My blogs are mostly about activities Downunder, read them with an open mind, as they are meant to expose as well as inform, read into them as you will, send me an email, give me your gut feeling. if there is a subject you would like me to comment on, please tell me, send me a note.
Recession we didn't have to have
http://www.macrobusiness.com.au/2013/08/the-recession-we-didnt-need-to-have/
My Thoughts
CAPITAL GAINS TAX
I don't understand this Tax why is there a tax on a investment in a second Home when we have a Housing shortage, am I stupid, is there something i don't understand, to me it is so obvious. If there is a housing shortage, incentive's should be in place to encourage investment in Housing.
Investing in a second Home and rental income could be a Superfund, to secure our Future retirement. On retirement Rental could be part of a income, or the home could be sold to prop up the bank account and reduce Pensions, a burden on the Government.
--------------------------------------------------------------------------------------------
Who was the brainless Politician who introduced this tax, it was introduced in its present form when Paul Keating was the Prime Minister of Australia. A time of DOOM and GLOOM for the Australian People especially small business. as Paul Keating said. The Recession we have to have.
I believe Governments always look for a quick fix and the first thing they do is add another tax, they don't see the big picture and the domino effect, their decisions have on People.
This was taken from a web site on Google, capital gains tax http://www.your mortgage.com.au/calculators/capital_gains_tax/
1. Fees for tax advice are only taken into account when incurred after 30 June 1989, and when advice was provided by a recognised professional tax adviser.
2. Capital improvements are defined as capital expenditure incurred to increase the value of the CGT asset, if the expenditure is reflected in the state or nature of the asset at the time of sale.
3. Among other capital costs include any capital expenditure you incur to preserve or defend your title or rights to the asset.
4. If the payment you receive for an item making up part of the asset is greater than its depreciated value, it will be necessary to adjust the cost base. This is done by subtracting the sum of the depreciation and the balancing amount. (The balancing amount is equal to the difference between the sale cost of the item and its depreciated value.)
5. Under the old capital gains tax regime it used to be that indexing was calculated over the full period between purchase and sale. It is now the case that the capital gain is only indexed over the period between purchase and 30th of September, 1999.
6. Capital losses can only be used to offset other capital gains for tax purposes. It is not possible to use capital losses to reduce taxable income from other sources.
Recession we didn't have to have
http://www.macrobusiness.com.au/2013/08/the-recession-we-didnt-need-to-have/
My Thoughts
CAPITAL GAINS TAX
I don't understand this Tax why is there a tax on a investment in a second Home when we have a Housing shortage, am I stupid, is there something i don't understand, to me it is so obvious. If there is a housing shortage, incentive's should be in place to encourage investment in Housing.
Investing in a second Home and rental income could be a Superfund, to secure our Future retirement. On retirement Rental could be part of a income, or the home could be sold to prop up the bank account and reduce Pensions, a burden on the Government.
--------------------------------------------------------------------------------------------
Who was the brainless Politician who introduced this tax, it was introduced in its present form when Paul Keating was the Prime Minister of Australia. A time of DOOM and GLOOM for the Australian People especially small business. as Paul Keating said. The Recession we have to have.
I believe Governments always look for a quick fix and the first thing they do is add another tax, they don't see the big picture and the domino effect, their decisions have on People.
This was taken from a web site on Google, capital gains tax http://www.your mortgage.com.au/calculators/capital_gains_tax/
1. Fees for tax advice are only taken into account when incurred after 30 June 1989, and when advice was provided by a recognised professional tax adviser.
2. Capital improvements are defined as capital expenditure incurred to increase the value of the CGT asset, if the expenditure is reflected in the state or nature of the asset at the time of sale.
3. Among other capital costs include any capital expenditure you incur to preserve or defend your title or rights to the asset.
4. If the payment you receive for an item making up part of the asset is greater than its depreciated value, it will be necessary to adjust the cost base. This is done by subtracting the sum of the depreciation and the balancing amount. (The balancing amount is equal to the difference between the sale cost of the item and its depreciated value.)
5. Under the old capital gains tax regime it used to be that indexing was calculated over the full period between purchase and sale. It is now the case that the capital gain is only indexed over the period between purchase and 30th of September, 1999.
6. Capital losses can only be used to offset other capital gains for tax purposes. It is not possible to use capital losses to reduce taxable income from other sources.
No comments:
Post a Comment