Australian news and politics.

[Monoethnic Social Club]

FMD!!

A young relative of my wife is about to buy her first house which is a small 25 year old 2 bedroom townhouse in a block of 20....

Cost $800K...

I told her that because it's like 25+ years old there's a good chance a lot of the house's plumbing and electrical infrastructure will soon have to be replaced....

I told her she should have a $10K contingency fund in place for repairs over the next few years.

She looked at me as if I had two heads!!

Yeah your not far off 25-40 years is that sweet spot where everything goes to hell... although I reckon a lot of these new HEBEL waffle pod slab estate hellholes are going to last a lot less than that... An acquaintance bought brand new less than 5 years ago in Caroline Springs and already has cracked slab and leaking eaves....

 

[Football us life]

Yeah your not far off 25-40 years is that sweet spot where everything goes to hell... although I reckon a lot of these new HEBEL waffle pod slab estate hellholes are going to last a lot less than that... An acquaintance bought brand new less than 5 years ago in Caroline Springs and already has cracked slab and leaking eaves....

My house is 8 years old I moved in when it was brand new and the first 5 years were maintenance free but since then and I've probably spent about $10K on little things that have gone wrong....

I mean generally speaking I've been pleased with it but to be honest the new build wasn't for me it was for the wifee...

I prefer the older heritage style houses which we had before but apparently they and I quote "look too old"....

 

[Monoethnic Social Club]

My house is 8 years old I moved in when it was brand new and the first 5 years were maintenance free but since then and I've probably spent about $10K on little things that have gone wrong....

I mean generally speaking I've been pleased with it but to be honest the new build wasn't for me it was for the wifee...

I prefer the older heritage style houses which we had before but apparently they and I quote "look too old"....

You know what they say "Happy wife ... less chance of being murdered in your sleep".

 

[Football us life]

You know what they say "Happy wife ... less chance of being murdered in your sleep".

During the new house build, the builder guided us through the design process with the help of a interior designer to help bridge the gap between his standard options and 'our' personal vision....

This option added about 5K to the total cost. The missus went to the tile place 3 times before picking 'her' floor tiles.

6 months later she's looking at the floor tiles which run throughout the house, kitchen and bathrooms and said...."These floor tiles don't really go with this house...."

 

[patjennings]

Didn't listen to Taylor's reply - just saw the news so correct me if I'm wrong or not nuanced enough. He said he would return bracket creep each year. So if inflation was 2% the brackets go up by 2%. Equally if inflation was 7% the brackets would go up 7%.

With such a pro-cyclical approach I'm sure the RBA wouldn't raise interest rates.

 

[Alex M]

[

Is there an annual tax free threshold for this? Germany allows the first 1000€ per year of capital gains to be tax free then the 70% of the gain is taxed at 25%.

Yes its equal to the inflation rate. Pretty much how it worked for the first 15 years of it's existance.

 

[Keeper66]

Yes its equal to the inflation rate. Pretty much how it worked for the first 15 years of it's existance.

I think what you are saying is that the cost base gets adjusted upward each year by the CPI (inflation rate). A capital gain only occurs when you sell, and capital gain equals selling price minus adjusted cost base. I think what JS96 is asking is after you have made a capital gain (by selling an asset), is there a part of that capital gain that is untaxed because of a tax-free threshold. For example, if you made a capital gain of $10,000 and there is a $1000 tax-free threshold for capital gains, you would only pay capital gains tax on $9000.

As far as I am aware, there was nothing in the budget suggesting that there would be a tax-free threshold for capital gains, rather that all capital gains would be taxed at a taxpayers marginal rate or 30%, whichever is higher.

 

[patjennings]

I think what you are saying is that the cost base gets adjusted upward each year by the CPI (inflation rate). A capital gain only occurs when you sell, and capital gain equals selling price minus adjusted cost base. I think what JS96 is asking is after you have made a capital gain (by selling an asset), is there a part of that capital gain that is untaxed because of a tax-free threshold. For example, if you made a capital gain of $10,000 and there is a $1000 tax-free threshold for capital gains, you would only pay capital gains tax on $9000.

As far as I am aware, there was nothing in the budget suggesting that there would be a tax-free threshold for capital gains, rather that all capital gains would be taxed at a taxpayers marginal rate or 30%, whichever is higher.

That sounds right to me - but Alex is also right in that that is how it worked when introduced until those who introduced the 'intergenerational report' also decided how to create the problem.

 

[Sharkman84]

Budget opens door for intriguing comeback from Coalition

As the Government is accused of class warfare, the Opposition intends to turn tax increases on landlords, the middle class and trust into a major political fight.

thenightly.com.au

 

[Alex M]

I think what you are saying is that the cost base gets adjusted upward each year by the CPI (inflation rate). A capital gain only occurs when you sell, and capital gain equals selling price minus adjusted cost base. I think what JS96 is asking is after you have made a capital gain (by selling an asset), is there a part of that capital gain that is untaxed because of a tax-free threshold. For example, if you made a capital gain of $10,000 and there is a $1000 tax-free threshold for capital gains, you would only pay capital gains tax on $9000.

As far as I am aware, there was nothing in the budget suggesting that there would be a tax-free threshold for capital gains, rather that all capital gains would be taxed at a taxpayers marginal rate or 30%, whichever is higher.

It still operates as a tax free threshold. The system it replaced had a tax free threshold of 50% provided the asset was held for a minimum 12 months without an adjustment to the cost base. In the system replacing it the inflationary adjustment to the cost base acts as the tax free threshold. For example if you buy an asset for $100, sell it two years later for $200 and the inflation rate was 5% each year the new cost base is 110.25 so $10.25 is tax free and the rest ($89.75) is taxed at a minimum of 30% and can be more if you are on a higher marginal tax rate. I guess it comes down to what you regard as a tax free threshold.

