The ScoMo Government

[Humid]

respectfully sorta (and actually specifically what the standing committee was established for)

that is the whole point of the committees (the by-product being all the extra allowances and expense claims for committee members - sorta what you do to get extra money when your day job is not so busy) .....

Deputy chair is some labor dude
adam bandt is in there with a heap of others

i do not see the greens peeps or labor peeps (or liberals) handing back any of the extra money they get for this..... year of the pig

On potential opposition policy?

 

[basilio]

More flack coming on the fake grass roots campaign against Labours proposed dividend imputation policy changes.

Grassroots' retirees group with Liberal links may have breached law
Electoral commission says Defenders of Self Funded Retirees may not have properly disclosed sources of ads

The Australian electoral commission says a Liberal-linked “grassroots” retirees group campaigning against Labor’s franking credits policy appears to have breached electoral laws by failing to properly disclose the sources of paid advertising.

Guardian Australia revealed on Thursday morning that the Liberal candidate Robert Gunning has helped to orchestrate the Defenders of Self Funded Retirees, a group representing itself as a community-led retiree movement against the Labor policy.

The group has paid for targeted Facebook ads and has built a professional campaign website, neither of which include authorisations telling voters who is paying for the advertising. Its links to the Liberal party are not disclosed in any of its campaign material.

Labor has written to the Australian electoral commission, formally requesting they investigate the revelations. Authorisations of political advertising are designed to make their creators accountable, transparent, and traceable. Failure to authorise can result in fines of up to $25,200 for individuals and $126,000 for a body corporate.

https://www.theguardian.com/austral...roup-with-liberal-links-may-have-breached-law

 

[Zaxon]

At a shareholder presentation in November, Geoff Wilson said that “all you’ve got to do is change from a company structure to a trust structure” to avoid the impact of Labor’s policy, which scraps the cash refunds for excess imputation credits claimed by retirees and self-managed superannuation funds.

Geoff Wilson explained that entities managed by Wilson Asset Management could become trusts that wouldn’t pay two-thirds of dividends in tax, meaning they could pay out a higher actual dividend but it “wouldn’t be fully franked”.

A trust structure passes on all the franking credits to the beneficiaries, as if they hold the shares in their own name. And unless you're on welfare or in industry super, you don't get those franking credits converted back to cash under Labor's proposed legislation.

I'm not seeing how this helps.

 

[sptrawler]

More flack coming on the fake grass roots campaign against Labours proposed dividend imputation policy changes.

I can hear you salivating from here Bas, those horrid self funded investors.

I'm just looking forward to the day, when I become a highly regarded and well respected, person on the age pension.
Instead of being one of those dirty, disgusting, self funded losers, that saved their money.

 

[HelloU]

On potential opposition policy?

yep
virtually anything can be referred to one of the standing committees ...... this just happened to land in the lap of old mate cos he is the chair of the economics/finance committee - i think anyway. (so could have been anyone really at point in time).
this was referred by the PM (prolly do not need to say why ...)
so it gets looked at by the committee ...... who can turn it into a freak show.

they get a heap of $$$ for being involved in the committees ..... and, like i said, makes me wonder what they are paid to do in their day jobs.
see ya.

 

[Darc Knight]

Geoff Wilson told investors Labor's franking credits policy easy to avoid
Fund manager who said retirees’ livelihoods would be devastated told his own investors they could simply restructure their affairs


@Paul_Karp
Thu 7 Feb 2019 08.20 AEDT Last modified on Thu 7 Feb 2019 12.42 AEDT

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Labor has called for the Liberal MP Tim Wilson to be sacked after revelations Geoff Wilson asked him to set economic committee dates to align with his lobbying efforts. Photograph: Mike Bowers/The Guardian
The fund manager who asked Tim Wilson to coordinate parliamentary committee hearings with his lobbying work once boasted to investors that the impost of Labor’s franking credit policy is trivially easy to avoid.

