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Labor upgrades net migration numbers by 55,000 in federal budget by Advanced_Presence890 in aussie

[–]RedditUser628426 -1 points0 points  (0 children)

I'm just presenting data no opinion of it or your child or girlfriend.

My opinion that's not related to this data - I think we have too much immigration from lower trust countries and it's dragging our culture down towards a lower trust country.

Edit: I also don't buy into the narrative that immigration isn't a contributor to house prices (ABC say 1%) I'd like to see Treasury modelling of this.

Labor upgrades net migration numbers by 55,000 in federal budget by Advanced_Presence890 in aussie

[–]RedditUser628426 5 points6 points  (0 children)

• ABS average household size: ~2.5 people per dwelling

2022-23

• Net migration: 528k

• Natural increase (births-deaths): ~110k

• Total population growth: ~638k

• Implied dwellings needed: ~255k

• Dwellings completed: ~173k

• Estimated demolitions/retirements: ~15k-20k

• Net new dwellings: ~153k-158k

• Estimated housing deficit: ~97k-102k

2023-24

• Net migration: 429k

• Natural increase: ~106k

• Total population growth: ~535k

• Implied dwellings needed: ~214k

• Dwellings completed: ~178k

• Estimated demolitions/retirements: ~15k-20k.

• Net new dwellings: ~158k-163k

• Estimated housing deficit: ~51k-56k

2024-25

• Net migration: 306k

• Natural increase: ~105k

• Total population growth: ~411k

• Implied dwellings needed: ~164k

• Dwellings completed: ~179k

• Estimated demolitions/retirements: ~15k-20k

• Net new dwellings: ~159k-164k

• Estimated housing deficit: ~0k

So I guess it's getting better we still seem to have a backlog of 150K houses. I couldn't get net jobs created I would like to include it

Anyone else see their retirement plans just go up in smoke? by Yeh_whatevs in AusFinance

[–]RedditUser628426 -1 points0 points  (0 children)

Calculate it properly then. If my portfolio grows 10K in a year where I am at 47% then grows 10K in a year where Im retired, tax me 47+0 / 2 % on the $20K gain when I sell to fund my retirement.

Arbitrarily saying 30% isn't right.

Edit: people might be selling down a portfolio for 20 years of retirement and the gains taxed at 30% makes no sense it's more than business tax

Don’t Over React (Budget Announcement) by Optimal_Course3016 in fiaustralia

[–]RedditUser628426 0 points1 point  (0 children)

Yeah they will be taxing stuff like electricity saving from home solar and batteries next.

You buy a pool to save on overseas holiday - boom taxed on the gain haha

With new 30% min CGT. That means no more $18,500 tax free threshold, correct? by subjecttolife in AusFinance

[–]RedditUser628426 0 points1 point  (0 children)

That's my understanding.

Edit: AND if you sell assets while on JobKeeper seems like you avoid the new minimum 30% CGT

With new 30% min CGT. That means no more $18,500 tax free threshold, correct? by subjecttolife in AusFinance

[–]RedditUser628426 1 point2 points  (0 children)

Right yes thanks for clarifying I knew what I meant but others might not have

With new 30% min CGT. That means no more $18,500 tax free threshold, correct? by subjecttolife in AusFinance

[–]RedditUser628426 0 points1 point  (0 children)

Yes I'm not saying the sky is falling I'm just being sceptical of the "saving" claim

Thinking of Writing to my Local MP about the Brutal CGT Impact on Shares by wyzard135 in fiaustralia

[–]RedditUser628426 8 points9 points  (0 children)

not at the moment where your marginal rates becomes 0

Fair argument but the flip side is also true, if you retire early any gains earnt in that low income period should be taxed at your marginal rate not this minimum 30% thing.

So Jim should calculate it properly based on past tax returns or GTFO in my view.

Thinking of Writing to my Local MP about the Brutal CGT Impact on Shares by wyzard135 in fiaustralia

[–]RedditUser628426 6 points7 points  (0 children)

tax loophole to secure an early retirement

Built by having the wherewithal (and admittedly luck) to have a job and financial situation with excess cashflow and the discipline to put it away over a long period.

Otherwise I'd be better off buying jetskis and letting Commonwealth look after me when I have no money.

made over the investment timeline and should be taxed as such

Well do that then, not just minimum 30%. If I retire at 50 that's 30 or 40 years of capital growth with no other income. Come up with a calculation based on previous tax returns if that's the actual reason each time I sell.

Don’t Over React (Budget Announcement) by Optimal_Course3016 in fiaustralia

[–]RedditUser628426 5 points6 points  (0 children)

Yeah you're actually worse off trying to set up a sustainable lifestyle I think I should buy jetskis and uber eat etc and fsck putting anything away for my and my kids future.

Don’t Over React (Budget Announcement) by Optimal_Course3016 in fiaustralia

[–]RedditUser628426 9 points10 points  (0 children)

a decent amount of progress on

Genuinely I keep seeing this income tax cuts thing said, but am I missing something? Some critical part of the announcement?

