Abbott in Government

[medhead]

Re: Oz Federal Election 2013 - Discussion and Comments

Everyone is allowed to arrange their tax affairs in such a way that minimizes taxes. It is not as if the Governments over the past decade have spent the money wisely.
I still pay plenty of income tax and I see the point of raising the GST rate to catch a piece of the black economy.

Arranging tax affairs is one thing. Not declaring income outright is something else entirely.

 

[cove]

Re: Oz Federal Election 2013 - Discussion and Comments

Yes liars can get jailed or fined heavily so don't go there unless you don't mind a bit of jail time.

 

[whatmeworry]

Re: Oz Federal Election 2013 - Discussion and Comments

Yes liars can get jailed or fined heavily so don't go there unless you don't mind a bit of jail time.

Better watch out Cove, the new Liberal government might interpret all your CC point earning as some type of fringe benefit tax dodge!

 

[JohnK]

Re: Oz Federal Election 2013 - Discussion and Comments

Everyone is allowed to arrange their tax affairs in such a way that minimizes taxes. It is not as if the Governments over the past decade have spent the money wisely.

That is totally wrong. The bleeding hearts say you can never pay enough tax.

I still pay plenty of income tax and I see the point of raising the GST rate to catch a piece of the black economy.

Lets not get started on that one.

 

[drron]

Re: Oz Federal Election 2013 - Discussion and Comments

Interrupting-JohnK empty your PM box.
back to regular programming now.

 

[JohnK]

Re: Oz Federal Election 2013 - Discussion and Comments

Sorry drron. PM inbox cleared.

Yes liars can get jailed or fined heavily so don't go there unless you don't mind a bit of jail time.

Some people should mind their own business.

First of all one can live in their investment property for 12 months and then sell it and pay no capital gain tax. Not at all. Not even pro rata.

Secondly one can sell their investment property after 55 years of age and put the funds of the sale into an annuity or allocated pension and pay no capital gain tax whatsoever.

Thirdly one can receive their ~$150,000 superannuation savings at age 59 as a lump sum payment and take it with them to Thailand and invest it over there. They also do not need to declare the income in Australia as Australia has no way of finding out about Thai bank accounts but for the bleeding hearts lets say that money is invested in their Thai girlfriends/wifes name.

Fourthly that person can still receive all the PBS medicines cheaply and if they are smart and keep their income below the threshold they can also receive a low income health card.

Fifthly not everyone has to pay GST on everything and given the choice I have no hesitation. Think about that one but dont think too hard as it is not worth fighting it.

I love how the bleeding hearts love to dictate how others should live their lives and all of a sudden become the ethics and morality police.

I am not stupid. I have done my research and homework. I would not do anything illegal. I will continue to research between now and the time I am ready to retire for ways I can maximise how much of my income I get to keep.

And the good thing is I have absolutely no guilt whatsoever. Sorry to all the new migrants but you are going to have to fund your own retirements by working hard and paying taxes like I have done for most of my working life.

Ahh you say. Well that is another story for another day....

 

[whatmeworry]

Re: Oz Federal Election 2013 - Discussion and Comments

Bumbling Barnaby Joyce charged the public for NRL games.

Agriculture Minister Barnaby Joyce billed taxpayers nearly $5000 for ''official business'' travel while attending rugby league games, as senior ministers hint it is inevitable the Abbott government will tighten rules on politicians' entitlements.

Read more: Joyce billed public for NRL games
​

 

[Isochronous]

Re: Oz Federal Election 2013 - Discussion and Comments

What about Gillard using the RAAF jet to attend some relative of the manbag's wedding on the NSW North Coast or Wayne Swan using RAAF jets to take his family to the AFL Grand Final.

But even then, this is all small beer. What about the hundreds of billions wasted by Labor on NBN, more welfare for bogan bums, school halls, insulation that incinerated young workers and people's homes, compensating Sky for the rigged Australia Network tender, and all the other examples of Labor malfeasance.

Remember, there are enough former Labor MPs in jail for child sex offences to form a Prisoners' Branch of the ALP.

May Thomson and Gillard join them next - albeit for different allegations.

 

[Sprucegoose]

Re: Oz Federal Election 2013 - Discussion and Comments

RBA points out Tony Abbott not spending enough on infrastructure.

I don't think you can pin that one on tony just yet. That other congenital idiot we had for a treasurer yes I think that rates a mention.

 

[drsmithy]

Your bleeding heart attitude will get you nowhere. Why are you trying to make me feel guilty?

I'm not trying to make you feel guilty. It's patently obvious that would be a fruitless exercise.

Go and see if you can inspire the bludgers to do better for themselves and put more back into the system.

I'm sure they'd be happy to but people like you keep voting to hobble their ability to do so.

