TOPIC:

jackspratt wrote:

58shark wrote: Jacko, living up there in Thailand, you can afford to be a bit flippant about getting the bagman into government. I’m on the verge of retirement, so am very concerned about the little prick stealing some of my retirement fund. Don’t forget, the little prick is also looking at bringing back the death tax - another way the turd can steal from people.

58, my living in Thailand (I am actually in Broome at the moment) doesn't change the fact of which flavour of government is the better economic managers.

Being retired, and partially living on my super pension, I am also interested in how a Labor government is able to "steal" part of that fund. As far as I am aware, the only thing they were looking at is taking away the gift that SMSF holders get from franking credits when they don't otherwise pay tax.

Only place in the world that it happens I believe, and a total Lil" Johnny rort.



8 seats minimum.

Before 1987, an Australian company would pay company tax on its profits at a flat rate of 49%; and if it then paid a dividend, that dividend was taxed again as income for the shareholder.[1] The company and shareholders had an incentive for the taxed income of the company to be retained by the company. Paying a dividend gave raise to double taxation, once by the company at the corporate rate and then on dividend income in the hands of the company’s shareholders.

Dividend imputation was introduced in Australia in 1987 to stop this effect and create a "level playing field". The company tax rate was reduced to 39% in 1988 and 33% in 1993, and increased again in 1995 to 36%, to be reduced to 34% in 2000 and 30% in 2001.[2][3].
Dividend imputation was introduced in 1987, one of a number of tax reforms by the Hawke–Keating Labor Government. Prior to that a company would pay company tax on its profits and if it then paid a dividend, that dividend was taxed again as income for the shareholder, i.e. a part owner of the company, a form of double taxation.[4]
Wake up "FAKE NEWS" as Lil Jonny didn't introduce it.. It was Idiot Keating/Hawke
Two dickheads as Billy Shorten should say..

Sorry LS....dividend imputation was introduced in 1987 by Hawke and Keating but the ability to claim refunds for those with no taxable income happened in 2000 under John Howard.

Even salary sacrifice has become a bit of a tax rort for some, some taxpayers being classified as 'low income' and receiving rebates for being poor. When it gets to that extent it has the potential, to stuff the budget up.

A bit more information:

When cash refunds were first introduced (by Howard/Costello), it cost just $550 million a year. Now it’s $6 billion a year and growing.

This will soon cost the budget $8 billion a year – more than we currently spend on public schools.

alp.org.au/policies/reforming-dividend-imputation/

I would think a bigger concern for some on here like small business owners, tradies, contractors and the like is Labor's proposed discretionary trust reforms which I understand will see all distributions from the trust to beneficiaries taxed at a flat rate of 30% rather than the current arrangement where trust income is split and the first $21k is exempt if the recipient is an Australian resident and then at the person's marginal tax rate beyond that. This could hit family trusts and the like pretty hard if I'm reading it correctly. A lot of small business owners use trusts so mums and dads will be affected.

Negative gearing, Dividend imputation credits, Family trusts etc etc etc.... all start out as government policies with good intentions and results but ALWAYS turn into massive tax minimisation strategies for those fortunate enough to expose them. Governments of both sides are always one step behind bloody accountants

The polling saids the LNP might gain 2 seats in Nsw-Queennsland.That would take them to 78 seats.But looks like a disaster in Victoria.They could lose up to 10 seats.Back to 68 seats.Two of thoes lost Vic seats will be to independent former Libs.Lose at least 1 seat in Wa+SA
So a new Parliament could look like this ALP 78-LnP 66-1 Green-6 Indipendants.

gtr: as you know, the irony is that Turnbull only survived last time because of the Victorians as Andrews had piddlled people off in regional Victoria.

ArkRoyal wrote: gtr: as you know, the irony is that Turnbull only survived last time because of the Victorians as Andrews had piddlled people off in regional Victoria.

He's a pin up boy now Ark.Spending all that Wa GST money.

BC wrote: Sorry LS....dividend imputation was introduced in 1987 by Hawke and Keating but the ability to claim refunds for those with no taxable income happened in 2000 under John Howard.

Then the best idea is to totally abolish the system if workers can claim & retirees cant.
Makes those who didn't piss up their wages when young now second grade citizens.
All get it or none get it..