Abbott in Government

[Pushka]

Re: Oz Federal Election 2013 - Discussion and Comments

I thought they had tightened the rules to stop the "Gimme my Super pension 'coz I've retired ...... Ha Ha ..... fooled you!" run-around. Or was that one of the tax reforms recently ditched?

Speaking of which - how is the budget emergency going? I've heard our economy is at DefCon 2 but Jolly Joe doesn't want to tell the public in case they get panicky. Raising the debt ceiling by 200B was a bit of a dead giveaway that things are going to go badly in the near future.

Of course things aren't rosy for the immediate future. There is too much baggage to rectify from the previous Government. Takes more than 6 weeks to do that.

As far as superannuation, Labor (?) changed the age of access to it and were going to implement a higher tax on earnings over $100k. But that's about it. Given the politicians super perks, that's enough.

How is accessing your super when you've retired fooling anyone?

 

[eastwest101]

Re: Oz Federal Election 2013 - Discussion and Comments

EXCLUSIVE: Kevin Rudd's repeated claims of systematic anti-Labor bias in his treatment by News Corporation newspapers ahead of the September election were fuelled by an independent assessment of media reporting commissioned by the Labor Party.

Read more: News Corp bias against Kevin Rudd showed up in independent study, diary reveals


Oh geez, someone call Captain Obvious! Everybody knew the Rupert Murdoch the American wanted to get rid of labour!

News flash - report commissioned by the ALP finds News Ltd criticism of the ALP is grossly unfair, leaked to and published by Fairfax (News Lts competitor) from Bruce Hawker whom is trying to sell a book.....

Also - in other whatmeworry reports- reports commisioned by Qantas/Nine Network finds that Virgin Australia/Seven Network suck and report commisioned by Eddie Obied finds that he wasn't such a bad guy anyway....

 

[drsmithy]

Re: Oz Federal Election 2013 - Discussion and Comments

Speaking of which - how is the budget emergency going?

Given how much cash Hockey has continued to splash around, one has to wonder - what budget emergency ?

 

[Moody]

Re: Oz Federal Election 2013 - Discussion and Comments

Of course things aren't rosy for the immediate future. There is too much baggage to rectify from the previous Government. Takes more than 6 weeks to do that.

As far as superannuation, Labor (?) changed the age of access to it and were going to implement a higher tax on earnings over $100k. But that's about it. Given the politicians super perks, that's enough.

How is accessing your super when you've retired fooling anyone?

So "budget emergency" in opposition turns into "things aren't rosy" when in government. Nice! And if we are talking about balancing the budget, then I agree that can't happen in 6 weeks. It could though in 6 months when the May budget gets handed down, but you and I both know that ain't going to happen. Who should tell the happy little morons the bad news that Despicable T is long on promises but short on delivery?

And the little scheme that appeared to be popular was turning your lump sum into a tax-free pension at 55, and then starting a new Super scheme and dumping the maximum possible contributions into it to maximise tax concessions. I may be simplifying things but basically it was a distortion of the intended system that I thought they had fixed.

 

[Pushka]

Re: Oz Federal Election 2013 - Discussion and Comments

So "budget emergency" in opposition turns into "things aren't rosy" when in government. Nice! And if we are talking about balancing the budget, then I agree that can't happen in 6 weeks. It could though in 6 months when the May budget gets handed down, but you and I both know that ain't going to happen. Who should tell the happy little morons the bad news that Despicable T is long on promises but short on delivery?

And the little scheme that appeared to be popular was turning your lump sum into a tax-free pension at 55, and then starting a new Super scheme and dumping the maximum possible contributions into it to maximise tax concessions. I may be simplifying things but basically it was a distortion of the intended system that I thought they had fixed.

That plan wouldn't achieve a thing. There is a limit on personal contributions into super. Why take it out of a non tax paying instrument (which super is once you've permanently retired and over the age) and put it into another one. What does that achieve? Nada.

Rosy was my word. Why make a big deal of it? It was a cynical understatement but I guess that was missed.

 

[JohnK]

Re: Oz Federal Election 2013 - Discussion and Comments

I am fascinated by this alternative universe in which JohnK lives.

Fascinating indeed. Invitation only....

 

[singh]

Re: Oz Federal Election 2013 - Discussion and Comments

Of course things aren't rosy for the immediate future. There is too much baggage to rectify from the previous Government. Takes more than 6 weeks to do that.

As far as superannuation, Labor (?) changed the age of access to it and were going to implement a higher tax on earnings over $100k. But that's about it. Given the politicians super perks, that's enough.

How is accessing your super when you've retired fooling anyone?

I like how Australians actually believed Joe Hockey when he talks about the previous govt's baggage. I am not politically biased, but Mr Hockey clearly has forgotten his "budget emergency" he was talking about during the election campaign...

