Labor politician need to set example

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Re: Labor politician need to set example

Postby pinkeye » 17 May 2019, 19:45

Nope.
I lived through this. I worked in Treasury.

It is the Liberals who need to set an example. They must embrace the damage they have caused to the common people. We will make them. !

Franking credits... this drama is so unnecessary, BUT, thank John Howard,
and also for this whole idea of Mum and Dad Self-managed superfunds. Good grief. SMSF. !! NOT something your average Australian understands at all..
A guaranteed recipe for disaster for those folk who wanted to manage their own retirement.

Encouraged to buy shares, these people , who likely never had more than an investment property, if that.. find themselves floundering around in highly complicated financial arrangements. Sitting ducks, most of them, set up by Howard to be knocked off.
Never made sense... and now YOU BLAME LABOR.?

Let the truth be known.. ALL our current problems can be placed at the feet of John Howard, his policies, and HIS SPAWN.
That also includes this farcical construct by the Libs to force people into private health insurance. Another disaster for the people, and a huge win for big companies.

Bring Back Labor.
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Re: Labor politician need to set example

Postby Sprintcyclist » 17 May 2019, 19:57

pinkeye wrote:Nope.
I lived through this. I worked in Treasury.

It is the Liberals who need to set an example. They must embrace the damage they have caused to the common people. We will make them. !

Franking credits... this drama is so unnecessary, BUT, thank John Howard,
and also for this whole idea of Mum and Dad Self-managed superfunds. Good grief. SMSF. !! NOT something your average Australian understands at all..
A guaranteed recipe for disaster for those folk who wanted to manage their own retirement.

Encouraged to buy shares, these people , who likely never had more than an investment property, if that.. find themselves floundering around in highly complicated financial arrangements. Sitting ducks, most of them, set up by Howard to be knocked off.
Never made sense... and now YOU BLAME LABOR.?

Let the truth be known.. ALL our current problems can be placed at the feet of John Howard, his policies, and HIS SPAWN.
That also includes this farcical construct by the Libs to force people into private health insurance. Another disaster for the people, and a huge win for big companies.

Bring Back Labor.


Noone has to start their own SMSF.

The idea of free choice and self responsibility is a fundamental chasm between the left and the right
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Re: Labor politician need to set example

Postby pinkeye » 17 May 2019, 20:30

No-- No-one needed to do that.... but they encouraged to do so. Howard was determined to engage what were primarily wage-earners, over their life-time, into the share market. Encouraged. Many people believe they can do more , than they actually can.. their expectations were played.

Very sad.
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Re: Labor politician need to set example

Postby Chuck » 17 May 2019, 20:35

pinkeye wrote:I lived through this. I worked in Treasury.


The following is from Treasury department web site:
'Under the imputation system, Australia's company income tax system operates as a withholding tax on the income that Australian residents earn through Australian resident companies'

Employer's regularly take out a withholding tax from a PAYG employees.

If that employee is underemployed and earns less then $18,200 for the financial year, will he be denied a cash refund.

As the tax is taken out by his employer and a company hold tax on shareholder's behalf - both are withholding taxes , the same rules should apply.

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Re: Labor politician need to set example

Postby Sprintcyclist » 17 May 2019, 21:20

pinkeye wrote:No-- No-one needed to do that.... but they encouraged to do so. Howard was determined to engage what were primarily wage-earners, over their life-time, into the share market. Encouraged. Many people believe they can do more , than they actually can.. their expectations were played.

Very sad.


No.
No australian govt has ever encouraged anyone in any investment ever. I have never had a call from any govt official trying to get me to invest anywhere.

Private investment companies may advertise well, but the investors decision is the investors decision.
Same as all the property investment schemes, they are not government funded.

Caveat emptor
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Re: Labor politician need to set example

Postby Chuck » 17 May 2019, 21:45

Sprintcyclist wrote:
pinkeye wrote:No-- No-one needed to do that.... but they encouraged to do so. Howard was determined to engage what were primarily wage-earners, over their life-time, into the share market. Encouraged. Many people believe they can do more , than they actually can.. their expectations were played.

Very sad.


