14 May 2015
 Wins for small businesses and the retention of key tax arrangements that benefit housing investment are the big positives for real estate in the 2015-16 Federal Budget. What to keep what they already had - they should be grateful - you serious? The Real Estate Institute of Australia (REIA) haswelcomed the Federal Budget, announced Tuesday, with Chief Executive Officer Amanda Lynch congratulating Treasurer Joe Hockey on listening to the real estate sector. If they wanted to they would just do it - since when do they ever really listen to anyone but themselves? “The Government is to be commended for ensuring stability within the sector in continuing the current tax arrangements as they relate to both Capital Gains Tax and negative gearing. If they didn't there would have been a huge out cry and it would be bye bye for them. The investor provide many homes for people to rent, without them it would be back on the Government - get real the Government needs people to invest. “With other sectors of the economy slowing, housing will play an increasingly important role and it is pleasing to see the Government has not tampered with tax arrangements that have been proven to help stimulate housing investment in Australia,” said Ms Lynch. They lowered the first home buyers rate from $500,000 to $430,000 they should have put it back there, homes are not affordable in the Western Suburbs at $430,000 unless it's a unit. Ms Lynch said if negative gearing had been abolished, it would have resulted in a dwindling supply of properties for rent, escalating rent prices and reduced opportunities for low to middle income earning Australians to create wealth for self-funded retirement. Some one that can think at least. The wins for small businesses included tax cuts, immediate deductibility for professional expenses, capital gains tax roll over relief for changes to entity structure, changes to the fringe benefits tax system for work related electronic devices and expanding accelerated depreciation. If you think you can just keep taxing the poor small business man, keep going as you will send many more to the wall. “We strongly welcome the small business package that will give business owners meaningful incentives to hire, invest in equipment and importantly grow their livelihood,” Ms Lynch said. Hmmm have to look at the package before I would comment. REIA also commended the Federal Government for listening to the real estate industry on the issue of foreign investment. It's about time they got their own house in order and it was about time REIA pulled them up. “We welcome the commitment of $67.2 million over four years to improve compliance and strengthen enforcement. We have long argued the Foreign Investment Review Board was caught asleep at the wheel. Compliance is now in the hands of the Australian Tax Office (ATO) to the funding needed to ensure the ATO has some teeth in enforcing the new regulations,” Ms Lynch said. We will be watching to see what happens. Infrastructure was another positive out of the 2015-16 Federal Budget, with the Australian Government committing to providing Western Australia with $499.1 million towards economic infrastructure projects in WA for 2014-15. Boom or bust for WA isn't it always. WA provides Australia with so much money so they should be giving us a heap back. The Government has also pledged to establish a five billion dollar Northern Australia Infrastructure Facility that will be available for major infrastructure projects such as ports and railways in WA, the Northern Territory and Queensland. That's great for all those states. All I can see is that they just keep putting our taxes up, taking away more benefits and still expect us all to be happy !! Well there will come a time when Australians will sit up and say enough is enough. Keep giving to everyone else except the Australian people as we are very generous people - or should I say the Government is with our money !! View the 2015-16 Federal Budget. |
MAKE YOUR OWN DECISIONS AND GIVE IT A REAL GO !!
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