The Shit Pit

Off-Topic
1733

I’ll have one final whinge about capital gains tax…then shut up.

I’ll mention it, because i dont think most people realise the staggering amount of money, the govt takes from you…

BTW, this is purely an exercise in numbers, not bragging etc…

When Dad passed, and the house came to me, it was valued at $550k.
That was before the big property jump, and was accurate with the damaged retaining wall.

Lets say i keep it, for 15 years, and then sell. Its value would be close to $900k now, so its not unreasonable to assume in 15 years, it will be worth $1.4M.
(sad reality for the next generation, get something, anything, even a unit…now!)

1.4m-550k = capital gains of $850k.

That should be yours, your payday for all the hassle of running a place for 15 years, enough money to live well on, and see you off the pension, and not being a drain on revenue. But No.

The ATO views that as income…you need to pay $366 000 in tax, to the govt…!! Excited about that.?.?! :rage: :rage:

So, really you get a gains of $484k. That still sounds pretty good though, right.??

Heard on inflation…??

$484 divided by 15 years, = $32.3k a year growth.
3% inflation…on $900K = $27k a year. currently running higher than that.

So there it is in a nutshell…capital gains tax, is designed to take away any real capital gains you make, and give it to the govt. Whats left, basically keeps up with inflation.

Essentially, investment properties are forced saving, that keeps up with inflation.
A bit of negative gearing, is the only benefit to be had, and that’s not huge…

Now excuse me , im going to start my new religion, and claim tax free status…!! :rofl: :rofl:

1 Like
1734

I hear you there brother. Sole reason I decided not to expand like I originally planned and went the neg gear route. Which is sketchy in my climate as in the last 12months running costs doubled returns because the markets crashed.

It’s ok I can live on Rabbit for food :crazy_face:

1735

You sometimes think…fuck it…

Why not just go on the dole, like everyone else…

I just couldn’t…i’d get bored and depressed…

1 Like
1736

You can like many others I’ve met. Cash baby :+1: Ferals I’ve met are on the rock n roll and do brush cutting in the bush for one example and sell it to brush fence builders/repairers for cash.

I’ve caught many of the cunts stealing it off my property without permission.

1737

no wonder the govt wants to go cashless society…

when your born, surgical chip implant, to give you your ID number, bank account , and 24 hr tracking and surveilance…

1984…!! … or the book of revelations.??

1 Like
1738

They do want to go cashless for that exact reason, except they can’t as eft is too unreliable and being frauded more and more.

I went to the local pub with a friend and his family wife 3 squirts. Let’s go have a pub meal. Right on, drive all the way there, no power. No eft. Couldn’t buy anything and they sent the cook home. Well fuck that’s handy.

1739

Yeah, there will always be need for cash…

Just ask any tradie…!! :rofl: :rofl:

I hate the credit card suchage fees.
2% of the transaction cost.
$1.40 on a $70 transaction.

It doesn’t sound like much, but given that around 87% of transactions are now completed via credit card…

In Oz, if there are 7 million transactions, per day, as above…

Thats $10 million dollars, per DAY…!! Its probably more.

Some asshole, is sitting on a yacht, in the carribean, watching the numbers on their bank account go up…for absolutely nothing…

I believe the practise is banned in europe…but of course, allowed here…

1 Like
1740

Yes I’ve noticed. Now they are mumbling about charging for using cash, because oh poor shopkeepers have to go to the bank to bank it. WTF do you think it walked itself to the bank 30 years ago or what.

They have an ATM in my nearest town. It cost’s $3.50 to withdraw up to $250.

1741

For my tennants, i will have a chat to them.
They are a bit demanding, but when your paying premium rent, you can expect a high standard.

I keep up my end of the bargain…I couldn’t imagine Not maintaining my properties well.

The splits do the living room / kitchen, and the master bedroom.
But, not the other 3 bedrooms…and it does get bloody hot and muggy…

Legally, the ducted was working when they moved in, so they have the right to ask for it to be fixed. Tennants do have a lot of rights, particularly around evictions.

I can say to them… there are two options…

a) accept the fact its gone, and i wont put up your rent next renewal ( they are already below market rates, 10%)… or…

b) I’ll replace the ducted, but be prepared for a larger rent increase.

There is option c)…i can choose to not renew their lease, kick them out, get new people in, and exclude ducted on their lease.

That move, would save me $8000.00…
That would be a strong temptation to some, and a financial neccessity for others.

But thats a trump level move, i wont do that, i have more decency than that.
There are NO rentals available, and they’d probably end up homeless.

I wont have that on my conscience. trump wouldn’t hesitate, nor give it a second thought…

I thought about individual split systems, for the other 3 bedrooms, but that would look messy, and i dont know if the internal walls are big enough to mount them near the windows.

You need to be able to pull them apart, to deep clean them properly…

At the end of the day, the A/C would be a repair…and be fully tax deductable…and retain value in the house.

I just hope they realize, they are pretty lucky, to have a landlord, who is not a asshole…

3 Likes
1742

Mmm just list off those 3 options to them that you have as you’ve said here.

The heat is going to end soon and they won’t worry about it. Likely by the time you get it fixed it will be Autumn and nice 25c days. Might even get it fixed cheaper in the off season :person_shrugging:

Put good wall rattlers in for $700 each. Buy bags of ice :rofl:

1743

Oh hang on, there is option D. Kick them out and me and @Deadsquid are moving in. :rofl:

1744

Yeah, i said that to the property manager.
The A/c manufacturers do rebates during winter…there might be some savings to be had…

I’ll give then option 1 and 2 to start with…and make them aware of option 3 , if they carry on…

Escalate only as required…!!! :rofl: :rofl:

1745

Did i mention, the rent just tripled…!!! :rofl: :rofl: :rofl:
Deadsquid tax…!! :rofl: :rofl:

Squiddy can live in the toilet bowl in summer…cool and tasty…
And, the oven in winter…!! Toasty…!!

1746

Sounds like a plan. Good luck :+1:

“I fly because it releases my mind from the tyranny of petty things.”

1747

We can BBQ bits off him on Friday nights :rofl: That sounds alright. :laughing:

1748

M-60, for mozzie control…!! :rofl: :rofl:

1749

I’d go for the off season fix if were me. Be harsh but kind. Keep your property value up a bit with it instead of bodgey wall rattlers like me.

1750

Strange seeing and hearing all the media hoo ha over the Victoria fires being so huge.

It’s only a little one.

One I had here in 2014 burnt 80kha and nobody even batted an eyelid. :person_shrugging: gotta dramatize things I spose.

1 Like
1751

Option 3 was applied to our rental property some years ago… we were the renters.

While still under our lease, a whole lot of necessary work came up, the largest bit of which was digging up a long gravel driveway and replacing the storm water drain to the street. Also needed a new bio pit out the front because the old septic evap pit was beyond operational and we had raw effluent on the front lawn constantly.

The landlord was decent about it all but when the huge quotes started rolling in he decided to not renew our lease agreement at the end of it’s time and we were booted out. Fair play, needs must and all that. We were lucky enough to secure a temporary property to tide us over until purchase of the house we now own.

A lot of renters don’t realise the issues landlords face and the tough decisions that come from those issues they are sometimes forced to make. :person_shrugging:

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1752

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