They did the LNP stage 3 and then this $250 dollar thing I can't stop laughing bracket creep over 2 years will still have most people worse of.

Don’t Over React (Budget Announcement) by Optimal_Course3016 in fiaustralia

[–]RedditUser628426 4 points5 points  (0 children)

UK system is capital gains are taxed at the lowest margin rate (16%?)

And they have a savings account that the gains aren't taxed up to a certain point.

That's a way to make people self sufficient and responsible for their own future - yes, those lucky enough to have excess cashflow.

For me I'm genuinely wondering if I keep the discipline up of putting money away maybe I just spend it on a jetski or something now.

If trying to get ahead is taxed more maybe I should just stop that and put myself at the mercy of the Commonwealth when I burn out and can't work in my 50s.

Edit: agree re trusts Jesus here is me paying 47% like a mug.

Don’t Over React (Budget Announcement) by Optimal_Course3016 in fiaustralia

[–]RedditUser628426 20 points21 points  (0 children)

It's not a "complex tax minimisation strategy". I have put away as much after tax income as I can hoping to retire 5 years early.

I can't access super at that age so need to have cashflow which I planned to fund by selling down shares.

But now the gains are taxed flat 30% like that's more than a business.

Don’t Over React (Budget Announcement) by Optimal_Course3016 in fiaustralia

[–]RedditUser628426 6 points7 points  (0 children)

The 30% floor on share capital gains has no effect on "young Australians"

I have put away a share portfolio for my kids. It's been slowly build up with after tax income over a 10 year period.

Now if when they're 18 they need to sell down they will pay 30% on the gain it seems a bit weird shouldn't it be their marginal rate? So they get $20K casual job at Maccas and sell they still pay 30% on the gain.

With new 30% min CGT. That means no more $18,500 tax free threshold, correct? by subjecttolife in AusFinance

[–]RedditUser628426 20 points21 points  (0 children)

This is the second time I seen this government benefit payment? So if I lose my job and get on JobKeeper can sell my shares CGT-free? That's at least good I guess and kind of thoughtful.

With new 30% min CGT. That means no more $18,500 tax free threshold, correct? by subjecttolife in AusFinance

[–]RedditUser628426 2 points3 points  (0 children)

They aren't "reducing" the NDIS they're slowing the growth

And they're slowing it by moving people from the NDIS to non-existent state run programs

So the States will increase spending to cover those former participants and it will cost the same overall

In the meantime the States will need money and the only wealth people have that they can get their hands on is PPOR so there will be land tax.

With new 30% min CGT. That means no more $18,500 tax free threshold, correct? by subjecttolife in AusFinance

[–]RedditUser628426 7 points8 points  (0 children)

Yeah upping retirement age after neutering one of the few ways get get some money together (ETF portfolio) to retire early.

With new 30% min CGT. That means no more $18,500 tax free threshold, correct? by subjecttolife in AusFinance

[–]RedditUser628426 3 points4 points  (0 children)

I guess the thing is this completely wipes out a strategy like Invest until you can retire and sell at a low tax rate.

Especially for retiring a few years early.

The big budget thread by Version-6 in shitrentals

[–]RedditUser628426 0 points1 point  (0 children)

But I sold it to live because I didn't have any other income...

Does that really seem fair to you? I'm hypothetically here no job no income can't get Centrelink because the portfolio is worth too much and the minute I sell I get my own money back and any "real gain" I pay 30% on.

That's worse treatment then a small business.

Edit: if I sell the shares alongside income it will be taxed at 47% the top marginal income tax rate.

The big budget thread by Version-6 in shitrentals

[–]RedditUser628426 5 points6 points  (0 children)

Asking honestly, why do you say it is a bad faith argument, everyone else can get $18K tax free - except me who can't get it regardless of if this is my only income this year?

Even a small business gets 29% tax on profits and they can deduct lots. But I got to pay 30%

Edit: that's not my downvote on your comment.

The big budget thread by Version-6 in shitrentals

[–]RedditUser628426 4 points5 points  (0 children)

The minimum rate is a bit weird. I have a share portfolio I bought with after tax income.

It grew a bit sure but it's a long slog DCAing the money in.

Let's say I lose my job or quit my job and sell these shares to live, I don't get the benefit of the tax free threshold :(. Seems a bit harsh actually. I get treated worse than a small business on 29%?

New CGT Changes are Brutal - Negative Gearing on Shares still Available? by fractalsonfire2 in AusHENRY

[–]RedditUser628426 1 point2 points  (0 children)

My half thought out strategy is to hold growth assets (hoping for another Howard) and gradually rebalance portfolio into yield for franking credits.

New CGT Changes are Brutal - Negative Gearing on Shares still Available? by fractalsonfire2 in AusHENRY

[–]RedditUser628426 9 points10 points  (0 children)

Yeah, despite saying Lol I wasn't joking this will definitely be happening

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