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Poll Poll
Question: Do you feel ripped off by superannuation?

Yes    
  2 (100.0%)
No    
  0 (0.0%)




Total votes: 2
« Created by: Bobby. on: Feb 15th, 2011 at 5:29pm »

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Superannuation rorts. (Read 3189 times)
Bobby.
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Superannuation rorts.
Feb 15th, 2011 at 4:55pm
 
Even though people lost fortunes on their superannuation
during the global financial crisis the Government was still
behind the scenes raking in billions of dollars in taxes from
earnings on many investments:

http://www.specsuper.com.au/media/15418/fact_sheet_tax.pdf
Quote:
If you are a superannuation fund member, earnings on investments are taxed at 15% within the Fund. Tax deductions, offsets and credits often reduce this 15% rate. This tax is deducted from the investment earnings before crediting rates are determined. In other words, by the time the Fund declares its final crediting rate, the tax on investment earnings has already been taken out.


This means that although the tax they took doesn't appear on your statement
(except the 15% on the way in tax)
& even though you lost a fortune on your total investment during the GFC
the Govt. still took money from any bank deposits or bonds etc which
made up part of your portfolio.
They didn't allow for the loss on shares & other investments &
offset that against the win made on bank deposits etc.

The reason is that they tax each part of the fund as a whole without regards
of an individual's situation.
For instance if that person sold the shares they had at a loss during the GFC
this was not offset against any gain on other investments.
If you were running a company you only pay tax on the the total profit.
If you were like a company you would have paid no tax!

I am fed up with the Govt. using the superannuation system as their cash cow  
& also the parasite people running it using it as their gravy train.
The whole superannuation rort  stinks.

I bet not many people knew what I just told them about above?
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Verge
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Re: Superannuation rorts.
Reply #1 - Feb 15th, 2011 at 5:00pm
 
Not true bobby about the companies.

Capital losses can only be offset against capital gains, its the same for individuals and trusts as well.

So while you made losses on trading of shares and profits on things like interest, the application of the law was correct in that the losses must sit there until capital gains are made.  If you never make a capital gain again it just sits there then disappears.

Its the same application across the board for all entities and its application is a correct one.  Otherwise we would have companys, individuals and trusts making losses in capital areas and trying to offset them against trade or interest income.
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And why not, if you will permit me; why shouldn’t I, if you will permit me; spend my first week as prime minister, should that happen, on this, on your, country - Abbott with the Garma People Aug 13
 
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Bobby.
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Re: Superannuation rorts.
Reply #2 - Feb 15th, 2011 at 5:04pm
 
Verge wrote on Feb 15th, 2011 at 5:00pm:
Not true bobby about the companies.

Capital losses can only be offset against capital gains, its the same for individuals and trusts as well.

So while you made losses on trading of shares and profits on things like interest, the application of the law was correct in that the losses must sit there until capital gains are made.  If you never make a capital gain again it just sits there then disappears.

Its the same application across the board for all entities and its application is a correct one.  Otherwise we would have companys, individuals and trusts making losses in capital areas and trying to offset them against trade or interest income.



That's rubbish Verge.
Companes only pay tax on profit!
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Verge
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Re: Superannuation rorts.
Reply #3 - Feb 15th, 2011 at 5:11pm
 
Bobby. wrote on Feb 15th, 2011 at 5:04pm:
Verge wrote on Feb 15th, 2011 at 5:00pm:
Not true bobby about the companies.

Capital losses can only be offset against capital gains, its the same for individuals and trusts as well.

So while you made losses on trading of shares and profits on things like interest, the application of the law was correct in that the losses must sit there until capital gains are made.  If you never make a capital gain again it just sits there then disappears.

Its the same application across the board for all entities and its application is a correct one.  Otherwise we would have companys, individuals and trusts making losses in capital areas and trying to offset them against trade or interest income.



That's rubbish Verge.
Companes only pay tax on profit!


Not they dont.

Capital gains and losses is treated differently.

The nett profit might be reported, however in the tax returns a capital loss can only be offset against a capital gain.

