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The Budget - What are you looking for?

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son of baglimit

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as for me, family man, 3 kids, eligible for ftb a&b, 30% tax rate.........

hoping costello delivers on : increases to ftb, increases tax free threshold to 10k

anyone else ?
 
Increases tax free threshold to $12,000.
Or move 30% Tax Rate up to $100,000.

No Capital Gains Tax on Assets held for more than 5 years.
Or half CGT again from its current rate.

But I doubt they will do it.........wishfull thinking.
 
It won't happen but I'd like to see the First Home Owners Grant abolished. The reason being that I believe there is more than adequate evidence that it helps not first home owners, but those who are net sellers of real estate.

With first home buyers very commonly doing the "how much can we borrow?" thing, the grant simply ends up supporting higher real estate prices. Good for net property sellers but no real help for first home buyers. Given the huge rise in property values in recent times, I don't see the need for what amounts to welfare to those who, in general, have already done quite nicely.

Other than that, this country seriously needs to spend a lot more on R&D and infrastructure. Rail transport, energy and water would seem logical priorities for public investment in infrastructure since private investment simply isn't happening on anywhere near the required scale or with a sufficient timeframe for project viability.

Whilst maintenance and safety upgrades are certainly worthwhile, I'm very doubtful of the value of major investment in highway capacity. I think that if all the costs are included then rail makes a lot more sense for interstate freight. Put the freight on the rails and we won't need more highways. Rail cuts oil use and greenhouse gas emissions too so makes considerable sense over long distances between mainland capital cities and major regional centres. :2twocents
 
Smurf1976 said:
It won't happen but I'd like to see the First Home Owners Grant abolished. The reason being that I believe there is more than adequate evidence that it helps not first home owners, but those who are net sellers of real estate.

With first home buyers very commonly doing the "how much can we borrow?" thing, the grant simply ends up supporting higher real estate prices. Good for net property sellers but no real help for first home buyers. Given the huge rise in property values in recent times, I don't see the need for what amounts to welfare to those who, in general, have already done quite nicely.
Click to expand...

Amen!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

I would hope for an end to middle class briber.... oops, I mean welfare, in all it's forms.

It seems that those in genuine need get shafted while the government panders to the mortgage belt.

Alas, 'tis but a pipe dream. The self interest of the majority will insure electoral bribery remains good politics :swear:
 
clowboy said:
Triple Tax free threshold.
Click to expand...

Indeed, what's the point of taxing poor people? Just get rid of the bottom band and make the TFT 20,600.

Real reform: abolish electoral hand-outs, gimmicks, and tricks such as ftb, medicare levy, contributions tax etc. They could cut $20b from the revenue and hand it back as tax cuts without going into to deficit or trying hard if they wanted to.

Of course this will never happen. What we'll get is is some insignificant tax changes and an increase in middle-class welfare.

cheers,
chemist
 
Highest tax rate cut from 47 to about 40%
Increase tax-free threshold to about $15Gs
Abolish super tax
 
Hm, having never been eligible for FTB, but have seen my brother in law claim this even though all 3 kids go to private schools, and his partner adjusts her working hours so that they can claim it, whereas I and partner work full time and support ourselves, I think there is an issue with 'middle class' Australia having access to this benefit.

It is major tax reform but Income splitting would reduce Australia's welfare mentality.

For this budget - eliminate all taxes on Super during the Contribution phase. This includes CGT.

Increase the Tax free threshold to $10,000.

With regard to the first home buyers Grant, I cant see prices falling that much, perhaps instead the Govt should consider that under a certain salary level, mortgage interest rates are tax deductible?
 
Family support where one person does not work is a mild form of income splitting Prospector.

True income splitting would be more advantageous to the rich than the poor.

I agree with your other points.

With regard first home buyers, reducing negative gearing on property would be a simple (if unpopular) way to help.
 
What am I looking for from the budget?
I'm a 25 year old male with no kids and no mortgage. What I'm looking for doesn't count at all. I will get nothing. :)
 
I agree with axing the first home buyers grant. It has been a total waste of tax payers money. :swear:

I'd like to see more money put into R&D and especially when it comes to alternatives to oil. The sooner we can solve the oil issue and move to something else, the more stable the world will be. Not to mention the global warming issues etc due to hydro carbons.
 
Knobby22 said:
With regard first home buyers, reducing negative gearing on property would be a simple (if unpopular) way to help.
Click to expand...

Oh yes, now I'm salivating. Lets get rid of NG :D
 
professor_frink said:
What am I looking for from the budget?
I'm a 25 year old male with no kids and no mortgage. What I'm looking for doesn't count at all. I will get nothing. :)
Click to expand...

