Economic responses to coronavirus

[MichaelBaron]

https://www.dailymail.co.uk/news/art...8swe5UAVaJMcqA

Putting this into money matters....as it is not just about the Virus. Luckily - not in Victoria for now!

So who will have to bear the cost? Landlords? What rights does the government have to ''make us make sacrifices''

[Desmond]

https://www.dailymail.co.uk/news/art...8swe5UAVaJMcqA

Putting this into money matters....as it is not just about the Virus. Luckily - not in Victoria for now!

So who will have to bear the cost? Landlords? What rights does the government have to ''make us make sacrifices''

From the article:

Mr Morrison said landlords needed to make some sacrifices as COVID-19 threatened to take away people's jobs.

Perhaps you can send the bill for your losses to the Communist party of China?
After all if your renters receive benefits from the government, I'm sure you will be above taking their (socialist-gained) money, no?

[MichaelBaron]

From the article:

Mr Morrison said landlords needed to make some sacrifices as COVID-19 threatened to take away people's jobs.

Perhaps you can send the bill for your losses to the Communist party of China?

Perhaps I should not be billed in the first place! I have not got any properties in NSW and WA so concerned about this coming to Victoria. How to establish if job is lost due to virus or not? Is it that crystal clear in all the cases?
Perhaps government should stop building socialism where (on top of ''handouts for the needy'') - some have to foot the bill for others. Will the government pay my interest repayments? What about ''lost income'' of investors?

[Kevin Bonham]

So who will have to bear the cost? Landlords? What rights does the government have to ''make us make sacrifices''

When landlords as a group pay back all their negative gearing benefits and tax concessions I'll consider listening to that argument.

We've got very attached to certain political philosophies that hardened over many decades of not having to worry about this sort of event. They're being reshaped very rapidly.

[Desmond]

Perhaps I should not be billed in the first place!

Why would you be? I was talking about landlords issuing a bill to China for their losses, not receiving one. If the Communist party of China is sending you bills, you may have deeper issues.

I have not got any properties in NSW and WA

Ah, not much diversification in the portfolio, then.

Perhaps government should stop building socialism where (on top of ''handouts for the needy'') - some have to foot the bill for others. Will the government pay my interest repayments? What about ''lost income'' of investors?

As I understand it some governments have offered mortgage holidays Eg Italy, New York, even calls in Australia.

[MichaelBaron]

Why would you be? I was talking about landlords issuing a bill to China for their losses, not receiving one. If the Communist party of China is sending you bills, you may have deeper issues.

Ah, not much diversification in the portfolio, then.


As I understand it some governments have offered mortgage holidays Eg Italy, New York, even calls in Australia.

Mortgage ''holidays'' will have to pay later anyway..but who will repay the rent later? And what if property is paid off anyway? people living 6 months rent free?

[MichaelBaron]

When landlords as a group pay back all their negative gearing benefits and tax concessions I'll consider listening to that argument.

We've got very attached to certain political philosophies that hardened over many decades of not having to worry about this sort of event. They're being reshaped very rapidly.

tax concessions...on high taxes that some others do not even get to pay .

As an individual investor (not sure what people do as a group) i do not feel it is fair that my money has to pay for others.

Re finding tenants for properties...now when selecting tenants, looks like there is one more criteria to consider...

[Kevin Bonham]

tax concessions...on high taxes that some others do not even get to pay .

Nah, taxes aren't high in Australia. And pretty much everyone who spends money pays tax; it's called the GST.

As an individual investor (not sure what people do as a group) i do not feel it is fair that my money has to pay for others.

I don't think that anyone cares. Landlords kicking people out at this time is a public health menace.

Investing in any industry carries risks. Other industries are much harder hit than renting, through no fault of their own.

[ER]

One of the golden rules of being a landlord: pick your tenants carefully so you won't have to pick on them or them picking on you later on!

[antichrist]

Nah, taxes aren't high in Australia. And pretty much everyone who spends money pays tax; it's called the GST.



I don't think that anyone cares. Landlords kicking people out at this time is a public health menace.

Investing in any industry carries risks. Other industries are much harder hit than renting, through no fault of their own.

there is 4 weeks rent covered by the bond plus landlord's insurance if taken out.

[antichrist]

What is unfair is that in every type of industry the owner can get an instant GST refund whereas landlords cannot get it at any stage, so effectively we pay 10% extra for our products than other industries. It could be less due to ordinary tax deduct ability.

[MichaelBaron]

Nah, taxes aren't high in Australia. And pretty much everyone who spends money pays tax; it's called the GST.



I don't think that anyone cares. Landlords kicking people out at this time is a public health menace.

Investing in any industry carries risks. Other industries are much harder hit than renting, through no fault of their own.

You can consider all kinds of arrangements (e.g. restructuring rent debts since landlords may get ''interest holidays'' but forcing some people to pay for others (and this is exactly what it is) is plain wrong.

[MichaelBaron]

What is unfair is that in every type of industry the owner can get an instant GST refund whereas landlords cannot get it at any stage, so effectively we pay 10% extra for our products than other industries. It could be less due to ordinary tax deduct ability.

And btw, i do remember ''life'' before GST - it was introduced not that long ago.

[MichaelBaron]

One of the golden rules of being a landlord: pick your tenants carefully so you won't have to pick on them or them picking on you later on!

Yes and Yes...but it is tricky sometimes.

[antichrist]

Yes and Yes...but it is tricky sometimes.

I was looking down reading the newspaper on the couch when attacked by a thick set strong German female tenant swinging a large wine glass bottle (she was supposed to be on medication). Luckily she missed me and almost hit the 90 year old lady next door. Well the poor lady ended up with multiply bruising from me restraining her etc and complained to the cops. Three witnesses were on my side so nothing happened. Afterwards she ended living in her car and begged for accommodation again......???? But she was very responsible in every other way - the Germans were good like that.