Oz Federal Election 2013 - Discussion and Comments

[medhead]

1) they are not compulsory for self-employed or company directors.

Oh I didn't realise those people were earning at the very low end of the income tax scales. But still surely even company directors and self employed understand 30% tax is better than 45%?

2) under the current regime, it is only a question of time. Lenin & Stalin would be proud of Juliar!

Dramatic and extreme.

 

[Moody]

It's gone a bit quiet here, which is strange considering the brouhaha about proposed superannuation changes. Maybe everyone has taken a look and said "meh", but Joe Hockey is chaotic and confused (that is the only way to read it IMHO) and Tony Abbott is visiting planet Coosbane with his ludicrous Cyprus statements.

Come September they will be running the country. Brian help you all.

 

[whatmeworry]

So only 16,000 will be affected by super changes... Geez all the old super stashers and lib die hards have all suddenly gone quiet.

 

[Mal]

So only 16,000 will be affected by super changes... Geez all the old super stashers and lib die hards have all suddenly gone quiet.

I'd be annoyed if I was one of the 16k (trusting your advice). And yes I never thought Julia would stoop to tactics similar to a certain country in Europe.

PS. The quote below from the greens really shows their true colours... unfortunately their voters won't disagree with them...

" Greens leader Christine Milne said the changes didn't go far enough.

"Labor is clearly not serious about facing the revenue challenge Australia confronts," she said in a statement."

 

[cove]

Wayne Swan is not within a bulls roar of his 1 billion surplus and Simon Crean wanted him replaced. Now that did not happen and we are already 21 billion in further deficit trouble so far this year with election give aways still coming.
It is now being reported that Australia will have deficits through now to 2017 which is just grossly negligent that the size and pay rates of our civil service is not being properly pulled into line.
The oldest post war baby boomers are now 67 and there are quite a lot of them ceasing to pay any taxes at all as they retire thick and fast.
Now before you start thinking that the superannuation changes missed you think about 2014.
If you have a windfall profit inside your super fund (regardless of how much you have in it) the tax beyond $100,000 earnings gets taxed at 15% regardless of whether you have enough money to provide for yourself. That will catch many,many more than that smug Shorten revealed in his press conference. Please read the fine print.

 

[Deleted member]

It's gone a bit quiet here, which is strange considering the brouhaha about proposed superannuation changes. Maybe everyone has taken a look and said "meh", but Joe Hockey is chaotic and confused (that is the only way to read it IMHO) and Tony Abbott is visiting planet Coosbane with his ludicrous Cyprus statements.

Come September they will be running the country. Brian help you all.

He is probably confused because it is the least incoherent and most reasonable policy decision out of Wayne swans mouth so far.

 

[Deleted member]

So only 16,000 will be affected by super changes... Geez all the old super stashers and lib die hards have all suddenly gone quiet.

Why are you so down on so called "Super Stashers" ?

 

[Deleted member]

So only 16,000 will be affected by super changes... Geez all the old super stashers and lib die hards have all suddenly gone quiet.

No so fast. Based on a 5% return. In the "Good Times " double digit returns are not uncommon. Look at your own super returns financial YTD . Any one that gets 10 % or 20% etc is going to have an interesting time.
And remember this is NOT about what you draw from super. But instead about super/ pension phase ( investment) returns.

 

[Pushka]

The bottom line is that these super changes won't happen before the next election.

 

[amaroo]

He is probably confused because it is the least incoherent and most reasonable policy decision out of Wayne swans mouth so far.

Probably because it has little Shorthorn's finger prints all over it.

 

[Major]

So only 16,000 will be affected by super changes... Geez all the old super stashers and lib die hards have all suddenly gone quiet.

Not really. We were always mature, reserved, dignified...and quiet

 

[11sjw]

So only 16,000 will be affected by super changes... Geez all the old super stashers and lib die hards have all suddenly gone quiet.

You didn't seem silly enough to fall for the 16k furphy.

 

[Platinum A332]

Now I am around 40 years from retirement having just started full time work, so the super changes don't affect me. However the 16000 people figure is complete rubbish and will be a significantly higher number.

The 16000 figure is based on a 5% return. That is effectively an assumption that 2million in Super savings would just be left in a term deposit. How many Super funds just have their entire savings pool just in cash? A lot of companies such as TLS are still yielding close to 8%. Even share prices of companies like QAN have gone up 25% this year.

