Budget 2013

[MrBurns]

The budget wont be worth the paper it's written on.

Composed and delivered by total losers, liars cheats and petty crims.

 

[Intrinsic Value]

I am looking into my crystal ball and seeing wait oh yes a new tax or more tax increases. Now there that wasnt hard was it?

Time they started really seriously thinking about not thinking about a new tax or tax increases and more like spending custs especially to the 316 billion on social security of which half that amount is gobbled up in administrative costs.

 

[Calliope]

Swan's swansong tonight reminded me of Hitler in his bunker in the closing stages of the war, still ranting about the 1000 year Reich.

 

[sptrawler]

I'm looking forward to the new budget commitments to 'clean technology jobs' that the carbon tax was introduced for.
This was going to put us into the era of world leading, cutting edge technology jobs.lol,lol lol

Turns out it hasn't shut down the' dirty brown coal' power stations.
It has put up the price of electricity.
It has shut down industry.
It hasn't created any new technology jobs.
It has increased tax, but it hasn't helped.
The goon show.

 

[Calliope]

"Swans sing before they die; ’twere no bad thing
Did certain persons die before they sing."

Coleridge

 

[dutchie]

We have to give Swan credit where credit is due - it was close to a surplus.

 

[Econ Turbo]

Its hard to blame but treasury really ****ed up the forecasts..... They really need to go more conservative and assume the carbon tax will collect next to nothing (Europe carbon trading scheme has collapsed) and the mining tax will collect nothing (commodity prices have fallen to levels below the collectable level).

Two failed policies by Labor?

 

[ROE]

Superfund, trust, sole traders now has to pay monthly tax .....that sound like fun

 

[Garpal Gumnut]

I have been through all the figures, cant and electioneering.

Swan has managed to screw the vulnerable, the productive and the powerless in one sweep.

The squeezed lemon looks from the ALP Frontbench and the "Two Sheilas" said it all.

Roll on the election.

What a waste of two parliaments in a nation eager to prosper and maintain resilience and the fair go.

gg

 

[sptrawler]

Superfund, trust, sole traders now has to pay monthly tax .....that sound like fun

What is that one about, Roe?

 

[Garpal Gumnut]

What is that one about, Roe?

Typical ALP.

Putting extra accountancy costs on savers.

I will now have to pay x 12 times my costs to my accountant for my SMSF return.

Idiots.

gg

 

[Julia]

Superfund, trust, sole traders now has to pay monthly tax .....that sound like fun

That wasn't my understanding of what the Treasurer said, with respect to SMSFs. I may have misinterpreted what I heard where I didn't hear SMSFs mentioned at all. I didn't listen to all of his speech, so if you could give us a link to the advice that SMSFs are going to have to provide monthly tax returns, that would be appreciated.

It sounds completely unbelievable and absolutely impractical to me.

 

[ROE]

That wasn't my understanding of what the Treasurer said, with respect to SMSFs. I may have misinterpreted what I heard where I didn't hear SMSFs mentioned at all. I didn't listen to all of his speech, so if you could give us a link to the advice that SMSFs are going to have to provide monthly tax returns, that would be appreciated.

It sounds completely unbelievable and absolutely impractical to me.

I got it from abc24 no details just

Superfunds, family trust, sole traders and large investors pay monthly tax...
I am sure afr will have details tomorrow

 

[Garpal Gumnut]

Superfund, trust, sole traders now has to pay monthly tax .....that sound like fun

ALP guys are either lawyers or Union hacks.

Never been in business,

Monthly tax returns is the abolition of SMSFs by stealth.

Muppets.

gg

 

[sptrawler]

Here is an interesting early take on the budget.

http://www.smh.com.au/business/fede...ics-rather-than-economics-20130514-2jknw.html

 

[ROE]

Let compared ALP to average Joe..