Geoff Wilson – the chairman of Wilson Asset Management and a distant relative of Tim Wilson – when talking to concerned retirees claimed the reform would devastate their livelihoods but told his own investors that Labor’s revenue claims were “ludicrous” because they could simply restructure their affairs.

Labor has called for Tim Wilson to be sacked as chair of the house economics committee after revelations that Geoff Wilson asked the Liberal MP to set committee dates to align with meetings of shareholders who the fund manager then encouraged to attend and protest.

Tim Wilson has failed to declare at committee hearings that he has a shareholding in two funds managed by Wilson Asset Management through Wilson-Bolger Superannuation Pty Ltd, although he did declare it in his pecuniary interest register.

He has also refused to rule out that Geoff Wilson has contributed funding for the stoptheretirementtax.com website, authorised by the Liberal MP, which encourages people to sign a petition and make a form submission to his own inquiry.
https://www.theguardian.com/austral...-labors-franking-credits-policy-easy-to-avoid

Geoff Wilson of Wilson Asset Management was the same person who was all over the Media banging on about how Labor would throw Australia into Recession. Wilson Asset Management were also banging on about how we are entering into a Bear Market. One poster here on ASF commented that it smelled of market manipulation.

 

[basilio]

I can hear you salivating from here Bas, those horrid self funded investors.

I'm just looking forward to the day, when I become a highly regarded and well respected, person on the age pension.
Instead of being one of those dirty, disgusting, self funded losers, that saved their money.

The issue here SP is not the proposed changes to the dividend imputation policy.
It's the fact that a Liberal Party politician and small group of businessmen started up a fake grass roots campaign to make it look as if "Hard working Aussies Retirees" were mounting this campaign.
The reason we have these electoral laws is to try and keep politicians and business people honest when they are running political campaigns to serve their interests - but pretend they are other people.

----------------------------------------------------------------
With regard to the proposed changes in dividend imputation. As I see it the Liberal Party introduced the idea of flow through of imputation credits to give a leg up to their wealthy followers. (July 1st 2000 ) Initially these refunds were relatively modest but financial advisors and their clients quickly worked out how profitable this could be when properly structured. In 2006 these dividends became even more profitable to retirees who could get tax free income from their super courtesy of Peter Costello.

By 2016 this little lurk was costing the budget $5.6b a year - and growing fast. Labour has decided that a $5b tax lurk that is overwhelmingly directed to the wealthiest group of our community makes it so much harder to balance the budget and pay for policies it believes are more even handed.

There was an excellent analysis in the AFR magazine as well as the ABC website. Both pointed out just what sort of a gravy train this deal has been for the wealthiest people in our community who are multi millionaires but can construct a tax return with minimal taxable income.

Labor's dividend tax change: Good policy, shame about the politics
https://www.afr.com/news/policy/tax...licy-shame-about-the-politics-20180315-h0xj3c

Will Labor's dividend imputation policy overwhelmingly affect the low paid?
https://www.abc.net.au/news/2019-01-30/fact-check-labors-dividend-imputation-policy/10626204

 

[bellenuit]

A trust structure passes on all the franking credits to the beneficiaries, as if they hold the shares in their own name. And unless you're on welfare or in industry super, you don't get those franking credits converted back to cash under Labor's proposed legislation.

Aren't trusts also in Shorten's cross-hairs? I think he is planning a 30% tax on all distributions that is then rebated based on the recipient's marginal tax, much like franking credits. I have no idea how distributed franking credits would work in this scheme.

 

[Zaxon]

Aren't trusts also in Shorten's cross-hairs? I think he is planning a 30% tax on all distributions that is then rebated based on the recipient's marginal tax, much like franking credits. I have no idea how distributed franking credits would work in this scheme.

Yes they are! (https://www.afr.com/news/politics/l...y-trust-distributions-at-30pc-20170730-gxlk7g)

His plan is for distributions on trusts to be taxed at a minimum of 30%, regardless of the beneficiaries tax bracket. So if your dividend isn't even franked and you're a low income earner, sorry: you're now paying 30% of that in tax. This may apply to capital gains as well.

