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Labor wants 4 new super taxes. (Read 2511 times)
Captain Nemo
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Re: Labor wants 4 new super taxes.
Reply #30 - Jan 14th, 2019 at 3:29pm
 
Bobby. wrote on Jan 14th, 2019 at 3:17pm:
Captain Nemo wrote on Jan 14th, 2019 at 3:13pm:
Bobby. wrote on Jan 14th, 2019 at 3:01pm:
lee wrote on Jan 14th, 2019 at 11:34am:
Sir lastnail wrote on Jan 14th, 2019 at 8:56am:
The polis don't worry about getting ripped off by aussie super or AMP.



Aussie super balanced is a low cost fund. Ran 2nd in 2018. Last 7 years 10.85%.

https://www.canstar.com.au/superannuation/top-performing-super-funds-rated-canst...

Perhaps you meant someone else?



Just because people are in risky shares -
one stock market crash & it will wipe out 5 years of paper gains
in 3 days.


Unless you elect to have a "cash only"* super mix ... you will have shares as the main component of your Super fund amount.

*Usually a very unwise setting since interest rates are *generally* a lot lower in returns than shares.




After I lost $24,000 in 3 days in 2008 I changed mine to cash.

Stuff them -
the super funds just hold on to shares even when they are going down.

The problem is that the super funds have so many shares that if
they sold all at once it would crash the market to worse than 1929.



Yeah, I had a big loss one year but I stuck to the "balanced" setting and recovered all those losses with 2 years.

I'm actually with Australian Super now, and they are a pretty good mob.

Low fees. Pretty good returns.

I dumped my Life Insurance component just before I retired (early) to save even more dosh.


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juliar
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Re: Labor wants 4 new super taxes.
Reply #31 - Jan 14th, 2019 at 6:14pm
 
The Extremist Greeny controlled Labor Party will TAX the socks off of YOU!!!!

The rapacious unions will chase what industry is left out of Australia and Labor will have no export income and so they will have to tax TAX
TAX
and borrow BORROW
BORROW
and increase the foregn debt by $1 trillion in just the first six months!!!!!

None of Labor's ridiculous unfunded renamed Greeny junk "policies" will ever occur as the Extremist Greenies will block them in the Senate and demand Labor replace them with Extremist Greeny junk United Nations "Policies".

And the Extremist Greenies' TOP "Policy" is to RESTART the BOATS!!!!!




Top Tax Rate For Millions If Opposition Labor Party Wins Govt., Australian Treasurer Says
BY MIMI NGUYEN LY January 8, 2019 Updated: January 8, 2019

Australian Treasurer Josh Frydenberg said that more than a million Australians would have to pay the top tax rate within six years if the Opposition, the centre-left Labor party, wins government.

This is because Labor would reverse the government’s planned increase of the top marginal tax threshold to $200,000 for 2024-2025, he said.

In an opinion published in The Australian, Frydenberg commented on Labor’s tax plans, which he calls “unprecedented in scale and scope and is part of a big socialist experiment.”

About 1.1 million taxpayers are expected to hit the top tax rate by 2024-2025 if the current $180,000 top rate threshold—which has not changed since 2008—remains unchanged as per Labor’s plans, according to The Australian.

Meanwhile, under the current government’s tax plan, the number of Australians paying the top marginal tax rate is predicted to be at 580,000 in 2018-2019, and increase to 820,000 by 2024-2025 according to Treasury projections (pdf).

Frydenberg said Labor leader Bill Shorten also plans to lift the top marginal tax rate to 49 percent from the current 45 percent and noted that it is a “complete backflip” from Shorten’s push for a 30 percent rate back in 2005.

Bill Shorten used to champion a top tax rate of 30% as “fair dinkum tax reform.”

In a giant backflip, he now only believes in $200b of new taxes & a top tax rate of 49%.

Doesn’t matter what the question is under Labor the answer is higher taxes.



“At 49 cents in the dollar, Aus­tralia’s top marginal rate would be above the U.S., United Kingdom, and New Zealand and would be one of the highest rates in the world, and cut in at around 2.2 times the average full-time earnings compared to four times in Canada and eight times in the U.S.,” he wrote.

Frydenberg said that Labor’s top marginal rate change is “part of a broader Labor plan for $200 billion in new taxes on housing, savings, business, personal income, and electricity.”

“These are taxes that punish aspiration and are purely designed to redistribute wealth rather than create it. … While Labor may seek to justify their tax increase by claiming it will raise over $7 billion for spending elsewhere, sadly, the reality is that it will dampen economic activity overall and discourage enterprise,” Frydenberg said.



“Ultimately, Labor’s tax increase will leave the government with smaller pieces of a shrinking pie to redistribute,” he added. “In the words of Margaret Thatcher ‘The problem with socialism is that eventually, you run out of other people’s money.'”

Further Tax Changes
The current coalition government is planning to abolish the 37 percent tax bracket entirely in 2022-2023 so that Australians earning more than A$41,000 all the way up to the planned A$200,000 threshold—about 94 percent of taxpayers—will only have to pay 32.5 cents on the dollar.

