Australian Politics Forum - If they are hell bent on keeping negative gearing.

freediver Gold Member Offline www.ozpolitic.com Posts: 53355 At my desk.	Re: If they are hell bent on keeping negative gearing. Reply #105 - Jun 24^th, 2023 at 7:16am Do you think it is a good idea for the tax department to send people bankrupt by giving them a hug tax bill in a year in which they actually lose money?
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Lisa Jones

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Re: If they are hell bent on keeping negative gearing.
Reply #106 - Jun 24^th, 2023 at 7:54am

freediver wrote on Jun 24^th, 2023 at 7:16am:

Do you think it is a good idea for the tax department to send people bankrupt by giving them a huge tax bill in a year in which they actually lose money?

Ok so Drunk STILL can’t answer the simple question. Such is the tragic condition of the notorious reclusive 80 yr old incel pensioner with not much in the way of active grey matter who goes to bed hugging his bootlegged unleaded concoction. His last remaining frozen brain cell sits with him in his cold bed wondering why his dodgy hip is giving him so much grief given the Antarctic conditions he foolishly chose to live in. The truth is ... he couldn’t afford anything anywhere given the pittance he had in old age and even that pittance was not something he had worked for. It existed only because his very old mother died leaving that small humble amount FOR him.

Such is the extent of Drunk’s “success” in real estate, in investing and in life really.

Edit : My bad - these days Drunk IS earning a little $$ on the side. How? By scamming online posters of $60.

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Sir lastnail Gold Member Offline Australian Politics Posts: 30923 Gender:	Re: If they are hell bent on keeping negative gearing. Reply #107 - Jun 24^th, 2023 at 8:53am freediver wrote on Jun 24^th, 2023 at 6:03am: Quote: If they made a loss why would they get a big tax bill? Because a bunch of economically illiterate fools demanded we abolish negative gearing. No, just limit it to brand new house and land packages. It's not rocket science
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Sir lastnail

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Re: If they are hell bent on keeping negative gearing.
Reply #108 - Jun 24^th, 2023 at 8:57am

Lisa Jones wrote on Jun 24^th, 2023 at 7:54am:

freediver wrote on Jun 24^th, 2023 at 7:16am:

Do you think it is a good idea for the tax department to send people bankrupt by giving them a huge tax bill in a year in which they actually lose money?

Ok so Drunk STILL can’t answer the simple question. Such is the tragic condition of the notorious reclusive 80 yr old incel pensioner with not much in the way of active grey matter who goes to bed hugging his bootlegged unleaded concoction. His last remaining frozen brain cell sits with him in his cold bed wondering why his dodgy hip is giving him so much grief given the Antarctic conditions he foolishly chose to live in. The truth is ... he couldn’t afford anything anywhere given the pittance he had in old age and even that pittance was not something he had worked for. It existed only because his very old mother died leaving that small humble amount FOR him.

Such is the extent of Drunk’s “success” in real estate, in investing and in life really.

Edit : My bad - these days Drunk IS earning a little $$ on the side. How? By scamming online posters of $60.

So you only want to invest in prime real estate with generous corporate welfare given to you from other tax payers who are the ones you are denying ownership of these dwellings ? Is that how you read it too Lisa ?

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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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freediver

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Re: If they are hell bent on keeping negative gearing.
Reply #109 - Jun 24^th, 2023 at 9:24am

Sir lastnail wrote on Jun 24^th, 2023 at 8:53am:

freediver wrote on Jun 24^th, 2023 at 6:03am:

Quote:

If they made a loss why would they get a big tax bill?

Because a bunch of economically illiterate fools demanded we abolish negative gearing.

No, just limit it to brand new house and land packages. It's not rocket science Wink

Do you think it is a good idea for the tax department to send people bankrupt by giving them a hug tax bill in a year in which they actually lose money?

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

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Jovial Monk

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Re: If they are hell bent on keeping negative gearing.
Reply #110 - Jun 24^th, 2023 at 10:18am

freediver wrote on Jun 24^th, 2023 at 7:16am:

Do you think it is a good idea for the tax department to send people bankrupt by giving them a hug tax bill in a year in which they actually lose money?

They can always sell their investment property. I do not think it is a good idea for the taxoayers to bail out those who buy existing dwellings for gain.

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Sir lastnail

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Re: If they are hell bent on keeping negative gearing.
Reply #111 - Jun 24^th, 2023 at 10:35am

freediver wrote on Jun 24^th, 2023 at 9:24am:

Sir lastnail wrote on Jun 24^th, 2023 at 8:53am:

freediver wrote on Jun 24^th, 2023 at 6:03am:

Quote:

If they made a loss why would they get a big tax bill?

