As ministers meet to discuss the housing crisis, and rents rocket, one of the great taxation ironies is drawing unwelcome attention.
As rents soar across Australia you might be forgiven for thinking that this is nothing but good news for investors. However, any kind of excess can attract unwanted attention.thanks to one of the most fundamental economic rules: when demand outstrips supply, prices and profits go up. This applies to lettuce and letting homes alike.
, the Australian Tax Office let it be known that it has set its sights, once again, on holiday let tax evaders. And housing is a crisis with no obvious solution. Even the most inventive ideas – like the government’s plan to co-own homes with first-time buyers – have the potential to push prices up for those who don’t qualify for support, leaving homeownership just out of reach for too many people.
And that exposes one of the greatest ironies of property investment. Negative gearing was introduced to encourage investors to provide residential rental properties.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rio Tinto agrees to pay nearly $1 billion in tax avoidance settlement with ATORio Tinto will hand over $1 billion in unpaid taxes after an ATO investigation, in one of the largest settlements in Australian tax history.
Read more »
RBA culture, board and inflation target to be review focusTreasurer Jim Chalmers will on Wednesday announce the terms of reference for the RBA review, with the board, the inflation target and its performance all in the spotlight. auspol
Read more »
Bright: Regional holiday hot spot set for housing boon - realestate.com.auA regional Victorian council has negotiated with one of Melbourne’s wealthiest families to create more affordable housing for workers in one of the state’s most popular tourist towns.
Read more »
Business throws its weight behind RBA’s inflation targetTreasurer Jim Chalmers, Reserve Bank governor Philip Lowe and business bosses have backed Australia’s 2-3 per cent flexible inflation target that could underpin a doubling of the official interest rate in coming months.
Read more »
Arizona Republican censured by party over testimony on resisting TrumpRusty Bowers, the Arizona house speaker, testified to the House January 6 committee in June
Read more »
Rio Tinto agrees to pay nearly $1 billion in tax avoidance settlement with ATORio Tinto will hand over $1 billion in unpaid taxes after an ATO investigation, in one of the largest settlements in Australian tax history.
Read more »