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Re: General Discussions

Reply #2655 –
Quote from: ElwoodBlues1 – on
Quote from: dodge – on
LP - the only way for my kids will be through inheritances that we will get in the next 10 years or so. I think the boat has sailed for those that aren't in such a fortunate position. I don't understand how people can repay $3k a fortnight ($1m loan) or $2.4k ($0.8m loan)
Gentleman Jim and Albo will want a piece of that inheritance money. They want to pillage Discretionary trusts and bring in a death tax by default. A lot of small business people who use DTs for distributing income  as well as will money when appropriate will get hit and switching to a fixed trust is going to cost you tax and stamp duty in some cases. Albo tried to explain it but doesn't have a clue and most of the real wealthy won't be affected...
The sooner these goons are out of government the better.
2021-Pi$$ or get off the pot
2022- Real Deal or more of the same? 0.6%
2023- "Raise the Standard" - M. Voss Another year wasted Bar Set
2024-Back to the drawing boardNo excuses, its time
2025-Carlton can win the 2025 AFL Premiership

Re: General Discussions

Reply #2656 –
Quote from: ElwoodBlues1 – on
Quote from: dodge – on
LP - the only way for my kids will be through inheritances that we will get in the next 10 years or so. I think the boat has sailed for those that aren't in such a fortunate position. I don't understand how people can repay $3k a fortnight ($1m loan) or $2.4k ($0.8m loan)
Gentleman Jim and Albo will want a piece of that inheritance money. They want to pillage Discretionary trusts and bring in a death tax by default. A lot of small business people who use DTs for distributing income  as well as will money when appropriate will get hit and switching to a fixed trust is going to cost you tax and stamp duty in some cases. Albo tried to explain it but doesn't have a clue and most of the real wealthy won't be affected...

Your last 1/2 sentence is the only correct bit of all that, the rest is hysteria.
Let’s go BIG !

Re: General Discussions

Reply #2657 –
Quote from: northernblue – on
Quote from: ElwoodBlues1 – on

Gentleman Jim and Albo will want a piece of that inheritance money. They want to pillage Discretionary trusts and bring in a death tax by default. A lot of small business people who use DTs for distributing income  as well as will money when appropriate will get hit and switching to a fixed trust is going to cost you tax and stamp duty in some cases. Albo tried to explain it but doesn't have a clue and most of the real wealthy won't be affected...

Your last 1/2 sentence is the only correct bit of all that, the rest is hysteria.
They are taxing Discretionary trusts.....thats the facts.
Expected return is 4.5 Billion over 5 years...

Re: General Discussions

Reply #2658 –
Quote from: ElwoodBlues1 – on
Quote from: northernblue – on


Your last 1/2 sentence is the only correct bit of all that, the rest is hysteria.
They are taxing Discretionary trusts.....
🤬🤬🤬🤬
2021-Pi$$ or get off the pot
2022- Real Deal or more of the same? 0.6%
2023- "Raise the Standard" - M. Voss Another year wasted Bar Set
2024-Back to the drawing boardNo excuses, its time
2025-Carlton can win the 2025 AFL Premiership

Re: General Discussions

Reply #2659 –
Quote from: ElwoodBlues1 – on
Quote from: northernblue – on


Your last 1/2 sentence is the only correct bit of all that, the rest is hysteria.
They are taxing Discretionary trusts.....thats the facts.
Expected return is 4.5 Billion over 5 years...
but its not a cash grab, and the elephant in the room, is that most of the taxes they're bringing in, particularly capital gains, is a tax on money thats already been taxed! 

Thats why people are getting annoyed.
"everything you know is wrong"

Paul Hewson

Re: General Discussions

Reply #2661 –
is that most of the taxes they're bringing in, particularly capital gains, is a tax on money thats already been taxed! 
[/quote]

How has a capital gain already been taxed?

Discretionary Trusts will be taxed and then a franking credit applied to the recipient.  This was first floated in the early 2000s (there was a lot of work preparing for this to come in).

Re: General Discussions

Reply #2662 –
How I understand it is that Discretionary testamentary trusts are set up in a will and are not taxed when at death but when they are disbursed.The reforms would change that by applying the minimum rate on a trust’s taxable income before distributing it.

Re: General Discussions

Reply #2663 –
Thanks EB - when discussing discretionary trusts, it is probably important to distinguish them!  Without having looked at this, I assume that the recipients of distributions would receive the franking credit?

Re: General Discussions

Reply #2664 –
Quote from: dodge – on
Thanks EB - when discussing discretionary trusts, it is probably important to distinguish them!  Without having looked at this, I assume that the recipients of distributions would receive the franking credit?
Yep that's how I understand it too Dodge...the trustee would have paid tax on the total income and then the Individual beneficiaries get the tax credit subject to their tax rate etc.