I think a more realistic figure to use would be around 10% on investment returns. Which would bring the super balance where taxes kick in to $1million. For 40 years of work, accumulating $1million of savings whilst high does not in my opinion make you "fabulously wealthy".

 

[Sprucegoose]

So only 16,000 will be affected by super changes... Geez all the old super stashers and lib die hards have all suddenly gone quiet.

You obviously have few assets!

 

[amaroo]

Even share prices of companies like QAN have gone up 25% this year.

They need to start paying a dividend to be a problem for this tax.

Share increases during the year won't add to the tax take.......only when you sell the share.

BTW I totally agree that the net will be cast far wider than 16,000.

 

[Platinum A332]

They need to start paying a dividend to be a problem for this tax.

Share increases during the year won't add to the tax take.......only when you sell the share.

BTW I totally agree that the net will be cast far wider than 16,000.

Thats true for SMSF but what happens in the case when an employee is a member of a large industry fund? Sorry not fully abreast of all the super rules.

 

[casanovawa]

So only 16,000 will be affected by super changes... Geez all the old super stashers and lib die hards have all suddenly gone quiet.

Calm down, do you think none of us have anything better to do than hang around these forums, especially on weekends... And i was accused of being the one who lived his life in here...

Yes the 16,000 figure seems utterly ridiculous so not sure why you bothered to quote it... And as wages go up obviously people are going to reach that $2 million in super a lot quicker... Or $1 million at 10% that is probably closer to the truth with the extra amount of people that will be hit this would result in... Saw Shorten this morning and he mentioned that the $100,000 figure is going to be indexed but from when and at what rate, CPI i'm supposing??? So if anyones super gains go up faster than 2-3% does that mean that they will get in front of the indexation and so creep into this bracket??? How does that work, or do we know??

At the end of the day not a huge change to take more big hits prior to the election, the revenue gains were what, i think i heard $900 million in the first year or in the first 4 years, so not which is right, but if the latter $250 million a year is hardly going to make a speck of difference to the deficits Swanny has lined up as far as the eye can see, but might make some impact over the decade ($10 billion over 10 years)... Maybe even a bigger difference if they are lying to us about how many people will really be impacted, which is probably the case...

 

[Sprucegoose]

Thats true for SMSF but what happens in the case when an employee is a member of a large industry fund? Sorry not fully abreast of all the super rules.

Indeed, read the fine print.

If you earn 70K which includes $30k in franked dividends, that income goes into the pot to adds up to $100k.


The sooner we change this government out the better.

 

[Sprucegoose]

The bottom line is that these super changes won't happen before the next election.

which means there is nothing to worry about.....

 

[Hvr]

Indeed, read the fine print.

If you earn 70K which includes $30k in franked dividends, that income goes into the pot to adds up to $100k.


The sooner we change this government out the better.

Indeed, only low income earners should pay tax. Really the indignity of rich people paying tax really is beyond the pale.

Why the hell you shouldn't pay tax on earnings however earnt is beyond me. And yes superannuation is for your retirement, well guess what I'll bet your demands for medical care don't decrease, nor will a heap of other demands yet you're unwilling to pay reasonable taxes to fund those needs.

I know we've all paid taxes all of our lives but who said taxes stop at a certain age? Or a certain high level of income? Especially when you're going to consume more?

And we're talking about an income of >$100,000, not exactly a small income and better than most people will ever attain in their working lives.

Still Abbott and co will be in government in about five months and then you can start at least three years of whinging about how bad Labor was and why paying any tax is a bad idea. There will be no nation building or long term planning. Tony Abbott has already said no to trains and yes to more freeways. That will be the tone of his prime ministership. More for his mates and less for the taxpayers who should be thankful they can breathe the same air as the rich people.

By then Work Choices Mark II will be implemented, no more carbon tax and most importantly the small level of tax credits for low income earners' superannuation will be repealed and the possibility of taxes on high levels of superannuation income will be but a bad dream. The world will be as it should be. However, the whinging that all people should fund their own retirement will go on with no thought to the absolute hypocrisy some people display.

As for the poor people complaining, well 'let them eat cake'!