Australian Politics Forum - New Rudd-Labor bank deposits tax?

corporate_whitey Gold Member Offline Australian Politics Posts: 8896 Archivist	Re: New Rudd-Labor bank deposits tax? Reply #45 - Aug 2^nd, 2013 at 9:10am 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...
Back to top	World Wide Working Class Struggle IP Logged

buzzanddidj Gold Member Offline Australian Politics Posts: 14243 Eganstown, via Daylesford, VIC Gender:	Re: New Rudd-Labor bank deposits tax? Reply #46 - Aug 2^nd, 2013 at 9:17am 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)
Back to top	'I like your Christ, I do not like your Christians. Your Christians are so unlike your Christ.' - Mohandas Karamchand Gandhi IP Logged

cods

Gold Member

Offline

Australian Politics

Posts: 88048

Re: New Rudd-Labor bank deposits tax?
Reply #47 - Aug 2^nd, 2013 at 9:17am

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.

Back to top

IP Logged

cods Gold Member Offline Australian Politics Posts: 88048	Re: New Rudd-Labor bank deposits tax? Reply #48 - Aug 2^nd, 2013 at 9:18am buzzanddidj wrote on Aug 2^nd, 2013 at 9:17am: 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) .....
Back to top	IP Logged

Innocent bystander Gold Member Offline Australian Politics Posts: 4220 Gender:	Re: New Rudd-Labor bank deposits tax? Reply #49 - Aug 2^nd, 2013 at 10:09am cods wrote on Aug 2^nd, 2013 at 9:17am: they have a massive black hole.. . Is Gillard back?
Back to top	IP Logged

ozzyoi

Full Member

Offline

Posts: 111
moved to safer places
Gender: male

Re: New Rudd-Labor bank deposits tax?
Reply #50 - 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

Back to top

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

IP Logged

adelcrow Gold Member Offline Australian Politics Posts: 20133 everywhere Gender:	Re: New Rudd-Labor bank deposits tax? Reply #51 - 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. Its quite simple..if your bank collapses dont expect the govt/taxpayers to bail you out.
Back to top	Go the Bunnies IP Logged

corporate_whitey

Gold Member

Offline

Australian Politics

Posts: 8896
Archivist

Re: New Rudd-Labor bank deposits tax?
Reply #52 - Aug 2^nd, 2013 at 3:24pm

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...

Back to top

World Wide Working Class Struggle

IP Logged

corporate_whitey Gold Member Offline Australian Politics Posts: 8896 Archivist	Re: New Rudd-Labor bank deposits tax? Reply #53 - Aug 2^nd, 2013 at 3:40pm Right wing free market chaos...creation ex nihilo - watch me pull a rabbit out of my ass...
Back to top	World Wide Working Class Struggle IP Logged

#

Gold Member

Offline

A fool is certain: an
ignorant fool, absolutely
so

Posts: 2603

Re: New Rudd-Labor bank deposits tax?
Reply #54 - Aug 2^nd, 2013 at 4:22pm

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.

Back to top

IP Logged

Lobo Gold Member Offline Australian Politics Posts: 7407 Sydney Gender:	Re: New Rudd-Labor bank deposits tax? Reply #55 - 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....
Back to top	"What's in store for me in the direction I don't take?"-Jack Kerouac. IP Logged

adelcrow

Gold Member

Offline

Australian Politics

Posts: 20133
everywhere
Gender: male

Re: New Rudd-Labor bank deposits tax?
Reply #56 - Aug 2^nd, 2013 at 5:00pm

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

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.

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.

Back to top

Go the Bunnies

IP Logged

#

Gold Member

Offline

A fool is certain: an
ignorant fool, absolutely
so

Posts: 2603

Re: New Rudd-Labor bank deposits tax?
Reply #57 - Aug 2^nd, 2013 at 8:12pm

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.

Back to top

IP Logged

Sir Spot of Borg

Gold Member

Offline

WE ARE BORG

Posts: 26524
Australia

Re: New Rudd-Labor bank deposits tax?
Reply #58 - Aug 3^rd, 2013 at 10:13am

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

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.

No its all because of privatisation

SOB

Back to top

Whaaaaaah!
I'm a
Moron!

- edited by some unethical admin - you think its funny? - its a slippery slope

IP Logged