galumay
learner
- Joined
- 17 September 2011
- Posts
- 3,445
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- 2,292
LOL!! Lets be honest what Labor is proposing iis an end to a rort, a form of wealthfare that has no place in a fair society. If receiving franking credit rebates make you self funded, then someone on the dole is a self funded non-worker.
There is so much arrant nonsense spread about ending this rort, calling it a tax, saying its a return to double tax, implying it will impact pensioners, luckily most voters can see right through the self interested outrage from high wealth, asset rich, boomers squealing like stuck pigs over the proposed loss of their welfare payment.
Well smurf, the results are starting to show. From your post #91I personally, would be staying away from anything, involving residential real estate.
B/S. Spare us the social justice posturing. Electricity Bill and Chris Bowen could still claim the franking credit, but not Nanna on $18k ann. That's Labor's fair society.LOL!! Lets be honest what Labor is proposing iis an end to a rort, a form of wealthfare that has no place in a fair society. If receiving franking credit rebates make you self funded, then someone on the dole is a self funded non-worker.
There is so much arrant nonsense spread about ending this rort, calling it a tax, saying its a return to double tax, implying it will impact pensioners, luckily most voters can see right through the self interested outrage from high wealth, asset rich, boomers squealing like stuck pigs over the proposed loss of their welfare payment.
That retirement system you are talking about, is the system we used to have, the same as NZ, U.K and Canada, but our pollies screwed it up as usual, from what I've read.I have a vague recollection of reading somewhere a few years ago an argument that it would be cheaper to just give everyone that is at retirement age the aged pension (without limiting eligibility through an asset or income test) compared to the amount of tax concessions that the government gives to retirees. The entire tax system needs to be reformed but no government has had the nerve to do it.
Currently, any individual earning $35k per year, salaried or from investments, is taxed $3192. The proposed scheme would mean someone earning that from dividends would be taxed $10500.LOL!! Lets be honest what Labor is proposing iis an end to a rort, a form of wealthfare that has no place in a fair society.
Someone earning $500K loses nothing at all from the proposed changes.LOL!! Lets be honest what Labor is proposing iis an end to a rort, a form of wealthfare that has no place in a fair society.
You know the guy that's running the online petition collects well over 2 million a year from franking credits which he will lose if the change occurs.
I don't know if he works for a living, probably not.
!!!"Franking credits" and "franking credit refunds" are not the same thing. If your dividends are pre-taxed at 30%, when it comes to paying your own tax on that money, you're credited for that 30% already paid - franking credits. If your tax rate is lower, you're refunded the difference (currently).
No millionaire is getting franking credit refunds .
would be good if they used data from independent source
It is an independent source. It comes from the ABS Survey of Income and Housing 2014-15. They have just used it in their analysis.
Does it strike you as intriguing that 43% of the wealthiest 10% of Australians over 65 have an official taxable income less than $18k ? Does that help explain concern where most of $5b a year of imputation refunds is going ?
Because it certainly isn't being used by the poor buggers in the bottom 40-50% of the wealth/income scale.
Couldn't find any reference to ABS only to Grattan Report.
Couldn't find any reference to ABS only to Grattan Report.
So basically it is because couples can hold upto $3.2m in Super between them and not have to pay any tax on the earnings from the $3.2m if held in pension mode.
So why not just change the tax rules to do with Super? Just apply marginal tax rates on the Super earnings once it goes into pension mode.
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