The law says if you live in a place for 12 months then that is deemed your place of residence? Correct? So why would I sell an investment property right now when I am on the top tax bracket and hand over $50,000 of my hard earned money? Why not live in it for 12 months before selling? Should I feel guilty I am not paying my way? How am I rorting? What I am proposing is legal.

No, it's not. If you're going to claim somewhere as your place of residence you need to actually live there. You can't say you live there and then proceed to live somewhere else.

And once I have received that money I am under no obligation whatsoever to invest it. I will go out and spend it as quickly as possible. I earned that money working hard. That money will be spent on me.

So at the end of the day if I end up with nothing then the government is obliged to help me as I have been helping others for most of my working life. I have contributed a lot more than the bludgers who have everything handed to them now.

Yes, I get it. It's all about you. You'll take everything of yours and then some of ours as well.

Leave me alone with your bleeding heart attitude.

I find it amazing your moral compass is so ****ed up that you consider giving a damn about someone else a reason to insult someone.

Next you are you going to tell me I cant retire in a couple of years and must work until I am 70.

Yes, actually, that is something the baby boomers should be doing to account for their longer lifespans and be less of a burden on following generations. Really it should probably be closer to 75.

When the pension was first available, it used to be paid out for maybe 5 years before the typical recipient died. Now it's more like twenty. That's a big problem.

 

[drsmithy]

Re: Oz Federal Election 2013 - Discussion and Comments

Everyone is allowed to arrange their tax affairs in such a way that minimizes taxes. It is not as if the Governments over the past decade have spent the money wisely.
I still pay plenty of income tax and I see the point of raising the GST rate to catch a piece of the black economy.

The point of raising the GST is not to catch the "black economy", it's to claw back money from baby boomer retirees who have spent the last few decades "arranging their tax affairs in such a way that minimizes taxes [to zero]".

It's not poor "bludgers" who are going to bankrupt Australia, it's old people, especially those who spend the last twenty to thirty years off their life on welfare whilst contributing nothing.

 

[medhead]

Re: Oz Federal Election 2013 - Discussion and Comments

Sorry drron. PM inbox cleared.


Some people should mind their own business.

Some people should keep their business off the Internet.

First of all one can live in their investment property for 12 months and then sell it and pay no capital gain tax. Not at all. Not even pro rata.

If the property has already been rented out this is wrong. The issue here is not your business but the next goose that come along and believes your post. The advice of the tax office is clear. Moving into an investment property after you've earned income only saves CGT for the period of time you've lived in the property. For someone who has done the research, it's funny that you clearly haven't read the guide from the ATO. Your funeral.

Secondly one can sell their investment property after 55 years of age and put the funds of the sale into an annuity or allocated pension and pay no capital gain tax whatsoever.

Subject to limits on contributions.

Fourthly that person can still receive all the PBS medicines cheaply and if they are smart and keep their income below the threshold they can also receive a low income health card.

You better do your research on the income test. They add things like super contributions onto taxable income to determine eligibility for benefits.

Enjoy blugding off the PBS.

 

[cove]

Re: Oz Federal Election 2013 - Discussion and Comments

Just be aware the vendors of annuities are not very generous in offering you a fair interest rate on your money. If you find a product that has a built in 5% interest rate let me know. Most annuities have an interest rate component in the zero to 2% built into their products so be careful.
Buying an annuity to provide a monthly income for the rest of your life is an excellent concept provided the cost of living does not run out of control.

 

[JohnK]

Re: Oz Federal Election 2013 - Discussion and Comments

No, it's not. If you're going to claim somewhere as your place of residence you need to actually live there. You can't say you live there and then proceed to live somewhere else.

Define living in the place of residence? If I move into my investment property today, have all the mail sent there and then tomorrow go overseas for 12 months have I lived there for 12 months? What if I only go overseas for 6 months of that time. Do I have to literally sleep in the place for 365 days? Don't take everything I say literally.

Yes, I get it. It's all about you. You'll take everything of yours and then some of ours as well.

You still dont get it do you? It does not matter what I say as everything I say is wrong.

I have been quite lucky and if things dont go wrong I will not need a handout for the remainder of my life. I dont want the piddly pension so I have worked hard and saved my money and I want to reap the benefits.

I have paid more then enough income tax my entire working life. But that is not enough for the likes of you. You also want a cut of the money I have managed to save and not squandered on meaningless things like others have.

So forgive me for trying to do everything in my power to ensure I have a good comfortable life until I am ready to go. And you can rest assured I will do everything legally as do not want to spend any time in jail.

 

[drsmithy]

Re: Oz Federal Election 2013 - Discussion and Comments

Define living in the place of residence? If I move into my investment property today, have all the mail sent there and then tomorrow go overseas for 12 months have I lived there for 12 months? What if I only go overseas for 6 months of that time. Do I have to literally sleep in the place for 365 days? Don't take everything I say literally.

It's not for me to define, it's for the ATO.

And I'm pretty sure the ATO will not look favourably upon you claiming to live somewhere and then, for all practical purposes, not doing so, with the objective of avoiding tax.

