http://www.afr.com/p/national/bank_deposits_taxed_for_bailout_AKvDLh8Z36mmzu3VQ2lhVJ

Bank deposits ‘taxed’ for bailout fund

#####

Guess who will pay?

Yes exactly.

So, your pay is deposited into your bank account by your employer, say $4,000 per month.

You will have to pay Rudd-Labor $40 bank account deposits tax on that?

Looks like it's back to the shoe box under the bed...or under the shed.

Don't worry, it wont be passed, labor wont be in government in a month or two, labor wont be in government for the next ten years!

A progressive means tested private bank deposit tax is a great idea for fairness and decency in the system, like Australia used to be before corruption and organized crime and big business embedded itself in our politics....We should also be working on a public bank for those who wish to invest in the common good...

buzzanddidj wrote on Aug 1^st, 2013 at 1:39pm:

labor are corrupt wrote on Aug 1st, 2013 at 11:59am: Yes good old labor tax and spend ( waste ) Artcle in afr today. The federal government will prop up the budget bottom line by billions of dollars with a new levy on banks that will be badged as providing insurance in case future bailouts are needed. actually ... Regulators urged fee for deposit guarantee October 4, 2012 Top banking regulators urged the federal government to consider charging banks a fee in exchange for the taxpayer guarantee on deposits, in a move that could have raised up to $38 billion over 25 years, previously secret documents show. Details of the regulators' push for a levy are revealed in heavily-redacted documents released yesterday after a freedom-of-information request from the Australian Financial Review. A scheme that charged banks 0.05 percentage points of deposits of less than $250,000 covered was projected to raise $37.8 billion after 25 years, the papers show. http://www.smh.com.au/business/regulators-urged-fee-for-deposit-guarantee-20121004-271cc.html#ixzz2agXJLWvk

"Top banking regulators" would be APRA or the RBA I assume. Who else is there?
Still if the banks have to cough up, it will all be passed on to us. Who else is there?

National Australia Bank chief Cameron Clyne said he would not comment on the government’s plans for a levy on bank deposits until he was more informed about the proposal.

“Option one is I’ll make an ill-informed smart alec response without any facts.

Option two is I will research the information, I will seek information from Treasury officials to understand the thinking and make an informed comment.

You want the former, I’m giving the latter,” he said.

Asked if there had been adequate consultation about the proposal, Mr Clyne said: “I am quite comfortable with the process.”

:)

bambu wrote on Aug 1^st, 2013 at 2:16pm:

So, your pay is deposited into your bank account by your employer, say $4,000 per month. You will have to pay Rudd-Labor $40 bank account deposits tax on that? Looks like it's back to the shoe box under the bed...or under the shed.

Doubt this very much, but, like National Australia Bank chief Cameron Clyne, I'll wait for the detail.....

;)

Good deductible item though.....

;)

I would like to see a debit tax on money you take out of the bank say at 10% and do away with the GST, personal income and company tax, and make it law that all wages, salary and pensions etc are paid into a bank account.

You're a great little cheer squad for personal freedom aren't you Vladomir?

corporate_whitey wrote on Aug 1^st, 2013 at 3:07pm:

A progressive means tested private bank deposit tax is a great idea for fairness and decency in the system, like Australia used to be before corruption and organized crime and big business embedded itself in our politics.......

You mean before Labor was elected to Govt in NSW?  ;D

http://images.smh.com.au/2013/08/01/4619022/SMHjuly1-300x0.jpg


corporate_whitey wrote on Aug 1^st, 2013 at 3:07pm:

We should also be working on a public bank for those who wish to invest in the common good

We had the Commonwealth Bank but Keating sold it..... :(

I see nothing about a deposits tax but i do see an effort to get banks to help pay for taxpayer funded guarantees.

consider charging banks?????..



now theres an idea???... but they wont be charging banks by the look of this they will be charging everyone that has no choice but to use them...I am already paying a fire levy for those that dont insure their property but will of course get the same help from the fire service  if need be...

just what does a govt do with the ,money they do get..does anyone really KNOW???..no guess' thanks I have enough already..

