I've Had Enough!

[DumnMad]

Trickle down effect does work- thats how I got my boat, campervan and car for a fraction of their cost to build. Doesn't work for those wanting all thing new however.

[haiqu]

Bill,

Give up the bungers. Seriously. I went from 60-a-day to nothing five weeks ago using an electronic cigarette called an eGo. It didn't even take will-power because you can buy nicotine liquid (from OS, not in Aus!) and mix your own juice. Costs me about 30c a day now, screw 'em!

I'd seriously be considering the North Island of EnZed for a permanent move. One really nice thing is that they have HUGE tax benefits for retirees and permanent immigrants. Check out the NZ gov't websites. Oh, and living aboard is WELCOMED there, unlike this dump.

I'm with you mate, the country is going to the dogs.

[haiqu]

Originally Posted by hoppy

Switzerland/Sweden.... LOL

Switzerland, famous for Ikea, Volvo and the infamous Swiss bikini team

And Snus!

Sweden, famous for the Swedish army knife, the Alps and banking

Don't you guys yodel too?

[Seaworthy Lass]

Originally Posted by hoppy

........
I do have the a tax "issue" on my home in Melbourne. I'm not sure if it is quite as simple as just moving back in and making it you primary residence for a month, but I hope it is. Don't need to sell, so I'll worry about that later

Hi Hoppy
Check out the facts now rather than later, as it may help avoid CGT.
See:
Treating a dwelling as your main residence after you move out

Your principal place of residence is exempt from capital gains tax if it is only rented out for less than six years. You need to "occupy" it again (ie services connected in your name, but can be vacant) for a year before you can again rent it out again for another six years without attracting CGT.
If you are over the six year mark and the property was first rented after August 1996, then the sale is subject to CGT (proportional to time rented and time occupied). Moving back in for any length of time only helps the proportion (a month would give negligible benefit). If you have owned the property for over a year you at least get a 50% discount on the CGT. They don't make it simple LOL.

Better to get familiar with the regs now in case you can plan around the six year exemption.
Hope this info helps.

[Doodles]

Originally Posted by ArtM

Ugh Singapore... was just watching a news feature about that. That's a good reference, though - thanks! I'll try to do some light research on their tax structure.... though I would have to give up my US citizenship to benefit from it, whatever it is.

As for trickle-down theory being "discredited", I've heard that said but don't believe it is true. Disposable income does get translated into demand for goods and services, unless people are hoarding cash... hoarding is the enemy here! Substantial inflation will put an end to that nasty trend!

This list is about as objective as you will find. Singapore is #2, but maybe you see something you like better.

Index of Economic Freedom - Wikipedia, the free encyclopedia

[Mr B]

Originally Posted by hoppy

Ooops, you miss-read me I was talking about Sweden highlighting how tax friendly in some matters Aus can be

I do have the a tax "issue" on my home in Melbourne. I'm not sure if it is quite as simple as just moving back in and making it you primary residence for a month, but I hope it is. Don't need to sell, so I'll worry about that later

Sorry I didnt realize you were talking about Sweden,

That move back in for a month came from my lady friend who went travelling Australia by car and van,
They rented it out while they were away.
Then they wanted to sell their family home, Their accountant gave them that advice to avoid CGT on their home if they just sold it,
They would have been up for CGT if they just sold it with out moving back in and living there permanently.

It does need to be a bit more than a month tho, But 3 months will get you in the clear,
This was 10 years ago, The house in question was razed in the Kinglake bushfires,

But the way they keep moving the laws, get some recent advice on them from an accountant,
The info on mine was last week, from my accountant. Bloody shock I didnt need,

[Seaworthy Lass]

Originally Posted by Mr B

.....
That move back in for a month came from my lady friend who went travelling Australia by car and van,
They rented it out while they were away.
Then they wanted to sell their family home, Their accountant gave them that advice to avoid CGT on their home if they just sold it,
They would have been up for CGT if they just sold it with out moving back in and living there permanently.

It does need to be a bit more than a month tho, But 3 months will get you in the clear.
........

