- May 2, 2018
- Posted by: Rogers Property Group
- Category: Latest News
The crazy notion that the Labour party keep pushing is that by stopping negative gearing, it will only effect the wealthiest of Australians.
The idea that only wealthy Australians invest in property and negatively gear is just nonsense and has been proved so by the latest information released by the ATO.
The Tax Stats come from a review of over 16 million income tax returns for 13.5 million individuals, 940,000 companies, as well as superannuation funds, partnerships and trusts lodged.
The findings showed that two thirds of all people negative gearing property are on incomes less than $80,000 per year. This flies in the face of labour’s claims that stopping negative gearing will only affect only effect the top 10% of the wealthiest Australians.
What was also interesting in the findings was that School Teachers are the second highest negative gearers in Australia coming in second only to company executives.
What we can take away from these findings as investors is the fact that stopping negative gearing will really hurt middle class Australia but more importantly, you don’t have to be rich in to invest in property.