But Labor would reverse the coalition’s tax bracket abolition.

As part of Labor’s tax attack they are reversing our legislated reforms. Labor’s policy will see 3.7m working Australians paying 37c in the dollar tax, rather than 32.5c under the Coalition.

No matter what the question - for Labor, the answer is higher taxes.



“This will put 3.7 million Australian taxpayers earning between $90,000 and $180,000 on a 37 cents in the dollar marginal tax rate rather than 32.5 cents,” Frydenberg said. “Another hit on Australian income earners.”

...
Shadow Treasurer Chris Bowen speaks to media during the 2018 ALP National Conference in Adelaide, Australia on Dec. 16, 2018. (Mark Brake/Getty Images)

Labor is also planning to introduce a 2 percent temporary budget repair levy until the federal budget is in what Labor deems to be “sustainable, healthy surplus,” which it expects to be achieved by 2022-23, The Australian reported.

Shadow Treasurer Chris Bowen said that Frydenberg’s comments on Labor’s tax policies amount to a “desperate attempt by the government to try to distract the public away from the internal divisions in the Liberal Party,” The Australian reported.

“Labor’s priority on income tax cuts are in delivering bigger, better and fairer income tax cuts for 10 million low and middle Australians over the next few years,” Bowen told The Australian.

https://m.theepochtimes.com/top-tax-rate-for-millions-if-opposition-labor-party-...
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Bobby.
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Re: Labor wants 4 new super taxes.
Reply #32 - Jan 14th, 2019 at 6:16pm
 
Captain Nemo wrote on Jan 14th, 2019 at 3:29pm:
Yeah, I had a big loss one year but I stuck to the "balanced" setting and recovered all those losses with 2 years.

I'm actually with Australian Super now, and they are a pretty good mob.

Low fees. Pretty good returns.

I dumped my Life Insurance component just before I retired (early) to save even more dosh.




I think you need to check the fees they charge at Aussie super.
You'll find it will be between $1K & $2K per annum.
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juliar
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Re: Labor wants 4 new super taxes.
Reply #33 - Jan 14th, 2019 at 6:20pm
 
Get with the industry super and feed the unions.


...
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lee
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Re: Labor wants 4 new super taxes.
Reply #34 - Jan 14th, 2019 at 7:35pm
 
Bobby. wrote on Jan 14th, 2019 at 3:17pm:
After I lost $24,000 in 3 days in 2008 I changed mine to cash.



You only make the loss when you sell. What would they have been now if you had kept them?
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lee
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Re: Labor wants 4 new super taxes.
Reply #35 - Jan 14th, 2019 at 7:42pm
 
Bobby. wrote on Jan 14th, 2019 at 6:16pm:
I think you need to check the fees they charge at Aussie super.
You'll find it will be between $1K & $2K per annum.



"Investment fee 0.66% Deducted from before-tax investment returns on 30 June (earlier if you close your account), before the returns are applied to your account.
Administration fee $1.50 The administration fee of $1.50 per week is calculated weekly and processed monthly from your account. This fee is paid into the Fund’s administration reserve. The Fund pays its administration costs from the administration reserve. For the 12 months to 30 June 2018, the Fund’s estimated costs were $1.72 per member (gross of tax).
The Fund claims a tax deduction for administration costs each year. The amount
of the deduction is also paid into the administration reserve.
Buy sell spread Nil
Switching fee Nil
Exit fee $35 Charged on withdrawals.
Advice fees* relating to all members
investing in a MySuper product or
investment option
$0- $295 This is the cost for over-the-phone advice.
For face-to-face advice, a higher fee applies which can be deducted directly from
your account.
Indirect cost ratio Nil
Other fees and costs Nil Refer to ‘Other fees and costs’ on page 6 for more information on insurance fees,
family law fees and contribution splitting fees."

https://www.australiansuper.com/-/media/Australian%20Super/Files/PDFs/IBR/IBR-In...
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Bobby.
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Re: Labor wants 4 new super taxes.
Reply #36 - Jan 14th, 2019 at 7:43pm
 
lee wrote on Jan 14th, 2019 at 7:35pm:
Bobby. wrote on Jan 14th, 2019 at 3:17pm:
After I lost $24,000 in 3 days in 2008 I changed mine to cash.



You only make the loss when you sell. What would they have been now if you had kept them?



I don't know - at least I can sleep at night.
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juliar
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Re: Labor wants 4 new super taxes.
Reply #37 - Jan 14th, 2019 at 7:54pm
 
How much will your income drop if Labor steals the pensioners dividend income and gives it to the unions ?
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Bobby.
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Re: Labor wants 4 new super taxes.
Reply #38 - Jan 14th, 2019 at 7:57pm
 
juliar wrote on Jan 14th, 2019 at 7:54pm:
How much will your income drop if Labor steals the pensioners dividend income and gives it to the unions ?



I expect Labor & Liberal to steal as much as they can.
I doubt I'll end up with one penny -
they want it all and they'll get it.
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