Oz Federal Election 2013 - Discussion and Comments

[Pushka]

Yeah people forget that negative gearing means you're losing money. However, you can go negative with non-cash costs. An important thing to remember is the capital works deduction, make sure you claim it because it can come back to bite.

Indeed, it gets added on to your CGT bill whether or not you claim it.

And I am taking that as a No from Browski.

 

[amaroo]

If you have to negatively gear a 2nd home to make it worth while then you can't afford it in the first place!

Look at all the idiots in Europe who bought investment properties for their retirement and on the advice of accountants negatively geared them to gain a tax benefit, now where do they sit?

While we all love to reduce our tax liabilities and somehow have a win over the greedy taxman, the end result is that if you pay a lot of tax, you are earning a lot of money. I'll be happy when someday I have a $500,000 annual tax bill.....

I hate paying tax, but it's relative to my income. We are about to buy a 2nd property as an investment and I have already told the accountant that I have no interest (no pun intended) in negatively gearing it. I want to clear its mortgage ASAP. If I'm paying tax on it, then I'm making money on it.

Thats one way of looking at it.

Having two, three or more investments on the go......rather than placing all the cash in one - generally will generate more cash.

 

[medhead]

Indeed, it gets added on to your CGT bill whether or not you claim it.

As someone who does my own tax it was very tempting to "forget" to add it into the CGT calculation.

 

[Pushka]

As someone who does my own tax it was very tempting to "forget" to add it into the CGT calculation.

I bet it was. And you could probably do that once, but then again, if you didnt do it the second time the ATO would ask why you didnt correct the first one when you realised.

We received a letter of demand from the ATO last week - we were up to date but apparently they churned out a lot of incorrect demand letters on March 27th. Just wish I could charge them for the Accountants bill and my time in checking we were all up to date. Seems like THEY are the only ones allowed to make mistakes.

 

[medhead]

I bet it was. And you could probably do that once, but then again, if you didnt do it the second time the ATO would ask why you didnt correct the first one when you realised.

We received a letter of demand from the ATO last week - we were up to date but apparently they churned out a lot of incorrect demand letters on March 27th. Just wish I could charge them for the Accountants bill and my time in checking we were all up to date. Seems like THEY are the only ones allowed to make mistakes.

I'm waiting for them to send me a provisional tax bill for this year, in 2 years time (because that's how far they are behind) once they realise I had a massive increase in income last year due to a one off capital gain event. I'm still not sure if I'll point out the reality that it was a one off event and will not be repeated, or if I'll just pay the bill to get the points.

I'm just basing this scenario on an Aunt's experience of having a massive capital gain and then receiving a provisional tax bill 2 years later. Oh and yes it angers me to be paying for some numpty to send out a tax bill due to a one off event, that will not be repeated, when they already have the following years' tax return that says the extra tax wasn't owed.

 

[Pushka]

Medhead, methinks you expect too much thinking from the boffins. I hate those once off CGT events that mess you around for years.

 

[browski]

Indeed, it gets added on to your CGT bill whether or not you claim it.

And I am taking that as a No from Browski.

In all matters, I swing both ways.
FWIW, Browski comes from eyebrow, not some east European name.

 

[Pushka]

In all matters, I swing both ways.
FWIW, Browski comes from eyebrow, not some east European name.

So is that a Yes or No? It sounds like a politicians answer.

 

[Pukka]

So is that a Yes or No? It sounds like a politicians answer.

Browski - noun. Used in conversation by those who do not really know who they are talking too. Usually used with positive conotations, it can mean many things; expressing happiness, disbelief, euphoria, and complete wacked-outness.

I'm going with complete wacked-outness

 

[medhead]

So is that a Yes or No? It sounds like a politicians answer.

I got accused of giving a politician's answer at work the other week. As this person had earlier written a document that claimed there was no training at all in the area of my responsibility, despite evidence to the contrary, it really didn't help my desire to jump across the desk and wrap my hands around their throat.

I think I managed to remain non-plussed. Maybe they were right....

 

[ComeFlyWithMe]

Anyway, when Labor wins, oh.... hang on...

 

[amaroo]

Some nice graphs in last weekend OZ...

The one on the left looks great......pity about the others.

Blue is LIB/NAT term in Gov. RED......well, we all know what that means

 

[Alanslegal]

Some nice graphs in last weekend OZ...

The one on the left looks great......pity about the others.

Blue is LIB/NAT term in Gov. RED......well, we all know what that means

Yet pretty much the rest of the world was wishing they had Australia's economy

 

[medhead]

Some nice graphs in last weekend OZ...

The one on the left looks great......pity about the others.

Blue is LIB/NAT term in Gov. RED......well, we all know what that means

Not really a pity. The other graphs need to be read in the context of the one on the left. That is the defining graph of Australia's situation in relation to the rest of the world. It's the reason I laugh every time someone claims Australia is like, for example, Greece.

 

[browski]

That article was another example of how facts defeat the News Limited world view.

They have been trying to talk down Australia's economy and convince their simple-minded readers that the Aussie economy is diabolical.
Then when they are faced with this cold reality check, they appear to be grappling with the 5 stages of grief.

The five stages are denial, anger, bargaining, depression and acceptance.

My guess is that The Australian is still stuck at Denial; but unfortunately for Abbott, anger is coming.

 

[amaroo]

The graph showing Gov Net Debt looks like a roller coaster........wonder when the ALP will work out that most Australians don't like to be taken for a ride!

 

[11sjw]

Not really a pity. The other graphs need to be read in the context of the one on the left. That is the defining graph of Australia's situation in relation to the rest of the world. It's the reason I laugh every time someone claims Australia is like, for example, Greece.

Yes, because comparing ourselves to basket cases is a great way to go.

 

[Pushka]

Yes, because comparing ourselves to basket cases is a great way to go.

Reminds me of when Michael Clarke said they had set a new benchmark for themselves when Aus beat the Sri Lankan cricket team, conveniently forgetting the whooping that South Africa had given them a few weeks earlier. I knew then it was freefall after that, to be confirmed when they met India a few weeks later.

 

[Alanslegal]

The graph showing Gov Net Debt looks like a roller coaster........wonder when the ALP will work out that most Australians don't like to be taken for a ride!

And the rest of the world wish they were able to ride that roller coaster. Must be a good thing when the world wants our economic conditions.

 

[markis10]

Maybe the latest unemployment figures suggest we are moving into the emergency ward from the hypochondriacs one when it comes to the state of the nation?