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I think you need a proper business plan and recording system to be considered a trader?
Re Franking credits - I agree with the excess credits not being refunded as per the position that Shorten had, except it needs to include SMSFs and/or retirees, which Shortens position didn't. But yes, they'll be on the table at some point.
It reminds me a bit of the Whitlam government when it came to power.
Whitlam and Lance Barnard the deputy PM divided up all the ministries and basically ran as a two-man government for a couple of weeks.
They were that keen to get things done.
EB - if you are share trading, then it is a business and you don't have capital gains to offset losses against?
If you are an investor and sell shares that make a capital loss to offset those making a gain, it would be impossible to legislate against that and foolish to try.
The modelling would be interesting on the 45%, EB - that kicks in with income over $190k. How long is an investment property held for, what the average gain/loss is and how the grandfathering rules affect what the calculated gain/loss is.
Understand growth v dividend shares, as dividend shares will be closer to CPI in growth than those that are start ups/growth shares.
I suppose my final question is (to the relief of a few, I'm sure) is: In Australia, the more you make, the more you are taxed. If you have taken a (calculated) risk by investing and made a profit on the investment when it is sold, what is the ideal amount of tax to pay on this profit (noting that capital losses can only be offset against capital profits) - also noting that the average tax rate of someone on $190k is 28% and the company tax rate is 25%?
My understanding is that there is a hybrid method of grandfathering which will be a little complicated, with assets needing to have a valuation on or around 1 July 2027.
Current CGT is 50% discount then taxed at marginal rates. Using a capital gain of $100k on a property:
if you are in the top bracket (47%) - discount $50k, tax @ 47% = 23.5k
If you are in the 35% bracket - discount$50k, tax @35% = 17.5k
These taxed gains are offset by deductions already claimed for negative gearing.
With flat rate of 30% less CPI - it gets more complicated to work out, but if we say bought for $500k, sold for $600k, CPI was a constant 3.5% for five years of holding the asset:
Cost Base goes to $593k - which gives a $7k Gain taxed @ 30%?
Taxing discretionary trust distributions at a flat 30% is also interesting. There are many who use it as pure tax minimisation/rort because they can (eg child is 19 and is given a distribution of up to the 35% bracket, which decreases the distributions required to the highest earning trustees, often in the family - pure rort), but also understand that some are used in a genuine manner to distribute to those that need it. It may affect small business that genuinely operate in a way that family don't draw a wage, but rely on the distributions instead.
What is the solution to housing affordability proposed by those that are against this? All I have heard is reduce immigration (which the wider ranging effects are fairly complex)
In terms of Private Health rebates for seniors, I'm not really sure about this. While rules have changed and just using my parents as an example - the last few years of dad's work before retiring, he could package all his salary to super and then draw a tax free pension. He hasn't paid any income tax or medicare since he was about 62 - over 20 years ago. I can see the impact of removing the rebate, but don't really understand how to feel about it...
There needs to be change to NDIS - it has blown out, with claims for frivolous, tenuous things to inflated costs for specialists - it has unfortunately been subject to rorts and 'mission drift'. Needs to be reigned back in.
Alternatives? There are none, unfortunately. We desperately need a viable alternative.
Vote One Nation!!!
Geez, a lot of oldies getting cut up by the taxes changes, I don't understand it.
I don't understand why where I live I'm surrounded by properties kept vacant by retirees / semi-retired who own them as investments or holiday homes and refuse to rent them out. I don't get why they can't be put to use at least as rentals. Few even seem to have kids who visit the place.
I don't get why they want them when all they seem to do is roll up on weekends and spend 2 days cleaning and gardening only to feck off Sunday night back to their city apartment. And if they don't roll up they are paying some local gardener or handyman to do it for them.
When they do arrive down for the weekend, they spend 48hrs moaning that the local region has no amenities, it's the council's fault apparently, because the shops, cafes and restaurants can't survive on their weekly 48 hrs of patronage. Some of them don't even bring the patronage, they roll up with supplies brought with them from the weekday local favourites, and they still complain.
They complain about council plans to bring in parking fees, abhorrent, apparently owning the property means they have the right to park the Tesla freely wherever they like, after driving down the freeway without paying a cent towards the upkeep of the roads. Don't mention the fact that when they return they probably park in a spot leased of Wilson Parking, which the probably sub-let at weekends to the footy or cricket crowd.
All of this to save some tax, in fact anything to save some tax it seems, at least they'll die wealthy though!
It's a financial win but an existence loss, they might as well sell the property and get back the 28% of their time that they have lost, 28% of your life seems a cheap buy at the tax rate!
Play the kids to play the system...it's about draft picks now not wins IMHO.
Depends on which kids.
Some might be an improvement the way the old blokes are going.
Someone like Moir can benefit from more game time.
He might play a game and get 5 touches.
or
He might kick 5 goals in a half as he has that ability.
Do you play Reidy or HOK instead of Pittonet?
Is that too obvious for tanking?
Ison for Harry a week ago was favoured, but after that half from harry do we keep him?
Apparantely we still have a game this week.
Appears it will be without Saad who has done a hammy today.
Reckon that ensures Wilson keeps his spot, but new coach, new ideas, who knows.
Yeah im guilty of that, I watched a video and posted it in the wrong topic. Apologies.
Agreed, our idea of a leader seems to be based around being the “best player “.
There seems little to no emphasis on helping others to improve or to better perform their roles within the team plan?
I’ve played in a team alongside a couple of very gifted players who tried to do it all and remained aloof to others. Needless to say, it was not a very happy team.
Couldn't Cody change his mind still?
Nope.
All clubs and players need to nominate (i think its) 12 months in advance.
There was an article specifically about Walker when he made the call saying the decision needed to be made by [this date] and tigers were left disappointed that they lost the right to him.