5 ms·

Tax changes that have been overdue for twenty-odd years to address house prices and attempt to level the playing field between labour and capital. Pity they di

Tax changes that have been overdue for twenty-odd years to address house prices and attempt to level the playing field between labour and capital. Pity they didn't also change the gas tax.

ENGNR 5mo ago
House tax changes... strong yes Share tax changes... ugh My hope was cashed up bogans would start betting on shares instead of housing/crypto. At least it could be funnelled into something productive
- sysworld 5mo ago
  Yeah, housing tax changes were needed, but seems weird to also do Shares. NZ, like always is lagging behind AU, and also needs house tax changes. The housing situation in NZ dire.
  - erentz 5mo ago
    NZ is even worse than Australia on the housing tax vs shares tax front. No housing taxes. Yet they have what is effectively an annual wealth tax on shares (FIF) even on their pitiful retirement savings schemes. This discourages saving in shares and encourages putting money in real estate.
- BLKNSLVR 5mo ago
  My limited-research understanding is that there shouldn't be a difference between capital gains from housing versus shares, otherwise it's 'picking winners' or encouraging investment in specific directions. Having said that, the 'winner' they've picked is new house builds, which retain some tax benefits. I'm OK with that, without having skin in that game now or likely into the future. In regards to other comments further down regarding Australia's tax rates being high, internationally Australia is on the lower end. I believe the (seemingly very loud) naysayers about these tax changes are those who receive much more of their income via 'capital' than via 'effort', and so my sympathies are minimal to non-existent. Sure, I have capital investments that will yield lower returns, but I believe the changes make "the way it works" overall more fair to those who don't have the means to earn means passively. Cashed up bogans may funnel more of their money into new house builds, which is productive...? Semi-unrelated addition: To some extent I think that 'owning ones own house' is a motivator to work harder, so as home ownership has grown increasingly out of reach, so has some amount of motivation to actually work dried up. There's an inherent 'participation in society' to owning a home that has an intangible but high value. Whether this has anything to do with Australia's decreasing productivity, I don't know.
- HDBaseT 5mo ago
  You shouldn't have to rely on shares investments to make a living or retire though. Just because someone doesn't invest in shares, doesn't mean they are a bogan. I'm sick of this term being thrown around at people you look down upon...
  - stubish 5mo ago
    Yeah, everyone is forced to accept their own individual risk in their super and other investments (as usual, favoring the wealthy with enough spare money, time and contacts to get proper financial advice). Better if that risk was born collectively. But government funded pensions are communist or something. At least most of the super funds I see are non-profits.
shell0x 5mo ago
The tax is already bad here, even without it. I paid $89,000 taxes just for the last financial year because stock gains are added up on top of the income and my partner doesn’t work and there’s no family support allowance here. I can apply Australian citizenship next year but I will leave ASAP after becoming a citizen for Singapore, Dubai or Hong Kong where the tax is < 20%
- sumedh 5mo ago
  Why are you not leaving right now?
  - mianos 5mo ago
    I'd assume, as an Australian, who works for a HK company and has travelled for work all their life, the long term lifestyle in Australia is probably better than those countries. I love HK and Singo but I am not sure I'd want to live there. But for working, most people here would not work in an iron lung and the socialist government pretty much supports the idea that, if you don't like to work, you shouldn't have to as long as there are a few who will work. And, that number is fewer and fewer.
  - shell0x 5mo ago
    I could as a German but my partner has a weaker passport so I’m just waiting till she got her australian passport
    - tedk-42 5mo ago
      so you take but you don't want to give? perhaps try a different perspective of, "it's good i live in a place where we contribute for a common good"
      - shell0x 5mo ago
        Taxes are a financial loss. I preferred living in Hong Kong and Singapore and do not enjoy living here honestly, but if you treat it as payment for my+partner’s backup citizenship, it seems more justifiable.

Tax changes that have been overdue for twenty-odd years to address house prices and attempt to level the playing field between labour and capital. Pity they didn't also change the gas tax.

ENGNR 5mo ago

House tax changes... strong yes Share tax changes... ugh My hope was cashed up bogans would start betting on shares instead of housing/crypto. At least it could be funnelled into something productive

sysworld 5mo ago
Yeah, housing tax changes were needed, but seems weird to also do Shares. NZ, like always is lagging behind AU, and also needs house tax changes. The housing situation in NZ dire.
- erentz 5mo ago
  NZ is even worse than Australia on the housing tax vs shares tax front. No housing taxes. Yet they have what is effectively an annual wealth tax on shares (FIF) even on their pitiful retirement savings schemes. This discourages saving in shares and encourages putting money in real estate.
BLKNSLVR 5mo ago
My limited-research understanding is that there shouldn't be a difference between capital gains from housing versus shares, otherwise it's 'picking winners' or encouraging investment in specific directions. Having said that, the 'winner' they've picked is new house builds, which retain some tax benefits. I'm OK with that, without having skin in that game now or likely into the future. In regards to other comments further down regarding Australia's tax rates being high, internationally Australia is on the lower end. I believe the (seemingly very loud) naysayers about these tax changes are those who receive much more of their income via 'capital' than via 'effort', and so my sympathies are minimal to non-existent. Sure, I have capital investments that will yield lower returns, but I believe the changes make "the way it works" overall more fair to those who don't have the means to earn means passively. Cashed up bogans may funnel more of their money into new house builds, which is productive...? Semi-unrelated addition: To some extent I think that 'owning ones own house' is a motivator to work harder, so as home ownership has grown increasingly out of reach, so has some amount of motivation to actually work dried up. There's an inherent 'participation in society' to owning a home that has an intangible but high value. Whether this has anything to do with Australia's decreasing productivity, I don't know.
HDBaseT 5mo ago
You shouldn't have to rely on shares investments to make a living or retire though. Just because someone doesn't invest in shares, doesn't mean they are a bogan. I'm sick of this term being thrown around at people you look down upon...
- stubish 5mo ago
  Yeah, everyone is forced to accept their own individual risk in their super and other investments (as usual, favoring the wealthy with enough spare money, time and contacts to get proper financial advice). Better if that risk was born collectively. But government funded pensions are communist or something. At least most of the super funds I see are non-profits.

shell0x 5mo ago

The tax is already bad here, even without it. I paid $89,000 taxes just for the last financial year because stock gains are added up on top of the income and my partner doesn’t work and there’s no family support allowance here. I can apply Australian citizenship next year but I will leave ASAP after becoming a citizen for Singapore, Dubai or Hong Kong where the tax is < 20%

sumedh 5mo ago
Why are you not leaving right now?
- mianos 5mo ago
  I'd assume, as an Australian, who works for a HK company and has travelled for work all their life, the long term lifestyle in Australia is probably better than those countries. I love HK and Singo but I am not sure I'd want to live there. But for working, most people here would not work in an iron lung and the socialist government pretty much supports the idea that, if you don't like to work, you shouldn't have to as long as there are a few who will work. And, that number is fewer and fewer.
- shell0x 5mo ago
  I could as a German but my partner has a weaker passport so I’m just waiting till she got her australian passport
  - tedk-42 5mo ago
    so you take but you don't want to give? perhaps try a different perspective of, "it's good i live in a place where we contribute for a common good"
    - shell0x 5mo ago
      Taxes are a financial loss. I preferred living in Hong Kong and Singapore and do not enjoy living here honestly, but if you treat it as payment for my+partner’s backup citizenship, it seems more justifiable.