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Calls for capital gains tax to be applied to some family homes

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Your Investment Property | 11 Jan 2016, 09:19 AM Agree 0
Spotlight placed on capital gains tax, with calls for the tax to be levied on the sale of multi-million dollar family homes
  • Kevin McAney | 11 Jan 2016, 02:49 PM Agree 0
    I actually had to read this article twice as I didn't believe that I had understood it. House prices have increased and will continue to increase. Economic conditions, supply and demand and availability of finance are direct influencers. I fail to understand the "new" rationale that it is unfair that people buy property which increases in value and they "make money" on it. It is frustrating that this applies to "investors" but I don't see any government ever changing their ability to "profit" from the astute investment and risk by "investors" - BUT why would any fair and equitable government, organisation or individual consider it "fair" to take money from someone who has saved and worked hard to buy their OWN home and keep it in a well maintained condition or, have bought it and lo and behold the value has increased through no addition of their own over their lifetime. It is not the public's fault that "governments" are unable to manage their financial obligations. We are unable to "get a pay rise" to pay for shortfalls in our budget but the governments appear to think that it is OK and fair for them. Leave the "family home" alone.
  • Jodi | 11 Jan 2016, 03:43 PM Agree 0
    It definitely needs to be looked at for those scamming the system - builders who buy houses and "live" in them while they renovate then sell again for massive profit. My grandmother's house had this done to it - the house sold 3 times in 2 years. That would have been a nice windfall for the government.
  • Lynda | 11 Jan 2016, 06:00 PM Agree 0
    Government need to start looking at scammers, the wealthy and businesses, particularly 'cash only' to recoup losses due to intentional and unlawful tax avoidance. Business tax laws should be reviewed also as anyone can start a business and spend their profits on so called company depreciating assets to avoid paying tax...real smart idea that one. No wonder the Govt are looking for money. Leave the average Australian alone including the latest stupid idea of CGT on family homes. We already pay more than our fair share of tax and some people have spent a lifetime paying off their homes and you want to now get your greedy hands on their children's inheritances...I am just one of many that pays a third of my income tax to Government and that's rough when the likes of Gina Rhinehart pay none. Get your act together parliament and find another way to recoup your losses! This is one peeved Aussie!
  • Rethinkr | 12 Jan 2016, 07:30 PM Agree 0
    1. "Capital gain" is compromised by inflation, as per CPI. CG should at least be indexed, otherwise it's a "double dip" by government.
    2. Australia Institute, a "left-leaning" group according to Wikipedia, says not levying CGT is "costing the budget ..." All the political Left, and some other not-so-Left pollies regard any money that taxpayers keep, as a loss of revenue. Perhaps they'd like Australia to be more like Scandinavia, where the government takes most of people's income, and pays for virtually everything?
    3. The Institute implies that absence of CGT on some properties distorts the economy. They would of course, since they also apparently favour higher taxes to government, and less discretion for taxpayers.

    Remember democracy? Remember individual discretion and choice?
  • scotthochgesang | 03 Jun 2016, 12:13 PM Agree 0
    What idiots. So if I see my home, I have to pay CGT and then stamp duty on my next purchase.

    Forcible downsizing and asset confiscation.

    And this new $ raised would just be spent on new programs and do nothing to bring our budget in balance or reduce our debt.
  • Bill | 03 Jun 2016, 03:20 PM Agree 0
    I'm actually feeling nauseous now. So you work for years, pay taxes on your earnings, buy a home, and live in it. Then the government says that they get a big chunk of what represents your life savings as well when you sell it, so you have to work some more if you sell your home, just to keep owning a house. This so that politicians can get flown around in helicopters and have entitlements even after they've finished what I will loosely call their "service" to the country. There's something wrong here. Politicians aren't spending our money well enough to be doing this.
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