All the tax whingers

Discussion in 'Living Room' started by Noobieboy, 24th Feb, 2021.

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  1. Noobieboy

    Noobieboy Well-Known Member

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    All CAPS. That is what’s wrong with that :D
     
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  2. The Y-man

    The Y-man Moderator Staff Member

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    That being the case, you should become one - it helped me create a decent investment portfolio ;)

    The Y-man
     
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  3. Serveman

    Serveman Well-Known Member

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    Well we want people to be independent and self reliant , not reliant on the government. High taxes are a bad idea. Sweden tried this in the 70’s and 80’s and had to go back to privatising many things to stop the economy from collapsing. The countries that have high taxes actually hurt the poorer classes most as in these countries everybody pays the high taxes.
     
  4. Serveman

    Serveman Well-Known Member

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    I don’t understand how some people on this forum can be advocates of high taxation over 50 percent, that’s working more than half a year for the government which equates to slavery,
    I don’t know how you expect people to save up a deposit to invest in property or start a business if you are. taxed highly.
     
  5. Serveman

    Serveman Well-Known Member

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    Everything is wrong with that if more and more people become less productive and end up on welfare. That’s why people try to become property investors so they can take care of their families and have a better quality of life.
    Once you get trapped in the welfare system, life is hard.
     
  6. Noobieboy

    Noobieboy Well-Known Member

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    I think you missed the point. The whole pint of this thread is that Australia got the balance right. Our real/ effective taxes are among the lowest in OECD. At the same time we have (anecdotally) one of the best social systems.
     
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  7. Serveman

    Serveman Well-Known Member

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    It would have been cheaper if the WHO didn’t lie about the virus and world got earlier warning so we could have stopped international flights. Then we wouldn’t have had the government destroy all small businesses and make them reliant on welfare,
    The problem now with all thx stimulus is that prices of everything has doubled yet productivity has decreased which will require some fixing which will cause pain and suffering.
     
  8. kierank

    kierank Well-Known Member

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    My post was my attempt at sarcasm on a troll-like post, all in caps.

    That poster never replied - so I am guessing my post did as I intended ;).
     
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  9. Sackie

    Sackie Well-Known Member

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    As an investor, part of my responsibility is dedicated to tax minimisation. I don't want to pay 1c more then I have to.
     
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  10. kierank

    kierank Well-Known Member

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    Corrected :D.
     
  11. thunderstrike888

    thunderstrike888 Well-Known Member

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    I dont want to pay a single dollar over what I am legally required to do. I spend quite considerable amount of time with my accountant trying to minimise tax every year.

    We pay enough tax as it is.
     
  12. Sackie

    Sackie Well-Known Member

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    Tax avoidance eh....:p
     
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  13. Lizzie

    Lizzie Well-Known Member

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    I agree - but what many forget, when they're minimalizing - is that you have to pay out $1 to get your 30c back ... or depreciation, which is simply delayed paying out
     
  14. Sackie

    Sackie Well-Known Member

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    Agree, when I hear of folks who want to invest in property primarily to reduce their tax bill I just shake my head. They're obviously clueless. Investing in resi RE should always be with the primarily intention/plan/strategy of making a good return on the investment (whether now or later). Any possibly tax benefits along the way is a well needed extra but should certainly never be the goal for buying the investment.
     
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  15. kierank

    kierank Well-Known Member

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    Nah, just good tax minimisation strategies :D.

    The first question every person would ask their accountant/tax professional regarding any investing/financial transaction is “How do I/what must I do to ensure my tax on this transaction is zero?” ;).
     
  16. kierank

    kierank Well-Known Member

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    I (genuinely) don’t understand what you mean by this.

    Can you please explain to a dumb old fart like me?

    Maybe, it is because I am ...
     
  17. Sackie

    Sackie Well-Known Member

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    I thought she's referring to those investing in negative cf situations and losing money just to claim NG? Maybe I misunderstood..
     
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  18. kierank

    kierank Well-Known Member

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    That is why I asked!!!

    But they also mentioned depreciation.

    I am a massive fan of depreciation. Hence, my confusion!!!
     
  19. Sackie

    Sackie Well-Known Member

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    Maybe she means if the property is new, way over inflated buy in price for low demand stock and some folks buy it just for the depreciation..?
     
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  20. Lizzie

    Lizzie Well-Known Member

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    You are certainly not clueless :D ... which bit did I not explain correctly?

    Paying $1 for something, to get 30c back, in a NG situation is fine as long as one holds the property and it goes up in value ... but then, one day, one may sell and get a CG hit

    Or depreciation for - say building costs - is great on an annual basis ... but then, one day, one actually has to maintain said building and/or replace the items such as the kitchen/carpet etc

    It's all swings and roundabouts
     
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