Because a bunch of economically illiterate fools demanded we abolish negative gearing.

No, just limit it to brand new house and land packages. It's not rocket science Wink

Do you think it is a good idea for the tax department to send people bankrupt by giving them a hug tax bill in a year in which they actually lose money?

who are these people you keep talking about ? Are they owner occupiers ?

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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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freediver

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Re: If they are hell bent on keeping negative gearing.
Reply #112 - Jun 24^th, 2023 at 11:07am

Jovial Monk wrote on Jun 24^th, 2023 at 10:18am:

freediver wrote on Jun 24^th, 2023 at 7:16am:

Do you think it is a good idea for the tax department to send people bankrupt by giving them a hug tax bill in a year in which they actually lose money?

They can always sell their investment property. I do not think it is a good idea for the taxoayers to bail out those who buy existing dwellings for gain.

It is not a bailout Monk. No-one is suggesting giving them money.

Do you think it is a good idea for the tax department to send people bankrupt by giving them a hug tax bill in a year in which they actually lose money?

Quote:

who are these people you keep talking about ? Are they owner occupiers ?

Anyone who might make a loss. An investor. A small business owner. etc. The same principles apply to them all. In fact it is the same principle behind the different income tax rates.

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Jovial Monk

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Re: If they are hell bent on keeping negative gearing.
Reply #113 - Jun 24^th, 2023 at 12:25pm

NG is to reduce tax paid. Let the investor bear the risk.

When my partner left having almost destroyed the business I got no damn help! It was up to me to build the business up. Tax office rang me “You have to come Friday with $20,000 cash” so I went there with $500 cash—and arranged ATO to garnishee the settlement money on the big villa we co-owned. No bloody help, nor did I expect any! I paid all the creditors and saved all the employee’s jobs.

Why the hell should someone buying an existing dwelling with the aim of holding ir for long enough to make a good capital gain they would pay stuff all tax on be given help? Stuff that!

There are so many renters at the mercy of landlords, can get turfed out, rent raised etc that something needs to be done. Why not stop helping greedy bastards and help homebuyers?

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freediver Gold Member Offline www.ozpolitic.com Posts: 53355 At my desk.	Re: If they are hell bent on keeping negative gearing. Reply #114 - Jun 24^th, 2023 at 12:26pm Do you think it is a good idea for the tax department to send people bankrupt by giving them a huge tax bill in a year in which they actually lose money?
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John Smith Gold Member Offline Australian Politics Posts: 78311 Gender:	Re: If they are hell bent on keeping negative gearing. Reply #115 - Jun 24^th, 2023 at 12:27pm freediver wrote on Jun 24^th, 2023 at 12:26pm: Do you think it is a good idea for the tax department to send people bankrupt by giving them a huge tax bill in a year in which they actually lose money? who says they lose money?
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Jovial Monk Gold Member Offline Dogs not cats! Posts: 51474 Gender:	Re: If they are hell bent on keeping negative gearing. Reply #116 - Jun 24^th, 2023 at 12:28pm {sob} the investors lose NG. So let them buy something they can hold and pay tax on.
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freediver

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Re: If they are hell bent on keeping negative gearing.
Reply #117 - Jun 24^th, 2023 at 12:33pm

John Smith wrote on Jun 24^th, 2023 at 12:27pm:

freediver wrote on Jun 24^th, 2023 at 12:26pm:

Do you think it is a good idea for the tax department to send people bankrupt by giving them a huge tax bill in a year in which they actually lose money?

who says they lose money? Cheesy

Never mind John, no-one expects you to have any principles.

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

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Jovial Monk Gold Member Offline Dogs not cats! Posts: 51474 Gender:	Re: If they are hell bent on keeping negative gearing. Reply #118 - Jun 24^th, 2023 at 12:36pm Getting the taxpayer to subsidise greedy arseholes to buy a property to reduce PAYE then sell and pay bugger all capital gains tax. That is “principals” FD? Are cats critters FD?
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Jovial Monk Gold Member Offline Dogs not cats! Posts: 51474 Gender:	Re: If they are hell bent on keeping negative gearing. Reply #119 - Jun 24^th, 2023 at 12:37pm freediver wrote on Jun 24^th, 2023 at 12:26pm: Do you think it is a good idea for the tax department to send people bankrupt by giving them a huge tax bill in a year in which they actually lose money? Tax Dept should send tax bills according to people’s incomes.
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