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  1. #20426
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    Quote Originally Posted by Gamblor View Post
    Agree with most of your positions except your view on Franking credits,. They should be non refundable offsets, similar to the foreign income tax offset for mine. People can circumvent it by selling their shares after a year at a 50% CGT discount. People get their money up front instead of waiting to lodge their return for the "withheld" component and also reduces the likelihood of significantly discounted capital gains.

    Rental property losses - Agree with quarantining it (although I compare it to non-commercial business loss rules for sole traders). I am happy with the changes in recent years to make quantity surveyor reports basically redundant on second hand properties and abolishing travel expense claims (which is far better than the grandfathering clauses).

    I'd go one step further to make it compulsory for rental income received to remain on the associated home loan/offset account or deny portion of interest deductions, instead of having these inflated interest deductions on interest only loans.

    I would allow carried forward rental losses to offset a capital gain on disposal of a rental property too.

    For the record to prove I'm not all for targeting groups of people other than me, I think the Childcare Subsidy is pretty reasonable and not a fan of wholly subsidising the entirety of larger proportion of fees (although I think $100 a day for childcare before any rebate is excessive).

    There's aspects of both parties tax/welfare measures I like and dislike but ultimately prefer Labor's approach.
    I could buy non-refundable, especially if they could be carried forward in situations where you're in excess of tax paid though I must say that being refundable does allow for much better tax planning situations. FWIW the US system carries forward foreign income tax offset for a rolling 10 year period, a particularly generous scheme given how low their tax rates are compared to most first world countries. I'd probably support it even more if they remained refundable in accumulation phases, at the very least, in super funds (I'd argue in all phases).

    I'd genuinely support a system where they made it the principal repayment instead of the interest component deductible because I think interest only products are a massive component of the property Ponzi scheme that makes property so unaffordable. Obviously with the aforementioned quarantining of rental losses also in play. I could buy some kind of adjustment to cost bases on this where perhaps the interest gets capitalised and the principal reduces the cost base but not convinced either is necessary. Totally agree something needs to be done on the interest only loans, could also buy that you have to repay loan for interest to remain deductible, though this creates issues on the banking side that would need to be addressed such as re-draw/offset costs and the like to enable it (ie need to be able to pay other property expenses from the loan without costs).

    I don't mind the non-commercial loss approach, the difficulty there is finding tests that can be uniformly applied to different states. The profit test would be easy and makes sense basically allowing for big repair items and the like. A turnover test a lot harder. The 250k cap on income would also make a lot of sense, basically leaving those who don't need the extra money locked out.

    Personally I'd also like to see the main residence exemption removed (I hate all the inter-related main residence crap that forces people to horde into a single property which drives a huge part of why the government can't do anything about the housing affordability crisis and it's a genuine crisis that low interest rates hurt as much as they help because getting a deposit is an obscene obstacle), (ignoring the above on principal deductions) I'd love to see the interest on the main residence be deductible similar to the US, allowing a deduction while paying down the home would help the affordability an incredible amount and would also primarily benefit the younger generations being hurt by housing costs.

    Perhaps most importantly though, stamp duty has well outstayed it's welcome. It needs to go and instead there should be land tax on all property (again, no main residence exemption crap) with punitive long term vacancy and land banking increases to remove any incentive to sit on either of those scenarios (this would be step 2 on top of removing deductibility in most cases). Stamp duty is just a stupid impediment to buying and selling.

    I think childcare is a pretty stupid thing so tend to disagree that it should be government subsidised. The only reason that childcare is needed is because of the unaffordability of housing forcing both parents to work full time but to me the idea of having children and then paying some peanut who couldn't finish high school in half the cases to raise them instead is just an utterly flawed societal aim/standard. By all means in scenarios where both parents want to work at the expense of their children's future they can send the kids to daycare but it's just not something we as a society should be encouraging as a norm, imo. I'm sure this is a hugely unpopular view though as parents are right up there with the most entitled classes of people in Australia!

  2. #20427
    One betting disc please Gamblor's Avatar
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    Good point on the stamp duty and punitive land tax etc for vacancies, that approach is adopted in Europe too. I forgot to add I'd also go one step further and capitalise any expense incurred while a property is vacant. The "intent" of the property bs is so easily manipulated.

