Bobby. wrote on May 21
st, 2014 at 9:54pm:
Lobo wrote on May 21
st, 2014 at 9:44pm:
Bobby. wrote on May 21
st, 2014 at 9:08pm:
philperth2010 wrote on May 21
st, 2014 at 8:02pm:
Quote:Tax breaks on superannuation, capital gains to cost $300b
Tax breaks on capital gains and superannuation could cost almost $300 billion over the next three years, budget figures show, renewing calls for the Abbott government to scale back concessions.
Economists said exemptions on fresh food, education, health and financial supplies from the goods and services tax – estimated to cost almost $78 billion over the period – also need to end.
Updated forecasts from Treasury in the federal budget papers show the capital gains tax exemption on the family home, the 50 per cent CGT discount and superannuation concessions remain the biggest costs to the budget.The figures are an update on Treasury’s tax expenditure statement released earlier this year. It had forecast out to 2017-16, whereas the budget papers forecast further out to 2017-18.
Since most household saving is concentrated in property and superannuation, the cost to federal revenue could grow as a percentage of GDP if no action is taken to tackle the budget sacred cows. Bank of America-Merrill Lynch chief economist Saul Eslake said CGT and super tax breaks should be scaled back, but not totally eliminated.
Deloitte Access Economics partner Chris Richardson said the Commission of Audit had already suggested including the family home in the pensions assets test. “Treasury has considered the potential for something similar around CGT,” he said.
Many people on these boards have already stated how the budget could be fixed with more equitable measures taken instead of taxing the poor and changing our society for the worst.....Why are both major parties ignoring these sacred cows???
http://www.afr.com/p/national/tax_breaks_on_superannuation_capital_fivqxKm050y3i... You shouldn't have to pay capital gains tax on your own home.
That's a bad idea.
Better to take away negative gearing. While I am against NG, I am prepared to compromise....
NG on a new-builds only, not existing homes.
That would discourage people from building new high density flats & unitswhich is exactly what we need to stop the long drives to work.
Forget about propping up old borer infested, asbestos ridden houses for people to live in..
Don't really see how.
People still buy/rent flats/units.
Think I may have lost something in translation with that bit about old houses.
Not all pre-owned are in bad condition, and are often first homes for young couples.
This is the market I would keep quarantined from NG investors.
Regarding your 'old borer infested, asbestos ridden houses' though. a young couple bought something along those lines across the park from me.
Seriously rundown, but with, as they say, potential.
Leaving themselves the garage to sleep in they completely renovated it themselves.
Totally gutted it and took about 6-7 months.
Did a brilliant job.
Made me feel guilty complaining about painting my eaves.
Still living there, 3 kids....
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