Tax and legal advice

Turnbull hits back at critics over negative gearing

By Emma Ryan

Prime Minister Malcolm Turnbull has defended the Coalition’s position after coming under criticism for ruling out any changes to negative gearing.

The Prime Minister and Treasurer Scott Morrison announced on the weekend that the government will not reform current negative gearing policy in the upcoming May budget.

Mr Turnbull said the Labor Party’s proposal on negative gearing was “reckless” and a “big sledgehammer” to Australia’s property market.

“Mr Shorten and Labor argue that a shock of this size would have little or no adverse impact on confidence, investor willingness to pay, or the housing market more generally,” the PM said.

“In contrast, the Coalition is of the firm view that it would significantly reduce investor demand and house values and lead to a range of other undesirable impacts.”

To offset the removal of negative gearing, investors would seek to increase their pre-tax cash flows, placing upward pressure on rents, Mr Turnbull said.

“Negatively geared investors would also seek to cut back on maintenance and repairs, and would reduce other costs in an effort to reduce their net rental losses.

“Over the longer term, as the market adjusts to the fall in investor demand, there would be fewer rental properties, as existing dwellings fall into disrepair and are withdrawn from the market.

Mr Turnbull pointed to the UK and the US, where the removal of negative gearing resulted in crises in rental markets, causing serious hardship and forcing governments to spend billions of dollars in subsidies.

“Nobody wants to see that happen except apparently Mr Shorten and the Labor Party,” he said.

However, a new report by the Grattan Institute, Hot property: negative gearing and capital gains tax, said changes to negative gearing would save the government approximately $5.3 billion a year and improve housing affordability.

“The capital gains tax discount should be reduced from 50 to 25 per cent and negatively geared investors should no longer be allowed to deduct losses on their investments from labour income,” the report by John Daley and Danielle Wood said.

“A smaller discount would save about $3.7 billion a year, while the change to negative gearing would raise $2 billion a year in the short term, falling to $1.6 billion as losses start to be written off against positive investment income.

“The reforms would provide relief to the budget in tough times and slightly improve housing affordability with little impact on how much people save. Property prices would be up to 2 per cent lower under these reforms than they would be otherwise.”

In response, Mr Turnbull said he had a lot of respect for the Grattan Institute, but its depiction of the impact proposed negative gearing changes would have on the property market was incorrect.

“Unfortunately, the paper is littered with factually incorrect statements, claims that are unsupported by evidence and direct contradictions. And its economic analysis in many places leaves a lot to be desired,” the PM said.

“The paper ignores the fact that reducing the CGT discount to 25 per cent would give Australia the second highest CGT rate among comparable countries. While the paper claims this too would have no harmful impacts, that assertion is directly contrary to the evidence, which it systematically ignores.

“Daley estimates that his proposed negative gearing changes would raise an additional $2 billion in tax revenue each year from negatively geared investors – just think about that for a moment.

“Tax revenue always has to come from somewhere. In 2013-14, negatively geared investors earned gross rental income of $20.5 billion. So using Daley’s revenue estimate, we see that the effect of this proposed change would be similar in magnitude to a permanent 10 per cent fall in gross rental income for each and every one of Australia’s 1.26 million negatively geared property investors.”

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  ["introtext"]=>
  string(334) "

Will Magee has had ambitions to enter into the Australian property market for quite some time, but it has been more than just finances holding him back.  Having been granted permanent residency just two weeks ago, Will is wasting no time and is now in the process of signing papers and finding his first investment property.

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In this episode of the Smart Property Investment Show, Will joins host Phil Tarrant to share why he is purchasing his first property in partnership with his brother, discuss the complications that can arise from such a strategy, and unpack the ongoing plan for building a joint property portfolio with his brother.

Will will also share how they approached saving for their first property, why he is taking out the mortgage in his name exclusively, and share their savings plan for the year ahead.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

From property in Australia to a ski lodge in Japan
Mortgage Trusts, an alternative first step for property investors
Should a real estate title be in one person’s name only?

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A property investment plan years in the making
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Median house prices in regional Victoria outperformed that of Melbourne in the June quarter, the latest REIV figures reveal. 

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Median house prices in the regions rose 4.0 per cent to $419,500 but in Melbourne they dipped by 0.6 of a percentage point to $840,000.

The result in Melbourne was due to a 0.8 of a percentage point fall in prices achieved at auction; this was despite a lift of 2.3 per cent in private sales.

Inner Melbourne suffered due to auction prices, where median prices fell by 4.9 per cent to $1,459,000 but it was middle Melbourne that was hardest hit, with a 5.4 per cent drop to $974,500.

Outer Melbourne had a good quarter with the median rising by 0.5 of a percentage point to $681,000.

Apartment prices in regional Victoria grew by 3.7 per cent to $304,500 while the metro media was up by 0.5 of a percentage point to $604,000.

REIV President Richard Simpson said that despite fewer sales, many sectors of the market were performing well.

“2017 was a bumper year and while the trendline has flattened, despite the fall in median house prices in the June quarter, median prices are still up this calendar year for both houses and units, in Melbourne and in the regions,” Mr Simpson said. 

In particular there was been strong growth in regional centres which is probably due to the first-home buyers’ concessions said Mr Simpsons.

“The first-home buyers’ concession has been a boon for regional areas. A new entrant to the property market buying a house at the regional median will pay no stamp duty, while a first home buyer of an apartment in Melbourne at the median price would pay stamp duty of nearly $25,000,” he said.

Mr Simpson said that more prospective buyers are looking towards regional Victoria which is also having an effect in Melbourne.

“Melbourne’s outer perimeter continues to grow. Small increases in the June quarter mean that the median prices for both houses and units have risen over 10.5 per cent from a year ago.

Mr Simpson said moving forward that vendors need more realistic expectations as the highs of 2017 are now over.

“Negative chatter about the future of the sector coupled with stronger lending controls by financial institutions has created some uncertainty and vendors need to be realistic with their price expectations,” Mr Simpson said.

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Regional Victoria showing up Melbourne in price performance, new data finds
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  ["title"]=>
  string(38) "From pirouettes to property investment"
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  ["introtext"]=>
  string(381) "

If Mark Hodge’s face looks familiar to you it could be because of his time working as a professional entertainer which saw him working with the Australian ballet, appearing on multiple seasons of Dancing with the Stars and touring in musical theatre for 17 years. What you may not know is that Mark is also heavily involved in the short-term property rental marketspace.

" ["fulltext"]=> string(2718) "

Mark joins host Phil Tarrant to discuss his transition from entertainer to investor, a journey pushed forward by dance related injuries and even a hit and run which saw him needing to find alternate methods to bring in an income. Mark shares how bad long-term tenants and a gang member guided him to the short-term rental market, and how this pushed him into helping others to realise the same benefits.

Mark will also address the common concerns, discuss what his company Maisonnets specialise in and unpack how they are making the process of filling short term rentals easier for investors.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

The hard-to-swallow truth: The prickly points of the Airbnb reforms
Airbnb reforms unpacked for property investors
Airbnb leasing: What are a landlord’s rights and responsibilities? 


AREAS MENTIONED:

Melbourne
Sydney
Rushcutters Bay
Maroubra
Potts Point

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From pirouettes to property investment

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