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After an initial period of extreme uncertainty, the rhetoric around the Australian property market appears to have shifted into a new phase in response to the ongoing coronavirus pandemic.

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On this episode of The nestegg Podcast, host Grace Ormsby is joined by the founder and CEO of Upside Realty, Adam Rigby, to delve into how COVID-19 has been affecting different demographics within the property sector, including renters, landlords, investors and retirees.

Adam touches on the pros and cons of potentially removing stamp duty, his predictions for marketplace trends over the coming months, and the importance of picking quality over timing when considering an investment.

Thanks Adam, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Upside Realty are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Tuesday, 02 June 2020

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How you will, or won’t, benefit from Scott Morrison’s tax sweeteners

By Cameron Micallef · May 31 2019

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How you will, or won’t, benefit from Scott Morrison’s tax sweeteners

By Cameron Micallef
May 31 2019

Reading:

How you will, or won’t, benefit from Scott Morrison’s tax sweeteners

By Cameron Micallef · May 31 2019

Reading:

Fresh analysis shows who the major benefactors will be from the staged tax cuts passed by the Liberal government.

The Liberal Party has put forward its tax roadmap, and it includes a reduction in the middle tax bracket from 32.5 per cent to 30 per cent in the 2024-25 financial year.

The 37 per cent tax bracket will be removed, meaning 94 per cent of people will have a marginal tax rate of 30 per cent or less by 2025.

This is on top of tax cuts for low and middle-income earners of up to $1,080 for single earners or up to $2,160 for dual income families. These changes were slated for this financial year, but are currently facing delays.

What the analysts are saying

New research from The Australia Institute shows that 50 per cent of the benefit is going to the top 20 per cent of taxpayers, while the bottom half only gets 12 percent benefit and the bottom 20 per cent receive 0.2 per cent.

Executive director of the Australia Institute Ben Oquist believes that economically there is little benefit to cutting high income tax.

“This research shows that the overwhelming proportion of these new stage 3 tax cuts will flow to higher-income earners. There is little evidence to suggest such tax cuts are needed on economic or equity grounds,” said Mr Oquist.

“There is, however, some economic rationale for more immediate tax cuts for low and middle-income earners that could stimulate the economy at a time of sluggish economic growth,” said Mr Oquist.

The Australia Institute goes further to say that the new tax system will help Australians in the way it has been promised.

“The progressive nature of Australia’s income tax system has been a cornerstone of the Australian tax system for decades. These tax cuts weaken that progressive architecture,” said Mr Oquist.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.