Australian Politics Forum - Axing CGT concessions on the family home

John Smith

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Axing CGT concessions on the family home
Jan 11^th, 2016 at 10:34am

Axing capital gains tax exemption on homes could raise $46b, new research says

The Federal Government could raise as much as $46 billion a year if it axes the capital gains tax (CGT) exemption on the family home, according to new research.

A new Capital Gains Tax report, issued by think tank The Australia Institute with data by the National Centre for Social and Economic Modelling, said that more than half the benefit of the CGT exemption was enjoyed by households in the top 20 per cent of incomes.

The report estimated that ending the exemption for houses worth more than $2 million would still draw nearly $12 billion in new revenue over four years.

Australia Institute executive director Ben Oquist said at an annual loss of $46 billion, the CGT exemption for primary residences was costing the Government more than its entire defence or aged pension spending.

Mr Oquist told the ABC it would be "nonsensical" to exclude the exemption from serious tax reform.

"While it's probably politically unrealistic to think about removing that exemption altogether, one thing we've modelled today is looking at removing the exemption for homes worth more than $2 million," he said.

"Such a move would affect a very small amount of the population."

http://www.abc.net.au/news/2016-01-11/capital-gains-tax-reform-could-raise-46-bi...

won't happen .... nor should it.

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Our esteemed leader:
I hope that bitch who was running their brothels for them gets raped with a cactus.

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Sun Tzu Gold Member Offline Australian Politics Posts: 1148 Gender:	Re: Axing CGT concessions on the family home Reply #1 - Jan 11^th, 2016 at 11:01am Its necessary to get the budget back in the black. The budget black hole is going to get bigger as retirees find their superannuation is a pittance insufficient to fund a single Biafran grandmother.
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red baron

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Re: Axing CGT concessions on the family home
Reply #2 - Jan 11^th, 2016 at 11:24am

The trouble with the Government is that is always looking at ways to 'white ant 'you doesn't matter which Party it s.

And...the burden is always thrust on those who can afford it least. Like people who go out and break their arses all their life. Then when they finally own their little nest, comes the shadow of Big Brother ...wanting to rob them blind.

Here's a tip for the Government. Go after companies like your own Malcolm, ones who send their profits offshore like you do.

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Redmond Neck Gold Member Offline OzPolitic Posts: 21690 ACT Gender:	Re: Axing CGT concessions on the family home Reply #3 - Jan 11^th, 2016 at 11:30am Capital gains on family Homes over $2M , I don't see it as an issue. Might even put a break on a bit of the market which is out of control in my opinion It will only affect a small number of people who can well afford to pay it.
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Baronvonrort Gold Member Offline Australian Politics Posts: 18754 Gender:	Re: Axing CGT concessions on the family home Reply #4 - Jan 11^th, 2016 at 11:33am Sun Tzu wrote on Jan 11^th, 2016 at 11:01am: Its necessary to get the budget back in the black. Get a job and pay some taxes ya dopey bum.
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Baronvonrort Gold Member Offline Australian Politics Posts: 18754 Gender:	Re: Axing CGT concessions on the family home Reply #5 - Jan 11^th, 2016 at 11:34am Redmond Neck wrote on Jan 11^th, 2016 at 11:30am: Capital gains on family Homes over $2M , I don't see it as an issue. Just about every house in my suburb is worth over 2 million.
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Sun Tzu

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Re: Axing CGT concessions on the family home
Reply #6 - Jan 11^th, 2016 at 12:07pm

Baronvonrort wrote on Jan 11^th, 2016 at 11:34am:

Redmond Neck wrote on Jan 11^th, 2016 at 11:30am:

Capital gains on family Homes over $2M , I don't see it as an issue.

Just about every house in my suburb is worth over 2 million.

Confiscate the lot and give Longweekend58 the contract for building fibro shacks in a god forsaken toxic location as a replacement.

