After they avoid their taxes with super, employer/taxpayer funded cars, family trusts, avoidance schemes...
Cry me a river ...It is still coming out of their pockets and they still are paying more in tax.
Taxable income 2013/14
$0 – $18,200 = Nil
$18,201– $37,000 = 19c for each $1 over $18,200
$37,001 - $80,000 = $3,572 plus 32.5c for each $1 over $37,000 = 9.65% TAX
$80,001 - $180,000 = $17,547 plus 37c for each $1 over $80,000 = 21.93% TAX
$180,001 and over = $54,547 plus 45c for every $1 over $180,000 = 30.31% TAX
Add a further 2% onto the taxable income of those over 180k and they are now paying OVER 32% TAX
*Figures are rubbery at best as I am late for a meeting but you get the gist*
Work, save, invest...like everybody else.
As Abbott said yesterday, he will be able to give tax cuts in 3 years. I wonder where they will go?
I have no problem with reducing entitlements but the pain should be more evenly shared.
The 'white paper' should have more info when it is completed.
If she is already enrolled, as I understand it, her situation is unchanged, except perhaps an increase down the track in the interest rate on the taxpayer funded loan.My niece has managed to get into medicine. She is a country girl from an average family with both parents working bringing in less than $100000 a year.
Are you calculating this on the basis of her situation being the same now as it was before the Budget announcement or on the basis of what future students, not already enrolled, will pay?Under the new budget she can expect to owe $180000 at the end of her degree.
At the time that at least the first tranche of baby boomers finished high school, very few of them went on to university, amongst girls probably less than 5%. Nurses were trained within hospitals and teachers went to teacher training colleges. Now both these occupations have become university degrees, along with many, many other degrees which would never have been considered valid a few decades ago and which, imo, have devalued the whole notion of a university education.Baby boomers got free education. I think this is very unfair and I fear for my children.
Well, if some of the huge tax advantages which continue to apply for people with many millions in Super were to be curtailed, I'd entirely support that. It would also address some of your concern about the rich getting off so lightly.Now there are mooted super changes etc.
What ideas do you believe Mr Palmer has that will so benefit Australia? Do you give any credence to the suggestion that he is entirely self-interested, a rich person, bored with his current dinosaurs and other toys, who is having a bit of fun in politics. Not just fun, but enthusiastic about his opportunity to take his revenge against any conservative sector of government, after the Qld LNP threw him out following his incessant and unreasonable demands to extend his own influence and acquire favours.I wish we could call another election. My only hope is Clive Palmer who seems to have more interest in the average person.
As Abbott said yesterday, he will be able to give tax cuts in 3 years. I wonder where they will go?
I have no problem with reducing entitlements but the pain should be more evenly shared.
The poorest families pay most in budget.
Almost 40,000 householders to lose guaranteed 8c solar feed-in tariff after new laws pass parliament
Funny how Hockey left alone negative gearing, family trusts and super concessions favouring the wealthy, and hit those mainly on low incomes.
So the actual announced Budget would, imo, never have been expected to come into being.
So the Henry review was just a Communist Manifesto was it ?
Superannuation concessions ? Ya gotta be kidding me right ? So I am going to be penalised for placing money into my superannuation so when I retire I have enough money to retire on and NOT have to get a pension from the government? That is the most stupidest notion I have heard bandied around yet. Everyone is taxed at 15% but because people earning more $$$ have more SGC going into super they pay less tax as their overall taxable income has been reduced. FFS ... why not just offer everyone a stipend of the money they have in super and the government takes over the balance payable on death
With respect to you Julia, that makes this Budget even worse.
Mucking around with peoples lives for the hell of it ?
Playing games with the electorate is a sure sign of arrogant, shallow and smug fools who don't deserve the office that people were tricked into giving them.
It's the same arrogant self delusion that comes out with statements like "people must have misheard us when we said..."
I'm sure you are more expert than me on the subject, but others don't agree with you
http://www.smh.com.au/business/bank...exploiting-superannuation-20140522-38po9.html
And on NG, Keating abolished it it one go, he should have phased it out over 5+ years.
Mucking around with the superannuation laws would increase people NOT contributing to the scheme thusly placing the burden back on the government to find the money to pay for the pension.
Oh really ? Millionaires might stop paying super and go on the pension ? Even if they stop paying super they can sell an investment property or two and not worry. An assets test would stop them getting the pension anyway.
Others are worried the government will go too far with any tweaks to the system.
Nexia's Ian Stone said most of the self-managed super funds he sees have between $500,000 and $2 million in them and are being used by aspirational middle-class workers who are still in wealth creation mode.
With a government asking people to self-fund more aspects of their lives, Mr Stone said people are already nervous about putting too much of their savings into super out of fear governments will fiddle with policy settings.
So if they closed the loopholes on the uber rich is not the issue.
So why haven't they even done that ?
Federal Treasurer Joe Hockey has flagged possible changes to superannuation rules before the next election.
In last week's budget the Government confirmed the retirement age would be lifted to 70 by the year 2035.
During an appearance on the ABC's Q&A program last night, Mr Hockey told the audience he was now looking at areas such as superannuation to better prepare Australians for the change.
During an appearance on the ABC's Q&A program last night, Mr Hockey told the audience he was now looking at areas such as superannuation to better prepare Australians for the change.
Mr Stone said people are already nervous about putting too much of their savings into super out of fear governments will fiddle with policy settings.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?