I know, this is a 'what cheeses me off' post. Yet, as far as I am concerned , we are an over taxed country. I mean, just about everything we see is taxed and then there is the things we don't see, which is taxed as well.
I understand that purchasing property is exempt from GST ( Government Sales Tax) and I under stand that only half of your profit is the taxable GST, proportion. Yet I don't understand how people from certain country overseas only wanting to invest,when it is the profitable time and then run away with our money on invest property.
We, as workers pay income tax on income. Then we pay 10 percent tax on Goods and Services on a majority of life's expenses. That, to me is a double tax for workers. Then, if we don't have medical insurance we pay the Medicare Levy and if we are on a high income we are paying a Medicare surcharge. This means workers are then taxed three times and possibly four times.
Then we pay a deposit for a property investment and if you purchase property for an average price of around $650,000, your are paying another Tax under the name of 'Stamp Duty' of around $24,470 for NSW. Then when you sell your investment property, you have to pay Capital Gains Tax on 50% of the profit you make on the property. So, then if you are a multiple property investor, you may also have to pay another Tax under the name of Land Tax. Thus you are now paying 3 types of tax here and then the 4 different types of tax mentioned before.
Now, we haven't mentioned to the other tax that you have to pay as well, when you purchase properties and that is Local Government Rates. So now, we as local people may have to pay 8 different types of taxes - when GST was brought in - it was supposed to have got rid of a majority of taxes. So, doe foreign investors pay for the 8 taxes that we may do - if purchasing properties. I'm sure vthey are not.
I'm not against investment. Yet, I'm against investmen,t if we as individuals and country are allowed to investment the same proportion of money inthe country that is investing here. That is if they spend $650.000 purchasing a property here - we pay the equivalent in their country - whether it be one or more properties. then, you raise the stamp and GST amounts to double the amounts, so when they do buy property here, more Australians may benefit from it and our taxes may be reduced. Also, when the Capital Gains Tax component is calculated they are charged double on the amount and also on the 100% of profit balance made. This is a fairer system. We should not be paying Stamp Duty at all or they should be lowered to a minimum.
In the mean time, strict rules on who is Australian and who can qualify. Maybe have to be Australian for at least 25 years or originality is Australian born. The reason I am saving this, is I do not want our country to be owned by another country - I am worried about this.
Have a look at this story and you must understand or see what I mean.
