23fm

Coming up a non stop block of classic rock

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@WorkTheCloudOz @DaveMilbo Freedom is the only way, yeah

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@WillDowningComm Baby don’t hurt me

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@blowingtom2 He sounds like a fun guy.

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@angie_rasmussen Girl you know it’s true

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@TaxPawspective @jason_king72 Dividend access share puts interest deductibility at risk.

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@GavinBrx @alex_mangov Why are they selling if they are not buying a house yet?

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@TheRealDavey2 Show the numbers under the current arrangement. It’s not much of a change.

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@rabbit_wealth Under the current (Liberal) system ~ $275k loss.

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@Nobody_But_M3

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@linzcom @AvidCommentator But that is not grandfathering. You can do that with any property bought after budget. For example, I can buy an existing residential property on 1 July 2027 and then borrow against it to buy shares. And the interest is fully deductible.

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@linzcom So you can negatively gear any investment purchased after budget date going forward except existing residential. It doesn’t matter what security is used to fund the borrowing.

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@linzcom Yes. But as you say in your flow chart, if the funds are used to purchase an existing residential property, the losses on that property (including interest) are quarantined.

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@HarryFromSyd @SwingRequired Or net assets less than $6m.

And sales of retail fuel excluded from turnover.

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@Tradermayne He’s not evading tax as there was no tax anyway if he sold in Australia. Jerz later revealed important fact that crypto holder was a temporary resident, not an Aussie citizen, and wouldn’t have paid any CGT. He didn’t need to move overseas.

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@cameron_muncey @MildCuthbert Too old? If only they were younger. Seventeen oh, oh.

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@taipan168 Income Tax Rates Act 1986 (Cth) sch 7 cl 2, which prescribes the averaging mechanism applicable where a taxpayer’s taxable income includes a “special income component” says it is correct.

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@taipan168 But only on the portion above $190k, which is only a very small part of the gain. Average tax rate on $200k income is 28%, which is the rate the whole gain would be taxed at.

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@taipan168 It is how CGT worked pre 1999.

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@GeoffWilsonWAM @mrr78504 If you are talking about a business, then small business CGT concessions could currently, and probably could still under the changes, reduce the tax to zero.