Capital Gain Tax for expats
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Preposterous. The article mentions tax revenues of up to $581m under the proposed bill. My understanding is that this GCT would however only hit 1. Aussie expats and 2. who sell their home whilst abroad.
Could it really it be that so many Aussie expats are in the business of selling their home whilst living overseas?
Still, if so, why not return temporarily to sell their home and leave again afterwards?
Could it really it be that so many Aussie expats are in the business of selling their home whilst living overseas?
Still, if so, why not return temporarily to sell their home and leave again afterwards?
Politicians forget that expats send their money home. This is a big revenue stream for the national economy as a whole. Expats who remit most of their money home are probably far more productive to the nation and yet they get punished when they should be rewarded. The politics of envy.
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You miss the point. No politician is an expat...........
Folks,
This is the kind of thing is dreamed up by a certain kind of bureaucrat on a regular basis, and, I am afraid, genuine political analysis and scrutiny is all too rare
For those who think these things up, "doesn't effect me" is an essential design feature, like most of the recent proposed tax changes of superannuation, both by the current government and Labor.
Make certain you have good tax advice, a mistake can be financially crippling.
Tootle pip!!
This is the kind of thing is dreamed up by a certain kind of bureaucrat on a regular basis, and, I am afraid, genuine political analysis and scrutiny is all too rare
For those who think these things up, "doesn't effect me" is an essential design feature, like most of the recent proposed tax changes of superannuation, both by the current government and Labor.
Make certain you have good tax advice, a mistake can be financially crippling.
Tootle pip!!
Last edited by LeadSled; 22nd Oct 2018 at 23:58. Reason: typo
Labor politicians have increased their known property acquisitions by 20% these last few months to take advantage of what they know about new negative gearing policies.
Actually, western democracies are expensive to operate when you buy votes.
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Yes, we need to get rid of "middle-class welfare" which has been used to buy voter support. This also includes CGT concessions and negative gearing.
Your quote "Labor politicians have increased their known property acquisitions by 20% these last few months to take advantage of what they know about new negative gearing policies. " - can you cite a source to substantiate that?
Australia has one of the best designed tax systems in the world, unfortunately politicians have messed with it for political reasons and caused the same type of distortions that needed reform 30 years ago.
Your quote "Labor politicians have increased their known property acquisitions by 20% these last few months to take advantage of what they know about new negative gearing policies. " - can you cite a source to substantiate that?
Australia has one of the best designed tax systems in the world, unfortunately politicians have messed with it for political reasons and caused the same type of distortions that needed reform 30 years ago.
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When Paul Keating introduced Capital Gains Tax, Dividend Imputation and Fringe Benefits Tax it severe distortions and improved both vertical and horizontal equity in the Australian tax system. A 10% Goods and Services Tax widened and flattened the tax base.
If you want to live in a modern western democracy where the lights always work, the legal system functions well and the most likely cause of death is obesity - it costs a lot of money.
If you want to live in a modern western democracy where the lights always work, the legal system functions well and the most likely cause of death is obesity - it costs a lot of money.
Below is the article. You need a subscription.
Labor spend big on properties before tax breaks cut
Daily Telegraph-13 Oct 2018LABOR'S public policy might be to slash negative gearing for property investors — but privately many of its MPs are furiously buying houses.
When Paul Keating introduced Capital Gains Tax, Dividend Imputation and Fringe Benefits Tax it severe distortions and improved both vertical and horizontal equity in the Australian tax system. A 10% Goods and Services Tax widened and flattened the tax base.
If you want to live in a modern western democracy where the lights always work, the legal system functions well and the most likely cause of death is obesity - it costs a lot of money.
If you want to live in a modern western democracy where the lights always work, the legal system functions well and the most likely cause of death is obesity - it costs a lot of money.
Then, being an expatriate, you meet many who want to migrate to Aus' and be one of those one in four profitable Aussies, yet we seem happy to take in many bludgers and are crippled by PC in saying so. I'm not affected by the above CGT changes this time around. But the government will move the goalposts again I'm sure, with my strategy of funding independent retirement.
I'm cynical about the future Labor government. I'm nicely hedged to take advantage of their wrecking policies.
Nemo Me Impune Lacessit
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If you want to live in a modern western democracy where the lights always work, the legal system functions well and the most likely cause of death is obesity - it costs a lot of money.
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You miss the point.
Why do I have to CGT, yet Amanda Vanstone, Alexander Downer etal don't.
I'm sure they accepted their Ambassdorships under duress and don't really want to be doing what they are doing.
Didn't my tax dollars pay for Vanstone to learn Italian for a year or 2 before she politics?
Criminal, legalised robbery, that is all it is.
Why do I have to CGT, yet Amanda Vanstone, Alexander Downer etal don't.
I'm sure they accepted their Ambassdorships under duress and don't really want to be doing what they are doing.
Didn't my tax dollars pay for Vanstone to learn Italian for a year or 2 before she politics?
Criminal, legalised robbery, that is all it is.
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and be aware. If received rental income on your property while overseas, if and when you sell it, even as a tax resident, you will be up for CGT and will not receive an exemption. At least not on the portion of time your were earning income from the property.
How the F$&k a politician can write a law and then make themselves exempt from that law is beyond my comprehension.
How the F$&k a politician can write a law and then make themselves exempt from that law is beyond my comprehension.
and be aware. If received rental income on your property while overseas, if and when you sell it, even as a tax resident, you will be up for CGT and will not receive an exemption. At least not on the portion of time your were earning income from the property.
How the F$&k a politician can write a law and then make themselves exempt from that law is beyond my comprehension.
How the F$&k a politician can write a law and then make themselves exempt from that law is beyond my comprehension.
Well look at those salt of the earth Labor MP's loading up on investment properties before their policies come into place. So they obviously know negative gearing will be grand fathered. I wonder what else they know?
You don't have to pay CGT. It's just that your kids will be very rich if you set up a testamentary trust.
