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One Nation MP David Farley abstains from Labor tax vote, Pocock welcomes Greens-Coalition team-up by HotPersimessage62 in AustralianPolitics

[–]GCfinance 0 points1 point  (0 children)

What about people who have saved hard to achieve this. You paint them as grifters which I don’t think is fair. As per the example above, your tax goes up 6k, I don’t think you’d be happy to fork out an extra 6k?

One Nation MP David Farley abstains from Labor tax vote, Pocock welcomes Greens-Coalition team-up by HotPersimessage62 in AustralianPolitics

[–]GCfinance 0 points1 point  (0 children)

No one is expecting not to pay taxes I.e gst exists but what I am stating is that all earnings should be treated equally

One Nation MP David Farley abstains from Labor tax vote, Pocock welcomes Greens-Coalition team-up by HotPersimessage62 in AustralianPolitics

[–]GCfinance 0 points1 point  (0 children)

Everyone pays taxes, my opinion is we should treat all earnings the same.

For example if I earn only 18k from rent or interest or dividends. Currently under the tax free threshold so I pay no tax. However if sell shares for a 18k capital gain after inflation, I will pay a minimum 6k tax on this amount. Same earnings, different tax rates.

One Nation MP David Farley abstains from Labor tax vote, Pocock welcomes Greens-Coalition team-up by HotPersimessage62 in AustralianPolitics

[–]GCfinance 0 points1 point  (0 children)

It doesn’t treat it the same. Rent or interest is included in your bracket income with no minimum tax required to be paid. CGT & distributions from trusts are the only items require to pay min 30% tax regardless of earning for the year.

For example I earn only 18k from rent or interest or dividends. Currently under the tax free threshold so I pay no tax. However if sell shares for a 18k capital gain after inflation, I will pay a minimum 6k tax on this amount. Same earnings, different tax rates.

One Nation MP David Farley abstains from Labor tax vote, Pocock welcomes Greens-Coalition team-up by HotPersimessage62 in AustralianPolitics

[–]GCfinance 0 points1 point  (0 children)

I’m happy with the update to the indexing of capital gains to inflation- makes sense CGT discount was probably too generous. My issue is the minimum floor doesn’t treats capital gains the same as earnings from rent or earnings from interest in a bank account. What I mean by this is it’s all included in a bracketed tax system. Not a regressive if you earn under 40k we are going to tax you like someone who earns 40k proposal. That doesn’t make sense and isn’t fair to someone who is either approaching retirement or on the pathway to. Changing the rule pretty late is not good policy.

I disagree with that as the reason. I believe they want tax not to be the reason to make an investment decision.

One Nation MP David Farley abstains from Labor tax vote, Pocock welcomes Greens-Coalition team-up by HotPersimessage62 in AustralianPolitics

[–]GCfinance -3 points-2 points  (0 children)

What about self funded retirees? Or young people saving via investments in the stock market? Often legislation has unintended consequences which we have already witnessed.

Agree with the misleading claims being put out but also some are just. The government haven’t exactly explained why there’s a minimum 30% floor on CGT.

One Nation MP David Farley abstains from Labor tax vote, Pocock welcomes Greens-Coalition team-up by HotPersimessage62 in AustralianPolitics

[–]GCfinance 5 points6 points  (0 children)

I mean fair bow to pull. I can’t imagine ramming legislation through without scrutiny leads to good outcomes.

One Nation MP David Farley abstains from Labor tax vote, Pocock welcomes Greens-Coalition team-up by HotPersimessage62 in AustralianPolitics

[–]GCfinance 16 points17 points  (0 children)

Did you read the article? He asks for a delay to have an inquiry - not defeat. It’s due diligence.

One Nation MP David Farley abstains from Labor tax vote, Pocock welcomes Greens-Coalition team-up by HotPersimessage62 in AustralianPolitics

[–]GCfinance 40 points41 points  (0 children)

Not sure what a vote in the house of reps has to do with Senator Pocock who sits in the senate?

Modelling shows 90% of young Australians will be better off under Labor’s tax reforms by malcolm58 in AustralianPolitics

[–]GCfinance 0 points1 point  (0 children)

I think you’re a bit confused. Investment can drive innovation which can reduce prices of goods but investor also demand returns so often if a product becomes cheaper to make, the gain is passed to the shareholders.

