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I have a yard full of "collectibles". Most others view my "collectibles" as "junk". I just have to convince the ATO when I make a killing selling one of my "collectibles", that it's not taxable! 😄

The proposed capital gains tax changes on collectibles will affect many ordinary people. Most of us have something collectible, and if it is over $500 we will be caught. This year I donated a collection to a museum. I paid around $1000 for it forty years ago and I think it is now worth around $20,000. I thought I could get it valued for a tax deduction and approached two valuers. They both told me that their fees would be higher than the deduction. A collection would need to be worth $50,000 to make it worthwhile. I should have sold it, but I had already donated it.the museum was very happy to get it. That is an unusual story, but the government will drag household jewellery, watches and so on into needing a start valuation on 30 June next year.

PM, are you saying that the change is regarding the need for a valuation? CGT on items like jewellery has existed for a long time, but are there specific changes regarding the method of determining its value?

"The more things change, the more they stay the same". Originally coined by French critic Jean-Baptiste Alphonse Karr in 1849, as "plus ça change, plus c'est la même chose".

The only CGT I have first-hand experience of was on the sale of my house on 44 acres. As has been discussed on this forum in the past, there is a rule that you are liable for CGT on everything over 5 acres (2 Hectares). Unlike CGT on collectables, you are legally allowed to do the valuation yourself (but you may need to show your workings out). The exempt 5 acres need not be one parcel of land, so you choose all the most valuable bits to exempt. In my case, the house and infrastructure (water tanks, septic tanks, etc. and a strip of river frontage. I then was able to deduct the cost of ownership (rates etc maitanance of fences and other things). I was able to aggressively (but legally - I think) whittle the CGT bill down to $1500. I did half expect a please explain letter; however, it never came, and 9 years later, it is too late for them, unless they detect out-and-out fraud. I did plenty of research, and I actually found in an obscure place a tax department internal document that listed the conditions that trigger an audit with regard to land sales, so I felt on safe ground. The thing is, compared to some people selling land, my case was pretty trivial. It does not really make sense for ATO to spend vast sums of money detecting the sale 1 watch or piece of jewellery in a private sale. This is not tax advice!

In practice, for the ordinary person, I suspect it will be difficult to enforce. A CGT already exists; it is just the method of calculation and valuation that has changed (as far as I can see). If Onetrack sells me some of his lovely junk, how would the ATO even know? Since I have been downsizing, I have sold many possessions, mostly they have lost value, but some musical instruments have gained in value and are probably subject to CGT. Pretty hard to detect, though.

Farq.. I agree with PM.. it will bring a lot of ordinary people into the net. $500 is not a lot these days and unless you can prove what you have bought is used on a frequent basis, it will be classed as a collectible and if you sell it as yiu don't use it anymore and you make a profit, you pay. But if you make a loss, you can only offset that loss against other gains on collectibles you sell within the tax year.. not even other CGT payable assets let alone your total assemble tax. This is what I call pernicious tax... And Google tells me thar the official rate of inflation isn't taken into account, but some formula applied by the ATO, which is usually lower than the inflation rate. This is what I call a pernicious tax or a money grab. There is a carve out for personal use, but you have to prove it and it cant be occasional; it has to be frequent.. In theory, that jewellery necklace bought for wearing on the wedding day and only dragged out for special occasions will he caught.. so yeah, it will affect a lot of ordinary people.

What came first..the chicken or the egg? Neither ..the Rooster did.

Which side Looks after the Rich the most?. Nev

I believe the spelling is Eligible. ? I'd have More sympathy for the People of the USA if more of them cared a bit for "the Rest of the World" and not just their own profits. Unilaterally withdrawing from agreements IS pretty Poor form by anyone. Who can be trusted after doing that? What's YOUR word worth? .Nev

While the Govt tries to exact small amounts of tax on collectable items hoarded by working class individuals, they let global corporations and billionaires get away with paying bugger-all tax on multi-million dollar profits, because it's "too hard" to stop their innovative and devious loophole-finding tax arrangements.

Approximately 209 million people were registered to vote in the 2020 presidential election and 158,427,986 ballots were submitted for president (75.8% of registered voters).

Finke is a free for all but they still have a womens class, which by the way i think is a great thing. Love seeing women compete in things like motorcycle riding. Tried to get my daughter into it a bit, she can ride but was more academic type.

No. I feel sorry for all Americans whose ability to celebrate an milestone in their country's history has been diminished by the effects of Trump's policies. I reckon that the ability for celebration belongs to every one of them.

I don’t want to see blokes in women’s mud wrestling.

