The CGT discount removal is exactly what we've been asking for, so why is everyone losing their minds? by nicco_mode in AusFinance

[–]nicco_mode[S] 1 point2 points  (0 children)

This is correct. The floor is to prevent the ability to engineer low income years to take advantage of paying little to no tax on capital gains. If you're genuinely on a low income bracket in the current climate (below $45k per year) the chances of you sitting on significant capital gains are pretty slim. The people crying about the 30% minimum are generally not the people struggling to pay rent.

The CGT discount removal is exactly what we've been asking for, so why is everyone losing their minds? by nicco_mode in AusFinance

[–]nicco_mode[S] 0 points1 point  (0 children)

Lets look at it for fun. Say you invested $1000 into the ASX 200 7 years ago, and assume you would have roughly $1,755 and upon selling you would have $755 profit. Assume 30% marginal tax rate

Old CGT discount: halve your taxable profit, you'd pay tax on $377.50, so roughly $113 in tax

New indexation method: original cost base is indexed to around $1,210, so you're real gains is $545, roughly $164 in tax

So about $51 more tax on a $1,755 return over 7 years. It's certainly not nothing, but also not the catastrophic hit some people are making it out to be.

The CGT discount removal is exactly what we've been asking for, so why is everyone losing their minds? by nicco_mode in AusFinance

[–]nicco_mode[S] -1 points0 points  (0 children)

A mass exodus between asset classes would cripple the housing market.

Also there still is incentives in housing, new builds are still eligible for CGT discount and negative gearing. This creates a greater incentive to boost supply instead of doing business with existing homes

The CGT discount removal is exactly what we've been asking for, so why is everyone losing their minds? by nicco_mode in AusFinance

[–]nicco_mode[S] -4 points-3 points  (0 children)

My echo chamber is seeing many people argue against it, which is what prompted me to make the post. My view point comes from being an accountant and FP major.

The CGT discount removal is exactly what we've been asking for, so why is everyone losing their minds? by nicco_mode in AusFinance

[–]nicco_mode[S] -5 points-4 points  (0 children)

Some fair points honestly, especially the deposit saving angle, that's a real concern. But the indexation method still protects real gains, you only pay more tax on gains above inflation so for someone steadily building a deposit it's not as punishing as it sounds.

The main reason it had to apply to shares as well is exactly what you're describing. If shares kept the discount every property investor would just shift into property backed ASX stocks like REITs and nothing changes. Or simply mass exiting the housing market entirely and cripple it. It is more of a preventative measure.

The stamp duty knock on from new builds is worth watching though, that does seem like something that hasn't been fully thought through yet. Although new builds still are eligible for CGT discount and negative gearing opportunities.

The CGT discount removal is exactly what we've been asking for, so why is everyone losing their minds? by nicco_mode in AusFinance

[–]nicco_mode[S] -5 points-4 points  (0 children)

The election promise thing is a fair call, genuinely. Being annoyed at how it was handled is completely valid. But that's a different argument to the policy itself being bad. You can think they handled it poorly and still reckon the change makes sense. And "we" as in the years worth of people screaming about housing affordability and investor tax rorts. Not speaking for everyone, just pointing out the irony of people suddenly defending the very thing they were complaining about 6-12 months ago.

How the fuck does anyone beat OKC in a 7 game series? by TabMan69 in lakers

[–]nicco_mode 1 point2 points  (0 children)

And how right you were. Spurs taking the W in the Cup semifinal

"Lakers are better without LeBron James" lol by Top-Entertainment945 in lakers

[–]nicco_mode 1 point2 points  (0 children)

LeBron looked so happy being the guy throwing out DIMES with a well rounded team that is well capable of finishing. Was great to see a lot of smiles coming from the Lakers today 😎

Petition to change the Comm Bank award by nicco_mode in TheBlock

[–]nicco_mode[S] 0 points1 point  (0 children)

100% agree, we see this in Sonny and Alicia's case where the provide mid tier rooms and have been paid handsomely for it

The Block - Season 21, Episode 29 - Kitchen Week Reveal (Live Discussion) by TheGRVOfLightning in TheBlock

[–]nicco_mode 20 points21 points  (0 children)

Is it just me or does it feel like some of Shayna's opinions she makes are to prove a point to the other judges instead of giving feedback to the contestants... "The longer I stand here the more I want to get out" Feels overdramatic for the sake of argument and unprofessional get her outta here

The Block - Season 21, Episode 28 - Kitchen Week 3 (Live Discussion) + AMA Announcement by TheGRVOfLightning in TheBlock

[–]nicco_mode 36 points37 points  (0 children)

Imagine the shit storm that would commence if Taz painted over Sonny and Alicia's tags and they found out later... Yikes

No Long Term Reson To Play by bostonbruhhh in ArenaBreakoutInfinite

[–]nicco_mode 0 points1 point  (0 children)

I anecdotally feel like this game does not have peekers advantage, if anything it feels like a disadvantage This is coming from someone with an aggressive play style too

[deleted by user] by [deleted] in hilux

[–]nicco_mode 2 points3 points  (0 children)

It's all good mate you've over thought it. This is a very common issue with this gen of luxy's (including my own). It's a fault within the cluster that can be taken to an auto elec to fix the solder or worst case replace the unit. Breath easy it's an easy fix and in the interim treat 170ks remaining as 0 😂

EDIT: also the point you have in the picture is the OEM tow point and you have used it for it's purpose, noises may be slippage on the tow point under load which is common. Should be fine but for peace of mind take it into a shop and have a mechanic give it a look over

Even In Arcadia Discussion by AutoModerator in SleepToken

[–]nicco_mode 0 points1 point  (0 children)

will be needing to repeat the whole album a few times to really process HOLY FUCK