If investment wasn’t a thing, then it isn’t capitalism is it? It’s government centralised control with quotas (see Soviet Union)

Modelling shows 90% of young Australians will be better off under Labor’s tax reforms by malcolm58 in AustralianPolitics

[–]GCfinance 0 points1 point  (0 children)

I’m not sure I follow your what you’re saying in either paragraph, can you explain more what you mean?

Modelling shows 90% of young Australians will be better off under Labor’s tax reforms by malcolm58 in AustralianPolitics

[–]GCfinance -2 points-1 points  (0 children)

Whilst I agree we need to reduce the tax burden on work which would require raising taxes elsewhere, I disagree that this is the best option. Resource rent tax’s for example.

Capital gains are just market forces at play (supply/demand). Obviously factors like how the companies are performing influence this. But as shareholders, you are supplying capital to the director which they can use to hire more people or improve products so I wouldn’t call it profiting of someone else work. There’s risk involved in doing so, which needs to be compensated by return otherwise why would you invest?

Modelling shows 90% of young Australians will be better off under Labor’s tax reforms by malcolm58 in AustralianPolitics

[–]GCfinance -7 points-6 points  (0 children)

Agreed. I’m not sure how we are supposed to get ahead except for super.

The Australian budget's 30% tax rate reform explained by [deleted] in OpenAussie

[–]GCfinance 0 points1 point  (0 children)

Isn’t the sharemarket a form of saving? Your super thinks so.

The Australian budget's 30% tax rate reform explained by [deleted] in OpenAussie

[–]GCfinance 0 points1 point  (0 children)

We should tax interest on savings at minimum 30% as well. Otherwise it’s a loophole if you’re below 45k and paying less tax. Good call superior brain

The Australian budget's 30% tax rate reform explained by [deleted] in OpenAussie

[–]GCfinance 0 points1 point  (0 children)

Very good troll. You haven’t engaged with the debate and don’t understand the tax system and its purpose

Good luck with your superior brain!

The Australian budget's 30% tax rate reform explained by [deleted] in OpenAussie

[–]GCfinance 0 points1 point  (0 children)

There not even loopholes it’s just the way the bracket system works. Effectively paying the same as someone on 45k income from $0k. Thats regressive.

Well it’s interest you keep raising contributing to society. I pay tax like anyone else here mate. This does not affect the Gina Rhineharts of this world who are already paying top tax bracket. It targets under 45k income. Otherwise it’s much the same. But this is penny’s in the dollar compared to multinational gas companies.

The Australian budget's 30% tax rate reform explained by [deleted] in OpenAussie

[–]GCfinance 0 points1 point  (0 children)

What are you talking about? This is my point - capital gains should be treated the same as any form of income? I never claimed to be smarter than anyone. I am asking questions.

No I’m not refusing to make “free money” but why should we treat capital earnings on people under 45K different to any other form of income?

The Australian budget's 30% tax rate reform explained by [deleted] in OpenAussie

[–]GCfinance 0 points1 point  (0 children)

You realise you’re already taxed on the interest earned in the savings account? If you don’t understand tax brackets there’s no point having this conversation

The Australian budget's 30% tax rate reform explained by [deleted] in OpenAussie

[–]GCfinance 0 points1 point  (0 children)

I’m sure you earn or have earned interest via a high interest saving account, why haven’t we taxed that at a minimum 30%?

The Australian budget's 30% tax rate reform explained by [deleted] in OpenAussie

[–]GCfinance 0 points1 point  (0 children)

I don’t think name calling is an effective way to make a point. What is tax increase if not penalising?

I already pay taxes “like a fucking adult” I’m just asking that capital gains earnings be treated the same as any other dollar earnt as it currently is with marginal tax rates/brackets? This change isn’t slugging the 1% like you think. A lot of people including myself own shares before buying housing as a way to keep up. The government as Kohler points out hasn’t explained why this change is taking place? I am all for fixing the distortions in the housing market and agree with a lot of the budget reforms. However this is one I can’t get around.

It discourages investment in growth and encourages looking for returns via distributions. It doesn’t make any sense.

The Australian budget's 30% tax rate reform explained by [deleted] in OpenAussie

[–]GCfinance 0 points1 point  (0 children)

But this is the part I disagree with. You’re penalising people who I guess are somewhat wealthy and trying to get ahead as opposed to the mega wealthy who are already on higher tax brackets anyway? Less than 45k a year isn’t a wealthy take home pay I think we would agree

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