The Labor Party Sucks Thread

You can add ASIC to this rant, they closed my SMSF account while I was in the hospital and WESTPAC sent my account balance (substantial) to ASIC into the "unclaimed funds" account, and I have now spent 5 months trying to get them to return MY money, but here's the good part, although ASIC is listed in every state with offices they have no PEOPLE facing personnel and they never answer their 1300 number and their automated response to emails are that you can't contact them for business days !!!

Then they sent me an email saying that some of the information I sent was for the wrong type of SMSF so then I had to send a whole different set of information of which I've been waiting over 2 months and when I sent an email to inquire about the status of my claim I get the standard "please don't contact us within 60 days

If anyone has ever made a claim from the "Unclaimed Money Unit" and been successful please PM me

 

I don’t think this thread needed the word “Thread” in the title…

When even Joe Biden shows up our pathetic, weak excuse for a PM they really have sunk to a horrible new low.

The lengths this mob will go to to shore up a few western Sydney seats is truly appalling.

 

I fear it's going to get worse - a Labor/Greens minority govt after the next election.

 

scary...

 

What a show eh?? What a ****en show!

I can't wait to see how good I am going to get it in 20-25 years time.

 

What type of asset is it that is deemed to have made a gain? Property, shares or something else? Who determines what the gain is and on what date?

 

I don't see how that is even remotely plausible. How can they even administer that? Does any gain each year receive a CGT 50% discount i.e. does the clock start ticking again each year?

What happens if there is depreciation? Do they pay you money?

I'd be getting a lot more detailed advice on this. It sounds the a huge misinterpretation of the intent of any new rules.

 

Can you send a link to the new rules?

 

From Robert Gottliebsen in the Australian today:

Treasury will be pressing to use the precedent to tax unrealised capital gains on investment houses over a certain unindexed value. From there it’s a small step to the family home.


Taxing unrealised gains has never been part of the tax system of any major developed country. Others know exactly what will happen if they took such a silly step.


In the lower house, the government has the numbers to defeat both the Teals motion to end indexation and the Coalition policy of abandoning the whole tax. In the Senate, the Greens will support the bill if the $3m limit reduced to $2mn and the deferred borrowing rights in superannuation funds is abolished


To pass the bill in the Senate, the government needs the support of the Greens plus two of the independents.

 

Oh, so it's not a thing yet.

 

Even talking about introducing it is a disgrace.

 

Will start after the next election. A Labor/Greens govt will lower the threshold to $2m. There are several hundred thousand people with investment houses in their super who will be forced to sell into a cratering market.

This might be a typical govt unintended consequence, or it might be a deliberate attempt to reset house prices.

Set up a family trust now (while you still can) and transfer your super assets above 2m when the new rules come into effect. There will no longer be any reason to stay in super.

 

btw the proposed bill specifically excludes politician's super from the new tax.

Aren't they lovely people?

 

How is it intended to work? Is it only for properties valued over $2m? Is it for all non-principal places of residence regardless of ownership structure?

If I have a property that has gone up from $1m to $2.5m am I supposed to pay CGT on the $1.5m gain? What happens the next year if it goes up another $100k? What happens if it goes down?

This is the most idiotic things I have ever heard.

 

This is a disgrace - need to get this incompetent and self-serving government out ASAP

 

It's a 30% tax on the unrealised gain each year from all assets in your Super above a threshold of 3million. The ATO will assess the amount of gain and send you a bill.

Greens want a 2m threshold, they will be in a coalition with Labor after the next election so wll get their way.

 

Thanks. Is it only assets in super?

 

So far.

If the principle of taxing unrealised gains is established it will spread. e.g. family home value over $3m.

Labor/green voters see it as "tax the rich", they don't understand that inflation means it will catch them too.

From the WEF: "In the future you will own nothing and you'll be happy."

 

should be relabeled to communist party

 

https://www.afr.com/politics/queensland-s-economic-bonanza-won-t-last-long-20230612-p5dfzb

Yes folks,,,,,,,,,, these muppets know what they are doing ..... with our money.
They fully understand that " Debt equals servitude"
and while your at it spend 780 mill on a bridge to an island full of retirees.