    Think you misunderstood my childcare point. As in I wouldn't be advocating for any further incentives than currently available, contrary to Labor's current position (and despite the fact I'd be a beneficiary of the measure). It does serve a purpose in getting more women into the workforce even if it's in a limited, part time or volunteer capacity.

    Childcare for a couple days a week is beneficial for child's social development and I find there's a mix of early childhood educators, women fresh out of TAFE who've never reared their own kids and older motherly types. Also there's surprisingly more than I thought to being in those roles.
    Last edited by Gamblor; 12th October 2020 at 11:28 PM.

  3. #20428
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    Quote Originally Posted by Gamblor View Post
    Good point on the stamp duty and punitive land tax etc for vacancies, that approach is adopted in Europe too. I forgot to add I'd also go one step further and capitalise any expense incurred while a property is vacant. The "intent" of the property bs is so easily manipulated.

    Think you misunderstood my childcare point. As in I wouldn't be advocating for any further incentives than currently available, contrary to Labor's current position (and despite the fact I'd be a beneficiary of the measure). It does serve a purpose in getting more women into the workforce even if it's in a limited, part time or volunteer capacity.

    Childcare for a couple days a week is beneficial for child's social development and I find there's a mix of early childhood educators, women fresh out of TAFE who've never reared their own kids and older motherly types. Also there's surprisingly more than I thought to being in those roles.
    Yeah, capitalising on vacancy would be a solid idea. Could go a step further and just make them lost expenses, basically imo vacancy and empty land should be punitive to hold, either drop your asking price on the vacancy or sell it to someone who will use it. Just have to look at Subi or West Perth and all the empty buildings where people are all too happy to have it "available for rent" at a ridiculous rate and just negative gear it instead of getting a tenant in. Lot of that empty office space could be prime residential property if available or great office space if offered at a reasonable price.

    Got ya on the child care. Not undermining the job, it's actually a difficult job that requires specific skills but I think a large part of the idea of finding a partner and having kids is to instill the values in them that you consider important, letting someone else raise them runs completely contrary to that for mine.

    To be clear, I don't care if it's the mother or the father that raises the kid primarily, just that I think it should be the parents in some form or another. I think a huge part of the problems we're seeing is children that have been raised by teachers and child care workers absent any real parenting from their actual parents. The reality is that the parents should have a far more vested interest in their children succeeding in life than daycare workers do (if they don't this is an entirely different issue!).

    For me the primary carer being in the workforce takes away from that so I'm not sure there should be a government incentive to support it. Again, childcare should absolutely be available and it should be affordable but it's the classic system of it sucking on the government teat for years and just getting greedier and greedier. It's really the closest equivalent Australia has to medical care in the US where the reason it costs so much to anyone who can't get it on the taxpayers dollar is because they can charge whatever they want in most cases and have the ATO cover it.

    Dealing with situations with single parents and the like is obviously a lot more complex and should operate independently of "normal".

  4. #20429
    Veteran yeah_nah's Avatar
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    Quote Originally Posted by Embers View Post
    The house in building is 197 sqm and had a ton of people telling me itís too small FYI
    197sqm is interior living space? Ie not including garage, alfresco etc?

    If so, that's not really that small.

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    Quote Originally Posted by Eagle E View Post
    I then started saving extra money as a result of eating dumpster food.

    I knew when to hit the dumpster for optimum catch.
    Quote Originally Posted by Eagle E View Post
    accualy scared of getting knocked out by yenny
    #broughtback

  5. #20430
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    Quote Originally Posted by yeah_nah View Post
    197sqm is interior living space? Ie not including garage, alfresco etc?

    If so, that's not really that small.

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    Yeaha ll including that. Almost no backyard though

  6. #20431
    Veteran yeah_nah's Avatar
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    Small boi

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    Quote Originally Posted by Eagle E View Post
    I then started saving extra money as a result of eating dumpster food.

    I knew when to hit the dumpster for optimum catch.
    Quote Originally Posted by Eagle E View Post
    accualy scared of getting knocked out by yenny
    #broughtback

  7. #20432
    Veteran wolfgang's Avatar
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  8. #20433
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    Quote Originally Posted by DALBS View Post
    Exactly what my wife says. I'm getting drugs next time. Shouldn't really is bullshit. I'd rather get kicked in the nuts. I hate it so much.
    Defs ask the question about getting some valium prescribed. I get a nice dose of diazepam when I go to the dentist, it's probably the 1 thing in life that I have a massive phobia of, but the drugs definitely help. It's not even a pain thing for me, it's just the entire experience is so overwhelmingly uncomfortable.