I do not personally want to give this govt any more money...I really dont like what they have done with it or are doing with it now...

its time like this I wish I was a smoker so I could give it up and give kev the con a great BIG FINGER

adelcrow wrote on Aug 1^st, 2013 at 3:53pm:

I see nothing about a deposits tax but i do see an effort to get banks to help pay for taxpayer funded guarantees.

where will this tax go into consolidated..????????????????????

in other words down the drain.

Swagman wrote on Aug 1^st, 2013 at 3:51pm:

corporate_whitey wrote on Aug 1st, 2013 at 3:07pm: A progressive means tested private bank deposit tax is a great idea for fairness and decency in the system, like Australia used to be before corruption and organized crime and big business embedded itself in our politics....... You mean before Labor was elected to Govt in NSW?  ;D http://images.smh.com.au/2013/08/01/4619022/SMHjuly1-300x0.jpg corporate_whitey wrote on Aug 1st, 2013 at 3:07pm: We should also be working on a public bank for those who wish to invest in the common good We had the Commonwealth Bank but Keating sold it..... :(

WONDER HOW MUCH MONEY THE OBEIDS HAVE STASHED AWAY IN LEBANON...OR ALL PLACES FAR AND WIDE.. ;) ;) ;)

GOD i WANT TO SEE THOSE UGLY SMIRKS WIPED OFF THEIR UGLY FACES.

cods wrote on Aug 1^st, 2013 at 3:53pm:

consider charging banks?????.. now theres an idea???... but they wont be charging banks by the look of this they will be charging everyone that has no choice but to use them...I am already paying a fire levy for those that dont insure their property but will of course get the same help from the fire service  if need be... just what does a govt do with the ,money they do get..does anyone really KNOW???..no guess' thanks I have enough already.. I do not personally want to give this govt any more money...I really dont like what they have done with it or are doing with it now... its time like this I wish I was a smoker so I could give it up and give kev the con a great BIG FINGER

Quote:

National Australia Bank chief Cameron Clyne said he would not comment on the government’s plans for a levy on bank deposits until he was more informed about the proposal. “Option one is I’ll make an ill-informed smart alec response without any facts. Option two is I will research the information, I will seek information from Treasury officials to understand the thinking and make an informed comment.

;)

Yes the ALP Government has been ever so trustworthy so we can expect them to be upfront -

Just like the carbon tax we'd never have, the 2013 surplus we were going to get, the private healthcare rebate they weren't going to touch, the pokies reform they promised Wilkie....

I forget how many other projects they have been true to their word.....

:D

Geez you neo cons luv jumping at shadows...wait for the actual policy details and then carry on like pork chops coz Im more than certain that if Kevin  tried to tax peoples deposits Labor would lose every seat at the election and the party would cease to exist.

adelcrow wrote on Aug 1^st, 2013 at 4:04pm:

Geez you neo cons luv jumping at shadows...wait for the actual policy details and then carry on like pork chops coz Im more than certain that if Kevin  tried to tax peoples deposits Labor would lose every seat at the election and the party would cease to exist.

oh its facts adel you will get the bad news tomorrow...

I wonder how much of the futurefund has been used by this govt... its just a thought!!!

Andrei.Hicks wrote on Aug 1^st, 2013 at 4:00pm:

Yes the ALP Government has been ever so trustworthy so we can expect them to be upfront - Just like the carbon tax we'd never have, the 2013 surplus we were going to get, the private healthcare rebate they weren't going to touch, the pokies reform they promised Wilkie.... I forget how many other projects they have been true to their word..... :D

"We"?

Karnal wrote on Aug 1^st, 2013 at 4:09pm:

Andrei.Hicks wrote on Aug 1st, 2013 at 4:00pm: Yes the ALP Government has been ever so trustworthy so we can expect them to be upfront - Just like the carbon tax we'd never have, the 2013 surplus we were going to get, the private healthcare rebate they weren't going to touch, the pokies reform they promised Wilkie.... I forget how many other projects they have been true to their word..... :D "We"?

