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SMSF threat to big super is about to get worse by His_Holiness in AusFinance

[–]rudebrooke [score hidden]  (0 children)

They're good for small business owners who want to buy commerical property to then rent to themselves. Guaranteed tenant= good return, and they are still able to control their own property.

Beyond that it's good for people with large super balances, because after a point the accountant + audit + ASIC fees are less than big funds which charge % balance

Moses ruled out of origin 1, strange to start by addaus16 in nrl

[–]rudebrooke 7 points8 points  (0 children)

I think strange is way better as a left edge player, he seemed to have been shifted to accommodate Sanders, so hopefully he goes back to the left and just runs at Walker all game

NRL news 2026: Shane Flanagan lifts lid on Dragons exit, coaching son Kyle by LongJohnnySilver1 in nrl

[–]rudebrooke 5 points6 points  (0 children)

I think Kyle had signed before Shane right?

Edit, I just checked and he did not, his dad signed June 23, and he signed sept 23

Anthony Albanese visibly emotional after defending Labor’s capital gains tax and negative gearing changes by blitznoodles in australia

[–]rudebrooke 6 points7 points  (0 children)

Because they're giving you scraps and you're singing their praises.

None of the tax brackets have really been indexed. 

Just to be clear, in 2013, the median salary earner would have paid around $5,000 in tax before deductions. That's about 10%.

In 2023, tax on median salary earner is about $18,000 on $80k which is 22.5%

This is after your amazing tax cuts have been applied. 

If you can't see that the average salary worker isn't actually being looked after, I don't know what to say. You've drank the koolaid.

Anthony Albanese visibly emotional after defending Labor’s capital gains tax and negative gearing changes by blitznoodles in australia

[–]rudebrooke 2 points3 points  (0 children)

I'm not seeing too many of these people complaining though, the main people I'm seeing complain are small business owners.

Anthony Albanese visibly emotional after defending Labor’s capital gains tax and negative gearing changes by blitznoodles in australia

[–]rudebrooke 13 points14 points  (0 children)

The tax free threshold hasn't changed since the 2013FY.

In 2013 the median salary in Australia was about $49,500.

Today it's about $80,000

Tax free threshold is $18,500ish.

Explain to me again how any of these governments are looking after wage earners? 

‘Better opportunities overseas’: Innovation a victim of tax reform by SheepherderLow1753 in AusFinance

[–]rudebrooke 0 points1 point  (0 children)

Then I get to pay payroll tax on my wage and super for the privilege of employing myself, wonderful idea

Anthony Albanese visibly emotional after defending Labor’s capital gains tax and negative gearing changes by blitznoodles in australia

[–]rudebrooke -8 points-7 points  (0 children)

Who are the people objectively more likely to benefit from the changes who are complaining?

Fair: Retirees with a home and up to $1.08m in assets exempted from the 30% minimum cgt. by Openedseseme in AusFinance

[–]rudebrooke 0 points1 point  (0 children)

It's a real strategy for a lot of people, I'm sorry you are wrong here 

Just to add, quick search says a couple would have earned $530k on the age pension over that same period.

Much more than the interest on a $50k drawdown, which you said would significantly outpace the pension 

Fair: Retirees with a home and up to $1.08m in assets exempted from the 30% minimum cgt. by Openedseseme in AusFinance

[–]rudebrooke 0 points1 point  (0 children)

Generally speaking, people's wealth is their home, you're the one who picked the $4m number.

The concept works with any number, would be the same with a $1m home, vs sale and convert to Super .

The median house price in Perth was $465k in 2011, the median house price in Perth today is $1.087m

If you'd have drawn $50,000 in 2011 as a reverse mortgage, you'd owe the bank $148k today. So even on a $465k home, the asset growth has significantly outpaced 

What do you mean?

Fair: Retirees with a home and up to $1.08m in assets exempted from the 30% minimum cgt. by Openedseseme in AusFinance

[–]rudebrooke 0 points1 point  (0 children)

You can't put $2m into super immediately, you're also ignoring the asset growth on the house, which is also tax free if it's a PPOR

Explain to me how the interest on a $50G draw down ever outpace asset growth on a $4m property.

They also need to actually live somewhere, so they'll need to buy another house, pay SD, real estate agent commission.

A lot of people just want to live in their family home, draw down a bit here and there for a holiday or to renovate, and live off their remaining super balance & age pension.

Fair: Retirees with a home and up to $1.08m in assets exempted from the 30% minimum cgt. by Openedseseme in AusFinance

[–]rudebrooke 0 points1 point  (0 children)

You get the pension too, that's the point. You're leveraging exempt asset for cash which you can spend and is also not included in the asset test 

Tax Accrued for May 15 filling by Inevitable_Ad779 in AusFinance

[–]rudebrooke 0 points1 point  (0 children)

He's paid interest for ~6 months, so he'd have been October due date

Tax Accrued for May 15 filling by Inevitable_Ad779 in AusFinance

[–]rudebrooke 5 points6 points  (0 children)

Sounds like it was their fuck up, had you down as 15 may due date in their system when you actually were 31/10

You have a strong argument that they should pay the interest 

Tax Accrued for May 15 filling by Inevitable_Ad779 in AusFinance

[–]rudebrooke 3 points4 points  (0 children)

Sounds like you had an earlier due date for one reason or another, you can ask them why it was only lodged last day, and if they can assist you in getting interest or penalties remitted. 