    Quote Originally Posted by Embers View Post
    I wont lie. I dont know many people with a mortgage. Question is

    How much is yours?
    Ours is at $950k at the moment - 2 homes (final progress payment for the build was processed last week so we're stretching hard right now). However the value of our place has absolutely skyrocketed since we bought it 7 years ago, so looking to cash in and hopefully be down to $500k when we move into the new place which has been built as our forever home.

    Will have to post some progress pics soon. Had our bottom level concrete floor final polish the other week and fk me it looks incredible
    We demand an investigation into the replacement of referee Rafshan Irmatov and his departure at a difficult time in such an important match. We ask for an examination of the grassland that was not suitable for the Syrian team, while Australian players seem to be wearing shoes that cling to the long grass, so we saw Syrian players fall during the game, while Australia's players are steady.

  9. #20434
    Vale Nollsy Embers's Avatar
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    My house finishes in Decemberish. They are just using what they can and re building. Im not gonna live in it for a while. Will stay where I am. My cousin will live in the house when he returns from Scotland at Christmas time

  10. #20435
    Veteran trigg's Avatar
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    How much is your total build and landscaping going to cost roughly?

    Tossing up at the moment our next move. Blocks are so expensive in decent areas here at the moment. Would love to live in a place called Seven Mile Beach, 25 mins out of the CBD. Some blocks up for sale at the moment... 440k...

  11. #20436
    Veteran trigg's Avatar
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    For context I bought a 3 bedroom house in a shittyish part of a good suburb (15 mins from CBD), but a nice enough house for 412k 3 years ago.

  12. #20437
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    Isn't seven mile right next to the airport?

  13. #20438
    Veteran trigg's Avatar
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    Quote Originally Posted by wolfgang View Post
    Isn't seven mile right next to the airport?
    Sure is.

  14. #20439
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    Quote Originally Posted by trigg View Post
    How much is your total build and landscaping going to cost roughly?

    Tossing up at the moment our next move. Blocks are so expensive in decent areas here at the moment. Would love to live in a place called Seven Mile Beach, 25 mins out of the CBD. Some blocks up for sale at the moment... 440k...
    Was unsure who that was directed at, me or Embers

    We got our block for 285k. 725sqm and about half hour from the CBD. Block has a slope from front to back of about 7m (block is 62m long) so it's relatively gradual drop, however we've had to have 2 small splits in the house and will have a terraced backyard. Has been a bit of a pain, but adds a bit of character and meant we could have massive ceilings at the back of the house too. There's a newer development that has same sized blocks but a little flatter another 5 mins further away and are going for all 380-440k so think we did well with the block despite the overs we would have to pay on retaining.

    The retaining has been a fucking expensive process. Doesn't help that I'm not handy and a few of the retaining walls are > 1m, so we need a licensed contractor to complete. Only done half and the other half to go once we get handover, but I'm expecting at the end of this our total build including ALL landscaping/retaining will probs be around $750k. May have overcapitalised a little bit, however not planning on moving for the next 20+ years so happy to spend the money now.
    We demand an investigation into the replacement of referee Rafshan Irmatov and his departure at a difficult time in such an important match. We ask for an examination of the grassland that was not suitable for the Syrian team, while Australian players seem to be wearing shoes that cling to the long grass, so we saw Syrian players fall during the game, while Australia's players are steady.

  15. #20440
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    Quote Originally Posted by trigg View Post
    How much is your total build and landscaping going to cost roughly?

    Tossing up at the moment our next move. Blocks are so expensive in decent areas here at the moment. Would love to live in a place called Seven Mile Beach, 25 mins out of the CBD. Some blocks up for sale at the moment... 440k...
    295k for a 325sqm for block but included free landscaping, free fencing, 195k for the build of the house but excluded painting + paving since I know people who will do it for me. All up about 490k.

    Me and my missus have different money altogether. So I bought the house myself. We are going to buy the house we are renting at the moment. Should be done by Friday. She will buy this one. It was supposed to be rented for 12 months but yeah, like it so why not stay

  16. #20441
    Veteran wolfgang's Avatar
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    Quote Originally Posted by trigg View Post
    Sure is.
    I know it's not the busiest airport but with that approach coming overland and then doing a 180 over the ocean before landing, It's effectively 2 planes over head for every landing. It would drive me insane.