No.
No australian govt has ever encouraged anyone in any investment ever. I have never had a call from any govt official trying to get me to invest anywhere.

Private investment companies may advertise well, but the investors decision is the investors decision.
Same as all the property investment schemes, they are not government funded.

Caveat emptor


U comments are true but there other financial duress in play.

Original my interest in the sharemarket was more of a hobby but I've noticed that I’m diverting more money from term deposits to the sharemarket just to maintain the income that I had previously received.

As a retiree, I rather not take that risk but am forced too, because of our policy of not giving everyone retiree the pension.
It is simply the govt impatience for a revenue stream now, instead of receiving it at the end of the financial year.

I can’t understand how NZ and UK can do it and we can’t!

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Re: Labor politician need to set example

Postby pinkeye » 17 May 2019, 21:48

Sprintcyclist wrote:
pinkeye wrote:No-- No-one needed to do that.... but they encouraged to do so. Howard was determined to engage what were primarily wage-earners, over their life-time, into the share market. Encouraged. Many people believe they can do more , than they actually can.. their expectations were played.

Very sad.


No.
No australian govt has ever encouraged anyone in any investment ever. I have never had a call from any govt official trying to get me to invest anywhere.

Private investment companies may advertise well, but the investors decision is the investors decision.
Same as all the property investment schemes, they are not government funded.

Caveat emptor



Disagree. I well remember Howard spruiking the benefits of his new spin on compulsory super. NOW, you can have your own. :roll The Share Market was the new road to wealth for Mum and Dads.

It was a lie then, and it remains a filthy lie. People, who really had NO IDEA, were seduced into private superannuation. Now widely recognised as a trap for the unwary, or uneducated.
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Re: Labor politician need to set example

Postby Sprintcyclist » 17 May 2019, 21:57

You started to speak about SMSF, and blaming losses there onto past political leaders.

now you are talking about normal super funds.
Your compulsory super can go into cash if you want. It can go into the international share market if you want'. It can go into a balanced fund, if you want.

Super funds have been very good for most people. For many people, it will be all they have.
Most countries do not have it there and greatly envy it.
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Re: Labor politician need to set example

Postby Sprintcyclist » 17 May 2019, 22:02

Chuck wrote:
pinkeye wrote:I lived through this. I worked in Treasury.


The following is from Treasury department web site:
'Under the imputation system, Australia's company income tax system operates as a withholding tax on the income that Australian residents earn through Australian resident companies'

Employer's regularly take out a withholding tax from a PAYG employees.

If that employee is underemployed and earns less then $18,200 for the financial year, will he be denied a cash refund.

As the tax is taken out by his employer and a company hold tax on shareholder's behalf - both are withholding taxes , the same rules should apply.

Chuck


Thanks Chuck.
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Re: Labor politician need to set example

Postby pinkeye » 17 May 2019, 22:17

No... sorry guys... imputation credits are taxes from Companies, not individuals.

Withholding taxes generally apply to income, from personal activities. Subbies, contractors , JOBS...
its very complicated.

Then they can be applied against investment income. Foreign sourced, for example.

Income is taxed according to its source.

But out the other end? when it comes to you as an individual..? You pay tax on all your assessable income, and then, MAY get a rebate against that tax, depending on the source. For example.. an eligible termination payment is taxed at special rates. No easy fit fellas. Sorry.

LOGIC plays NO PART in tax laws. That was something I was TAUGHT, when I entered that arena.

Tax Laws are not subject to your ideas of fair play, or commonsense.


That is why I support Labors drive to remove these gifts aaaaand correct NG.
Some of our tax Laws are inequitable. They favor some.
This should be removed.

ONLY Labor is suggesting we do this. The Libs are happy with the status quo.. they think they'll still buy them votes, and they are right.
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Re: Labor politician need to set example

Postby johnsmith » 18 May 2019, 08:24

Chuck wrote:
pinkeye wrote:No reply of merit huh? Chuck..?
you don't understand what you are talking about, so you being the stooge you are, attempt some insults. Says it all eh.?


No-one who can't AFFORD IT, will be hurt by this.

Get real... no more BS, CHUCK.


