The Albanese government

[Telamelo]

There is a recent & current proposal by the Treasury and the Government to disallow franking credits associated with capital raisings by Australian companies. Worse still, they are considering making the legislation retrospective.

This means that investors will be hit by huge tax bills for capital raisings that have been carried out, in good faith, in the past. Investors in companies like BHP, CBA, WBC etc. will all be severely and negatively affected.

I therefore urge ALL investors to strongly oppose this measure, the details of which can be found in the link below. The link contains an email address which can be used to voice your concerns/disapproval/dissatisfaction
(prior to deadline 5th October 2022).

Franked distributions and capital raising | Treasury.gov.au

As part of the 2016‑17 Mid‑Year Economic and Fiscal Outlook, an integrity measure was announced to prevent the distribution of franking credits where a distribution to shareholders is funded by particular capital raising activities.

treasury.gov.au

 

[Belli]

There is a recent & current proposal by the Treasury and the Government to disallow franking credits associated with capital raisings by Australian companies. Worse still, they are considering making the legislation retrospective.

This means that investors will be hit by huge tax bills for capital raisings that have been carried out, in good faith, in the past. Investors in companies like BHP, CBA, WBC etc. will all be severely and negatively affected.

I therefore urge ALL investors to strongly oppose this measure, the details of which can be found in the link below. The link contains an email address which can be used to voice your concerns/disapproval/dissatisfaction
(prior to deadline 5th October 2022).

Franked distributions and capital raising | Treasury.gov.au

As part of the 2016‑17 Mid‑Year Economic and Fiscal Outlook, an integrity measure was announced to prevent the distribution of franking credits where a distribution to shareholders is funded by particular capital raising activities.

treasury.gov.au

Do you mean the Tax Payer Alert (TA2015/2) on the subject matter and issued by the ATO in May 2015 wasn't sufficient warning to cause companies to exercise some caution about this matter?

 

[wayneL]

Do you mean the Tax Payer Alert (TA2015/2) on the subject matter and issued by the ATO in May 2015 wasn't sufficient warning to cause companies to exercise some caution about this matter?

Retrospectively would punish the wrong players.

 

[mullokintyre]

ARRGGGH, what is wrong with politicians?
After bleating about the coalitions job for the boys for the past ten years, the Labour party has gone and appointed one of their own to High Commissioners position in the UK.
Stephen Smith, who served as Defence minister and foreign affairs minister in the Rudd and Gillard Governments, has joined a conga line of ex politicians doubling up on their generous parliamentary pensions with he plum posting.
Can't wait for the Greens and the teals to join the bleating from the coalition.
Mick

 

[SirRumpole]

ARRGGGH, what is wrong with politicians?
After bleating about the coalitions job for the boys for the past ten years, the Labour party has gone and appointed one of their own to High Commissioners position in the UK.
Stephen Smith, who served as Defence minister and foreign affairs minister in the Rudd and Gillard Governments, has joined a conga line of ex politicians doubling up on their generous parliamentary pensions with he plum posting.
Can't wait for the Greens and the teals to join the bleating from the coalition.
Mick

K.Rudd for US Ambassador?

 

[sptrawler]

Looks as though the tough decisions are being made. not before time, money just can't keep being handed out.
The only good thing about it is, it isn't splashed all over the media add nauseam 24/7, as it would have been in the past, realities are realities.
https://www.smh.com.au/property/new...or-an-increase-fall-flat-20220930-p5bmbt.html
Low-income households face the prospect of rising rents without an increase in rent assistance, as the government rebuffed calls to boost the payments on offer.

An emphatic Productivity Commission report on Friday called for an overhaul of taxpayer spending on housing help, saying the government should prioritise a review of rent assistance given the “strong case” to improve its adequacy and targeting.

Social Services Minister Amanda Rishworth said reforming Commonwealth Rent Assistance (CRA) was not on the agenda in the coming budget, blaming this on the “$1 trillion debt left behind” by the former Morrison government.