---

cods wrote on Aug 1^st, 2013 at 4:08pm:

adelcrow wrote on Aug 1st, 2013 at 4:04pm: Geez you neo cons luv jumping at shadows...wait for the actual policy details and then carry on like pork chops coz Im more than certain that if Kevin  tried to tax peoples deposits Labor would lose every seat at the election and the party would cease to exist. oh its facts adel you will get the bad news tomorrow... I wonder how much of the futurefund has been used by this govt... its just a thought!!!

Like Ive said..if it is Labors intention to tax deposits you will have no need to worry about Labor ever getting back into power so you should be celebrating.
Crikey..even I'd vote for Tony Abbott if Labor tried to tax deposits.

Andrei.Hicks wrote on Aug 1^st, 2013 at 4:11pm:

Karnal wrote on Aug 1st, 2013 at 4:09pm: Andrei.Hicks wrote on Aug 1st, 2013 at 4:00pm: Yes the ALP Government has been ever so trustworthy so we can expect them to be upfront - Just like the carbon tax we'd never have, the 2013 surplus we were going to get, the private healthcare rebate they weren't going to touch, the pokies reform they promised Wilkie.... I forget how many other projects they have been true to their word..... :D "We"?

Citizens of the world, eh Andrei?

Karnal wrote on Aug 1^st, 2013 at 4:45pm:

Andrei.Hicks wrote on Aug 1st, 2013 at 4:11pm: Karnal wrote on Aug 1st, 2013 at 4:09pm: Andrei.Hicks wrote on Aug 1st, 2013 at 4:00pm: Yes the ALP Government has been ever so trustworthy so we can expect them to be upfront - Just like the carbon tax we'd never have, the 2013 surplus we were going to get, the private healthcare rebate they weren't going to touch, the pokies reform they promised Wilkie.... I forget how many other projects they have been true to their word..... :D "We"? Citizens of the world, eh Andrei?

Citizens of Australia.

Thats you and me brother.

adelcrow wrote on Aug 1^st, 2013 at 4:43pm:

cods wrote on Aug 1st, 2013 at 4:08pm: adelcrow wrote on Aug 1st, 2013 at 4:04pm: Geez you neo cons luv jumping at shadows...wait for the actual policy details and then carry on like pork chops coz Im more than certain that if Kevin  tried to tax peoples deposits Labor would lose every seat at the election and the party would cease to exist. oh its facts adel you will get the bad news tomorrow... I wonder how much of the futurefund has been used by this govt... its just a thought!!! Like Ive said..if it is Labors intention to tax deposits you will have no need to worry about Labor ever getting back into power so you should be celebrating. Crikey..even I'd vote for Tony Abbott if Labor tried to tax deposits.

Crikey!!!
I wouldn't go that far....

;)

Lobo wrote on Aug 1^st, 2013 at 4:49pm:

adelcrow wrote on Aug 1st, 2013 at 4:43pm: cods wrote on Aug 1st, 2013 at 4:08pm: adelcrow wrote on Aug 1st, 2013 at 4:04pm: Geez you neo cons luv jumping at shadows...wait for the actual policy details and then carry on like pork chops coz Im more than certain that if Kevin  tried to tax peoples deposits Labor would lose every seat at the election and the party would cease to exist. oh its facts adel you will get the bad news tomorrow... I wonder how much of the futurefund has been used by this govt... its just a thought!!! Like Ive said..if it is Labors intention to tax deposits you will have no need to worry about Labor ever getting back into power so you should be celebrating. Crikey..even I'd vote for Tony Abbott if Labor tried to tax deposits. Crikey!!! I wouldn't go that far.... ;)

why not?  they've done it before with the Financial Institutions Duty - a good labor tax - that was removed as part of the GST although Costello had to threaten a few states first!

Some nice hysteria and big claims in this thread.

Take a breath people, even the NAB has managed to do that

Verge wrote on Aug 1^st, 2013 at 6:19pm:

Some nice hysteria and big claims in this thread. Take a breath people, even the NAB has managed to do that

It's still a TAX and one that will be passed on to US.  You can guarantee that the banks wont pay one red cent and more than likely will pass on 200% of the tax just like they pass on 200% of any other charges.