Have u looked at the initial ALP and then the amendment web site, before u dribble out of the left side of ur mouth.

Chuck



you keep going on about the original ... who gives a shit what the original was? Plans change.

That's the beauty of announcing them 2 years before the election, it gives you time to fine tune depending on public sentiment. If you wanted the original you should have voted for shorty at the last election
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Re: Labor politician need to set example

Postby Chuck » 18 May 2019, 10:36

johnsmith wrote:you keep going on about the original ... who gives a shit what the original was? Plans change.

That's the beauty of announcing them 2 years before the election, it gives you time to fine tune depending on public sentiment. If you wanted the original you should have voted for shorty at the last election


It would be great if u did get 2 years to plan but Labor keeps changing their policy every weekly.

It is an admittance that Labor are poor money managers by removing the cash refund. When previously they supported the franking credit refund.

Cash Refunds Of Franking Credits – Labor Policy Since 1998

ALP quick to claim credit for dividend imputation concession

Then opposition Treasury spokesman Simon Crean said during a debate over the New Business Tax System (Miscellaneous) Bill that the move to refund excess imputation credits was part of Labor’s platform in the 1998 election.

Labor strongly backed the Howard government’s introduction of the dividend imputation concession in 1999 and attempted to claim credit for it as ALP policy that benefited low-income ​investors, including retirees.

Then opposition Treasury spokesman Simon Crean said during a debate over the New Business Tax System (Miscellaneous) Bill that the move to refund excess imputation credits was part of Labor’s platform in the 1998 election.

“We have no difficulty supporting the proposal because it is our policy,” Mr Crean said.

“It builds on the major reform accomplished by Labor almost 15 years ago and it improves the current taxation situation faced by low income investors, ​- especially retired Australians.

“Labor included this proposal in our taxation policy prior to the last election.”

It is both major parties whom are to blame, not just Howard , but include Crean as a culprit.

So Labor shouldn’t cull the truth in their deceptive propaganda!

Chuck

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Re: Labor politician need to set example

Postby johnsmith » 18 May 2019, 12:55

Chuck wrote: When previously they supported the franking credit refund.


gee, they supported something 15 years ago when the budget and the economy were in a completely different position?

Who'd ever thought of governments changing policies to keep up with the times before? It's unheard off in chuckys world. :OMG
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Re: Labor politician need to set example

Postby Chuck » 18 May 2019, 14:02

johnsmith wrote:
Chuck wrote: When previously they supported the franking credit refund.


gee, they supported something 15 years ago when the budget and the economy were in a completely different position?

Who'd ever thought of governments changing policies to keep up with the times before? It's unheard off in chuckys world. :OMG


Shouldn’t Labor be forward looking and have pointed this out at the previous election, that it is unaffordable.

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Re: Labor politician need to set example

Postby johnsmith » 18 May 2019, 14:25

Chuck wrote:
johnsmith wrote:
Chuck wrote: When previously they supported the franking credit refund.


gee, they supported something 15 years ago when the budget and the economy were in a completely different position?

Who'd ever thought of governments changing policies to keep up with the times before? It's unheard off in chuckys world. :OMG


Shouldn’t Labor be forward looking and have pointed this out at the previous election, that it is unaffordable.

Chuck



why? cause you're to stupid to figure out that things change? Even labor can't help you there!
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Re: Labor politician need to set example

Postby Chuck » 18 May 2019, 15:55

johnsmith wrote:
Chuck wrote:
johnsmith wrote:
Chuck wrote: When previously they supported the franking credit refund.


gee, they supported something 15 years ago when the budget and the economy were in a completely different position?

Who'd ever thought of governments changing policies to keep up with the times before? It's unheard off in chuckys world. :OMG


Shouldn’t Labor be forward looking and have pointed this out at the previous election, that it is unaffordable.

Chuck



why? cause you're to stupid to figure out that things change? Even labor can't help you there!


If Labor continued to support that policy for over 20 years, it just proves that the Coalition are better managers of the economy?

You just confirmed my suspicions that I had erred in voting for my Labor candidate for such a long period.

I finally got it right this time!

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