Victoria - taxes to go up.

[Bobby]

https://www.theage.com.au/national/vict ... 51qxz.html


Taxes to go up under Dirty Dan.

Property sales freefall blows $5.2 billion hole in Victoria's budget


A $5.2 billion hole blasted in the state budget by the real estate downturn has forced the Andrews Labor government to launch a tax raid on property owners, gold-miners and luxury car buyers to help make ends meet.

The government says stamp duty revenue will collapse by an average of $1.3 billion a year for the next four years, the worst such result in Victoria’s history, dwarfing the losses seen during the global financial crisis.

Treasury predicts the total shortfall over the four-year budget projection period will be $5.2 billion.

Up-market car buyers will be hit for $260 million over four years with an increase the duty on new and second-hand luxury motors worth more than $100,000, with the tax hike to be phased in from 1 July.

About 3000 foreign property investors will be hit by a boost to the ‘absentee owner’ surcharge, and foreign property duties will increase from 7 to 8 per cent in moves expected to raise an extra $330 million over the coming four years.

The government will also close a loophole allowing some owners to minimise the tax they pay on properties listed on the Victorian Heritage Register in a move expected to affect about 13,000 buildings.

About 1700 blocks of land across metropolitan Melbourne will be hit by the scrapping of the tax exemption for vacant land attached to the family home.

A 2.75 per cent gold duty will be imposed from January on large companies mining the precious metal in Victoria, with the government saying it is the only Australian state currently not charging a gold royalty.

Mr Pallas says small miners, those digging up less than 2500 ounces per year, will be exempt from paying the royalty which is expected to generate $56 million over four years.

[Wally Raffles]

I suppose with such a significant drop in revenue from Stamp Duty, it has to be made up somehow. Is there any particular new impost you disagree with. It seems fair enough to me against that backdrop of such a dramatic loss of revenue.

[Bobby]

I suppose with such a significant drop in revenue from Stamp Duty, it has to be made up somehow. Is there any particular new impost you disagree with. It seems fair enough to me against that backdrop of such a dramatic loss of revenue.

I dunno -
but isn't it strange that this announcement comes only after the recent election?
( held on 24 November 2018.)

[billy the kid]

https://www.theage.com.au/national/vict ... 51qxz.html


Taxes to go up under Dirty Dan.

Property sales freefall blows $5.2 billion hole in Victoria's budget


A $5.2 billion hole blasted in the state budget by the real estate downturn has forced the Andrews Labor government to launch a tax raid on property owners, gold-miners and luxury car buyers to help make ends meet.

The government says stamp duty revenue will collapse by an average of $1.3 billion a year for the next four years, the worst such result in Victoria’s history, dwarfing the losses seen during the global financial crisis.

Treasury predicts the total shortfall over the four-year budget projection period will be $5.2 billion.

Up-market car buyers will be hit for $260 million over four years with an increase the duty on new and second-hand luxury motors worth more than $100,000, with the tax hike to be phased in from 1 July.

About 3000 foreign property investors will be hit by a boost to the ‘absentee owner’ surcharge, and foreign property duties will increase from 7 to 8 per cent in moves expected to raise an extra $330 million over the coming four years.

The government will also close a loophole allowing some owners to minimise the tax they pay on properties listed on the Victorian Heritage Register in a move expected to affect about 13,000 buildings.

About 1700 blocks of land across metropolitan Melbourne will be hit by the scrapping of the tax exemption for vacant land attached to the family home.

A 2.75 per cent gold duty will be imposed from January on large companies mining the precious metal in Victoria, with the government saying it is the only Australian state currently not charging a gold royalty.

Mr Pallas says small miners, those digging up less than 2500 ounces per year, will be exempt from paying the royalty which is expected to generate $56 million over four years.

What a con stamp duty is.....a government fee simply because an asset has changed hands....
Imagine the debacle if stamp duty was abolished....
Imagine how much revenue is being lost throughout Australia, let alone Victoria due to the real estate downturn...
Stamp duty, income tax, capital gains tax, payroll tax, goods and services tax, petrol excises....did I miss any taxes...probably....
What a joke..........and the jokes on us.....politicians arent effected.....

[Bobby]

What a con stamp duty is.....a government fee simply because an asset has changed hands....
Imagine the debacle if stamp duty was abolished....
Imagine how much revenue is being lost throughout Australia, let alone Victoria due to the real estate downturn...
Stamp duty, income tax, capital gains tax, payroll tax, goods and services tax, petrol excises....did I miss any taxes...probably....
What a joke..........and the jokes on us.....politicians arent effected.....

An accountant told me once that 38 different taxes affect every business.

[Serial Brain 9]

If you have a housing boom which generates extra windfall don’t plan on getting that year after year as soon or later that housing bubble will burst.

We’ve been warned that the housing market was about to POP over the past few years.

But Greedy Stupid Dan has already spent that money forwards.

Like all Labor - Just Tax your way out of YOUR mistakes.

Trouble is that you kill industry when you do - then you get even less revenue.

Labor both State and Federal are economically Retarded

[Bobby]

If you have a housing boom which generates extra windfall don’t plan on getting that year after year as soon or later that housing bubble will burst.

We’ve been warned that the housing market was about to POP over the past few years.

But Greedy Stupid Dan has already spent that money forwards.

Like all Labor - Just Tax your way out of YOUR mistakes.

Trouble is that you kill industry when you do - then you get even less revenue.

Labor both State and Federal are economically Retarded

They should never have had those stamp duty taxes anyway.
People were having to take on extra borrowings to pay it.
The Govt. was providing nothing towards making sure people bought safe & sound houses -
example -
No legislation for independent property reports to be provided to buyers.

People were buying and are still buying run down old fibro dumps full
of asbestos and termites eating all the wood,
along with blocked sewers and you name it.
the whole property market is a scam.

[IQS.RLOW]

You would think that comrade Dan would end his ban on gas exploration and fracking if he was hunting for cash?
Ah, but that would involve growing the pie and innovating, not just taxing the fuck out of what they can find existing on the books.

If Shorten got up and Bowens brain fart against the housing market went ahead, the VIC comrades would be rifling through everyone's pockets looking for what they could pilfer that their Federal comrades hadn't already planned to suck the guts out of.

[Valkie]

Stamp duty

Is quite simply theft.

Protection money, for absolutely nothing

You get nothing at all from stamp duty (stamping the papers)

At least there is some semblance of getting something with insurance and rego

But stamp duty you get zip, nada, nuffink.

The Australian grubberment is a thriving pack of outright criminals.

Worthy not of the air they breath.

[Bobby]

Stamp duty

Is quite simply theft.

Protection money, for absolutely nothing

You get nothing at all from stamp duty (stamping the papers)

At least there is some semblance of getting something with insurance and rego

But stamp duty you get zip, nada, nuffink.

The Australian grubberment is a thriving pack of outright criminals.

Worthy not of the air they breath.

Yes - as I said -
No legislation for independent property reports to be provided to buyers.
The Govt. takes but doesn't give back.