Way to go Labor just when I was starting to think that the Liberals were looking a whiter shade of pale, you pull this one out of the hat.

Taxing bank deposits, I don't care how many percentage points or how low it is, of course it is the thin edge of the wedge.

Federal Governments have traditionally guaranteed bank deposits and there are very stringent rules on the banking sector. That is exactly why we didn't go down during the Global Financial Crisis. The regulations prevented the banks from going speculation mad like most of the world

Now this shonkey Government wants to tax the average person to provide a fund to 'guarantee' bank deposits.

Go f...k yourself Rudd this is the biggest bullshit exercise at blatant revenue raising I have ever seen from a Government.

You are going to get your sorry arse kicked big time for this lulu.

Wong came out today saying this tax is to "insure against bank collapse" like the ones happen during the GFC

Guess what??!!!!

Which banks in Australia collapsed during the GFC

This is a "just in case tax"

Or is it a tax to pay for Labor's incompetences?

Just when we thought that Labor was going to cream the Libs, Kevvy comes to the rescue.

Taxing bank deposits  then hitting smokers with a 12% tax rise per year for 4 years.

Onya Kevvy, knew you would f....k up big time.

And little buddy, you sure didn't let us down.

Maqqa wrote on Aug 1^st, 2013 at 7:05pm:

Wong came out today saying this tax is to "insure against bank collapse" like the ones happen during the GFC Guess what??!!!! Which banks in Australia collapsed during the GFC This is a "just in case tax" Or is it a tax to pay for Labor's incompetences?

Another term of Rudd and maybe the banks will collapse  ;D

So if the tax is to insure against bank collapse it must go somewhere other than to consolidated revenue. If it did it would mean that the bank guarantee, other than in the event of a actual collapse, would cost, and did in fact cost, nothing. So where is the money raised actually going?

cods wrote on Aug 1^st, 2013 at 3:54pm:

adelcrow wrote on Aug 1st, 2013 at 3:53pm: I see nothing about a deposits tax but i do see an effort to get banks to help pay for taxpayer funded guarantees. where will this tax go into consolidated..???????????????????? in other words down the drain.

No.

Apparently it's to be quarantined so it can only be used for the designated purpose.

It will not be going into consolidated revenue.

Kat wrote on Aug 1^st, 2013 at 8:07pm:

cods wrote on Aug 1st, 2013 at 3:54pm: adelcrow wrote on Aug 1st, 2013 at 3:53pm: I see nothing about a deposits tax but i do see an effort to get banks to help pay for taxpayer funded guarantees. where will this tax go into consolidated..???????????????????? in other words down the drain. No. Apparently it's to be quarantined so it can only be used for the designated purpose. It will not be going into consolidated revenue.

Quarantined where?

Rudd would steal the milk from a baby's bottle if he thought it would help him pay for his PNG solution.

Kat wrote on Aug 1^st, 2013 at 8:07pm:

cods wrote on Aug 1st, 2013 at 3:54pm: adelcrow wrote on Aug 1st, 2013 at 3:53pm: I see nothing about a deposits tax but i do see an effort to get banks to help pay for taxpayer funded guarantees. where will this tax go into consolidated..???????????????????? in other words down the drain. No. Apparently it's to be quarantined so it can only be used for the designated purpose. It will not be going into consolidated revenue.

;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D

longweekend58 wrote on Aug 1^st, 2013 at 6:15pm:

Lobo wrote on Aug 1st, 2013 at 4:49pm: adelcrow wrote on Aug 1st, 2013 at 4:43pm: cods wrote on Aug 1st, 2013 at 4:08pm: adelcrow wrote on Aug 1st, 2013 at 4:04pm: Geez you neo cons luv jumping at shadows...wait for the actual policy details and then carry on like pork chops coz Im more than certain that if Kevin  tried to tax peoples deposits Labor would lose every seat at the election and the party would cease to exist. oh its facts adel you will get the bad news tomorrow... I wonder how much of the futurefund has been used by this govt... its just a thought!!! Like Ive said..if it is Labors intention to tax deposits you will have no need to worry about Labor ever getting back into power so you should be celebrating. Crikey..even I'd vote for Tony Abbott if Labor tried to tax deposits. Crikey!!! I wouldn't go that far.... ;) why not?  they've done it before with the Financial Institutions Duty - a good labor tax - that was removed as part of the GST although Costello had to threaten a few states first!