Joe earns $100,000 under Howard years, he spend 80k and has 20k left over

Then Aunty Gillard and Uncle Swan came for a visit
he feel empowered and start spending 100k a year
He get pay increase of 3-6% a year but Uncle Swan think he can get 10% a year..
So why settle for 3-6%

So instead of spend 80k to 100k a year he went and spend 120k a year and said
I am so good even with that much money spent I will still have some left over
And if I cant do it I am not fit to govern my own finance....

Then the world sneeze and he only get 103k a year, still better than under Howard years,
but he in 17k in debt at the end of the year and he blames he Has one in 50 years salary cut -
some other thing outside his control

But all along it is within his control to spend less than 100k

And that is how life works under labor....

 

[sptrawler]

ALP guys are either lawyers or Union hacks.

Never been in business,

Monthly tax returns is the abolition of SMSFs by stealth.

Muppets.

gg

The good old union hacks, on industry fund boards, would have pushed for that.
Also I suppose Gillard, Swan and the rest that get thrown out will end up on industry fund boards, so it is self serving.
Which seems to be the way the goon show operate.

The tax dept will be underwater, if this was introduced, just another half @rsed policy going nowhere.
This is the dumbest bunch ever.
I see they are going to reward retirees who downsize, what about the responsible ones who have allready downsized.lol,lol,lol
Just another rort in the making.

 

[bellenuit]

Its hard to blame but treasury really ****ed up the forecasts.....

They may not be treasury's independent forecasts. I heard Hockey saying in an interview a few weeks ago, that most treasury forecasts are not made independently, but are calculated by them based on input parameters by the government that treasury may not agree with. These inputs are never published, so no one can cross check their veracity. I would certainly think that using $12/tonne as the carbon price in Europe in a few years would be something they would not have arrived at themselves.

 

[dutchie]

Let compared ALP to average Joe..

Joe earns $100,000 under Howard years, he spend 80k and has 20k left over

Then Aunty Gillard and Uncle Swan came for a visit
he feel empowered and start spending 100k a year
He get pay increase of 3-6% a year but Uncle Swan think he can get 10% a year..
So why settle for 3-6%

So instead of spend 80k to 100k a year he went and spend 120k a year and said
I am so good even with that much money spent I will still have some left over
And if I cant do it I am not fit to govern my own finance....

Then the world sneeze and he only get 103k a year, still better than under Howard years,
but he in 17k in debt at the end of the year and he blame he Has one in 50 years salary cut -
some other thing outside his control

But all along it is within his control to spend less than 100k

And that is how life works under labor....

Is Swannie's Joe related to Gillard's John?

 

[Julia]

Superfund, trust, sole traders now has to pay monthly tax .....that sound like fun

Typical ALP.

Putting extra accountancy costs on savers.

I will now have to pay x 12 times my costs to my accountant for my SMSF return.

Idiots.

gg

That wasn't my understanding of what the Treasurer said, with respect to SMSFs. I may have misinterpreted what I heard where I didn't hear SMSFs mentioned at all. I didn't listen to all of his speech, so if you could give us a link to the advice that SMSFs are going to have to provide monthly tax returns, that would be appreciated.

It sounds completely unbelievable and absolutely impractical to me.

I got it from abc24 no details just

Superfunds, family trust, sole traders and large investors pay monthly tax...
I am sure afr will have details tomorrow

I've done some digging to find details about this, not having heard SMSFs mentioned at all during the Treasurer's speech.

This is the relevant extract:

In a bid to offset the shortfall, pay-as-you-go (PAYG) income tax instalments will shift from quarterly payments to monthly and will be extended to include all large entities in the PAYG system including trusts, superannuation funds, sole traders and large investors. The government expects the measure to net $1.4 billion in tax receipts over the forward estimates period (BUDGET 2013: Fiddles play a two-part tune, May 14).

Read more: http://www.businessspectator.com.au...013-corporates-fill-budget-hole#ixzz2TGZpesoN

This says "will be extended to include all large entities in the PAYG system.......".
My SMSF has never been attached to the PAYG system and as far as I'm aware, SMSFs are simply required to prepare and submit an annual tax return and audit. I have never heard of any which submit an annual tax return. It would be absolutely impractical.