"Enn by any chance did your friend buy in Calliope, that's about 25k from Gladstone?"
Apologies, I've only just seen this post.
No, it wasn't Calliope. I gather it is considered a 'far flung suburb' of Gladstone.
I haven't asked him how it's going. Since the purchase his beloved dog was killed in a ghastly traffic accident and he's bereft and upset. Don't want to risk adding to it by drawing attention to the so called investment.
Re taxing of Super etc: I'm a self funded retiree, more than happy to be enjoying tax free status in pension phase of SMSF.
However, I don't think it's at all reasonable that I should be enjoying that status if I were to be living in a home valued at over $2 million or that I should be able to draw a full age pension living in such a home because the home is exempt the assets test.
Why on earth should young families, struggling to get into their first home and paying tax on probably both incomes, be subsidising people who have had the good fortune to see massive capital gains on their property?
Imo over a certain value of the residential home, the remainder should be considered assessable and taxable, and if the occupant doesn't want to move then it's up to them to arrange a reverse mortgage to provide cash flow.
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