Australian Politics Forum - In Many Cases, Its Welfare For The Wealthy

crocodile

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Re: In Many Cases, Its Welfare For The Wealthy
Reply #195 - Feb 12^th, 2019 at 4:37pm

stunspore wrote on Feb 12^th, 2019 at 3:49pm:

Perhaps a compromise. Just like capital losses can only be used for capital gains, but can be carried forward, how about all franking credits are carried forward until there is income to reduce?
So rather than accessing the credits now, until an income occurs -> which can occur easily through capital sales/gains.

Good. Let's have the same arrangement for labour income. What the fukk is the difference if earnings come from the use of labour or the use of capital. It's still income.

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Very funny Scotty, now beam down my clothes.

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lee

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Re: In Many Cases, Its Welfare For The Wealthy
Reply #196 - Feb 12^th, 2019 at 4:53pm

philperth2010 wrote on Feb 12^th, 2019 at 4:23pm:

Bullshit....You are a dickhead mate!!!

Roll Eyes Roll Eyes Roll Eyes

https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_

"The newly installed Whitlam government accepted the need for a new military superannuation scheme and agreed that the assets of the DFRB Fund be transferred to the CRF.[11] These assets were transferred between 1973 and 1975.[12] Contributing members of the DFRB scheme (i.e. active members of the ADF) were transferred to the new DFRDB scheme.[13] All contributions made by DFRDB members went (and continue to go) into the CRF.[14]"

Those assets from DFRB were transferred into the CRF - there is no record of how much each member had paid.

We then became contributing members of the DFRDB and yes those contributions went in and were accounted for.

Perhaps you can show where the DFRB member's balance was accounted for.

That is why we get a reduction on tax for payments made to DFRDB. We should also get a reduction for our payments into DFRB.

You do understand DFRB and DFRDB were not one and the same scheme?

Even Jess didn't grasp the difference.

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« Last Edit: Feb 12^th, 2019 at 5:47pm by lee »

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philperth2010

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Re: In Many Cases, Its Welfare For The Wealthy
Reply #197 - Feb 12^th, 2019 at 8:19pm

Here is an article that explains it perfectly!!!

Quote:

Labor's proposal, announced in mid-March 2018, was to return the divided imputation system to where it had been before Howard changed it in 2001, and to where it still is elsewhere. Tax credits could be used to eliminate a tax payment but not to turn it negative.

Labor allowed exceptions for tax-exempt bodies such as charities and universities who would continue to receive imputation cheques alongside dividends.

Pensioner guarantee

Two weeks later, in late March, Labor amended its policy by adding a "pensioner guarantee". Pension and allowance recipients, even part-pensioners, would be exempt from the changes and would continue to receive cash payments.

Also exempt would be self-managed super funds with at least one member who was receiving a pension or part-pension at the date of Labor's announcement, March 28, 2018.

The change cost relatively little (the budget saving over the next four years fell to $10.7 billion from $11.4 billion) because most of the imputation cheques go to Australians with too much wealth to get even a part pension.

https://www.abc.net.au/news/2019-02-12/franking-credits-dividend-imputation-reti...

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philperth2010

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Re: In Many Cases, Its Welfare For The Wealthy
Reply #198 - Feb 12^th, 2019 at 8:28pm

lee wrote on Feb 12^th, 2019 at 4:53pm:

philperth2010 wrote on Feb 12^th, 2019 at 4:23pm:

Bullshit....You are a dickhead mate!!!

Roll Eyes Roll Eyes Roll Eyes

https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_

"The newly installed Whitlam government accepted the need for a new military superannuation scheme and agreed that the assets of the DFRB Fund be transferred to the CRF.[11] These assets were transferred between 1973 and 1975.[12] Contributing members of the DFRB scheme (i.e. active members of the ADF) were transferred to the new DFRDB scheme.[13] All contributions made by DFRDB members went (and continue to go) into the CRF.[14]"

Those assets from DFRB were transferred into the CRF - there is no record of how much each member had paid.

We then became contributing members of the DFRDB and yes those contributions went in and were accounted for.

