Will the Albanese Government be a one term Government ?

That's not news

 

Totally. I think it will be Jim Chalmers "Wayne Swan Moment".

Approximately 85% of super funds with balances of more than $3.0m are already in pension phase. All that's happening is these funds are being drawn down to reduce the balance under the threshold. Where is the money going? It's being passed off to the children which in turn is pushing up property prices in the $800,000 to $1.5m sector. Or into investments held in a trust or company. And it's not just funds with balances of $3.0m or more, it's ones under the threshold too, because in a fit of brilliance, the threshold is not indexed. Let's see what happens when a 22yo starting a professional career now says in 45 years time, when most funds will carry in excess of that balance.

The taxation on unrealised capital gains is disgraceful. Any losses in the fund cannot be carried forward. No government can tax their way out of financial mismanagement. All that happens is people who provide the majority of taxation income find opportunities outside the constraints imposed upon them.

We've come to a stage in Australia where the single biggest Government expenditure is now welfare. The N.D.I.S. costs more to run than our entire defence budget and we, as Australian's, don't actually produce anything of value beyond digging dirt out of the ground. Then we have unaccountable expenditure on useless infrastructure projects which are held to ransom via union thuggery.

I don't know where this will end, my friend at Macquarie Bank suggests in 50 years time, a few large corporations will own the land, the minions will all be leaseholders and smile, as they scythe the wheat crops in their dystopian euphoria.

 

But since only 0.5% of accounts are over $3m (and those people will have alternatives; plus 30% is still a good discount; and they got an even bigger discount on the previous $3m) I think you'll find few people bothered by it... I do agree it should be indexed.

 

Spot On.
Typical Socialists- Only the rich will be affected, bollocks! Why should politicians, Judges, and aboriginals be exempt?
My brother and I just manged to get through the Hawk /Keating years by the skin of my left nut.
This group of fiscal morons are on a new level of theft, every year the threshold will be lowered until their filthy hands are in everybody's pockets. Mark my words the worst is yet to come.
For the first time in the history of this country our debt is in the TRILLIONS. These braindeads couldn't run a school tuckshop.

 

The real issue is should be indexed.

 

The NDIS has exceeded the entire federal government’s expenditure on defence and will cost taxpayers $52 billion in 2025, compared to $51 billion for the defence budget.
Go Albo!!!

 

I was completely stunned when I heard the other day that in Victoria, they have a "Windfall Gains Tax"
So from what I can gather for example, the government and or council and rezone your land and consequently that increases the value of your property.
So you have just got lucky. No No you've now got a tax to pay, how much I hear you say??
The rate is 62.5% of the difference in the capital improved value of the land before and after the rezoning (uplift) that exceeds $100,000.
Because of the tax-free threshold that applies under this rate, the effective tax rate is less than 50%.
Where the taxable value uplift is $500,000 or more, the rate of WGT is a flat 50% of the uplift.
See aren't they nice, they only take half an the value they impose.
And not a drop of KY Gel seen anywhere.

 

Never heard of it. I dont mind. I would gladly pay the tax.

 

Bullshjt!

 

Really, how much is enough Tax??
When your paying 98% of what you earn will you still be "glad"??
Almost half of the building expense of house build is now spent on levies and taxes,
and fees and you wonder why our kids will never own a home of their own.

 

Spoken like a true lefty

 

Why ? If a gain something that I didnt have what's the issue with paying the tax ?

 

I would rather pay no taxes if I wasn't benefiting from them. We need taxes for the government to run ( have a look at America )

I earn I pay taxes.

Don't want GST don't buy.

My kids without any help are doing great ! Primary house paid off , and both have investment houses and they are < 35 years old.

What stops kids having their own home is because there is NO DESIRE. They want to party , holiday , get married older and then have kids in their late 30's.

Its not taxes , levies , fees its building materials and immigration. Add to that so many young males don't even know how to hold a hammer !

Todays generation is totally different to those that are 60. They are green, wet behind the ears and want everything for free.

 

Why ? My property is on a field that was market garden. The owner had x value on it. When it was subdivided he gained A LOT. Yes he paid taxes BUT he received MUCH more that he didnt have . Multi millionaire over night.

We pay LCT . I hate it BUT it is still not lost and passed on to the new buyer.

A 600 K Ferrari is only about 400 K. If the LCT wasnt a part of the resale the car would only be about 250 k after 5 years . You know it isnt the case.

Like I said Ill pay taxes if i have something to gain.

So are you collecting the pension or did you make sure you could self fund ?