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Retirees Tax

Discussion in 'General Chat' started by Iggy_Pop, Mar 8, 2019.

  1. HelloU

    HelloU

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    here are the stats on where the money comes from things like health, roads, education, social security etc.

    http://www.abs.gov.au/ausstats/abs@.nsf/mf/5506.0

    you will note that with this "rort" there was $281B of income tax collected ......... just for comparison purposes for where this money gets spent, this years welfare spend is $175B.
     
  2. HelloU

    HelloU

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    The irony here being that , under the Labor proposal,

    if you have a scenario where a company is fully owned by shareholders who are all government funded welfare pensioners then the government receives NO TAX WHATSOEVER from that company's profits....

    and also has to find the $$ to pay the welfare pensions to those peeps.
     
  3. basilio

    basilio

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    Very creative accounting there Hello U. :rolleyes:

    There is a means and income test for eligibility of the pension. I would be fascinated to see how this groups of people fully own a multimillion dollar company - and then be eligible for the pension.

    Having said that perhaps a creative Tax accountant on ASF can advise us
     
  4. HelloU

    HelloU

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    ummmmmmm .......

    Some may not be aware that the Labor proposal is that govt welfare peeps will still get the credits refunded.

    So for any company tax credits associated with a dividend payment to a welfare recipient then the government receives NO TAX WHATSOEVER from that portion of the company's profits.

    Talk to the Labor Party if u want this justified or explained further (or maybe Macquack).
     
    willy1111 likes this.
  5. HelloU

    HelloU

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    i actually support welfare peeps trying to achieve financial independence thru investing - so I am happy in a world where these peeps can own shares etc which means that, just like the mackquacks scenario is possible, so is the alternate welfare scenario also possible.

    I do not try to limit the aspirations of others ....I try to encourage aspirational behaviour.
     
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  6. sptrawler

    sptrawler

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    So then what is the tax rate, when the recipient is on welfare, and receives the franking credit?
    I don't think it is correct to compare the first $18,000 of earnings of a working person, with the superannuation pension.
    They IMO are dissimilar vehicles, one is earnings from savings post working age, the other is earnings in the working career.
    It is strange people can group them in the same criteria, yet have trouble grouping earnings on weekends the same as weekdays, they want them to be treated differently.
    Funny how when it affects a minority, no one cares, yet it will affect them all in the future.lol
     
  7. Humid

    Humid

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    2.2 million apparently
    If your retired with 2.2 and struggling because of the loss of franking credits
    You should change advisors ir get one
     
  8. barney

    barney

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    I have been self employed for a million years so Super was "invented" after my time … and I basically have none:eek::( ….. scary but true.

    That aside, I am appreciating the conversation from all parties … especially considering I intend to be filthy rich (unfortunately after I'm dead:p:D) … also scary but true! (maybe not quite filthy, but my kidz will be happy enough! lol … )

    Even though I have little to offer, please continue the discussion above gentlemen as it is very interesting:cool:
     
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  9. sptrawler

    sptrawler

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    How many blue collar workers, retire with $2.2m, I would guess 20 if you're lucky.
    It is the ones between $1m and $1.5m that are getting it in the button. They are retired blue collar workers.
     
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  10. HelloU

    HelloU

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    my creative Tax accountant says that to own a $2M MC coy, it would take 500 welfare peeps $4K each.

    hang on, he has now said 2,000 peeps at $1K each.

    oh no, he now says it actually be 1,000 peeps at $2K each . I give up ......

    @barney just hang on to that bottom drawer key ........ do not lose it.
     
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  11. Humid

    Humid

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    Youd have to ask old mate
     
  12. Humid

    Humid

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    Youd have to ask old mate with the 45 year scenario
     
  13. HelloU

    HelloU

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    [​IMG]

    5

    (but u added more humid)
     
  14. sptrawler

    sptrawler

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    Like I said long ago, it will affect you, much more than me.
    But the future is yours, own it, embrace it, wear it. Lol
     
  15. Humid

    Humid

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    Would you care to explain that?
     
  16. sptrawler

    sptrawler

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    Don't worry Barney, the kids won't be happy enough, this is the first step on the path to stopping intergenerational wealth transfer.
    But no one will believe that either. Lol
     
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  17. sptrawler

    sptrawler

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    No point, you have your beliefs, we have debated issues nothing changes.
    That's fine, I'm off on another cruise in a month, can't get too involved in deep discussion.lol
    Pick up my Indian 111 Roadmaster soon, life's ok.
     
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  18. Humid

    Humid

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    The Indian sounds good....you can keep the cruise
    Too many purple rinses
     
  19. HelloU

    HelloU

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    they have morgues on board (none of that getting all the milk/bread out of the fridge/freezer stuff)
     
  20. sptrawler

    sptrawler

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    Lol, it can be a bit like that, but it is more about the places you visit, than the horrible sights you see around the pool.
    I've got 3 years to get the house in order.lol
     
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