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Many countries have negative gearing. Many also allow to offset...

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Christos12

1,520 Posts.

112

13/02/19

16:47

Post #: 37426470

Originally posted by ash007: ↑
Negative gearing as implemented in this country is unique. You basically use another asset class,income tax in this case, to negative/offset the losses in another, depreciations/losses in rental. No other country implements negative this way and its unfair. Just to make my point, if its implemented in the sharemarket, I could sell my TLS shares at a lost and claim it back via my income tax. Like for like assets/CGT should have been done. Instead, you've created a situation where people relied on negative gearing to actually make investment property "affordable". Even though its at a lost.

FCs are already company taxes paid, Labor just wants their hands on the cookie jar by refusing to return taxes that are already paid on behalf of its shareholders, even on the ones that are below the threshold. If its unfair, then remove the tax free threshold. But I highly doubt that is a "popular" politics to play. Again, the tax free threshold is probably unique to Australia. Even china don't have a tax free threshold. Looking at the tax brackets in china vs Australia, you are taxed at zero% in australia below the threshold while in china in you would be at 20%. As someone I know once puts it, Australia is more Socialist then china. Damned the greens.

http://www.worldwide-tax.com/china/china_tax.asp

Table of Income Tax Rates in China for an Individual in 2017

Tax % Monthly Income (CNY)
1 3% 1 - 1,500
2 10% 1,501-4,500
3 20% 4,501-9,000
4 25% 9,001-35,000
5 30% 35,001-55,000
6 35% 55,001 - 80,000
7 45% 80,001 and above

The table relates to income from a salary. Income from other business is taxable at 5% - 35%.Passive income such as interest and royalties is taxable at a standard rate of 20%.

Resident tax rates 2018–19
Taxable income
Tax on this income
0 – $18,200
Nil
$18,201 – $37,000
19c for each $1 over $18,200
$37,001 – $90,000
$3,572 plus 32.5c for each $1 over $37,000
$90,001 – $180,000
$20,797 plus 37c for each $1 over $90,000
$180,001 and over
$54,097 plus 45c for each $1 over $180,000
Expand
Many countries have negative gearing. Many also allow to offset the interest paid on the principle residence. I don't know where these statements of uniqueness come from. Probably lies coming from vested interests

The abolition of NG would be terrible policy. Losses should be offset from profit.

TLS Price at posting: $3.21 Sentiment: Sell Disclosure: Held

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TLS (ASX) Chart

	Tax %	Monthly Income (CNY)
1	3%	1 - 1,500
2	10%	1,501-4,500
3	20%	4,501-9,000
4	25%	9,001-35,000
5	30%	35,001-55,000
6	35%	55,001 - 80,000
7	45%	80,001 and above

Taxable income	Tax on this income
0 – $18,200	Nil
$18,201 – $37,000	19c for each $1 over $18,200
$37,001 – $90,000	$3,572 plus 32.5c for each $1 over $37,000
$90,001 – $180,000	$20,797 plus 37c for each $1 over $90,000
$180,001 and over	$54,097 plus 45c for each $1 over $180,000

Many countries have negative gearing. Many also allow to offset...

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