Keep up, longy....
I was talking to adel about voting for Abbott...

:D :D

red baron wrote on Aug 1^st, 2013 at 7:02pm:

Way to go Labor just when I was starting to think that the Liberals were looking a whiter shade of pale, you pull this one out of the hat. Taxing bank deposits, I don't care how many percentage points or how low it is, of course it is the thin edge of the wedge. Federal Governments have traditionally guaranteed bank deposits and there are very stringent rules on the banking sector. That is exactly why we didn't go down during the Global Financial Crisis. The regulations prevented the banks from going speculation mad like most of the world Now this shonkey Government wants to tax the average person to provide a fund to 'guarantee' bank deposits. Go f...k yourself Rudd this is the biggest bullshit exercise at blatant revenue raising I have ever seen from a Government. You are going to get your sorry arse kicked big time for this lulu.

National Australia Bank chief Cameron Clyne said he would not comment on the government’s plans for a levy on bank deposits until he was more informed about the proposal.

“Option one is I’ll make an ill-informed smart alec response without any facts.

Option two is I will research the information, I will seek information from Treasury officials to understand the thinking and make an informed comment.

You want the former, I’m giving the latter,” he said.
--------------

Unlike some on here.....

:D :D

It would be novel, IF Politicians did 2 major things -
1) Be honest & tell the Public what is really happening!
2) Admit they really have no idea what the hell they are doing, because all of the old "fixes", simply are no longer working!

Can I just do all my banking overseas to avoid any new tax?

That's the left for you.

Spend too much money. Invent new taxes.

perceptions_now wrote on Aug 1^st, 2013 at 9:07pm:

It would be novel, IF Politicians did 2 major things - 1) Be honest & tell the Public what is really happening! 2) Admit they really have no idea what the hell they are doing, because all of the old "fixes", simply are no longer working!

If I knew that the aussie dollar would devalue by 15% in 3 months I would have
put my money in a USA bank.

To have yet another tax on my money is too much to bear.

We can't win.

The Govt. are thieves.

The best option is to ask for your pay in cash then  invest it in Gold.

BlOoDy RiPpEr wrote on Aug 2^nd, 2013 at 9:07am:

The best option is to ask for your pay in cash then  invest it in Gold.

Lol, good luck with that, nice to see the far right wing are still out there with their discredited hoarding ideologies...

cods wrote on Aug 1^st, 2013 at 3:54pm:

where will this tax go ?  into consolidated ?

NO

It will be MOST likely managed by the Future Fund Board of Guardians - it was announced this morning

( ... failing THAT - a specifically created board of trustees)

Sprintcyclist wrote on Aug 1^st, 2013 at 11:47pm:

That's the left for you. Spend too much money. Invent new taxes.

well people havent been spending have they??.. so the money must be in the banks......


ooooo I can feel a TAX coming on...

they have a massive black hole.. how on earth does anyone expect them to fill it other than TAXES..LOL..

now we shall see who was the highest taxing govt in history wont we..????..

and its all because of their incompetence...

well done labourites...even though you cant see it.

buzzanddidj wrote on Aug 2^nd, 2013 at 9:17am:

cods wrote on Aug 1st, 2013 at 3:54pm: where will this tax go ?  into consolidated ? NO It will be MOST likely managed by the Future Fund Board of Guardians - it was announced this morning ( ... failing THAT - a specifically created board of trustees)

.....

cods wrote on Aug 2^nd, 2013 at 9:17am:

they have a massive black hole.. .

Is Gillard back?

Labor/Socialist mindset does not have the DNA to create something from nothing. They are constitutionally incapable as in they are not wired that way.
Margaret Thatcher said it all in one line, her comment on a socialist mindset.

