Treasurer Jim Chalmers handed down the 2026 budget Tuesday night which seems to be aimed at the top echelon of taxpayers.
But it offered no tax relief for teetering pay as you earn employees and no mention of relief for superannuation weekly payments for employers who are under extreme duress from Labor’s excessive-spending economy and unprecedented high fuel prices.
Housing tax has been overhauled with mum and dad investors probably forced to divest their negatively-geared investments over the next few years which Chalmers thinks will provide another 35,000 homes available for first home buyers.
We asked People First spokesman Gerard Rennick who is well qualified to speak about taxation and budgets. He has a Master of Taxation Law from the University of Sydney, is a Master of Applied Finance and a Certified Practising Accountant.
This is what he said:
“The budget failed to deliver significant income tax cuts to offset bracket creep that is devasting family budgets as a result of high inflation. While I can live with removing the CGT discount, the extra tax revenue from that measure should have been used to offset income tax rather than remove negative gearing. Negative gearing is more effective (I’m not a fan of it because you have to spend a $1 to get 47 cents back) when income tax rates are high. If tax rates were lowered, then negative gearing would be become a more much ineffective tax strategy.
“Immigration is forecast to be 2 million over the next two terms of Parliament which is still too high. Debt levels are forecast to increase which reflects on Chalmers inability to control government spending.”
The budget did NOT address the legal framework around these changes they’ve created uncertainty for families, SMe’s and investors as the legislation is retrospective and appears to remove all pre-1985 legal protections, Australia has become a sovereign risk where where governments can’t be trusted.
I think it was too simplistic to just target CGT and negative gearing as a solution mainly for first home buyers.
The Real Estate Industry has Agents that get their percentage cut based on the value of the property sold. The higher the sale price, the more they get.
Property Managers get their percentage cut based on the value of the property rented. The higher the rent, the more they get.
There’s incentive right there to push, push and push.
Then there’s Buyer’s Agents and investor mates who get first dibs as property’s come to market before they come to the public square.
The first home owner doesn’t stand a chance.
Never did.
Lack of supply can still be controlled if the Agents are controlled.
They should not get a percentage, they should get a fixed rate whether it’s a 3 million dollar house or a $400K house.
If they don’t like it, cry me a river.
The Capital Gains Tax discount was the icing on the cake for a Mum and Dad investor but if the property was rented and earning an income, a CGT discount was just the icing. They can still continue to rent the property but not expect such a windfall when they sell.
Then there is the question as to who would want to be a ‘landlord’ with poor support from the Governing Agencies when things go wrong, when renters stop paying, when renters wreck a place. The way it is at the moment, Mum and Dad investors going into retirement are likely to not be bothered with the dramas anyway.
They could have set the parameters as no CGT discount for a third property and anything after that. Mum and Dad investors might have just wanted one for some income.
The other issue is that Mum and Dad investors were likely going to sell their second property anyway because as they went into retirement that second property, once valued around $300K was now valued so high that it knocked them out of the pension. Could be a reason why Government was happy with the rising price of property.
As far as immigrants go, just do what they do/did in NZ. Immigrants can’t buy property unless a few million invested in the Country first and the property has to be one of the more expensive ones. While that is an open door for the Globalist scum setting up shop in NZ, it still protects the average kiwi from competition.
Housing is such a big issue, that just knocking out CGT and negative gearing still kicks the can down the road.
Who is able to check and verify the REAL income of the Government..???
The answer is……..???
NO-ONE..!!!
There’s always a misdirection tactic used when it comes to scrutinising the Government…
We the people (like sheep) are always ushered down a shoot that leads to the corral before we are fleeced…
‘They’ (the Yew know Hew) have always had the control points covered… (especially when it concerns money)
The MAIN control point is the incoming tax revenue…
There are millions of monthly inputs that we cannot review or scrutinise..
We only get to see what ‘They’ want us to see…
‘They’ tell us that so many billions get collected and then ‘They’ tell us where it’s being spent…
Don’t forget that ‘They’ are VERY dishonest ..