Perhaps you can show where the DFRB member's balance was accounted for.

That is why we get a reduction on tax for payments made to DFRDB. We should also get a reduction for our payments into DFRB.

You do understand DFRB and DFRDB were not one and the same scheme?

Even Jess didn't grasp the difference.

You are a dickhead....The money was paid and continues to go into CRF "consolidated revenue fund"....It was never stolen!!!

Roll Eyes

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Sir Grappler Truth Teller OAM

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Re: In Many Cases, Its Welfare For The Wealthy
Reply #199 - Feb 12^th, 2019 at 8:36pm

philperth2010 wrote on Feb 12^th, 2019 at 8:19pm:

Here is an article that explains it perfectly!!!

Quote:

Labor's proposal, announced in mid-March 2018, was to return the divided imputation system to where it had been before Howard changed it in 2001, and to where it still is elsewhere. Tax credits could be used to eliminate a tax payment but not to turn it negative.

Labor allowed exceptions for tax-exempt bodies such as charities and universities who would continue to receive imputation cheques alongside dividends.

Pensioner guarantee

Two weeks later, in late March, Labor amended its policy by adding a "pensioner guarantee". Pension and allowance recipients, even part-pensioners, would be exempt from the changes and would continue to receive cash payments.

Also exempt would be self-managed super funds with at least one member who was receiving a pension or part-pension at the date of Labor's announcement, March 28, 2018.

The change cost relatively little (the budget saving over the next four years fell to $10.7 billion from $11.4 billion) because most of the imputation cheques go to Australians with too much wealth to get even a part pension.

https://www.abc.net.au/news/2019-02-12/franking-credits-dividend-imputation-reti...

Bravo....

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philperth2010

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Re: In Many Cases, Its Welfare For The Wealthy
Reply #200 - Feb 12^th, 2019 at 8:37pm

lee wrote on Feb 12^th, 2019 at 4:53pm:

philperth2010 wrote on Feb 12^th, 2019 at 4:23pm:

Bullshit....You are a dickhead mate!!!

Roll Eyes Roll Eyes Roll Eyes

https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_

"The newly installed Whitlam government accepted the need for a new military superannuation scheme and agreed that the assets of the DFRB Fund be transferred to the CRF. These assets were transferred between 1973 and 1975. Contributing members of the DFRB scheme (i.e. active members of the ADF) were transferred to the new DFRDB scheme. All contributions made by DFRDB members went (and continue to go) into the CRF."

Those assets from DFRB were transferred into the CRF - there is no record of how much each member had paid.

Were did you get this information....Provide a link to support your claim???

Huh

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« Last Edit: Feb 12^th, 2019 at 8:44pm by philperth2010 »

If knowledge can create problems, it is not through ignorance that we can solve them.
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Baronvonrort

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Re: In Many Cases, Its Welfare For The Wealthy
Reply #201 - Feb 12^th, 2019 at 8:42pm

Sir Grappler Truth Teller OAM wrote on Feb 12^th, 2019 at 8:36pm:

philperth2010 wrote on Feb 12^th, 2019 at 8:19pm:

Here is an article that explains it perfectly!!!

Quote:

Labor's proposal, announced in mid-March 2018, was to return the divided imputation system to where it had been before Howard changed it in 2001, and to where it still is elsewhere. Tax credits could be used to eliminate a tax payment but not to turn it negative.

Labor allowed exceptions for tax-exempt bodies such as charities and universities who would continue to receive imputation cheques alongside dividends.

Pensioner guarantee

Two weeks later, in late March, Labor amended its policy by adding a "pensioner guarantee". Pension and allowance recipients, even part-pensioners, would be exempt from the changes and would continue to receive cash payments.

Also exempt would be self-managed super funds with at least one member who was receiving a pension or part-pension at the date of Labor's announcement, March 28, 2018.

The change cost relatively little (the budget saving over the next four years fell to $10.7 billion from $11.4 billion) because most of the imputation cheques go to Australians with too much wealth to get even a part pension.

https://www.abc.net.au/news/2019-02-12/franking-credits-dividend-imputation-reti...