    Personally I'd prefer somewhere like Lindisfarne, close to the CBD and great views of the mountain and bridge. Plus I'd never use the beach in Tassie so I wouldn't be missing that

  17. #20442
    Veteran trigg's Avatar
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    Quote Originally Posted by Embers View Post
    295k for a 325sqm for block but included free landscaping, free fencing, 195k for the build of the house but excluded painting + paving since I know people who will do it for me. All up about 490k.

    Me and my missus have different money altogether. So I bought the house myself. We are going to buy the house we are renting at the moment. Should be done by Friday. She will buy this one. It was supposed to be rented for 12 months but yeah, like it so why not stay
    $195k seems really cheap for house build.

  18. #20443
    Veteran trigg's Avatar
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    Quote Originally Posted by wolfgang View Post
    I know it's not the busiest airport but with that approach coming overland and then doing a 180 over the ocean before landing, It's effectively 2 planes over head for every landing. It would drive me insane.

    Personally I'd prefer somewhere like Lindisfarne, close to the CBD and great views of the mountain and bridge. Plus I'd never use the beach in Tassie so I wouldn't be missing that
    It's really not that bad with the planes and stuff there - my wifes family live there and you hardly notice.

    I live in Lindisfarne now - but over the hill (hence the bad part of a good area). Still looking in that area - but I want an upgrade on what we have now and it's getting expensive there now.

  19. #20444
    Vale Nollsy Embers's Avatar
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    Quote Originally Posted by trigg View Post
    $195k seems really cheap for house build.
    Actually on the more expensive side for Perth....

    The general build price for a block that size is more your 150ish range

    A custom built top of the line for a block that size was about 220k but was too much dicking around to accomplish (which was entirely wrong since now im dicking around more then ever_

  20. #20445
    Veteran yeah_nah's Avatar
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    I havent even seen builds advertised as cheap as 150k let alone successfully completed.

    With the basic first home buyers etc they advertise at around 180k, but I doubt that is even practically liveable. The inclusions are really poor, stuff like not enough lights, power points etc.

    The display house spec of these low cost builders are usually 100k+ more expensive than the basic build spec too.

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    Quote Originally Posted by Eagle E View Post
    I then started saving extra money as a result of eating dumpster food.

    I knew when to hit the dumpster for optimum catch.
    Quote Originally Posted by Eagle E View Post
    accualy scared of getting knocked out by yenny
    #broughtback

  21. #20446
    Vale Nollsy Embers's Avatar
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    Quote Originally Posted by yeah_nah View Post
    I havent even seen builds advertised as cheap as 150k let alone successfully completed.

    With the basic first home buyers etc they advertise at around 180k, but I doubt that is even practically liveable. The inclusions are really poor, stuff like not enough lights, power points etc.

    The display house spec of these low cost builders are usually 100k+ more expensive than the basic build spec too.

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    Not looking at smaller houses id say. Thats the price a small 3 x 2 with no paving, no paint for sure

  22. #20447
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    This pricing is fucked, doubt you'd get this in regional Victoria
    #NBCSiberia

  23. #20448
    Vale Nollsy Embers's Avatar
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    Quote Originally Posted by Ball So Hard View Post
    This pricing is fucked, doubt you'd get this in regional Victoria
    Cant find many Perth websites that actually host the pricing figures. Commodore is on the cheaper side which is here

    https://www.commodorehomes.com.au/ho...single-storey/

  24. #20449
    Veteran Fools Gold's Avatar
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    Yeah that even seems cheap for SA lel
    We demand an investigation into the replacement of referee Rafshan Irmatov and his departure at a difficult time in such an important match. We ask for an examination of the grassland that was not suitable for the Syrian team, while Australian players seem to be wearing shoes that cling to the long grass, so we saw Syrian players fall during the game, while Australia's players are steady.

  25. #20450
    Vale Nollsy Embers's Avatar
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    Quote Originally Posted by Fools Gold View Post
    Yeah that even seems cheap for SA lel
    I built with Gyprock on brick with soundproofing though FYI. Cant see any need in my area for anything but. Little noise around etc

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