It will be interesting to see what Mr Turnbull will be doing about running FTTP NBN instead of his election promised FTTN. Despite the numerous petitions against FTTN, the NBN board sacking and NBNCo website changes lately, I do worry we will be stuck with a FTTN that will cost a lot to upgrade in the short term future when it becomes outdated.

 

[Pushka]

Re: Oz Federal Election 2013 - Discussion and Comments

I like how Australians actually believed Joe Hockey when he talks about the previous govt's baggage. I am not politically biased, but Mr Hockey clearly has forgotten his "budget emergency" he was talking about during the election campaign...

It will be interesting to see what Mr Turnbull will be doing about running FTTP NBN instead of his election promised FTTN. Despite the numerous petitions against FTTN, the NBN board sacking and NBNCo website changes lately, I do worry we will be stuck with a FTTN that will cost a lot to upgrade in the short term future when it becomes outdated.

Why "Australians"? Are you suggesting some kind of intellectual issue?

 

[singh]

Re: Oz Federal Election 2013 - Discussion and Comments

Why "Australians"? Are you suggesting some kind of intellectual issue?

Because only Australian citizens are entitled to vote?

 

[Pushka]

Re: Oz Federal Election 2013 - Discussion and Comments

Because only Australian citizens are entitled to vote?

No. Many Permanent Residents can vote and they don't need to be citizens.

 

[amaroo]

Re: Oz Federal Election 2013 - Discussion and Comments

Because only Australian citizens are entitled to vote?

And what a beautiful thing it is......93.23% of the eligible population getting involved - great stuff!

 

[JohnK]

Re: Oz Federal Election 2013 - Discussion and Comments

Yes, as long as you plan to permanently retire after 55 based on date on birth you can access up to that amount. Did you know that it's also ok to change your plans AFTER you have retired at 55 if you need to or want to return to work. As long as the intent is to permanently retire when you withdraw. And there's no time stipulated. Yet. But clearly most would not change their minds. Unless they ran out of money perhaps.

I stuffed up with my plans to retire in 3 months so unfortunately now need to work a few more years and then the plan is to retire before 55. I am tired and have had enough of work and the expectation that goes with it. Who knows if that plan is still going to be the case.

For me superannuation was never going to be my retirement income. I realised a long time ago that the compulsory super contributions were never going to be enough so the focus has been on personal investments.

Wish me luck!

 

[james4321]

Re: Oz Federal Election 2013 - Discussion and Comments

No. Many Permanent Residents can vote and they don't need to be citizens.

Really? Who falls into that category?

 

[Pukka]

Re: Oz Federal Election 2013 - Discussion and Comments

No. Many Permanent Residents can vote and they don't need to be citizens.

Are you sure? because I had residency for 3 years but was only signed up to vote when I became a citizen, they made a big deal about it at the ceremony

 

[BadgerBoi]

Re: Oz Federal Election 2013 - Discussion and Comments

Really? Who falls into that category?

A few, not many. For example I know a ten pound pom who arrived in the 1960s who falls in the category.

 

[Moody]

Re: Oz Federal Election 2013 - Discussion and Comments

Really? Who falls into that category?

Me, and anyone else who was on the electoral roll pre 1983 (or thereabouts). I even got to vote on the Republic Referendum, for all the good that did.

Anyway - the scheme I was banging on about is commonly referred to as "Transition to retirement". You can have your Super and eat it too, but of course for every smart investor minimising their tax there is someone like me stumping up for their retirement.

Of course when I turn 55 I will refuse to resort to such blatent sharp practices. Unless I have a "budget emergency", that is. (*)



(* Which by modern definition means things are not so rosy)

 

[medhead]

Re: Oz Federal Election 2013 - Discussion and Comments

There is no budget emergency Abbott et al are going to slash 1400 scientists from the CSIRO. Almost a quarter of the organisation. Don't worry about the projects and program's they're running. Don't worry that this is an organisation that capitalises on the Knowledge of this country. An organisation that invented Wifi. Nope just slash and burn. Best we don't create anything in Australia, we should just dig holes in the ground.

 

[Pushka]

Re: Oz Federal Election 2013 - Discussion and Comments

There are many permanent residents who can vote without being citizens. It's been tightened up now.

Also you can receive a centrelink aged pension without being a citizen too.

Transition to retirement is hardly a rort. There are limits in place as to how much you can re-contribute, $25k and which includes the 9.25% SG. You can take out between 3 and 10% only. And withdrawals are taxed. Hardly the way to make money.

 

[11sjw]

Re: Oz Federal Election 2013 - Discussion and Comments

Even the ACCC expect power prices to fall once the Carbon Tax is repealed.

Watchdog warns business on power cheating

 

[vitagen]

Re: Oz Federal Election 2013 - Discussion and Comments

I don't agree with so many benefits extended to non citizens of this country. I just look at all these students who come from Asia during my time in uni. Take up HECs and have no invention of paying it back, as they are going back home. They also have the cheek to 'thank me' for the free education.