Tennis court for $7.8 million anyone?

oztite on 26/08/2017 - 21:16

OK, so a tennis court sold in Toorak today for $7.8 million. It was bought for $700,000 20 years ago. That's a profit of $7.1 million, or an increase in 1000%, or $355,000 per year profit. I assume there is no capital gain tax because it's part of primary residence.

If I work hard and make the (mere) median income of $70,000 a year, I have to pay income tax on that!!

And after tax, it'll only take me 150 years to make the same as the vendor - provided I don't eat, drink or pay rent during that time.

How did a society where the majority elects the politicians who make the policies end up in this situation?!

Financial

Comments

  • Wystri Warrick on 26/08/2017 - 21:23

    How did a society where the majority elects the politicians who make the policies end up in this situation?!

    You'll have to ask Diji1

    • Diji1 on 26/08/2017 - 23:03
      +5

      I'm not sure what the problem is here, my main beefs are a government being run by extremely wealthy interests which has led to various disastrous outcomes such as the current (hehe) electricity system and the tax burden being shifted to individuals from large enterprise. I don't want capital gains tax on property owned by individuals.

  • TheBilly on 26/08/2017 - 21:40

    Thats capitalism

  • chumlee on 26/08/2017 - 21:41
    +2

    I have no problem with someone paying $7.8M for a tennis court. I just want to know if this person pays more or less tax than the average PAYG taxpayer- my gut feeling says way less tax than the average schmuck

  • Some Human on 26/08/2017 - 22:00
    +4

    Advantage: vendor

  • k-rokfm on 26/08/2017 - 22:47
    +2

    Except there is CGT as its not part of their primary residence

    https://www.ato.gov.au/General/Property/Land---vacant-land-a…

  • [Deactivated] on 26/08/2017 - 23:28
    +1

    I think you could book all four grand slam centre courts plus travelling expenses each year with the interest alone.

  • ggrant on 27/08/2017 - 03:28

    If you become the top public servant in Russia, ie. President Putin, in 18 years you can grab $300 billion est.
    Funny Trump only has $3-4B
    Elaine from seinfeld = $2B
    Seinfeld $1/2B
    98M pounds to signup a new soccer player.
    Social workers (eg.) risking their life sometimes = buggerall.

    It is all out of whack really. That's a commonwealth democracy I guess.

    • TheBilly on 27/08/2017 - 17:12
      +1

      Because people worship celebretards, monarchs and all that other bull shit

  • airal3rt on 27/08/2017 - 04:20
    +2

    How did a society where the majority elects the politicians who make the policies end up in this situation?!

    People lack the critical thinking skills and analytical ability to deconstruct and understand issues and policies. As a result they are extremely vulnerable to the rhetoric and propaganda spread by politicians with the help of their wealthy benefactors who own and manipulate the mass media. This leads to people voting in direct conflict with their own best interests, becoming increasingly disadvantaged over time whilst remaining oblivious to the causal effect.

    • Ocker on 27/08/2017 - 09:05
      -1

      If the subject people are so simple minded that they don't have the common sense to properly analyse election policies before casting their vote then, well, they deserve what they get!
      Not sit back and whinge with envy at what other Aussies have achieved through hard work and sacrifice.

      • oztite on 27/08/2017 - 09:41
        -1

        What do you mean by hard work? So owning a tennis court in backyard is hard work? Is an achievement? I got no issue with musk, gates, Bezos that achieved greatness, or even Buffett a company investor, but holding onto a tennis court in your backyard for 20 years!? Produced absolutely nothing for society.

        • Daabido on 27/08/2017 - 10:13

          It probably produced one less house on the street.

    • oztite on 27/08/2017 - 13:48
      +1

      With the election of certain politicians nowadays… You do wonder if the current election system is still working. Voters generally know nothing about the details of policies put forward by people they are electing, and politicians don't really have to keep their promises anyway…

  • [Deactivated] on 27/08/2017 - 07:05

    yes and when I refuse to vote as there's no one I want to vote for they fine me so they can buy a new tennis court.

  • [Deactivated] on 27/08/2017 - 07:08

    https://www.youtube.com/watch?v=OuC_k51NUqU interesting video

  • Ocker on 27/08/2017 - 08:47
    +2

    What a bunch of sore losers suffering from the tall poppy sydnrome

    • ihbh on 27/08/2017 - 09:36

      Exactly.

      How did a society where the majority elects the politicians who make the policies end up in this situation?!

      It's called capitalism. The buyer might be overpaying - time will tell. Nevertheless, it's a free country and they can spend as they like.

    • [Deactivated] on 27/08/2017 - 10:07
      +1

      By your logic, are you a gracious loser?

  • [Deactivated] on 27/08/2017 - 08:50

    my point was if that tennis court owner didn't vote he/she wouldn't get fined or get out of it with cost paid via the court because they have money for a high priced lawyer.

    not a sore loser just a realist :)

  • altomic on 27/08/2017 - 11:05

    it's like those paintings by picasso. you could pick them up for $100 back in the 1920s,

    and now they go for $10,000,000+

    why isn't the government doing something about that?

  • Hardlyworkin on 28/08/2017 - 09:21

    I heard Bernie bought it to stage his own tournament as he can't get a game anywhere else anymore.

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