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  • Profile photo of MJKMJK
    Member
    @mjk
    Join Date: 2003
    Post Count: 157

    Forum,

    Does anyone remember the specific details about when the government last stopped negative gearing.

    Was it like this ;

    You could still offset interest and expenses against income but only to the point that they became nuetral.In other words you couldn’t claim a loss but still could offset expenses against income ?

    Was it like this ?

    MJK[?]

    Profile photo of MJKMJK
    Member
    @mjk
    Join Date: 2003
    Post Count: 157

    Does anyone understand the question or are all those old enough to remember not surfing at the moment. I hope I was able to articulate my question properly . I’ve had 30 readers and no answers![:O]

    Profile photo of kooringalkooringal
    Member
    @kooringal
    Join Date: 2003
    Post Count: 31

    HI, I read something about how it was then in the paper, I think on the weekend, sat’s courier mail (brisbane)..but…you could ring the tax office and ask, or your local MP and see if they have any research on how it was then…

    you could also try a library?

    but from what I remember reading, what you say is correct, you could still offset expenses/interest, but only to ‘break even’ point, ie not claim any ‘losses’ above what the property was earning.

    sorry can’t help more. hopefully someone else will help?

    ps i know i’ll be cranky IF/WHEN neg gearing provisions are changed – we bought a seriously neg geared property because we hope it will be a future ‘lifestyle’ option, and it will have serious capital gains, and certainly ‘one factor’ in deciding whose name to put it in was the neg gearing one – if that is no longer a factor, it would be annoying. we’d still keep the property, but one ‘advantage’ to buying it would no longer exist, and we may have put the property into my name if neg gearing hadn’t existed…never mind, we all know the laws can change, taking it away ‘didn’t work’ last time, so hopefully they won’t do it again for a while…

    good luck in your search for how it was and how it might be again..

    kooringal.

    quote:


    Does anyone understand the question or are all those old enough to remember not surfing at the moment. I hope I was able to articulate my question properly . I’ve had 30 readers and no answers![:O]


    Profile photo of MJKMJK
    Member
    @mjk
    Join Date: 2003
    Post Count: 157

    Kooringal,

    Thanks for your reply, it seems to be how I remember it also, somewhere deep in the back of my mind. I personally, try to buy more nuetral properties these days because they are self supporting even without tax benifits, but there’s nothing like claiming a loss thats not out of pocket is there? Also I was wondering if changes to -ng were retrospective or only affected post dated purchases ?

    MJK

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