It is unfortunately not as simple as moving back in for three months. Check out my link in post #229 on this thread.

[hoppy]

Thanks seaworthy lass.

I'm probably a bit screwed having been out of the country for 14 years and counting and the property being rented for the last 8 or 10 years.

Still it's more reasonable than the Swedish system of taxing you on your residence.

[Seaworthy Lass]

Originally Posted by hoppy

Thanks seaworthy lass.

I'm probably a bit screwed having been out of the country for 14 years and counting and the property being rented for the last 8 or 10 years.

Still it's more reasonable than the Swedish system of taxing you on your residence.

The bright side is that you only pay CGT on money you have made
The increase in Melb property prices over the last 14 years would have made any property a great investment regardless of CGT, so its not all bad.

[dirkdig]

Dont forget taking off the purchase price first,then costs of holding it,then interest,then selling costs.

Sell for $500,000
Cost $300,000
Gain $200,000
50% discount because you have had it over a year
=$100,000 cgt tax
If you are not working for the year you sold it tax expense = $24,945
Plan ahead and it works well.
Even better if you develop property to make money

[Auzzee]

Australia is always well governed irrespective of the political colour of the ruling party. As a result, the global mess wrought by the US, had little impact on Oz. The banking sector is strong. The resources sector is strong and the country has money in the bank.

It is one of the best economically managed countries in the world. Taxes are high and the doo-gooders like to see a new regulation a day. But, the alternative is somewhere between the US and Greece and that's not so flash! Most Australians have work, and an exceptionally high standard of living. Health care, education, social and environmental infrastructure are the envy of most developed nations. Most people understand all these goodies come at a cost.

I have been in south east Asia for over a year and it is not until you see the squalor and understand the deprivations, that places such as Australia start to look bloody brilliant.

You can still live aboard in Oz as long as you don't want to live in a marina (the floating trailer park). Boats are expensive, but comparitively speaking you can buy boats in the US for next to nothing and have a jolly time sailing them back across the Pacific.

Finally, while standing from afar and looking at Oz, it is expensive. But, a dollar buys US$1.04 and a 16 year old kid salting chips in a Macdonalds can make $16 an hour. A tradesman, $80 an hour and non skilled shop assistant $25 an hour.

It's not that bad unless you have not led a financially productive life and you don't want to work. In that case the government will only give a single person about $250 a week. If you own your boat and live on the hook, that's not bad for doing bugger all.

[justwaiting]

Originally Posted by cat man do

PUBLIC aged care closing
PRIVATE aged care opening

You need to wealthy to use the latter.


So a strawman.

And Yes there is, at a cost.
A cost that is considerably less than that of private aged care here.


Perhaps you should take your own advice

I am so glad that you know so much about age care,lol

Just for your information the majority of age care facilities are owned by not-for- profit organisations. This includes most of the churches and well as groups such as the Masonic Lodge.

Peoples need are assessed and the cost calculated from that. The individual people in need of care are then means tested with their contribution assessed and the government makes up the shortfall.

Governments have never owned many facilities (repat being one of the few execptions).

Age care facilities being closed - sure - those that fail to meet the standards that are set by government. The NFP organisation i work for is building another $200 mil facility in town as we speek.

BTW, i work in age care - the most rewarding thing that i have ever done in my life.

[Pelagic]

Originally Posted by ArtM

You've left out several hidden taxes, which includes your Canadian pensioners tax paid in half from your income after you see it, and in half from your income before you see it. Also, there is the tax on the tax (you don't get a tax deduction for paying taxes).

Good job there is no “Recreational Complaining Tax” or this could become a very expensive Thread!

[hoppy]

Originally Posted by Pelagic

Good job there is no “Recreational Complaining Tax” or this could become a very expensive Thread!

LOL

The whole forum would be as deep in debt as Greece

[rognvald]

Hopefully, I can solve two problems at once without undue rhetoric:
1.) Free people do not like to pay taxes.
2.) dog food is an option. See: www.puppybeef.com/

Good luck, good sailing and good eating!