Bravo....

So those who are still working and haven't retired who don't make more than $37K a year will be screwed by this labor policy.

Why is labor slugging these poor people with a new tax, why do leftards support these poor people being slugged with a new tax?

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philperth2010

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Re: In Many Cases, Its Welfare For The Wealthy
Reply #202 - Feb 12^th, 2019 at 9:02pm

Baronvonrort wrote on Feb 12^th, 2019 at 8:42pm:

Sir Grappler Truth Teller OAM wrote on Feb 12^th, 2019 at 8:36pm:

philperth2010 wrote on Feb 12^th, 2019 at 8:19pm:

Here is an article that explains it perfectly!!!

Quote:

Labor's proposal, announced in mid-March 2018, was to return the divided imputation system to where it had been before Howard changed it in 2001, and to where it still is elsewhere. Tax credits could be used to eliminate a tax payment but not to turn it negative.

Labor allowed exceptions for tax-exempt bodies such as charities and universities who would continue to receive imputation cheques alongside dividends.

Pensioner guarantee

Two weeks later, in late March, Labor amended its policy by adding a "pensioner guarantee". Pension and allowance recipients, even part-pensioners, would be exempt from the changes and would continue to receive cash payments.

Also exempt would be self-managed super funds with at least one member who was receiving a pension or part-pension at the date of Labor's announcement, March 28, 2018.

The change cost relatively little (the budget saving over the next four years fell to $10.7 billion from $11.4 billion) because most of the imputation cheques go to Australians with too much wealth to get even a part pension.

https://www.abc.net.au/news/2019-02-12/franking-credits-dividend-imputation-reti...

Bravo....

So those who are still working and haven't retired who don't make more than $37K a year will be screwed by this labor policy.

Why is labor slugging these poor people with a new tax, why do leftards support these poor people being slugged with a new tax?

Yeah because someone on $37K a year would have a massive self managed super fund and miss out on millions of $$$ from their franking credits which they could not access until 70 if the Coalition had their way....Really....This is the argument you have been reduced to....Don't worry about the millionaires think of the poor???

Huh

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If knowledge can create problems, it is not through ignorance that we can solve them.
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lee

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Re: In Many Cases, Its Welfare For The Wealthy
Reply #203 - Feb 12^th, 2019 at 9:02pm

philperth2010 wrote on Feb 12^th, 2019 at 8:19pm:

Here is an article that explains it perfectly!!!

So with the full pension for a single being $23,824 and pensioners lose 50C in the dollar above $170 that means the pension cuts out at $35,575. So anything above that exorbitant amount will not get their excess dividends.

Such largesse.

philperth2010 wrote on Feb 12^th, 2019 at 8:19pm:

The change cost relatively little (the budget saving over the next four years fell to $10.7 billion from $11.4 billion) because most of the imputation cheques go to Australians with too much wealth to get even a part pension.

Makes you wonder why they hit them in the first place.

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philperth2010

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Re: In Many Cases, Its Welfare For The Wealthy
Reply #204 - Feb 12^th, 2019 at 9:04pm

philperth2010 wrote on Feb 12^th, 2019 at 8:37pm:

lee wrote on Feb 12^th, 2019 at 4:53pm:

philperth2010 wrote on Feb 12^th, 2019 at 4:23pm:

Bullshit....You are a dickhead mate!!!

Roll Eyes

https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_

"The newly installed Whitlam government accepted the need for a new military superannuation scheme and agreed that the assets of the DFRB Fund be transferred to the CRF. These assets were transferred between 1973 and 1975. Contributing members of the DFRB scheme (i.e. active members of the ADF) were transferred to the new DFRDB scheme. All contributions made by DFRDB members went (and continue to go) into the CRF."

Those assets from DFRB were transferred into the CRF - there is no record of how much each member had paid.

Were did you get this information....Provide a link to support your claim???

Huh

Lee???

