Are the benefits of negative gearing property a fallacy or is it a clever way to grow your asset portfolio?
When it works well, negative gearing can be good. As I see it, though, the problem is that the benefits are hugely overs...
Western Australian home owners who are required to move into full-time care will soon be exempt from land tax on their former residence, the state government has revealed.
The “common-sense change” will be enacted from 1 July 2020, with amendments to the Land Tax Assessment Act 2002 to be introduced into Parliament at a later stage.
Land tax has traditionally not been payable on an individual’s principal place of residence.
But as the law currently stands, when an individual stops living in their home as a result of moving into full-time care, the exemption no longer applies.
Provided the home is not rented out, the government will provide the exemption to homes owned by people who have moved into permanent full-time care in a nursing home or other facility.
WA Finance Minister Ben Wyatt has said the common-sense legislative change will assist “vulnerable members of our community”.
"Moving into a full-time care facility is a significant life event, and by legislating this land tax exemption we can help reduce the financial pressures on these Western Australians.”