You are confusing accounting profit with taxation assessable income.
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And why not, if you will permit me; why shouldn’t I, if you will permit me; spend my first week as prime minister, should that happen, on this, on your, country - Abbott with the Garma People Aug 13
 
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Bobby.
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Re: Superannuation rorts.
Reply #4 - Feb 15th, 2011 at 5:21pm
 
Verge wrote on Feb 15th, 2011 at 5:11pm:
Bobby. wrote on Feb 15th, 2011 at 5:04pm:
Verge wrote on Feb 15th, 2011 at 5:00pm:
Not true bobby about the companies.

Capital losses can only be offset against capital gains, its the same for individuals and trusts as well.

So while you made losses on trading of shares and profits on things like interest, the application of the law was correct in that the losses must sit there until capital gains are made.  If you never make a capital gain again it just sits there then disappears.

Its the same application across the board for all entities and its application is a correct one.  Otherwise we would have companys, individuals and trusts making losses in capital areas and trying to offset them against trade or interest income.



That's rubbish Verge.
Companes only pay tax on profit!


Not they dont.

Capital gains and losses is treated differently.

The nett profit might be reported, however in the tax returns a capital loss can only be offset against a capital gain.

You are confusing accounting profit with taxation assessable income.


That's rubbish.
I know an accountant who bought & sold shares as a business.
If he made on some shares & lost on others he would only pay tax on any profit.
I also think that he could carry forward losses to the next year - although I'm not certain.
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whatsforme
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Re: Superannuation rorts.
Reply #5 - Feb 15th, 2011 at 5:25pm
 
My money is on Verge.

Go get the whiny little batpoo Verge.
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Bobby.
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Re: Superannuation rorts.
Reply #6 - Feb 15th, 2011 at 5:25pm
 
Verge - you are missing the point.
The Govt. was right in there creaming off taxes even though
the poor punters were losing money hand over fist.

You shouldn't be paying taxes on losses!
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Bobby.
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Re: Superannuation rorts.
Reply #7 - Feb 15th, 2011 at 5:26pm
 
whatsforme wrote on Feb 15th, 2011 at 5:25pm:
My money is on Verge.

Go get the whiny little batpoo Verge.



You haven't got any money Whatsforme -
you're an unemployed homosexual.
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Sir lastnail
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Re: Superannuation rorts.
Reply #8 - Feb 15th, 2011 at 5:29pm
 
Bobby. wrote on Feb 15th, 2011 at 5:25pm:
Verge - you are missing the point.
The Govt. was right in there creaming off taxes even though
the poor punters were losing money hand over fist.

You shouldn't be paying taxes on losses!


the government shouldn't be taxing you on any of it. They want you to use that as your retirement fund so that you are not a burden on future tax payers.

Why don't polies use the same system as the rest of us instead of stealing from the tax payer ??
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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
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Bobby.
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Re: Superannuation rorts.
Reply #9 - Feb 15th, 2011 at 5:29pm
 
I believe superannuation is a rort by the Govt. &
a gravy train for parasites who run it.

What do you think?
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Bobby.
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Re: Superannuation rorts.
Reply #10 - Feb 15th, 2011 at 6:04pm
 
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Appendix_G_1.gif (26 KB | 37 )
Appendix_G_1.gif
 
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Bobby.
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Re: Superannuation rorts.
Reply #11 - Feb 15th, 2011 at 6:06pm
 
Here's how they spend it:

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Appendix_G_2.gif (24 KB | 39 )
Appendix_G_2.gif
 
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Lisa Jones
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Re: Superannuation rorts.
Reply #12 - Feb 15th, 2011 at 6:11pm
 
Over $80 million on GENERAL govt services??

I wonder what they mean by that item.
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If I let myself be bought then I am no longer free.

HYPATIA - Greek philosopher, mathematician and astronomer (370 - 415)
 
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Bobby.
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Re: Superannuation rorts.
Reply #13 - Feb 15th, 2011 at 6:12pm
 
Hey Nail,
Have a look at those graphs.
Notice Petroleum excise $15.09 billion
& Company & petroleum resouce rent tax  $56.7 billion

Total from petrol related =  $71.79 billion

and you wonder why electric cars using the sun to power them
are not encouraged!

Also notice the superannuation take - another rort.
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Sir lastnail
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Re: Superannuation rorts.
Reply #14 - Feb 15th, 2011 at 6:15pm
 
Lisa Jones wrote on Feb 15th, 2011 at 6:11pm:
Over $80 million on GENERAL govt services??

I wonder what they mean by that item.


it should be labeled more correctly as "wastage" Wink
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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
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