As a Real Estate
Agent with over 40 years in the Industry I feel compelled to respond to the
misinformation being pedalled by politicians, and parties close to the industry
with vested interests. I have to declare up front I have taken advantage of
Negative Gearing & Capital Gains tax and growing my retirement nest egg and
have to say Real Estate has been very good to me. But do I think it's time for
changes yes I do.
There has been some great
articles from Rob Burgess The NewDaily http://bit.ly/2mE3RWV who referred to Liberal backbencher John Alexander who is the only one
from the Coalition side showing any real concern for the plight of first
homebuyers. Also Shadow Treasurer Chris Bowen has a good understanding of the
problem.
Ross Gittins is
the Sydney Morning Herald economics editor
http://bit.ly/2m0OQeh who stated in his article dated 8th
of March suggesting "Politicians have worked hard to make houses so
dear"
Now we have some REIV members
critical of Andrews Govt "Vacant Residential Property Tax of 1% which in
my opinion is one of the best proposals to come from any Govt in Australia to
assist with housing and rental Affordability. For far to long politicians have
talked about housing supply, well this proposal can only help. Also Andrews
Govt is abolishing stamp duty up to $600,000- which assists first home buyers
to the value of $15,535- and doubling the 1st home buyer grants to $20,000- in
Regional Victoria. These are great initiatives coming from a Govt that
understands the problems of housing in Victoria.
Australia needs leadership
from the Federal Govt in the way of changes to Negative Gearing and possibly
Capital Gains tax and I am to be convinced of those changes from 50% to 25%?
Malcolm Turnbull and Scott Morrison know it's the right thing to do as did Joh
Hockey. They increase revenue as we have all heard about debt & deficit.
It's time for the good of the country need put their opposition and ideology to
one side and stop coming up with artificial use of occupations like we've heard
of teachers & nurses etc, the truth is Surgeons & Anaesthetists are the
top 2 occupations. According to ATO data
there are 1.26mil (approx10%) taxpayers who Negative Gear, and claimed approx
$11 billion in tax deductions.
The Grattan
Institute indicated in 2016 NG wind backs could deliver approx $5.3 bil a year.
Peter Martin from the Age suggests that taxpayers who NG cost other taxpayers
an average of $310-
It has been
suggested that the average amount of tax saved by each of the 1.2 million NG
was $2900-
Time for those with vested
interests to accept that change is necessary to make housing more affordable so
if you have a positive suggestion then now is the time. The status quo is no
longer acceptable and I love the idea of NG being available on new property
which is a win win for first home buyers not having to compete against
investors on existing housing and also great for the housing industry in
creating jobs.
This is far to
an important topic to be a political football, it's time to think of those
locked out of the housing market.
Keith Sutherland
Licensed Real
Estate Agent.
