Tax and legal advice

‘Large-scale’ sell-off of properties under negative gearing reform

By Georgia Brown

Changes to negative gearing policy could cause a mass sale of negatively geared properties and an increase in rental prices, according to an internal RBA memo.

The RBA recently released an internal briefing note under freedom of information laws, which said that the “potential negatives” of making negative gearing “less attractive” included a “potential increase in rents” and a “large-scale sale of negatively geared properties – though only if changes were not grandfathered”.

On the flipside, the note cautioned that the interaction between negative gearing and the capital gains tax “may encourage chasing of capital gains ... as it can be purchased using higher leverage than shares, for example”.

Furthermore, the memo said that “any change which discourages negative gearing may be good from a FS [financial stability] perspective” and noted that negative gearing can encourage “speculation” with “investors bidding up housing prices”.

Ken Morrison, CEO of the Property Council of Australia, noted that the memo was prepared in 2014 and was not official advice.

“It was input and the thinking at the time before APRA [Australian Prudential Regulatory Authority] introduced measures that the RBA more recently, and over the last six months, acknowledge have been effective in cooling elements of the housing market,” he said.

In reply to the release of the 2016 federal budget, Opposition Leader Bill Shorten last week detailed Labor’s plans to address housing affordability.

“Building a stronger budget demands an honest look at housing affordability, and tax subsidies such as negative gearing and capital gains that make the problem worse,” Mr Shorten said.

Mr Morrison said the Property Council accepts that the RBA were not modelling the federal opposition’s policy, but the memo clearly flags that changing negative gearing would impact rents.

“This memo confirms that policy makers have real concerns about how renters would fare under policies that make negative gearing less effective,” he said.

“We again call on the opposition to release its modelling on the impact of its proposed tax changes on rents and the property market.”

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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

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!

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When buying property, it’s important to focus on what’s important. Investor Katarina Taurian shares just what exactly is important to her: having the mindset of looking past superficial cosmetic matters and homing in on the structural suitability and potential of a property.

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In this episode of the Smart Property Investment Show, Katarina joins host Tim Neary to unpack her entry into the property market and experiences of rentvesting, and how the Smart Property Investment Show was vital  in a number of decisions which she made along the way.

Katarina discusses about the team that she had help her along the way, why she thinks that you should never skimp on a good solicitor and accountant, and the red flags which tell her why buying a new property doesn’t necessarily mean buying a better property.

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!

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The different reasons to start rentvesting

 

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Why buying new property doesn’t mean buying better property

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