 

[patjennings]

Budget opens door for intriguing comeback from Coalition

As the Government is accused of class warfare, the Opposition intends to turn tax increases on landlords, the middle class and trust into a major political fight.

thenightly.com.au

I would argue the other way. His dog whistling will make may urban centres where huge Chinese and Indian (and others) diaspora live as permanent residents not on the electoral roll will be convinced to become citizens and ensure that the LNP will continue to struggle in the cities and at the same time protect some ALP seats against One Nation.

 

[Football us life]

I would argue the other way. His dog whistling will make may urban centres where huge Chinese and Indian (and others) diaspora live as permanent residents not on the electoral roll will be convinced to become citizens and ensure that the LNP will continue to struggle in the cities and at the same time protect some ALP seats against One Nation.

I agree with much of that. But I think that the ALP will continue to own inner city suburbia and heavy multicultural outer suburbia regardless whilst the more Anglo-Saxon outer suburbs and many regional centres are set to become One Nation home ground. The Greens of course will still be popular amongst many of the hipster districts but not enough to win much in the way if seats.

The Teals will own the higher socio-economic inner city districts.

I don't think the Liberal Party will win much, if anything, anywhere. The National Party would be better off on their own and might take just keep their dyed-in-the-wool (no pun intended) country areas....

The Liberals are effectively dead in the arse!!

 

[patjennings]

I disagree about the Nationals. They haven't delivered for the regions as the junior partner.

So basically paving the way for One Nation to become the formal opposition and alternative govt as the nationals will be destroyed in the regions and the libs lose more (or at the very least do not win any ) inner city seats. Why sign your own death warrant like that?

 

[Sharkman84]

I would argue the other way. His dog whistling will make may urban centres where huge Chinese and Indian (and others) diaspora live as permanent residents not on the electoral roll will be convinced to become citizens and ensure that the LNP will continue to struggle in the cities and at the same time protect some ALP seats against One Nation.

Of course you'd think that you're clearly a Labor stooge.

Personally the country is permanently fucked, destined to become a one party communist state, something Redditors and all the lefties on here want.

 

[patjennings]

Personally the country is permanently fucked, destined to become a one party communist state, something Redditors and all the lefties on here want.

The point is it doesn't need to be. The coalition parties moved - their base didn't.

The ALP just moved right to occupy the place vacated and the Greens and One Nation will end up nibbling away at the ALP as well.

Australia is at heart a conservative country. People don't want change - they just want food on the table and the governmnet out if their hair.
When a party is more concerned about fighting 'culture wars' they become irrelevant. Remember the KISS principle - or as the old Dem strategist used to say - 'It's the economy, stupid'.

 

[Sharkman84]

The point is it doesn't need to be. The coalition parties moved - their base didn't.

The ALP just moved right to occupy the place vacated and the Greens and One Nation will end up nibbling away at the ALP as well.

Australia is at heart a conservative country. People don't want change - they just want food on the table and the governmnet out if their hair.
When a party is more concerned about fighting 'culture wars' they become irrelevant. Remember the KISS principle - or as the old Dem strategist used to say - 'It's the economy, stupid'.

ALP moved right rofl, you do know an old communist is the Prime Minister right?

If you all said is true, the country is gone forever, it's done. it's destined to become a one party communist state.

 

[Football us life]

At risk of being called a 'Labor Stooge' I don't particularly think they've done all that much wrong.....

Under ths Labor Government, Australia achieved its first consecutive budget surpluses in 15 years while maintaining historically low unemployment. Their targeted cost-of-living relief, including restructured tax cuts, helped cushion households from global inflation pressures without tipping the economy into a formal recession....

Prime Minister Anthony Albanese remains resilient, consistently outpolling alternative leaders as preferred Prime Minister and keeping Labor structurally competitive with a steady two-party preferred lead..

Nit sure that well see anything other than a Labor Government for at least another 5 years or more.

 

[patjennings]

ALP moved right rofl, you do know an old communist is the Prime Minister right?

If you all said is true, the country is gone forever, it's done. it's destined to become a one party communist state.

To call Albanese a old communist is basically saying people are stuck in time. He is now a pragmatic neo-liberal. He is probably closer to a moderate liberal. To be honest the closest in the Liberal Party to Albanese is probably the guy who lost Menzies, Keith Wolohan. Both from diametrically opposed viewpoints - but both about getting things done instead of playing culture wars.

Look him up - that's where the Liberal Party should be.

 

[Sharkman84]

To call Albanese a old communist is basically saying people are stuck in time. He is now a pragmatic neo-liberal. He is probably closer to a moderate liberal. To be honest the closest in the Liberal Party to Albanese is probably the guy who lost Menzies, Keith Wolohan. Both from diametrically opposed viewpoints - but both about getting things done instead of playing culture wars.

Look him up - that's where the Liberal Party should be.

Spoken like a true dyed in the wool Labor stooge.

 

[Football us life]

To call Albanese a old communist is basically saying people are stuck in time. He is now a pragmatic neo-liberal. He is probably closer to a moderate liberal. To be honest the closest in the Liberal Party to Albanese is probably the guy who lost Menzies, Keith Wolohan. Both from diametrically opposed viewpoints - but both about getting things done instead of playing culture wars.

Look him up - that's where the Liberal Party should be.

Yep. Albo is slightly more to the centre than Malcolm Turnbull....