Many Trusts are tax dodging RORTS. That's what They are aiming at. Nev.

Have you ever wondered about the weird and wonderful jobs that have to be done, and which never make any news articles, documentaries, or "this is your life" shows? Yes, there are hundreds of them, and many are so basic to everyday needs, that they just don't even get discussed. Jobs such as chicken sexers, aeroplane repossession agents, ball divers (yes, I know you never even considered what happens to those golf balls lost in deep water), and... wait for it - barnyard masturbators. Yes, there is even a job involving getting animals horny for ease of insemination, which must take a special type of person.

David Attenborough turned 100 today.

When I was in Burma in 1985, about the only reminder of the war was a lot of psp used for rural fencing once you got out of Rangooon into the countryside.

There's only Winners and whiners - no turd prizes are allowed.

Ruining democracy seems to be the activity of choice.

I don't think that ultra wealthy people think about how to spend it like we might. For them it's about having it, and for many it's just a by-product of their wheeling and dealing which is what they are really interested in. I recall one of Jerry's posts where he was talking about what motivates them to make money and why whatever they have is never enough, and what sets them apart from the rest of us.

It becomes just a GAME to them. Nev

Ironically, $600-$700 per week would be sufficient to service a mortgage, if there was a house to purchase.

The house across the road from me in the Perth Hills is just a 2x1 on half an acre. We were good friends with the owners for many years. His wife died some years ago at a relatively young age, so he eventually sold up and moved about 5 years ago. He wanted $280k but it was sold within a week for $340k. The people who bought sold it 18 months ago to a young couple for $720. We built our place in 1992. The block cost $39k and the house $130k. For the first 15 years it was worth about $180k as property prices in this area were stagnant. It's now worth about a million according to a real estate agent I spoke to recently. That was his estimate without even looking at it. He said he sold a house in this area 18 months ago for $1.2m and would list it now for $1.5m. Prices around here have gone through the roof. Rents have seen similar price increases. Paying $600-$700 per week is common now. I really don't know how young people can afford to live or buy anywhere decent these days.

The house directly across the road from me, is rented at $1500 a week. It's rented by a couple in their 30's/40's with 2 kids, and I have no idea what they do for a living, but they both appear to work at good-paying jobs. She drives an Audi SUV and he has a Subaru WRX Sportswagon. They moved in last September. I haven't spoken to either of them, they tend to lead a busy life, and don't take much notice of us oldies opposite them. The house was built in 2009 by a Police Detective, replacing an early 1950's house that obviously didn't fit their lifestyle. This couple divorced in 2010 and the house was sold for $948,000 to a bloke who did Mining OH&S, he worked as an OH&S manager for one of the big miners and would have been on about $300,000 a year. He was married to a black Kenyan lady who was a social worker, and they had one young teenage girl who was "on the spectrum". He moved to Canada last year and rented the house out, while they decide if they will stay in Canada permanently. Apparently, they had been there before, and loved the place. The house is now reported as being worth around $2,000,000. The mining bloke put in the pool, it cost him $55,000, and they were quite proud of it. It appears the mining bloke was worth millions, his deceased father owned a farm that was sold for something like $6,000,000, and the mining bloke got a sizeable share of that as an inheritance. https://www.domain.com.au/property-profile/140-wood-street-inglewood-wa-6052

Physios have their Place. Chiropractors are More Likely to cause injury, Backs Need Movement, I had 3 desiccated discs in the Lower back and now they are all moving with No Operations on my back Needed. . That's done entirely with appropriate exercises. Twisting with No Weight on the spine. Nev

A lot of physiotherapists live in a dream world. Standing on two feet with your eyes closed is a pretty good effort for anyone in their eighties, one foot is unneccessary risk taking in my opinion. Most people aim to do it on one foot with eyes open.The only physio I've ever been to that knew what she was doing was a young lady who migrated here from Mumbai. All her assessments and advice were practical, common sense and effective. And it was all verbal with some written take home instructions, very old school. Most of them these days are all about box ticking. They take your money and send you home with an exercise programme where you have to log in every day to their site and tick boxes saying you've done the exercises. Not worth two bob. There's heaps of physio mobs jumping on the bandwagon to hoover up medicare dollars via care plans using BS like that. It's a license to print money.

Nev, I havn't been in business for many years. This is just my retirement hobby. I get no tax deductions for anything!

I am reading a book about the WW2 Burma campaign. The US 111 Brigade retreated from Blackpool to Indawgyi Lake and couldn’t take the badly wounded. They were all shot to save them from falling into Japanese hands.