Australia's Trillion-Dollar Debt and the Tax System Nobody Will Fix with Pas Princi
That Backyard Property PodcastShow Notes
Australia has hit a trillion-dollar debt level, and the tax office is now owed around 65 billion dollars. In this episode, Michael sits down with Pas Princi, tax specialist and Group Managing Partner of SEER Financial Group, to unpack the tax system nobody in power seems willing to fix.
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General advice only and not personal advice. CRN 485467
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In this episode:
Why negative gearing and capital gains discounts were a scapegoat, not the cause of 20 years of rising prices The real root cause of the property crisis: chronic undersupply that will take just as long to fix Who actually wins from the federal budget (it may only be the government) The case for lifting GST to 12.5 percent, then 15, and what it could replace How a higher GST could abolish payroll tax and take a big dent out of stamp duty Bracket creep, the missing indexation in our tax rates, and why it costs you What the proposed super and SMSF changes really mean for your retirement Why carving residential property out of super will not fix the supply problem What genuinely separates the business owners who succeed from those who struggle
Subscribe: https://youtube.com/@ThatBackyardPropertyPodcast Instagram: https://instagram.com/backyardpropertypod?igsh=MWhkOWx5YzJxdDc3ag== Website: https://tuskfinance.com.au
Connect with Michael: Facebook: https://facebook.com/tuskfinancemk Instagram: https://instagram.com/mortgageswmichael LinkedIn: https://linkedin.com/in/michaelkilliner TikTok: https://tiktok.com/@backyardpropertypodcast Tusk Finance: [email protected]
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Chapters: 0:00 A trillion-dollar debt and a broken tax system 0:54 Introducing Pas Princi of SEER Financial Group 1:32 Negative gearing and CGT 3:52 Who actually wins from the budget? 6:30 The case for lifting GST to 15 percent 10:12 Abolishing payroll tax and denting stamp duty 13:24 The real problem is execution, not the idea 17:06 Bracket creep and the tax cuts that are not cuts 20:59 Why the lack of indexation costs you 23:23 The 65 billion dollar ATO debt 25:23 Super, SMSFs and the government treating your super as theirs 29:10 Why carving residential out of super will not fix supply 30:47 What separates successful business owners from the rest 33:51 Just serve clients what they want, not what you want 38:09 What Pas is most proud of, personally and professionally 39:59 Building a generational reputation 42:08 Learning to stop and smell the roses
Produced by Podwave Studios: https://www.podwavestudios.au
#ThatBackyardPropertyPodcast #PasPrinci #SEERFinancialGroup #PerthProperty #AustralianTax #GST #NegativeGearing #CapitalGainsTax #PayrollTax #StampDuty #BracketCreep #SelfManagedSuper #SMSF #PropertySupply #FederalBudget #TaxReform #PerthPodcast #MortgageBroker #TuskFinance #BusinessOwners
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