“We would love to fund every good idea that has merit, but we need a way to pay for it,” Rishworth said in a statement to The Age and The Sydney Morning Herald. “Treasury estimated in 2020 that a 40 per cent increase to CRA would cost $1.7 billion extra each year in 2019-20 dollars.

“We have to consider all potential increases to payments in the budget context. Reforming CRA is not something we are going to do in the October budget.”

 

[moXJO]

Looks as though the tough decisions are being made. not before time, money just can't keep being handed out.
The only good thing about it is, it isn't splashed all over the media add nauseam 24/7, as it would have been in the past, realities are realities.
https://www.smh.com.au/property/new...or-an-increase-fall-flat-20220930-p5bmbt.html
Low-income households face the prospect of rising rents without an increase in rent assistance, as the government rebuffed calls to boost the payments on offer.

An emphatic Productivity Commission report on Friday called for an overhaul of taxpayer spending on housing help, saying the government should prioritise a review of rent assistance given the “strong case” to improve its adequacy and targeting.

Social Services Minister Amanda Rishworth said reforming Commonwealth Rent Assistance (CRA) was not on the agenda in the coming budget, blaming this on the “$1 trillion debt left behind” by the former Morrison government.

“We would love to fund every good idea that has merit, but we need a way to pay for it,” Rishworth said in a statement to The Age and The Sydney Morning Herald. “Treasury estimated in 2020 that a 40 per cent increase to CRA would cost $1.7 billion extra each year in 2019-20 dollars.

“We have to consider all potential increases to payments in the budget context. Reforming CRA is not something we are going to do in the October budget.”

So far Labor has been surprisingly "adult" about the way things have been run. I don't agree with everything they have done, but not a lot to complain about so far.

 

[sptrawler]

So far Labor has been surprisingly "adult" about the way things have been run. I don't agree with everything they have done, but not a lot to complain about so far.

Yes a change of government has taken the media focus off domestic politics, which is great for public sentiment, a constant barrage of negative political narrative is wearing on the public confidence.
Now the focus is on a new dream, the dawning of a new sunrise built on the promise of cheap E.V's, cheap electricity and clean air, that should keep the plebs happy for a couple of years.

 

[Knobby22]

Yes a change of government has taken the media focus off domestic politics, which is great for public sentiment, a constant barrage of negative political narrative is wearing on the public confidence.
Now the focus is on a new dream, the dawning of a new sunrise built on the promise of cheap E.V's, cheap electricity and clean air, that should keep the plebs happy for a couple of years.

The focus is on fixing the mess left by the previous government, trillion dollars debt , internal corruption, poor policies in energy, ev etc. and almost no legislation passed for 3 years

 

[wayneL]

Pffft. The energy and Ev policies unachievable will blow up in their faces.... and "The Voice" will end up being a divisive clusterphark.

The only thing stopping this being a one term government is the total incompetence and lack of direction of the current illiberal party.

 

[sptrawler]

The focus is on fixing the mess left by the previous government, trillion dollars debt , i

Obviously the last government should not have done anything about helping people through covid, it certainly was a waste of money, according to the media.
I wonder what the media would have said, if the previous government had said, look we can't afford to help you, suck it up princess. ?
You have to love Australian's gratitude, a fully paid year off work a doubling of the welfare payments and now people say why the hell have we got a trillion dollars debt.
Priceless.

 

[SirRumpole]

Obviously the last government should not have done anything about helping people through covid, it certainly was a waste of money, according to the media.
I wonder what the media would have said, if the previous government had said, look we can't afford to help you, suck it up princess. ?
You have to love Australian's gratitude, a fully paid year off work a doubling of the welfare payments and now people say why the hell have we got a trillion dollars debt.
Priceless.

Next big step will be the budget when we may get more sense of their direction.

 

[InsvestoBoy]

Obviously the last government should not have done anything about helping people through covid, it certainly was a waste of money, according to the media.
I wonder what the media would have said, if the previous government had said, look we can't afford to help you, suck it up princess. ?
You have to love Australian's gratitude, a fully paid year off work a doubling of the welfare payments and now people say why the hell have we got a trillion dollars debt.
Priceless.