(F@#k me you even removed the hyperlink....Restored)

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If knowledge can create problems, it is not through ignorance that we can solve them.
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lee

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Re: In Many Cases, Its Welfare For The Wealthy
Reply #205 - Feb 12^th, 2019 at 9:05pm

philperth2010 wrote on Feb 12^th, 2019 at 8:37pm:

Were did you get this information..

Because they promised me the ATO would keep the figures. They didn't.

philperth2010 wrote on Feb 12^th, 2019 at 8:37pm:

Provide a link to support your claim?

Oh a link to say that the ATO didn't do something? Prove a negative?

Such a dick.

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lee Gold Member Offline Australian Politics Posts: 19663 Gender:	Re: In Many Cases, Its Welfare For The Wealthy Reply #206 - Feb 12^th, 2019 at 9:07pm philperth2010 wrote on Feb 12^th, 2019 at 9:04pm: Lee??? So now I should work to your time frame? Are you going to pay me?
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lee

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Re: In Many Cases, Its Welfare For The Wealthy
Reply #207 - Feb 12^th, 2019 at 9:09pm

philperth2010 wrote on Feb 12^th, 2019 at 9:02pm:

Yeah because someone on $37K a year would have a massive self managed super fund and miss out on millions of $$$ from their franking credits which they could not access until 70 if the Coalition had their way..

You have figures to back you up or a fact free zone again? Grin

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philperth2010

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Re: In Many Cases, Its Welfare For The Wealthy
Reply #208 - Feb 12^th, 2019 at 9:10pm

lee wrote on Feb 12^th, 2019 at 9:05pm:

philperth2010 wrote on Feb 12^th, 2019 at 8:37pm:

Were did you get this information..

Because they promised me the ATO would keep the figures. They didn't.

philperth2010 wrote on Feb 12^th, 2019 at 8:37pm:

Provide a link to support your claim?

Oh a link to say that the ATO didn't do something? Prove a negative?

Such a dick.

What sort of proof is that....If the ATO kept service peoples superannuation there would be outrage and some proof....Do you have anything apart from your word???

Huh

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If knowledge can create problems, it is not through ignorance that we can solve them.
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Baronvonrort

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Re: In Many Cases, Its Welfare For The Wealthy
Reply #209 - Feb 12^th, 2019 at 9:11pm

philperth2010 wrote on Feb 12^th, 2019 at 9:02pm:

Baronvonrort wrote on Feb 12^th, 2019 at 8:42pm:

Sir Grappler Truth Teller OAM wrote on Feb 12^th, 2019 at 8:36pm:

philperth2010 wrote on Feb 12^th, 2019 at 8:19pm:

Here is an article that explains it perfectly!!!

Quote:

Labor's proposal, announced in mid-March 2018, was to return the divided imputation system to where it had been before Howard changed it in 2001, and to where it still is elsewhere. Tax credits could be used to eliminate a tax payment but not to turn it negative.

Labor allowed exceptions for tax-exempt bodies such as charities and universities who would continue to receive imputation cheques alongside dividends.

Pensioner guarantee

Two weeks later, in late March, Labor amended its policy by adding a "pensioner guarantee". Pension and allowance recipients, even part-pensioners, would be exempt from the changes and would continue to receive cash payments.

Also exempt would be self-managed super funds with at least one member who was receiving a pension or part-pension at the date of Labor's announcement, March 28, 2018.

The change cost relatively little (the budget saving over the next four years fell to $10.7 billion from $11.4 billion) because most of the imputation cheques go to Australians with too much wealth to get even a part pension.

https://www.abc.net.au/news/2019-02-12/franking-credits-dividend-imputation-reti...

Bravo....

So those who are still working and haven't retired who don't make more than $37K a year will be screwed by this labor policy.

Why is labor slugging these poor people with a new tax, why do leftards support these poor people being slugged with a new tax?

Yeah because someone on $37K a year would have a massive self managed super fund and miss out on millions of $$$ from their franking credits

So you think a 35 year old who is only working part time taking home less than $25K a year should not be entitled to a refund on paying more tax than they should if some of that income is derived from franked shares?

Why are you ignoring those on low incomes who have not retired and a long way from retiring who will be affected by this grubby tax grab from Labor?

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