different cities. $2M in Hobart would buy you half a suburb while in Sydney it wouldnt even get you into a inner suburb.

The whole idea is one of those ridiculous ideas that a boffin in a cubicle comes up with before he has his morning coffee and the media runs with it. It has zero hope of ever being adopted by a rational government of any persuasion. As one poster has said, it would effectively require interest payments on loans and costs of ownership such as depreciation, council rates, maintenance and repair to be included. Admittedly, this would employ 100,000 public servants to manage and at the end of the day would raise only a small portion of what this OP claims.

f.ckoff longprong69

There's no need for that abuse.

And what she posted was 100% correct!

why don't you just admit that yourself in collaboration with longprong69 posted it ?

1. Stop abusing.

2. Stop telling me to admit to something which never took place.

Why?

I don't like it Last Nail. I'm funny like that.... Roll Eyes

Roll Eyes

but didn't you admit that your were posting under the alias mariacostel ?

Ahhh damn. I did too.

Nobody believed me at the time.

Now it seems you suddenly do. Roll Eyes

Roll Eyes

How do you know that ?

"All of the arab states have said we will have peace with Israel when there is a state of Palestine as a UN member state and properly constituted." - Jeffrey Sachs.

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freediver

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Re: Axing CGT concessions on the family home
Reply #37 - Jan 12^th, 2016 at 12:54pm

Sounds good to me. They'd have to make it apply to from the next sale date, otherwise there would be a massive sell-off and property market crash. Although then you might get the opposite problem where people hang on to a house they would otherwise sell.

They would also have to allow people to claim a tax deduction on the interest they pay on the home loan, otherwise they would be taxing the family home at a higher rate than an investment property. Might be simpler to leave it as is.

People who can't distinguish between etymology and entomology bug me in ways I cannot put into words.

WWW

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Sir lastnail

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Re: Axing CGT concessions on the family home
Reply #38 - Jan 12^th, 2016 at 1:05pm

freediver wrote on Jan 12^th, 2016 at 12:54pm:

Sounds good to me. They'd have to make it apply to from the next sale date, otherwise there would be a massive sell-off and property market crash. Although then you might get the opposite problem where people hang on to a house they would otherwise sell.

They would also have to allow people to claim a tax deduction on the interest they pay on the home loan, otherwise they would be taxing the family home at a higher rate than an investment property. Might be simpler to leave it as is.

If you allow tax deductions on interest payments for the family home then that would level the playing field somewhat.

But this idea that you have to be compensated for paying a tax on a profit is absurd anyway because taxes are a fact of life !!

"All of the arab states have said we will have peace with Israel when there is a state of Palestine as a UN member state and properly constituted." - Jeffrey Sachs.

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longweekend58

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Re: Axing CGT concessions on the family home
Reply #39 - Jan 12^th, 2016 at 4:56pm

Sir lastnail wrote on Jan 12^th, 2016 at 12:23pm:

longweekend58 wrote on Jan 12^th, 2016 at 12:09pm:

Sir lastnail wrote on Jan 11^th, 2016 at 9:39pm:

mariacostel wrote on Jan 11^th, 2016 at 6:25pm:

A $2M starting point is a daft idea given the huge variation in typical prices in different cities. $2M in Hobart would buy you half a suburb while in Sydney it wouldnt even get you into a inner suburb.

The whole idea is one of those ridiculous ideas that a boffin in a cubicle comes up with before he has his morning coffee and the media runs with it. It has zero hope of ever being adopted by a rational government of any persuasion. As one poster has said, it would effectively require interest payments on loans and costs of ownership such as depreciation, council rates, maintenance and repair to be included. Admittedly, this would employ 100,000 public servants to manage and at the end of the day would raise only a small portion of what this OP claims.

f.ckoff longprong69

obviously her response was too detailed and too intellectual for you.

or is she really a he and an impostor and I couldn't give a bugger making an effort ?

with every post you prove you are a loser.

AUSSIE: "Speaking for myself, I could not care less about 298 human beings having their life snuffed out in a nano-second, or what impact that loss has on Members of their family, their parents..."

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longweekend58

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Re: Axing CGT concessions on the family home
Reply #40 - Jan 12^th, 2016 at 4:59pm

freediver wrote on Jan 12^th, 2016 at 12:54pm:

Sounds good to me. They'd have to make it apply to from the next sale date, otherwise there would be a massive sell-off and property market crash. Although then you might get the opposite problem where people hang on to a house they would otherwise sell.

