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Negative Gearing In Australia
Negative gearing in Australia deals with the laws in the Income tax in Australia, Australian income tax system relating to net loss suffered by a taxpayer on their investment property, commonly called negative gearing. Negative gearing can arise in a number of contexts; for example, with real estate investments, it arises when the net rental income is less than the mortgage loan interest payable, and with Share (finance), shares, when net dividend income is less than the interest payable on a margin (finance), margin loan. General For income tax purposes, Australia allows the offsetting of property losses against other types of income, such as wage or business income, with only a few limits or restrictions. Negative gearing by property investors reduced personal income tax revenue in Australia by $6.7 billion in the 2014-15 financial year and $10.9 billion in the 2023-24 financial year. That figure is expected to be $12.3 billion in 2024-25. Negative gearing continues to be a con ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax In Australia
Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. Income is difficult to define conceptually and the definition may be different across fields. For example, a person's income in an economic sense may be different from their income as defined by law. An extremely important definition of income is Haig–Simons income, which defines income as ''Consumption + Change in net worth'' and is widely used in economics. For households and individuals in the United States, income is defined by tax law as a sum that includes any wage, salary, profit, interest payment, rent, or other form of earnings received in a calendar year.Case, K. & Fair, R. (2007). ''Principles of Economics''. Upper Saddle River, NJ: Pearson Education. p. 54. Discretionary income is often defined as gross income minus taxes and other deductions (such as mandatory pension contributions), and is widely used as a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |