OT: Current Affairs and Politics

[Bandwagon]

More info is filtering through..

There will be an owner occupied rate and a investor rate.

The bolded bit is f**kery at it’s finest. If I find a keeper and intend to live there forever, I can’t pay the duty up front because a predecessor in title already opted to an annual tax.

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The proposal would give home buyers the option of paying a large lump sum upfront, similar to stamp duty, or an annual property tax.

The property tax would be a fixed amount plus a rate applied to the unimproved land value of an individual property – similar to that which occurs with council rates.

Under the change, once a property is subject to the tax, subsequent owners must also pay.

The changes would only apply to those buying property. If you’re not moving home and have already paid stamp duty you will not have to pay the tax.

Under Mr Perrottet’s proposal, owner-occupied homes would be liable for lower rates on the property tax than investment properties. However, protections would also be put in place so that the property tax would not result in rent increases without a tenant’s agreement.

First home buyers, who have stamp duty concessions for properties of up to $800,000, would be given a grant of up to $25,000 to go towards the tax or home refurbishing.

The Treasurer says that, in the short term, the property tax proposal would reduce state government revenue but it is expected to be cost-neutral in the long term.

https://www.smh.com.au/politics/nsw/how-nsw-s-proposed-property-tax-would-work-20201117-p56faq.html

That's transition through accumulation, inevitably near every property becomes subject because sooner or later there'll be an owner who sees it as advantageous.

It's a poor way to do it, because it becomes complicated and creates potentially uneven playing fields. Politically it's more palatable, because you can opt out of the change should you so choose.

That being said, a land tax is far better than stamp duty, which is a shit of a tax for all kinds of reasons. So a good move for mine.

 

[Bandwagon]

Sure, but this would find its way into the price. Plus the lender would account for this extra expense in the prospective borrower's ability to repay.

Everything should even out if the rates are set "right". The discount is up front, but the issue of affordability is offset by the ongoing cost, so it really shouldn't make a great deal of difference to the actual market.

Though that's how it should work, and shit has an annoying habit of not working the way it should.

 

[Gary Gutful]

Has the swamp been drained yet?

 

[Twizzle]

https://forums.leagueunlimited.com/threads/the-official-swamp.412161/page-90

 

[84 Baby]

More info is filtering through..

There will be an owner occupied rate and a investor rate.

The bolded bit is f**kery at it’s finest. If I find a keeper and intend to live there forever, I can’t pay the duty up front because a predecessor in title already opted to an annual tax.

==============================

The proposal would give home buyers the option of paying a large lump sum upfront, similar to stamp duty, or an annual property tax.

The property tax would be a fixed amount plus a rate applied to the unimproved land value of an individual property – similar to that which occurs with council rates.

Under the change, once a property is subject to the tax, subsequent owners must also pay.

The changes would only apply to those buying property. If you’re not moving home and have already paid stamp duty you will not have to pay the tax.

Under Mr Perrottet’s proposal, owner-occupied homes would be liable for lower rates on the property tax than investment properties. However, protections would also be put in place so that the property tax would not result in rent increases without a tenant’s agreement.

First home buyers, who have stamp duty concessions for properties of up to $800,000, would be given a grant of up to $25,000 to go towards the tax or home refurbishing.

The Treasurer says that, in the short term, the property tax proposal would reduce state government revenue but it is expected to be cost-neutral in the long term.

https://www.smh.com.au/politics/nsw/how-nsw-s-proposed-property-tax-would-work-20201117-p56faq.html

Like the margin scheme then. I’d have thought a leftie like you would’ve been all for lowering the barrier to entry.

 

[Gronk]

Like the margin scheme then. I’d have thought a leftie like you would’ve been all for lowering the barrier to entry.

It’s a means to get higher and regular revenue. Smoke and mirrors.

Meanwhile in the UK, they are offering a stamp duty holiday and a free set of steak knives.

 

[Poupou Escobar]

Has the swamp been drained yet?

We'll know if Trump benefits financially from his time as president.

 

[Poupou Escobar]

Like the margin scheme then. I’d have thought a leftie like you would’ve been all for lowering the barrier to entry.

Lefties don't want new merkins getting rich, they want them to stay in their welfare suburbs placated by tolerance, online hobbies and prescription medication.

 

[I'm a loser baby...]

I'd settle for that.

 

[Poupou Escobar]

I'd settle for that.

You could also get a second job and have all that along with f**k all free time.

 

[Bandwagon]

Lefties don't want new merkins getting rich, they want them to stay in their welfare suburbs placated by tolerance, online hobbies and prescription medication.

There you go confusing Democrats with the left again

 

[Bandwagon]

We'll know if Trump benefits financially from his time as president.

"If"

Bwahahahahahahahahahahahahahahahahahahahahahahahahahahahahahaha

Good one Pou!

 

[Gary Gutful]

We'll know if Trump benefits financially from his time as president.

He has.

But that’s not the only measure of whether a swamp exists.

 

[84 Baby]

It’s a means to get higher and regular revenue. Smoke and mirrors.

More revenue for the governing body.
That’s communism 101

 

[Gronk]

More revenue for the governing body.
That’s communism 101

You can throw mud from lots of angles, however it will be interesting to see how they spin this a a great deal an equitable for all.

The most equitable of course is the abolition of these taxes in favour of a broad based consumption tax.

Others seem to think that the current proposal is on the money.

 

[Gronk]

 

[Poupou Escobar]

He has.

But that’s not the only measure of whether a swamp exists.

I'm sure I read that he's lost money.

 

[Gronk]

 

[Gary Gutful]

I'm sure I read that he's lost money.

He’s been able to significantly raise his profile and ‘brand’ and position a couple of his unqualified troglodyte children as legitimate contenders for President in 2024. I reckon he has benefitted quite nicely from the swamp.

 

[Gary Gutful]

Embarrassing.