Indeed!

Ah the subtle difference between a truly representative government, and a straight out democracy (i.e. majority mob rule)(with a few bribes thrown in for the special interest groups). :swear:
 
louie said:
.......

No Capital Gains Tax on Assets held for more than 5 years.
Or half CGT again from its current rate.

But I doubt they will do it.........wishfull thinking.
Click to expand...

You might actually see this happening, I read an article somewhere recently about how Howard wants to give progressive discounts on CGT, the longer you hold the lower CGT gets (currently only 50% discount for 12mth holdings based on marginal rate), may even go to zero after X yrs. There was some criticism of it, I forget the arguments now, sounded like a govt gimmick.
 
my predictions:

- GST on petrol to be cut (and maybe a bit of excise)
- FHOG to be increased to $14k
- tax free threshold increased to $10k
- top tax rate cut to 43%
- increases to family benefits
- incentives to start a family
- more money for healthcare, defence
- decrease in Super tax rate to 10%

This will be known as the "family" budget. Emphasis on petrol, housing affordability and the aging population.

The smartest move would be cutting or abolishing the Super tax. Increasing the FHOG would not be smart. GST on petrol is dampening the economy and putting pressure on inflation, so doing something here would be a smart move.
 
Unlikely it will happen, but - after increasing the tax free threshold and means testing the FHOG - I'd like to see funds for

water infrastructure
mental health and aged care
health care/doctor training generally
subsidised university fees/reduced HECS.

The small amounts likely to be offered as tax cuts make minimal difference to the situation of individual tax payers but in total could do a great deal to improve the above needy areas.

Julia
 
I would like to see:

- The First Home Owners Grant to be increased to $14,000 as it was in the beginning, but now be means tested, aged tested etc to allow generation x and y to enter the housing market

- reduced state and federal taxes on home ownership (current rate of all taxes combined for property ownership is 25%) Ouch!

- the recent 25% HECS increase to be abolished

- The Tax Free Threshold raised to at least $12,000 and indexed to inflation

- More childcare places

- More money given to the states to fund hospital beds

- Reduction of the top tax bracket to a maximum of 38%

- More incentives to work, which means to reduce the tax rates on welfare (currently sitting at top rate, whopping 70-80%)

- Increase the $62 per fortnight that a person on welfare can earn b4 benefits start to get cut.

- Increase super co-contributions from it maximum rate of $1,500 to a new rate of $3,000 per year
 
louie said:
Increases tax free threshold to $12,000.
Or move 30% Tax Rate up to $100,000.

No Capital Gains Tax on Assets held for more than 5 years.
Or half CGT again from its current rate.

But I doubt they will do it.........wishfull thinking.
Click to expand...

If they are serious about retirees looking out for their won future and final elimination of the pension--this should be mandatory but I'm for total abolishion.
 
wayneL said:
Amen!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

I would hope for an end to middle class briber.... oops, I mean welfare, in all it's forms.

It seems that those in genuine need get shafted while the government panders to the mortgage belt.

Alas, 'tis but a pipe dream. The self interest of the majority will insure electoral bribery remains good politics :swear:
Click to expand...


Hmm your both missing the point of government grants for new homes.

If the building industry slows to a point of negative growth then you'll see a huge rise in unemployment and government costs.

Its not about the buyers.
 
tech/a said:
Hmm your both missing the point of government grants for new homes.

If the building industry slows to a point of negative growth then you'll see a huge rise in unemployment and government costs.

Its not about the buyers.
Click to expand...


Finally, the truth... Exactly, this is INTERVENTIONIST politics, no different to Trade Barriers, Tarriffs, subsidy's (eg to FORD to design the next gen SUV and large car)... to prop up industry and lobby groups.

What I don't understand is how a gov't that claims to be liberal, be more protectionist than the previous labour govt.

These artificial stimulants are just that... artificial, and only seek in delaying the eventual pain...

but by then Johnny Howard will have left, leaving Costello / or a Labour govt with a basket case economy, with no infrastructure, no skill base, inefficient manufacturing sector, relying completely on china/india to buy our raw materials and our grain / meat and importing all the rest.

and off course, we'll all still praise howard for the boom time we experienced under his reign... when we built our mcmansions and wallowed in huge debt with low interest rates!!!

what a joke!!!

For the record, I would like to see investment in Education, Infrastructure and Health... Things that will actually contribute to productivity gains in the economy, and downward pressure on interest rate... NOT tax cuts for the battlers, so they can spend more and prop up the retail sector!!! eg Baby Bonus that resulted in Harvey Norman recording highest ever sales of plasma TV;s that week...
 

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