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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.

Re: General Discussions

Reply #2666 –
Harking back to the discussion of slavery, my former colleague, Jane Lydon, is one of the editors of, and contributors to Legacies of British slavery in Australia and New Zealand, and it has just been launched in London and in Perth.

When the British Parliament abolished slavery, former slave-owners were paid compensation for the loss of their "property". The book explores how many of the beneficiaries had ties to other parts of the British Empire, and how their wealth helped shape those colonies in our part of the world. 

The book's not cheap but your local library may have a copy.
"Negative waves are not helpful. Try saying something righteous and hopeful instead." Oddball
 

Re: General Discussions

Reply #2667 –
Quote from: ElwoodBlues1 – on
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.
Personally, I'm not against schemes that level the playing field, if the low income earners were being taxed more than it would be an injustice, but making billionaires pay their fair share is OK by me if it means we all have to pay.

I'd give my extra $5 if it means Gina, Bruce, Anthony and the rest pay their billion$!
"Extremists on either side will always meet in the Middle!"

Re: General Discussions

Reply #2668 –
Quote from: LP – on
Quote from: ElwoodBlues1 – on
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.
Personally, I'm not against schemes that level the playing field, if the low income earners were being taxed more than it would be an injustice, but making billionaires pay their fair share is OK by me if it means we all have to pay.

I'd give my extra $5 if it means Gina, Bruce, Anthony and the rest pay their billion$!
Good in theory but Gina, Bruce,Clive and co wont be paying any extra, they never do, middle Australia will pick up the tab and everyone will have to pay more for health insurance when the over 65's start dropping out of private insurance after losing the rebate and driving the costs up.
Albo and crew  are more interested in securing another term and bringing back ISIS brides to appease Tony Burkes mate so the migrant vote goes their way.
New Zealand are going to have a lot of expat Aussies becoming Kiwi citizens on paper....

Re: General Discussions

Reply #2669 –
Quote from: LP – on
Personally, I'm not against schemes that level the playing field, if the low income earners were being taxed more than it would be an injustice, but making billionaires pay their fair share is OK by me if it means we all have to pay.

I'd give my extra $5 if it means Gina, Bruce, Anthony and the rest pay their billion$!

The major parties are beholden, to varying degrees, to the billionaire class. Labor won't tax them in any meaningful way, the Libs won't tax them, and One Neuron, whose leader is Gina's best mate, most certainly won't tax them. The only party that specifically has tax policies directed at the ultra wealthy are The Greens, but of course, everybody hates them so they never get votes.

I agree with you. I'm part of middle Australia, and me and others like me have lived incredibly well, by pretty much any global standard. I have no issue paying extra if it helps the next generation, who will have plenty of problems to deal with.