Ending CG tax breaks for 2m+ properties

Discussion in 'Accounting & Tax' started by Rclank1422, 11th Jan, 2016.

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  1. Rclank1422

    Rclank1422 Member

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    Rclank1422, 11th Jan, 2016
    #1
  2. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Only if the properties are sold. If the market dries up with a supply shortage it could drive the top end of the market up.
     
    Paul@PAS, 11th Jan, 2016
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  3. Gockie

    Gockie Life is good ☺️ Premium Member

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    A tax on the relatively well off?
    Surely not!
    The pollies won't like it....
     
    Gockie, 11th Jan, 2016
    #3
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  4. USC

    USC Active Member

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    So how many properties will then be sold for $1,999,999? ;)
     
    USC, 11th Jan, 2016
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  5. Corey Batt

    Corey Batt Well-Known Member

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    I like how in the discourse, you see certain participants in tax debates talk about increasing taxes as 'savings' - absolutely absurd logic.
     
    Corey Batt, 11th Jan, 2016
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  6. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    I was thinking exactly the same. There are no tax savings to be achieved. Instead its a new / broader tax by eliminating areas where the tax doesn't apply.

    Treasury are very good at describing "lost tax revenue" when something is proposed to become taxed. Why not just call it a new source of tax revenue. The carbon tax was a great example. The billions we weren't collecting in tax become the tax that was intended to reap billions. All that rubbish about future generations etc In the end it didn't deliver ANY net tax revenue and was repealed as the costs to administer and collect exceeded the revenue. It had a fatal flaw...Commodity prices falling.
     
    Paul@PAS, 12th Jan, 2016
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    Westminster likes this.
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