I have NO DOUBT that there would be billions upon billions of MORE income taxes flowing into the Australian coffers than we are allowed to see…
There is NO WAY of checking that the amount of money is the correct amount…
After all.. ‘We’ are a Corporation now.
So while the misdirection has our eyes on ‘Their Total Income’ and ‘Their’ Total Expenditure’ no-one has the ability to scrutinise the TRUE INCOME…
Nobody…
There would be money channeling out like a spider’s web over to and through overseas corporate channels..
A multi backdoor funneling system…
So until ‘We’ are able to see the TRUE INCOME…there is no use in complaining about ‘Their’ spending programs is there.
Think about that…
Let it sink in…
This ‘Budget’ debate is futile..
It’s misdirection.
Where is the MONEY..???
AND..
If anyone one of us were to find out a way of stopping ‘Their’ money magic.. ‘They’ would kill us..
That’s how it is…
So my best suggestion is to refine our way of ‘Duck and Weave’..
Complaining about ‘Their’ system only causes us to live in ‘Their’ world of having bleating sheep walking around in ‘Their’ corral.
I must add..
‘Their’ spirit is not of this world… But it seems that most people cannot come to terms with that fact.
‘They’ number about 8 million is my guess…
If our planet totals 8 billion then we outnumber them a thousand to one..
You want to pray that the ‘Wheat and Chaff’ thing happens soon coz things seems to be coming to a point …
We would not miss 8 million bits of chaff one little bit.
Now I know I’m going off topic here but…
From what I have been told is that ‘They’ get recycled through and by the energies of the Second Sun ( which I know you don’t believe in or realise) .
‘They’ fear this upcoming event. (and so ‘They’ should)
2030 is the peak of ‘Their’ fear… And July 2033 is ‘Their’ deadline.. and I mean DEAD.
THEY KNOW THIS FACT.!!!
One of ‘Their’ MAGIC TRICKS is to put a positive spin on ‘Their’ upcoming demise.. ( besides ‘Their’ underground cities etc) is..
“The Sheva Brachot is a seven-day celebration following a Jewish wedding”..
The Second Sun’s 7 year window of effect is called “The Wedding Ceremony”
Where our Sun is the Bride and the Second Sun is the Bridegroom… (it’s even written in the Bible)
But the effects on our bodies is that our personal Soul marries with our ‘Divine Soul’ during this time and having negative thoughts and emotions makes it more difficult to happen… Your negative thoughts will be magnified.. (and you don’t want that)
So …
The Second Sun has a 7 year window of effect on the Solar System…
And the 7 years starts in July this year and ends by July 2033… So by 2034 all will be sorted..
So…
“Go placidly amid the noise and the haste, and remember what peace there may be in silence.” (is good advice)
And remember to duck and weave….
Don’t blame me I didn’t vote Labor but I wouldn’t vote LNP either because when Labor are eventually voted out ,the LNP will be just as bad because they will raise taxes to pay for everything Labor squandered our taxes on so nothing will change financially for us until we vote in a working class person to run Australia for all of us Australians instead of the rest of the world .
Quiet Observer said – “… Perhaps if the government looked after its OWN people, the ones who keep them in power, that would solve a lot of problems…”
.
Well there’s the crux of the matter, the source of ALL our problems. Because we DON’T keep them in power, they don’t NEED us for anything at all because they neither work for us nor answer to us.
They work for the CORPORATION, folks, the foreign-owned COMMONWEALTH OF AUSTRALIA CORPORATION (all capitals, folks, that’s important) registered in Washington DC on the other side of the world.
And guess what? You are neither a shareholder nor a stakeholder, and your “votes” mean JACK SHIT, because you don’t actually HAVE any voting rights in the CORPORATION.
.
Surprise.
.
And FWIW, the fake foreign-owned CORPORATE “government” DOES INDEED look after the “ones who keep them in power”, the problem is that’s NOT US. And the “ones who keep them in power” happen to want all of us Useless Eaters OFF THEIR LAND.
.
Surprise.
.
