Bank Deposit Guarantee = BAD NEWS

[CamKawa]

Will the insurance fee be tax deductable?

 

[Buddy]

This reminds me of what this government (er.... bunch of thieves) did with ETS (er............carbon tax). When you see an opportunity, TAX IT!

So does anyone (with half a brain....er...... not the government) know what this new TAX is going to be? Greater than the interest earned? May turn out that it's better to have cash under the mattress.

Pretty easy to drive a truck through the whole thing though. As Sir O says "There 999,900 in the bank. Happy now?"

So, I wonder how long will it take before these thieves work out that they need to lower the threshhold, in order to collect more tax.

 

[MrBurns]

This reminds me of what this government (er.... bunch of thieves) did with ETS (er............carbon tax). When you see an opportunity, TAX IT!

So does anyone (with half a brain....er...... not the government) know what this new TAX is going to be? Greater than the interest earned? May turn out that it's better to have cash under the mattress.

Pretty easy to drive a truck through the whole thing though. As Sir O says "There 999,900 in the bank. Happy now?"

So, I wonder how long will it take before these thieves work out that they need to lower the threshhold, in order to collect more tax.

So open a second account in another back to stay under the threshhold ?

 

[mantronic]

The after tax returns on cash are less than inflation after tax. And now they want to add a new tax?

It should at least be optional like an insurance.

 

[MrBurns]

The after tax returns on cash are less than inflation after tax. And now they want to add a new tax?

It should at least be optional like an insurance.

If it's in a super fund you only pay 15% but yes it's getting lees attractive and looking more like a place to park the money than an investment.

Thanks Rudd and Swann.

 

[Buddy]

So open a second account in another back to stay under the threshhold ?

If I worked for the government, the first thing I would do is to make sure that this TAX applies to the total aggregate of accounts. So if you have 2 accounts say, with 750k in each, sorry pal, you're over the threshhold. PAY ME THE TAX. Just you watch. This will happen!

 

[mantronic]

If I worked for the government, the first thing I would do is to make sure that this TAX applies to the total aggregate of accounts. So if you have 2 accounts say, with 750k in each, sorry pal, you're over the threshhold. PAY ME THE TAX. Just you watch. This will happen!

Not so in the states. Multiple accounts can spin the 100k guarantee to over 1.5m.

 

[c-unit]

It was the right move IMO. People had started taking their money out. The confidence was quickly evaporating. What other option was there?

What should it have been capped at?

 

[GreatPig]

the first thing I would do is to make sure that this TAX applies to the total aggregate of accounts

Okay, so different entities. Some in hubby's name, some in the wife's, some in the kids perhaps, and some spread across any family trusts and companies.

GP

 

[Buddy]

Okay, so different entities. Some in hubby's name, some in the wife's, some in the kids perhaps, and some spread across any family trusts and companies.

GP

I'm gunna have to think fast here piggy, you guys are slippery than eels.
Hmmmm...... so I will get my Bank Deposit Police on the beat and find out where you have stashed the cash. THEN I AM GOING TO TAX YOU, AND FINE YOU FOR BEING A TRICKY LITTLE BUGGER.

Seriously though, this is really just another tax on business.
And assuming there is no disaster (wishful thinking maybe ), what are the thieves going to do with this TAX?

 

[Buddy]

Just heard it's 2%!!!!!!!!!!!!!!!!!!!! (I hope what I heard is a typo)
Is this guy (krudd) a total efn idiot??????
There is no need for me to put down on paper what this is going to do to interest rates, business sentiment, the economy in general. It should be obvioous to the intelligent members of this forum.
This guy has to go. A complete tosser!

 

[MrBurns]

Just heard it's 2%!!!!!!!!!!!!!!!!!!!! (I hope what I heard is a typo)
Is this guy (krudd) a total efn idiot??????
There is no need for me to put down on paper what this is going to do to interest rates, business sentiment, the economy in general. It should be obvioous to the intelligent members of this forum.
This guy has to go. A complete tosser!

I seriously think he does not have a clue.

 

[Aussiejeff]

I seriously think he does not have a clue.

Market certainly doesn't think much of "Plan C". All Ords in free fall atm....

 

[MrBurns]

Market certainly doesn't think much of "Plan C". All Ords in free fall atm....

It's plain he's struggling, I have neve ever seen such important decisions made so quickly then they have to be changed.... it's frightening, makes you feel like there's no one at the wheel.

$20,000 to insure a deposit over $1M does he think we're all freeking crazy ?

 

[CamKawa]

2% hey? Will that be on the whole amount or only on the portion above 1 mill? Back to moving money out of Australia again by the sounds of things. 747 may be trying to force individuals/companies to spend to keep the bubble inflating, which is about as intelligent as trying to put out a fire with kerosene. It's ironic that he is penalising savers when it’s those that spent too much that caused this crisis.

 

[GreatPig]

There's an article about it here.

Sounds like it's uncertain yet, with only mention of "up to $20,000 per $1m for wholesale bank credit". Other figures mentioned are 0.1%, 0.7% and 1.5%, depending on the institution, and it seems to still be undecided as to whether or not it would be compulsory.

GP

 

[MrBurns]

2% hey? Will that be on the whole amount or only on the portion above 1 mill? Back to moving money out of Australia again by the sounds of things. 747 may be trying to force individuals/companies to spend to keep the bubble inflating, which is about as intelligent as trying to put out a fire with kerosene. It's ironic that he is penalising savers when it’s those that spent too much that caused this crisis.

This goose is unbelievable, trying to pump up the housing bubble even further ? I haven't got much faith in Turnbull either after seeing him in action, how did he get to be so rich ?

 

[Buddy]

This goose is unbelievable, trying to pump up the housing bubble even further ? I haven't got much faith in Turnbull either after seeing him in action, how did he get to be so rich ?

Complete nitwit! So is it a fee or a tax? I bet its a tax, otherwise it would be a tax deduction - cant have that can we. This is policy on the run and a total disaster. If I had a plan to de-stabilise the market then it would be fairly close to this. These people are totally out of their depth and drowning.

 

[CamKawa]

This goose is unbelievable, trying to pump up the housing bubble even further ? I haven't got much faith in Turnbull either after seeing him in action, how did he get to be so rich ?

Yes I agree. He'll probably use the money he's generating with this new tax to further fund the first home buyers grant to prop-up developers and their financiers. It’s just crazy.

 

[CamKawa]

A bit of an update on it here.