Australian Housing Affordability Discussion

[amaroo]

Been missing the daily news update

Been some juicy stories .... wonder why they haven't been posted :mrgreen:

 

[ComeFlyWithMe]

In related news, $2M+ buyers to be hit with 10% tax unless they have a FIRB clearance certificate, even for citizens.
http://www.theaustralian.com.au/bus...t/news-story/d37de5a08f59cf06c9461e844a9b7377

 

[JessicaTam]

In related news, $2M+ buyers to be hit with 10% tax unless they have a FIRB clearance certificate, even for citizens.
Nocookies | The Australian

The article is behind the paywall.

 

[cove]

The $2 million figure for home sales in Melbourne and Sydney will get quite a bit of activity with the ATO. The 10% withholding tax will probably raise a bit of money especially from overseas investors.

 

[ComeFlyWithMe]

The article is behind the paywall.

Wasn't for me, but try from the horse's mouth...
https://www.ato.gov.au/General/Capi...s/Foreign-resident-capital-gains-withholding/

 

[JessicaTam]

Wasn't for me, but try from the horse's mouth...
https://www.ato.gov.au/General/Capi...s/Foreign-resident-capital-gains-withholding/

Cheers, thanks.

 

[andye]

Hypothetically (very in my case) how long do you think it would take the ATO to refund if you weren't able to produce the certificate immediately

 

[ComeFlyWithMe]

Hypothetically (very in my case) how long do you think it would take the ATO to refund if you weren't able to produce the certificate immediately

I'd suggest if you didn't present it at settlement there'd be no refund.

 

[cove]

Re: The totally off-topic thread

In our era we only had debt when buying a home or investing in something. We had to pay our way and banks tended to be difficult and expensive to get set with a home loan and you had rules on how to qualify for a mortgage. We qualified for nothing and had to pay our own way in life. Basically the harder you worked the luckier you were. That was the way it was in the late sixties and early seventies when we started out. This was no different for my parents and grandparents but they had 2 world wars to survive.

 

[Pushka]

The totally off-topic thread

'The more I practise the luckier I get.'

My parents and grandparents never owned a home. They just could never afford it. I was the first one in the family to get a Uni degree. First one to own a home. Not sure why the pity goes with the current generation.

 

[love_the_life]

Re: The totally off-topic thread

.....Does anything about left wing agendas make sense?.....

I suppose it depends on your political view.

 

[mrs.dr.ron]

Re: The totally off-topic thread

..... We qualified for nothing and had to pay our own way in life. Basically the harder you worked the luckier you were. That was the way it was in the late sixties and early seventies when we started out....

Ditto. Exactly the same for us.

 

[Major]

Re: The totally off-topic thread

Ditto. Exactly the same for us.

And us....

 

[rogerkambah]

Re: The totally off-topic thread

Well Australia has had 20+ years of growth but the primary group that has benefited is baby boomers. However it turns out millennials and older are worried they will have to take care of their parents

Since there are no quotation marks or any citation to indicate where you may have sourced this from I'll "take that as a comment" as Tony Jones says, and move on.

 

[rogerkambah]

Re: The totally off-topic thread

In our era we only had debt when buying a home or investing in something. We had to pay our way and banks tended to be difficult and expensive to get set with a home loan and you had rules on how to qualify for a mortgage. We qualified for nothing and had to pay our own way in life. Basically the harder you worked the luckier you were. ......

likewise

 

[drron]

Re: The totally off-topic thread

Most people of a certain age are also worried their children and grandchildren can't actually get ahead and believe the wealth gap between the elderly and young is too great.

Most of the worst off are in fact age pensioners that don't own their own home.This year 10 years of female baby boomers and 5 years of male baby boomers will have qualified for the age pension.Being poor has nothing to do with age.
The richest person I know well was a billionaire before the age of 35.He hasn't hit 40 yet.



Well Australia has had 20+ years of growth but the primary group that has benefited is baby boomers. However it turns out millennials and older are worried they will have to take care of their parents.

Wrong again.The people who have done worst over the last 40 years are the working class whether they are young or old.The ones who have done best are the ones who have been able to borrow at the lowest interests rates known.Again whether young or old.
And if the baby boomers have done so well and you say there is great inequality of wealth between young and old just why are the millennials worried why they will have to look after their parents?Cant have it both ways unless as I say the boom benefits those already with the greatest wealth and has passed by the workers regardless of age.

On top of this you have absolutely no experience of how hard baby boomers had to work to achieve their benefits.The first year after graduation my normal working week was 120 hours.What was yours?

 

[anat0l]

Re: The totally off-topic thread

On top of this you have absolutely no experience of how hard baby boomers had to work to achieve their benefits.The first year after graduation my normal working week was 120 hours.What was yours?

Are you implying that a 120 hour working week should be the standard?

 

[drron]

Re: The totally off-topic thread

Are you implying that a 120 hour working week should be the standard?

You probably missed my talking about this before but I was president of the RMO's association of NSW-part of the PSA.As such we had the first strike by doctors in Australia.This is recorded in that right wing journal the Green Left weekly-

Doctors are traditionally conservative, and hospital doctors are very reluctant to take strike action. RMOs withdrew services in 1974, winning improved pay rates, working hours and overtime provisions. Strike action in the '80s helped reduce maximum shift lengths from 72 to 34 hours.

https://www.greenleft.org.au/node/15457

We went to arbitration and not only got the 40 hour week but a 100% increase in base salary reduced to 95% on appeal.
So I got off my butt and did something about it.

 

[JohnK]

Re: The totally off-topic thread

Most people of a certain age are also worried their children and grandchildren can't actually get ahead and believe the wealth gap between the elderly and young is too great.

Well Australia has had 20+ years of growth but the primary group that has benefited is baby boomers. However it turns out millennials and older are worried they will have to take care of their parents

If I have chidren they will be better off than me. They certainly will not need to work half as hard as what I have worked to achieve what I have achieved on an average salary.

What is even more astounding is my brother has been retired for 10+ years, is 3 years younger than me and his highest wage was when he retired and that was still <$40,000/pa.

You can't outlay on all the latest gadgets, eat out every night at expensive restaurants and drink yourself silly. You can't even buy designer clothes. Forget gap years after high school so you can go and travel. Save all that money and put it to good use then when you are retired you can start spending on what you want as you don't have any other expenses.

But I will concede one point. The only people who have had it easy the past 20+ years is those benefitting from obscene executive salaries. I still do not understand how these executive salaries got out of control in such a way. If your best employee is worth ~$150,000 then the CEO should only be worth $300,000 max. Not more.

 

[mushez]

Re: The totally off-topic thread

The only people who have had it easy the past 20+ years is those benefitting from obscene executive salaries. I still do not understand how these executive salaries got out of control in such a way. If your best employee is worth ~$150,000 then the CEO should only be worth $300,000 max. Not more.

Are we talking in Zimbabwean Dollars are we?