This means that anyone who's tax bracket is <30% would no longer be able to use a trust. Instead, you'd have to hold assets in your own name. This is on top of not getting your franking credits back, regardless of whether using a trust or not.

 

[qldfrog]

Which will then increzse the use of companies.dum and dummer..
A unique tax rate would sort it out but that is heresy for the left
In anycase labour is welcome to get hit by the coming recession
They will have plenty of excuse later on..
https://finance.yahoo.com/news/markets-keep-eye-lucky-country-213324618.html

 

[bellenuit]

This means that anyone who's tax bracket is <30% would no longer be able to use a trust. Instead, you'd have to hold assets in your own name.

Hopefully they will allow a grace period to move your assets out of the trust and into your own name.

 

[HelloU]

annual numbers:

$5B franking refunds

$32B defence spend

$175B welfare

 

[qldfrog]

annual numbers:

$5B franking refunds

$32B defence spend

$175B welfare

Leant something interesting yesterday, the french nuclear strike ability lost them around 5 billions a year.
To put this into perspective with nbn cost currently at 51 billions or the figure above, and french army is not renowned for being a penny pincher.
This country has had/burnt too much money for too long and is completely disconnected with reality
Bill and Scot should learn what a dollar means..but no hope there

 

[basilio]

A bit more background on Tim Wilson and his ways of doing things.
Not a good look.

Why Tim Wilson must resign
https://www.canberratimes.com.au/national/why-tim-wilson-must-resign-20190207-p50wcc.html

 

[explod]

Well they lost a Bill before the house today, first time in 80 years so i'd say a sudden election could be called if numbers against them hold.

 

[Knobby22]

Well they lost a Bill before the house today, first time in 80 years so i'd say a sudden election could be called if numbers against them hold.

NSW election in progress.
Also most of the crossbenchers said they wouldn't but who knows?

 

[explod]

Coalition's hold on power under threat after it loses asylum seeker vote in Parliament
By political reporter Brett Worthington
Updated 4 minutes ago

PHOTO: Labor secured the support of most of the crossbench to win the Lower House vote 75 to 74. (ABC News: Nick Haggarty)
The future of the Coalition's hold on power is at risk with the Federal Government becoming the first to lose a vote on its own legislation in almost 80 years.

Key points:

• Labor secured the support of most of the crossbench to allow doctors a greater say in refugee medical evacuations
• Labor and the crossbench had forced a series of measures into a government migration bill
• The solicitor-general had warned the proposal might be unconstitutional because it included spending measures

The majority of the crossbench and Labor joined forces in the House of Representatives to pass amendments to give doctors a greater say on refugee medical evacuations.

The amendments were agreed to by the Senate late last year, after Labor and the crossbench forced a series of measures into a government migration bill.

Labor secured the support of most of the crossbench to win the Lower House vote 75 to 74 on the first sitting day for 2019.

Attorney-General Christian Porter presented legal advice from solicitor-general Stephen Donaghue at the last minute, suggesting the amendments agreed to by the Senate would be unconstitutional.

But Mr Donaghue also pointed out there was case law suggesting the High Court was generally reluctant to intervene in these matters, because it related to sections of the Constitution that gave power to the Parliament to conduct its own affairs.

 

[bellenuit]

Well they lost a Bill before the house today, first time in 80 years so i'd say a sudden election could be called if numbers against them hold.

No. I think they will wait and see if the boats start coming again. If yes they will call an election, otherwise they will hold out a bit longer.

 

[Darc Knight]

For those of you against ScoMo, just look at the alternative: Dutton or Abbott.

Case dismissed!

 

[sptrawler]

No. I think they will wait and see if the boats start coming again. If yes they will call an election, otherwise they will hold out a bit longer.

Also as the housing prices keep falling, people will get nervous about Labors CGT and NG policies, making a bad situation worse.
The longer Morrison hangs on, the harder it will be for Bill. IMO