“The problem with socialism is that you eventually run out of other people's money.”
― Margaret Thatcher

It would be far easier for the govt to get rid of the guarantee on bank deposits if the banks reckon its to expensive to pay a levy just in case one of them goes bust.
Its quite simple..if your bank collapses dont expect the govt/taxpayers to bail you out.

ozzyoi wrote on Aug 2^nd, 2013 at 10:43am:

Labor/Socialist mindset does not have the DNA to create something from nothing. They are constitutionally incapable as in they are not wired that way. Margaret Thatcher said it all in one line, her comment on a socialist mindset. “The problem with socialism is that you eventually run out of other people's money.” ― Margaret Thatcher

I think we have all seen enough of free market capitalism/organized crime to make a rational decision that it is a ponzi scheme based on theft, exclusion, fraud, moral degeneracy, gambling, cheating and crime...

Right wing free market chaos...creation ex nihilo - watch me pull a rabbit out of my ass...

adelcrow wrote on Aug 2^nd, 2013 at 2:55pm:

It would be far easier for the govt to get rid of the guarantee on bank deposits if the banks reckon its to expensive to pay a levy just in case one of them goes bust. ...

The levy is a suggestion of the International Monetary Fund and has been recommended by our Reserve Bank. It's intended to replace the deposits guarantee, which comes from General Revenue. So you're already paying it through the general taxation system.

I'm presuming, as with the former bank taxes, FID and BADT, that any bank charges connected with this will be deductible items come Tax time....

:)

# wrote on Aug 2^nd, 2013 at 4:22pm:

adelcrow wrote on Aug 2nd, 2013 at 2:55pm: It would be far easier for the govt to get rid of the guarantee on bank deposits if the banks reckon its to expensive to pay a levy just in case one of them goes bust. ... The levy is a suggestion of the International Monetary Fund and has been recommended by our Reserve Bank. It's intended to replace the deposits guarantee, which comes from General Revenue. So you're already paying it through the general taxation system.

It makes sense for it to be fully funded by those that benefit from it...the banking industry... rather than waiting for a collapse and then ripping the heart out of the budget.
If the industry does not think it needs the guaranty then we should get rid of it rather than put the budget at risk when the full force of the continuing global economic downturn hits us over the next 3-6 yrs.
Labor and the worlds economic experts are right when it comes to this sort of thing being funded by the banking industry and not by the govt..unless neo cons and the Coalition are supporting selective Socialism.

Lobo wrote on Aug 2^nd, 2013 at 4:52pm:

I'm presuming, as with the former bank taxes, FID and BADT, that any bank charges connected with this will be deductible items come Tax time.... :)

Those old taxes were charged direct to accounts. They could only be offset against income.

The new levy will be paid by the banks. There should be no resultant charge to any account. Account holders will therefore have nothing to claim.

To the extent that a bank passes the levy on to an account holder, it will show up as a reduction in income. The outcome will be identical to claiming a charge against income.

The levy is intended to bring the cost of the deposit guarantee to the primary beneficiaries - the banks. The degree to which the banks can pass that business cost on to their customers, the market will govern.

For what it's worth, I expect to see further differentiation between parent banks and child institutions. RAMS (Westpac) and uBank (NAB) spring to mind. Parents will probably pass on more of the cost, because more of their customers have shown reluctance to move.

Loyalty certainly pays these days. Unfortunately, it doesn't pay the loyal.

cods wrote on Aug 2^nd, 2013 at 9:17am:

Sprintcyclist wrote on Aug 1st, 2013 at 11:47pm: That's the left for you. Spend too much money. Invent new taxes. well people havent been spending have they??.. so the money must be in the banks...... ooooo I can feel a TAX coming on... they have a massive black hole.. how on earth does anyone expect them to fill it other than TAXES..LOL.. now we shall see who was the highest taxing govt in history wont we..????.. and its all because of their incompetence... well done labourites...even though you cant see it.

No its all because of privatisation

SOB

http://spotofborg.com/files/persecution5.jpg