You still dont get it do you? It does not matter what I say as everything I say is wrong.

So far, most of what you've said has been wrong, yes, either factually or ethically.

I have been quite lucky and if things dont go wrong I will not need a handout for the remainder of my life. I dont want the piddly pension so I have worked hard and saved my money and I want to reap the benefits.

Hangon, a few posts ago you said you were going to blow it all and then take a Government pension. A few posts after that you alluded to hiding money in Thailand and then taking a Government pension. Now you're saying you'll be doing the responsible thing and self-funding your retirement.

Which is it ?

I have paid more then enough income tax my entire working life. But that is not enough for the likes of you. You also want a cut of the money I have managed to save and not squandered on meaningless things like others have.

I have no idea whether or not you, personally, have paid enough, more than enough, or not enough tax. Nor have I made any claim to.

Statistically and demographically, however, you - ie: your generation - haven't. Quite the opposite, in fact.

So forgive me for trying to do everything in my power to ensure I have a good comfortable life until I am ready to go.

Well since I'm going to be one of the mugs picking the tab for your pension and cheap medicine for the next few decades, you'll have to "forgive me" for complaining about the multitude of ways you're going to cost me money by shirking your obligations.

 

[medhead]

Re: Oz Federal Election 2013 - Discussion and Comments

Define living in the place of residence? If I move into my investment property today, have all the mail sent there and then tomorrow go overseas for 12 months have I lived there for 12 months? What if I only go overseas for 6 months of that time. Do I have to literally sleep in the place for 365 days? Don't take everything I say literally.

I'll tell you right now it is not your place of residence if you are living with your parents. As per the ATO:

As a general rule, a dwelling is no longer your main residence once you stop living in it.

But the ATO has a pretty good definition. Is the dwelling your main residence? | Australian Taxation Office If you bother to read that you will find there is no 12 month limit, so your research seems to be out of date. the ATO provides the following list of factors. Note the bolding, you have clearly stated that you do not intented to move in, but to continue living with your parents.

The following factors may be relevant in working out whether a dwelling is your main residence:

• the length of time you live there – there is no minimum time a person has to live in a home before it is considered to be their main residence
• whether your family lives there
• whether you have moved your personal belongings into the home
• the address to which your mail is delivered
• your address on the electoral roll
• the connection of services (for example, phone, gas or electricity)
• your intention in occupying the dwelling.

A mere intention to construct or occupy a dwelling as your main residence – without actually doing so – is not sufficient to obtain the exemption.

There is only a CGT exemption if the first use of the property was as your main residence. As per above there is no 12 month rule. If the first use was as an investment property there is no exemption, capital gains tax is payable.

Moving into a dwelling | Australian Taxation Office

and

Guide to capital gains tax 2012-13 | Australian Taxation Office

Here for first use exemption: Treating a dwelling as your main residence after you move out | Australian Taxation Office

This publication might also be useful Rental properties 2012-13 | Australian Taxation Office

http://www.ato.gov.au/uploadedFiles/Content/MEI/downloads/ind00342353n17290613.pdf

You still dont get it do you? It does not matter what I say as everything I say is wrong.

I have been quite lucky and if things dont go wrong I will not need a handout for the remainder of my life. I dont want the piddly pension so I have worked hard and saved my money and I want to reap the benefits.

I have paid more then enough income tax my entire working life. But that is not enough for the likes of you. You also want a cut of the money I have managed to save and not squandered on meaningless things like others have.

So forgive me for trying to do everything in my power to ensure I have a good comfortable life until I am ready to go. And you can rest assured I will do everything legally as do not want to spend any time in jail.

You don't get it either. I pay more than enough tax already and I'm sick of having to subsidise people who think they can rort the system by not declaring their full income based on false arrangements and an incorrect opinion about their tax treatment. The only person my heart bleeds for is me.

There is no 12 month rule. It is a lie to pretend to live in a property when you don't. If the property was not first used as your residence you will have a capital gains tax event and you will be liable for capital gains tax on a pro-rata basis between income producing time and non-income producing time.

 

[Pushka]

Re: Oz Federal Election 2013 - Discussion and Comments

JohnK. You need to wait until you turn 60 before taking that lump sum tax free.

 

[Moody]

Re: Oz Federal Election 2013 - Discussion and Comments

And my question is - what does tax avoidance in particular and shirking moral obligations in general (by the allegedly well-off) have to do with the topic "Abbott in Government"?


On second thoughts ...... forget I asked.

 

[Alanslegal]

Where is Tony??! He must be playing Hide & Seek?

Tony Abbott 'thumbing his nose' at voters, says Laurie Oakes | The Advertiser - Cessnock

 

[Alanslegal]

Wooops, I found him! He's busy making rookie mistakes on the international stage.

Read more: PM stumbling around the international stage


Go the red and yellow, romp all over us now.