They would also have to allow people to claim a tax deduction on the interest they pay on the home loan, otherwise they would be taxing the family home at a higher rate than an investment property. Might be simpler to leave it as is.

can you imagine any party implementing it and not being smashed at the next election? the opposition would be the greens.

no party would be stupid enough to so it. The most any party could ever get away with is a 10% CGT with deductions for interest at the time of sale. even then, it would be political suicide and not raise that much anyhow.

AUSSIE: "Speaking for myself, I could not care less about 298 human beings having their life snuffed out in a nano-second, or what impact that loss has on Members of their family, their parents..."

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Sir lastnail

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Re: Axing CGT concessions on the family home
Reply #41 - Jan 12^th, 2016 at 8:35pm

longweekend58 wrote on Jan 12^th, 2016 at 4:59pm:

freediver wrote on Jan 12^th, 2016 at 12:54pm:

Sounds good to me. They'd have to make it apply to from the next sale date, otherwise there would be a massive sell-off and property market crash. Although then you might get the opposite problem where people hang on to a house they would otherwise sell.

They would also have to allow people to claim a tax deduction on the interest they pay on the home loan, otherwise they would be taxing the family home at a higher rate than an investment property. Might be simpler to leave it as is.

can you imagine any party implementing it and not being smashed at the next election? the opposition would be the greens.

no party would be stupid enough to so it. The most any party could ever get away with is a 10% CGT with deductions for interest at the time of sale. even then, it would be political suicide and not raise that much anyhow.

which just proves that liberals can't make policies for the better of a nation as a whole but rather for self preservation and ego gratification !!

"All of the arab states have said we will have peace with Israel when there is a state of Palestine as a UN member state and properly constituted." - Jeffrey Sachs.

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freediver

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Re: Axing CGT concessions on the family home
Reply #42 - Jan 12^th, 2016 at 9:18pm

Sir lastnail wrote on Jan 12^th, 2016 at 1:05pm:

freediver wrote on Jan 12^th, 2016 at 12:54pm:

Sounds good to me. They'd have to make it apply to from the next sale date, otherwise there would be a massive sell-off and property market crash. Although then you might get the opposite problem where people hang on to a house they would otherwise sell.

They would also have to allow people to claim a tax deduction on the interest they pay on the home loan, otherwise they would be taxing the family home at a higher rate than an investment property. Might be simpler to leave it as is.

If you allow tax deductions on interest payments for the family home then that would level the playing field somewhat.

But this idea that you have to be compensated for paying a tax on a profit is absurd anyway because taxes are a fact of life !!

It has nothing to do with compensation. It is about taxing different economic activities in a roughly equivalent manner so that the tax system does not distort the economy.

People who can't distinguish between etymology and entomology bug me in ways I cannot put into words.

WWW

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Dnarever

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Re: Axing CGT concessions on the family home
Reply #43 - Jan 13^th, 2016 at 7:24am

Sir lastnail wrote on Jan 12^th, 2016 at 1:05pm:

freediver wrote on Jan 12^th, 2016 at 12:54pm:

Sounds good to me. They'd have to make it apply to from the next sale date, otherwise there would be a massive sell-off and property market crash. Although then you might get the opposite problem where people hang on to a house they would otherwise sell.

They would also have to allow people to claim a tax deduction on the interest they pay on the home loan, otherwise they would be taxing the family home at a higher rate than an investment property. Might be simpler to leave it as is.

If you allow tax deductions on interest payments for the family home then that would level the playing field somewhat.

But this idea that you have to be compensated for paying a tax on a profit is absurd anyway because taxes are a fact of life !!

It isn't really a profit unless it is an investment property. If it is your family home the next home you purchase will have increased in cost by about the same rate. You don't tend to make profit from your family home at all.

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beer

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Re: Axing CGT concessions on the family home
Reply #44 - Jan 13^th, 2016 at 7:38am

Dnarever wrote on Jan 13^th, 2016 at 7:24am:

Sir lastnail wrote on Jan 12^th, 2016 at 1:05pm:

freediver wrote on Jan 12^th, 2016 at 12:54pm:

Sounds good to me. They'd have to make it apply to from the next sale date, otherwise there would be a massive sell-off and property market crash. Although then you might get the opposite problem where people hang on to a house they would otherwise sell.

They would also have to allow people to claim a tax deduction on the interest they pay on the home loan, otherwise they would be taxing the family home at a higher rate than an investment property. Might be simpler to leave it as is.

If you allow tax deductions on interest payments for the family home then that would level the playing field somewhat.

But this idea that you have to be compensated for paying a tax on a profit is absurd anyway because taxes are a fact of life !!

It isn't really a profit unless it is an investment property. If it is your family home the next home you purchase will have increased in cost by about the same rate. You don't tend to make profit from your family home at all.

If 2 persons live in a 6 bedroom property, the rest 4 rooms can be profitable.

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