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Make my day

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Redmond Neck Gold Member Offline OzPolitic Posts: 21690 ACT Gender:	Re: Axing CGT concessions on the family home Reply #7 - Jan 11^th, 2016 at 12:11pm Baronvonrort wrote on Jan 11^th, 2016 at 11:34am: Redmond Neck wrote on Jan 11^th, 2016 at 11:30am: Capital gains on family Homes over $2M , I don't see it as an issue. Just about every house in my suburb is worth over 2 million. Then pay your CGT and your massive gains Silvertail and STFU
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Baronvonrort

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Re: Axing CGT concessions on the family home
Reply #8 - Jan 11^th, 2016 at 12:11pm

Sun Tzu wrote on Jan 11^th, 2016 at 12:07pm:

Baronvonrort wrote on Jan 11^th, 2016 at 11:34am:

Redmond Neck wrote on Jan 11^th, 2016 at 11:30am:

Capital gains on family Homes over $2M , I don't see it as an issue.

Just about every house in my suburb is worth over 2 million.

Confiscate the lot and give Longweekend58 the contract for building fibro shacks in a god forsaken toxic location as a replacement.

Get a job and pay some taxes ya dopey bum, consider this a form of therapy.

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Leftists and the Ayatollahs have a lot in common when it comes to criticism of Islam, they don't tolerate it.

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John Smith

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Re: Axing CGT concessions on the family home
Reply #9 - Jan 11^th, 2016 at 12:19pm

Redmond Neck wrote on Jan 11^th, 2016 at 11:30am:

Capital gains on family Homes over $2M , I don't see it as an issue.

Might even put a break on a bit of the market which is out of control in my opinion

It will only affect a small number of people who can well afford to pay it.

labor won't take it to an election and the libs will never support it.

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Our esteemed leader:
I hope that bitch who was running their brothels for them gets raped with a cactus.

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Redmond Neck Gold Member Offline OzPolitic Posts: 21690 ACT Gender:	Re: Axing CGT concessions on the family home Reply #10 - Jan 11^th, 2016 at 12:28pm Yes Bloody Silvertails, I had forgotten that term! All worried they might lose a fraction of their Capital Gains. Pay up you bums!
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John Smith Gold Member Offline Australian Politics Posts: 75098 Gender:	Re: Axing CGT concessions on the family home Reply #11 - Jan 11^th, 2016 at 12:30pm I would support it in lieu of stamp duty ... otherwise they're taxing people twice for the same thing.
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Maqqa

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14% - that low?!

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Re: Axing CGT concessions on the family home
Reply #12 - Jan 11^th, 2016 at 4:13pm

John Smith wrote on Jan 11^th, 2016 at 10:34am:

[i]Axing capital gains tax exemption on homes could raise $46b, new research says

The Federal Government could raise as much as $46 billion a year if it axes the capital gains tax (CGT) exemption on the family home, according to new research.

Once again there are so much wrong with this it's not funny anymore

The fact that you can't claim home expenses gives you the CGT exemption. So if the exemptions are removed then you might have to look at loses to Budget revenue due to tax deductions
People become more of an accumulator i.e. they simply do not sell their house or wait until they have gains offsets
Without buying/selling what happens to Stamp Duty revenue
Home buyers simply look to other asset classes i.e. overheating that sector

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Bill 14% is not the alcohol content of that wine. It's your poll number

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longweekend58

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Re: Axing CGT concessions on the family home
Reply #13 - Jan 11^th, 2016 at 5:02pm

it's another of those dopey ideas that get floated from time to time that has a snowballs chance in hell of being adopted. it is an immediate death sentence to any government foolish enough to try it on. libs would probably lose half their primary vote if they tried and labor almost as much. even before you discuss the unfairness and idiocy of the move, you need to realise it will never happen.

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AUSSIE: "Speaking for myself, I could not care less about 298 human beings having their life snuffed out in a nano-second, or what impact that loss has on Members of their family, their parents..."

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longweekend58

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Re: Axing CGT concessions on the family home
Reply #14 - Jan 11^th, 2016 at 5:03pm

Redmond Neck wrote on Jan 11^th, 2016 at 12:11pm:

Baronvonrort wrote on Jan 11^th, 2016 at 11:34am:

Redmond Neck wrote on Jan 11^th, 2016 at 11:30am:

Capital gains on family Homes over $2M , I don't see it as an issue.

Just about every house in my suburb is worth over 2 million.

Then pay your CGT and your massive gains Silvertail and be quiet

you are a pov-renter, right?

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AUSSIE: "Speaking for myself, I could not care less about 298 human beings having their life snuffed out in a nano-second, or what impact that loss has on Members of their family, their parents..."

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