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Discussion in 'Accounting & Tax' started by Azazel, 28th Feb, 2016.

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  1. Azazel

    Azazel Well-Known Member

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    Just saw an ad on TV saying if you don't have an IP, you're paying too much tax.
    BUT you can cut your tax bill, by buying an IP!
    What a brilliant idea, paying <>$500k so you can start saving on tax:
    taxcutters.com.au
     
    EN710, York, Bran and 1 other person like this.
  2. JacM

    JacM VIC Buyer's Agent Business Member

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    Strange timing for the ad considering the possible tinkering with negative gearing...
     
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  3. wylie

    wylie Moderator Staff Member

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    ...unless they are pushing the proposed "grandfathering" aspect - i.e. get in now before it all changes.
     
  4. JacM

    JacM VIC Buyer's Agent Business Member

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    @wylie - indeed. Property boom 2016 here we come ;)
     
  5. Sonamic

    Sonamic Well-Known Member

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    Awww crap. Now the cat is out of the bag.
     
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  6. Bran

    Bran Well-Known Member

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    Do you think this will happen?
    I do find some humor in a pre negative gearing rush increasing house prices and starting a momentum that starts/continues a boom.
     
  7. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    We've seen it before.

    A few years ago the FHOG was changing in Victoria. There was a mini-boom in the months preceding the cut-off within certain locations and price points. Then a slump immediately afterwards.

    This might be a bit broader, but there could be some opportunities.
     
  8. JacM

    JacM VIC Buyer's Agent Business Member

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    @Bran ... do i think there will be a negative gearing change? Almost certainly, since both Liberal and Labor are implying change. Doesn't matter who gets voted into government, looks like there'll be a change.
     
  9. willair

    willair Well-Known Member Premium Member

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    Strange item is after spending the last week camping out in a national park in nth nsw 7 out of every ten people that we talked too around the camp fire each night ,had sold their ppor within the last year on their Accountant advice because they feared the Government were going too change tax laws on their home being added too their total wealth,combine that with maybe 50/50 on neg gearing ,as one person told me success can sometimes be your enemy ,but that depends on what your selling..
     
  10. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    So with the 7 out of 10 selling, did they end up buying a cheaper ppor? I'm just trying to make sense of it.
     
  11. pinkboy

    pinkboy Well-Known Member Premium Member

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    Best way to not pay tax is to be on Centerlink.

    With that, the added benefit of 'financial freedom' where you never have to work again.

    Win/win. **** I love Australia!

    pinkboy
     
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  12. willair

    willair Well-Known Member Premium Member

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    No,Cockie only one we talked too from Sydney had any investments outside their super at all,
    the age range was from 42 upwards to people like us 60 plus,most were driving 150k plus motor homes and self funded ,i see the same every time we go camping ,some people get confused about the expected value and the likely end scenario,most just feared that the tax rules on their ppor were going to change over the next year or so,even so called professionals
    can be fooled..
     
  13. JacM

    JacM VIC Buyer's Agent Business Member

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    Wow that is head in hands type stuff. Their accountants are sitting ducks for lawsuits. Surely that's deemed financial advice that they're not licensed to provide, and very bad advice me thinks. I'd be really interested to hear the perspective of the accountants and financial planners on the forums on this.

    @Paul@PFI
    @Richard Taylor
     
    Last edited: 1st Mar, 2016
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  14. willair

    willair Well-Known Member Premium Member

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    My guess is they are more happy just living that way,different place each week,different people,maybe they are all just confusing myth with reality,or as one person we talked too a accountant said ,probability is something that may or may not happen in the future,add the age factor,but what i see is only a small sample of people who have succeeded in investing..
     
  15. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    This isn't financial advice because property is not a financial product (yet).
     
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  16. House

    House Well-Known Member Premium Member

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    Similar thing as IQ Wealth pushing their "insider secrets" on mainstream TV. Apparently they push OTP in Brisbane solely for the NG tax benefits

    "IQ Wealth have compiled the insider’s secrets to financial wealth – secrets that you can use, to calculate your own road to riches.

    Want to learn how a simple restructuring of your affairs can put tax dollars back in your pocket and generate ongoing wealth? This is the guide that explains how to use the equity in your home, your salary or wages and some really simple strategies to build a rich lifestyle, while your money continues making you money."
     
  17. seachange

    seachange Well-Known Member

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    They're probably trying to sell off developments. My accountant is very wary of recommending investment now because politicians can bring in changes overnight. Labor don't want to send the market into shock, so they have emphasized grandfathering- but it doesn't actually mean they have to honour that at the end of the day.
     
  18. Foxy Moron

    Foxy Moron Well-Known Member

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    Exactly. It is the thin end of the wedge IMO.
    I actually think BS and his crew will outperform in the coming election - and are a reasonable chance of getting up, thanks to this govt's woeful lack of direction. Negative gearing is such a non-event in the big scheme of things, it should hardly be a matter for discussion at all.

    But you are right Willair - there are far too many people approaching retirement totally skewing their affairs to maximise their suck of the taxpayer's teat. Funny a lot of of them see taking the dole as bludging, but have no dramas making a greedy grab for tax-payer funded age pension and cruising around in the best Winnebago money can buy. A sad reflection on our "it's all about me" society, which I don't see improving.
     
    seachange likes this.
  19. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Www.phucktax.com.au

    They guarantee to reduce your income tax to nil. All you have to do is make a donation to a deductible gift recipient of all your salary less $18k.
     
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  20. Ran Gus

    Ran Gus Well-Known Member

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    It's alarming the number of people who are happy to pay $1 to save 19/32.5/37/45 cents - without any understanding that they're still losing money overall!

    Similar to the seemingly commonplace idea people have that they'll 'just get back' any donations they make at tax time.
     
    Hanison likes this.