Yep this is 100% the correct take , the Liberals were perfect stewards of the national debt right up until COVID forced their hand.

 

[mullokintyre]

Yep this is 100% the correct take , the Liberals were perfect stewards of the national debt right up until COVID forced their hand.

View attachment 147550

And Howard was the only one who managed to leave the gross debt in a lower position than when he started.
Not even Hawkie managed that.
Mick

 

[InsvestoBoy]

And Howard was the only one who managed to leave the gross debt in a lower position than when he started.
Not even Hawkie managed that.
Mick

Imagine being essentially the undisputed King of Australia for a decade with only weenies like Mark Latham to oppose you, being handed an economy by Hawke and Keating who floated the AUD/deregulated banks/slashed tarrifs/implemented enterprise bargaining; into the face of the rise of China and the worlds greatest mining boom and managing to hit eject just before the GFC and your crowning accomplishment in being a legendary economic manager is...

Reducing gross Government debt from 20.8% of GDP to ....20.12% of GDP

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[sptrawler]

Imagine being essentially the undisputed King of Australia for a decade with only weenies like Mark Latham to oppose you, being handed an economy by Hawke and Keating who floated the AUD/deregulated banks/slashed tarrifs/implemented enterprise bargaining; into the face of the rise of China and the worlds greatest mining boom and managing to hit eject just before the GFC and your crowning accomplishment in being a legendary economic manager is...

Reducing gross Government debt from 20.8% of GDP to ....20.12% of GDP

View attachment 147564

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View attachment 147565

What you are saying removing tariffs to send all the manufacturing to third world countries and devaluing your currency by 50% was a stroke of genius?
Also great you mentioned the wages accord, that gave the workers a cpi adjusted wage loss of 18%, that pulled Aust out of the $hit.
Obviously you are a business owner,financial adviser or a government worker.lol
Bet you can't wait for the 185,000 new skilled workers to get on board to help us out.
Nothing like you dudes that re write history, rather than owning it. Lol
Wasn't Latham the leader, before he became your weaner, or was he the fall guy which seems to be the go to answer these days.

 

[Knobby22]

Obviously
You have to love Australian's gratitude, a fully paid year off work a doubling of the welfare payments and now people say why the hell have we got a trillion dollars debt.
Priceless.

I am not grateful. You may think they did a good job of it you will have some disagreeing with you. John Howard for one. 1 Triilion of debt and now interest rates rising.

 

[Knobby22]

Anyway old ground and off topic. Lets just drop it.

 

[sptrawler]

I am not grateful. You may think they did a good job of it you will have some disagreeing with you. John Howard for one. 1 Triilion of debt and now interest rates rising.

I agree with you, I think it was a completely over the top reaction, but the government were put under immense media and opposition pressure to supply the funding.
Now that the dust has settled, those that demanded the aid and criticised the government for being slow to provide the funding are now complaining about the debt.
The whole thing is ridiculous, it is what it is, they just have to get on with it, I'm surprised they didnt cancel the final tax cuts.
But like you say, need to move on, I hope the media and the government do so.

 

[InsvestoBoy]

What you are saying removing tariffs to send all the manufacturing to third world countries and devaluing your currency by 50% was a stroke of genius?
Also great you mentioned the wages accord, that gave the workers a cpi adjusted wage loss of 18%, that pulled Aust out of the $hit.

Seems difficult for you to grasp that I'm not saying that at all, but rather that the Howard Government had everything going for it from a national debt perspective and despite the perception of their prowess the entire opportunity was squandered.

Obviously you are a business owner,financial adviser or a government worker.lol

If it's so obvious then why is it wrong on all counts?

Bet you can't wait for the 185,000 new skilled workers to get on board to help us out.
Nothing like you dudes that re write history, rather than owning it. Lol
Wasn't Latham the leader, before he became your weaner, or was he the fall guy which seems to be the go to answer these days.

Which part of my post was rewriting history?