What pisses you off? Part II: Electric Boogaloo

[think positive]

daylight robbery

[stui magpie]

Doesn't P1ss me off, but most likely my Cuz in Qld. Sold his beachfront Gold Coast holiday house he's had for around 30 years. Sold for a bit over 9Mil and has copped CGT of around 4Mil.

Ouch, that's fkn harsh.

[Dark Beanie]

It is a bit harsh but if you look at it from the point of view that 30 years ago they probably bought if for next to nothing (compared to today) and still has $5 million.

Same as people who sold a unit near us which was an inheritance from an aunt. They were griping about the amount they got for it - expected more - but still ended up with $125k each (6 of them) which they didn't have to do much for.

[stui magpie]

CGT is a rip off. I thought it used to be that if you held something for more than 10 years you didn't pay CGT.

Now it seems that it's 12 months, but you only get a 50% discount. So if you buy for $100k and sell for $1M years later, you pay CGT on $400k. $1M x50%
minus purchase price of $100k. (I think, I had to figure out how it worked for my tax return as I had to sell some shares I had 8 months ago when I was running out of cash)

I'd be bleeding if I had to pay that much tax on something I'd bought, paid for and maintained for all those years.

[think positive]

Yep it’s ridiculous

[David]

It is a bit harsh but if you look at it from the point of view that 30 years ago they probably bought if for next to nothing (compared to today) and still has $5 million.

Same as people who sold a unit near us which was an inheritance from an aunt. They were griping about the amount they got for it - expected more - but still ended up with $125k each (6 of them) which they didn't have to do much for.

Agree with this. Owning a house over a long period of time is massively lucrative, and you can claim deductions for the work you do on it. So what's being taxed is, essentially, the profit you made on it. Not sure why that should be any different from the tax we pay for the actual work we do.

What pissed me off tonight was getting sucked in to watching the soccer game! At least I can now go back to not caring about the sport again for another four years.

[lazzadesilva]

I don’t mind top class soccer and other ball sports. I hated the result but enjoyed watching and supporting the mighty Aussies as always. It is a great joy to watch them and if they are playing World Cup marbles, I’ll be watching them

[think positive]

It is a bit harsh but if you look at it from the point of view that 30 years ago they probably bought if for next to nothing (compared to today) and still has $5 million.

Same as people who sold a unit near us which was an inheritance from an aunt. They were griping about the amount they got for it - expected more - but still ended up with $125k each (6 of them) which they didn't have to do much for.

Agree with this. Owning a house over a long period of time is massively lucrative, and you can claim deductions for the work you do on it. So what's being taxed is, essentially, the profit you made on it. Not sure why that should be any different from the tax we pay for the actual work we do.

What pissed me off tonight was getting sucked in to watching the soccer game! At least I can now go back to not caring about the sport again for another four years.

they were not upset about getting taxed but the percentage of tax, which is ridiculous.

[stui magpie]

Owning a house over a long period of time is massively lucrative, and you can claim deductions for the work you do on it.

Since when?

Owning a house over a long period is only lucrative when you sell it and you can only claim maintenance if it's a rental and negatively geared and even then there's limits. if you can claim maintenance on a Holiday house, someone please confirm cos I've got 10's of thousands to claim. They're a fkn money pit.

[stui magpie]

Losing weight is expensive.

Checked out the Shorts drawer today in prep for the trip to Darwin next month. Shit.

Last summer I wasn't thinking that clearly, but I could still wear the 36" shorts with a belt. Now they fit like a doona cover. Have to take them to the Op Shop. The 34" fit, but I'll need a belt to hold them up once they stretch from wear and I have stuff in the pockets.

So now I need to go shopping for summer.

[What'sinaname]

Doesn't P1ss me off, but most likely my Cuz in Qld. Sold his beachfront Gold Coast holiday house he's had for around 30 years. Sold for a bit over 9Mil and has copped CGT of around 4Mil.

Hard to feel sorry for someone who cleared $5m

[What'sinaname]

Current List:

Dickheads with flares at the soccer.
Sussan Ley
Hillsong
Kane Cornes

[Pies4shaw]

^ It's a clear mark of her electoral power that I had to google Sussan Ley to find out what she does for a living. Also, isn't there a law against spelling "Susan" with 3 Ss?

[think positive]

Owning a house over a long period of time is massively lucrative, and you can claim deductions for the work you do on it.

Since when?

Owning a house over a long period is only lucrative when you sell it and you can only claim maintenance if it's a rental and negatively geared and even then there's limits. if you can claim maintenance on a Holiday house, someone please confirm cos I've got 10's of thousands to claim. They're a fkn money pit.

No you can’t! Maybe the initial repairs. We did so much ourselves building ours and that’s labour we can’t claim.

Thing about houses too, the profit can seem huge, but maybe they paid top dollar at the time they bought it, as in $1,000,000 is not nearly as impressive now as it was 30 years ago. It should be indexed or something!

[David]

Current List:

Dickheads with flares at the soccer.
Sussan Ley
Hillsong
Kane Cornes

What's Sussan been up to?