So don’t be telling me about any BS “budget”. Budget Smudget. Wall-to-wall BS as usual, as relevant and meaningful and helpful to the common folk as dog shit in a Pavlova.
How about telling us all when we get to string every last one of these craven Treasonous mongrel arsehole bastards up?
Oh, wait, no need, because Mr. Rope and Mr. Lamp Post are scheduled to ride into town in about five or six years time.
And of course, they’ll manage everything with meticulous attention to making everything all nice and legal like, and everything will be done only in the best possible taste.
Perhaps if the government stopped sending our money overseas to finance wars that have nothing to do with us (except our bio lab(s) ) in Ukraine I believe. Correct me if I am wrong. Maybe that’s why we hate the Russians. I can’t think of any other reason. If it wasn’t for the Russians, we would be speaking German now. (Bet that’s not taught in school)
Nothing is secret today. It will eventually all come out as it is again with Watergate.
And if the government got out of the real estate business by competing against Australians so they have housing for the people they bring in, that would help to keep prices down. Thats the people’s money Mr. Albanese and Mr. whatshisname in the Opposition.
Does anyone know what happens to the new arrivals or where they live?
They are not living on the streets. Are we putting them into hotels and paying $200 per night for them like in the UK?
Perhaps if the government looked after its OWN people, the ones who keep them in power, that would solve a lot of problems. Too many people whinging because they feel disenfranchised or their feelings are hurt, and massive police protection needed and new laws enacted when their loyalty really is to elsewhere. And we pay for it.
A review of all the charities would save billions. Too many serve overseas interests, and when listed, there are pages of them. (That comment will get a reaction).
And the houses the government is going to build are going to be an excuse for a house. Cheap and nasty. Just pushing the can down the road. Thats confidence for you.
I am sure all this brilliance will floor them. And the only degree I have is the ability to think laterally.
Might go now and wash out some socks.
I’m not pedantic, I’m just writing for anyone who doesn’t know. Also, I don’t normally defend baby boomers, but at the moment they’re trying to fund their retirement, the old way of collecting bank interest has been sabotaged and no longer works at all.
The house price crisis is because the government has over-regulated and half the price of a house is regulation. There are all sorts of green energy ideas built into houses and you are supposed to hire “professionals” to work out all the junk involved. It should be common sense by now to put insulation in the ceiling and things like that. Instead of cutting the red tape and deleting the green tape the ALP is trying to divide the baby-boomers from the young Gen Z whose WAGES have been cut in half along with their JOB PROSPECTS, this has been done by the UnaParty governments. They have also been selling DUD university degrees.
Now on the side of rentals, personally I did not buy a house until late 30’s, I was moving around and always rented. Malcolm Turnbull also rented. It’s a good deal if you get a good landlord, why ? Renting a house is like selling it by the slice. I would (probably) never rent the house I’m in now, the overheads are huge. Body corporate nearly $8000 per year, much of which is effectively stolen. Water drainage about $1500 and council rates probably over $2000 this year. Plumber and electrician bills about $300 per hour. If I get $600 pw rent the income tax takes 1/3 and the overheads take about half. The rest goes to depreciation, if the house costs $500k to replace and lasts 100 years it loses $5k per year, that’s $100 per week. After 100 years it gets bulldozed.
You see houses were not “there forever”, they were built and paid for by the old people. They cost maintenance and they have a finite lifetime. The only way to make any money is if you sell for a profit, then the government wants capital gains tax even though there is no capital gain when you adjust for inflation. If you just bought gold you would have the same money in the end. A good way to make money on houses is buy cheap and sell expensive, and pretend there is no depreciation. Things come back into fashion after 60 years. So buy a LOW MAINTENANCE house that’s 30 years old, rent it for 30 years then paint it and sell it when the market is up. That’s the only way. The rest is in your imagination.
[…] Source link […]
Keating, Swanny and Dim Jim, that’s our ALP brains trust, taking orders from the Globalists and trying to save their sorry asses. Out of sheer desperation they are winding back their hopeless NDIS, the rest of it is a waste of time. Why bother
MAGA = Make Albaneez Go Away