The STOKE thread
So jealous of you atm Trent! Picked a good week to head up. Enjoy! 
Stoked mine and freddy’s tax returns just arrived in the bank. $5000 between the 2 of us - booyah! Hello, tickets to sweden! so amped!
Wow for someone who says they don’t earn much that is a LOT of tax back (between two of you!)
I have an investigatory property which I negatively gear and I was lucky to get $3k last year!
Before the investment property I was stoked when i got $1.5k back!
i am stoked on been so close on confirming my trip for next year japow.
I don’t earn enough to get taxed much! I earned just under 17K and freddy just under 35K…I got 3500 of that 5000. The two of us combined earn less than half the people on here earn by themselves, I’m guessing!...and I’d also bet there are a couple who earn nearly double our combined incomes!
we don’t have any properties. I don’t even know what negative gearing is. If you own a property, why would you still rent?
I don’t earn enough to get taxed much! I earned just under 17K and freddy just under 35K…I got 3500 of that 5000. The two of us combined earn less than half the people on here earn by themselves, I’m guessing!...and I’d also bet there are a couple who earn nearly double our combined incomes!
we don’t have any properties. I don’t even know what negative gearing is. If you own a property, why would you still rent?
Ergh I’ve forgotten what it’s like to be happy with tax time. The past couple of years I’ve owed between 10-30k on top of what I’d already been paying quarterly, I’m off to the accountant tomorrow and hoping it’s not as bad this year!
Negative gearing is basically a tax break on the difference between mortgage repayments vs rent earned i.e a deduction on the loss in an investment property. It’s a stupid policy that did nothing but blow out the cost of ownership. A lot of poor investors cheer about the tax break failing to realise you only negative gear if you are making a loss! They used to be able to get away with it as capital growth was so large but these days…...
I can’t speak for oz but I’d say it would be a combination of location/lifestyle of where she wants to live vs where her investment property is and the rental property is providing an income stream.
sounds like a massive pain the butt to me! I don’t understand that stuff at all & am fairly happy to not earn much, not have a house and not even have to think about half that stuff. I’ll just hang over here and remain blissfully ignorant, I think!
I don’t even know what negative gearing is. If you own a property, why would you still rent?
Negatively gearing is when your costs associated with the investment property out weighs the rent you get. If so all cost associated (ie interest on my mortgage, strata fees, rates etc) are tax deductions (which means more tax back)
I Rent because I don’t want to live where my investment property is. My rent is lower than what my mortgage is (so i save money) plus I get a massive tax return (see figures above)
It is win win for me.
sounds like a massive pain the butt to me! I don’t understand that stuff at all & am fairly happy to not earn much, not have a house and not even have to think about half that stuff. I’ll just hang over here and remain blissfully ignorant, I think!
haha yeah sometimes it’s a lot easier that way!
Having said that people that took advantage of the system 10+ year ago made a killing leveraging multiple properties and building a portfolio. With the huge rate of capital growth it was nearly impossible to go wrong. Unfortunately a lot of people have been slow to come to terms with the fact that property isn’t the golden goose it once was. People still look at me confused when I tell them that financially renting is better for me than buying at this stage.
A lot of poor investors cheer about the tax break failing to realise you only negative gear if you are making a loss!
I totally agree! I am pretty close to breaking even - which i complain about but the fact of the matter is I am then making a profit so i shouldn’t complain!
I am pretty sure I will buy an investment property in Jindy soon though and will be back to negatively gearing the two of them!
I wish I could get a decent tax return, but as long as we’re getting something back and not having to pay the ATO, im happy 
sounds like a massive pain the butt to me! I don’t understand that stuff at all & am fairly happy to not earn much, not have a house and not even have to think about half that stuff. I’ll just hang over here and remain blissfully ignorant, I think!
Cords putting your head in the sand isn’t real smart when it comes to educating yourself about money and tax and how you can make it work best for you. For the last 6-7 years up until this year my tax return has been in excess of $10K, sounds great but I had to spend the money making my living to be able to claim it back on my car as a tool of trade.
People still look at me confused when I tell them that financially renting is better for me than buying at this stage.
hmmmm whilst I agree to some degree, while property is still going up I am in a good position.
I am in a low risk area so I have an asset that is slowly increasing.
I am very much in a financially more stable position than I was prior to buying. I was in loads of debt and had nothing to show for it.
If I sold my property tomorrow I would probably come out with $30k (after paying of my current debts, like my car)
I have done nothing for that money than pay off a mortgage (and trust me if I didn’t own it there was still no extra that I could put in savings)
And before anyone (like cords) says they have no debt. If you owned a house/flat and had no debt then hell you would have a lot more cash than I will if you sold! So you still win.
The only time it is better to rent than buy is if you live somewhere you can’t afford to buy. I sucked it up and lived in a less desirable location (to me) and bought a place got the first home buyers grant stayed slightly longer than required then got the hell out!
And in about a year I will have enough equity to buy a flat in Jindy 
Rented out cheaply to BWM of course!
sounds like a massive pain the butt to me!
Why is a pain in the butt?
I do nothing and the money rolls in
Mawhahahaha
Actually the other thing I could do (instead of buy the flat in Jindy) is save (ie not go overseas every year!) and buy in the area I am currently living.
There is NO way i would be able to afford to buy in Rozelle if i didn’t have the equity in my other apartment.