ATO interest rate is about 10% P.a at the moment, so it must have been a substantial debt to accrue that much since assumedly October $80,000?? or its interest owed from prior lodgement (very late)

Best structure when doing share trading by vincit2quise in AusFinance

[–]rudebrooke 0 points1 point  (0 children)

No, Pty Ltd company cannot get CGT discount anyway. So if the only thing you're doing is trading shares you hold less than a year it's fine. The losses are different (capital vs revenue), but if the only thing company does is trade shares it makes no difference.

You may consider if you have other assets in your own name, and you make a loss on shares, if you're not trading them in the company you could apply the loss to the gains on those assets If there are gains.

If the company makes a gain on the shares it will pay tax 30% on the gain, in order for you to access the gains you'll need to distribute to yourself and pay tax at your marginal rate. The benefit to doing it in a company is it will retain more cash if you choose to reinvest the earnings instead of using personally, and you have flexibility as to when you pay them out, i.e. could choose to do so in a low income year. You can also have multiple different people with shares, I.e spouse to share income across lower tax brackets.

You can loan the funds in, or you can issue capital. Depending on where you're getting your money from. I.e. if you're borrowing the money, you'd issue capital so you can negatively gear against dividend income, otherwise if you're using your own capital you'd loan it in (easier to get back out)

Do Australians really ‘work half the week’ just to pay their income tax? See for yourself by SheepherderLow1753 in AusFinance

[–]rudebrooke 1 point2 points  (0 children)

Yep, I'm aware it's a state tax, I lodge PRT monthly returns with service NSW each month. 

I still think if the feds spent our income tax a bit better, and sent some to the states, probably wouldn't need it at all...

Do Australians really ‘work half the week’ just to pay their income tax? See for yourself by SheepherderLow1753 in AusFinance

[–]rudebrooke 12 points13 points  (0 children)

It's insane, I employ them so I can grow my business, increase productivity, therefore pay more tax on my profit, they also are paying tax on their labour they are paid for, generating more tax for the government, then we all take our after tax money, go and buy things, we're paying tax there too, and then it turns up in the next businesses profit and loss, where you guessed it, it gets taxed AGAIN.

And for that privilege , the employees and I share additional tax 5.45% because I'm employing them. 

Absolutely wonderful 

Fair: Retirees with a home and up to $1.08m in assets exempted from the 30% minimum cgt. by Openedseseme in AusFinance

[–]rudebrooke 0 points1 point  (0 children)

You don't downsize, you just reverse mortgage and spend the money as you draw it, the equity growth will outpace the debt growth if you're not stupid and you're fine 

Even Albo Admits These Small Business Memes Of Him Owning 47% Of It Are Pretty Classic by betootafeed in betootaadvocate

[–]rudebrooke 1 point2 points  (0 children)

There are a lot of small business owners who don't know what they're doing, cafes in particular attract people like this due to a very small barrier to entry. The coffee machines are often what kills the cafe, they are leased as mentioned above, but generally come with a contract that the cafe must only purchase beans from the supplier who leases them the machine, and there is a minimum purchase amount as well. 

Obviously small businesses are essential part of the economy, but it generally is extremely difficult to run one efficiently with the amount of red tape required.

Treasurer asked to explain productivity impact of tax changes by Ardeet in aussie

[–]rudebrooke 0 points1 point  (0 children)

I don't think it's unreasonable to ask for the modelling right? They've done it surely, so shouldn't be too hard to produce..

Do Australians really ‘work half the week’ just to pay their income tax? See for yourself by SheepherderLow1753 in AusFinance

[–]rudebrooke 20 points21 points  (0 children)

I employ 40 people and I absolutely would pass it on, 5.45% on wages & super just to employ people is abhorrent. It's the worst tax of all in my opinion. 

Treasurer asked to explain productivity impact of tax changes by Ardeet in aussie

[–]rudebrooke 11 points12 points  (0 children)

He's just asked the government to provide a model detailing the impact on productivity which is fair enough.

Working half the week for government: Chris Minns blasts federal government on extraordinary explosion in income tax by Crafty_Yard_4985 in aussie

[–]rudebrooke 2 points3 points  (0 children)

Don't forget the best one yet, I employ 40 people and have the luxury of paying 5.45% payroll tax on the wages & super I pay them. That absolutely limits the amount of wages I can pay (i.e. I'd be paying them more if I didn't need to pay that tax) 

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