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ABC News Property groups want us to believe that average income earners dominate property investment and negative gearing - a closer look at the statistics shows that's a furphy, writes Michael Janda. That takes the HIA's claimed 74 per cent, which is 72 per cent on the latest data, further down to 68 per cent. That's already a fair bit less than three-quarters, but still more than the HILDA figures would seem to suggest. That got me thinking about the apparent discrepancy between the RBA data and the tax stats - such a large survey as HILDA surely couldn't have got it that wrong. Given that superannuation drawdowns aren't counted either, it is certain that many of these superannuants are exactly the "so-called wealthy investors" that the HIA claims the tax figures show are so few in number. For those who argue that negative gearing isn't overwhelmingly the domain of society's better-off, the truth hurts.

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Michael Janda is an online business reporter with the ABC. So I went to the source, the ATO's tax stats, to find out the truth. Investment housing debt by income percentile Figures compiled by the Reserve Bank from that survey show that investment housing loans are, unsurprisingly, more than twice as common amongst the top fifth of highest-earning households than amongst any other income group. A lot of this group may no longer be utilising negative gearing, but it will have undoubtedly assisted them in building up the assets that will give them a comfortable retirement. Income by itself is also an incomplete measure of whether these are 'average' Australians - wealth is just as important as income when considering the equality of tax measures. That's because the ATO's measure of "total income" includes net, not gross, rent - that is, rental earnings or losses after deductions such as interest payments have already been removed. If you aren't a property investor yourself, then there's a good chance you know plenty of them, and run into them incessantly at weekend barbeques, weddings, on the golf course, or at a range of other social functions. That's not surprising, because Tax Office statistics show there are almost 1. The net result of all these calculations could be boiled down to a 'fact check' of the HIA's statement, and the outcome would be 'massively overstated'. That's one of the key justifications trotted out for maintaining the current negative gearing regime - that it overwhelmingly benefits ordinary, average-income 'mum and dad' investors. Who's in negative territory? For all these reasons, the HILDA data - used extensively by the Reserve Bank - is a much more reliable measure than the Tax Office data on what type of household gets by far the biggest benefit from negative gearing, and it ain't the poor. Or they could be foreign investors. That got me thinking about the apparent discrepancy between the RBA data and the tax stats - such a large survey as HILDA surely couldn't have got it that wrong. By Michael Janda Updated September 24, For those who argue that negative gearing isn't overwhelmingly the domain of society's better-off, the truth hurts. Given that superannuation drawdowns aren't counted either, it is certain that many of these superannuants are exactly the "so-called wealthy investors" that the HIA claims the tax figures show are so few in number. Again, it is highly unlikely that these people could survive if that was their genuine income level, let alone service the mortgages that the , of them who are negatively geared have. When the HIA made that claim again this week upon releasing an economic report in defence of negative gearing, it set off my bull-dust detectors big time. That's when I found the ATO's Excel tables that look at what taxable and total incomes people have declared who collect rent from investment properties. An obvious issue with the HIA's use of the ATO data was that it looked at taxable income - after people take out various deductions to lower their tax bills. That takes the HIA's claimed 74 per cent, which is 72 per cent on the latest data, further down to 68 per cent. That's already a fair bit less than three-quarters, but still more than the HILDA figures would seem to suggest. Rental income or losses are the only earnings that non-resident foreign property investors are likely to have to declare to the Australian Tax Office, as their wages, profits or other investment earnings are likely to be sourced overseas. So take them out of the HIA figures and you are now down to

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1 thoughts on “Ravensclaw”

Mocage

26.04.2018 at 10:12 pm
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There's no doubt that a lot of ordinary, average-income Australians own investment properties, many of which are negatively geared.

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