2019 Federal Election

[Chipmunk]

Scomo still blowing, out to $6

This one is all over

That is quite a development in a two horse race.

 

[Kornstar]

Just sounds like you need to choose better friends.mate.

Can't disagree with that.......one is gone already........

I understand where you are coming from, you earn enough to cop a fair whack from the top tax rate, but not enough to pay an accountant to dodge your tax bill.
They need to figure out ways to make sure the people earning seven figures a year pay their share without at the same time hammering families living on a single income between 150 & 250.
I just don’t think making the poor even poorer is the way to do it.

You are 100% correct, i don't think we should tax the lower income earners more either, don't think i believe that. My only gripe with them is that they like to whinge a lot about paying tax when in a lot of cases they actually don't cause they get it back in other ways......it's more the attitude that drives me crazy.

Goes to what I was saying in response to crocodile above, our system could be more progressive particularly when looking at the top two brackets, the split is 90k - 180k, then 180k plus.

There's not doubt that someone earning cicra 100k has less capacity to pay a higher tax rate as say some one earning 150k, then to compound that to treat someone earning 200k the same as some one earning say 10 million is patently ridiculous ( if you see value in a progressive tax system ) For mine the solution lies in more tax brackets, nor less.

I too get where @Kornstar is coming from, as going off what he has posted, I probably pay very similar amounts in tax, I just don't see that the problem or the solution lies with those that earn less than I do.

Yes, i take issue with paying too much tax and believe they should stop looking at people like me as "rich" and come up with some kind of fairer system but i am not really or at least i hope i haven't suggested we should tax lower income earners more, that was never my gripe.

Like i said when i reference the lower income earners my issue is their attitude towards tax and how i should be taxed heaps but when say they work overtime they should not pay any tax on that because "they take half my pay when i work OT so it's not worth it" when the reality is that is just not true.......i work in payroll and i know how it f**king works.

 

[Bandwagon]

You are 100% correct, i don't think we should tax the lower income earners more either, don't think i believe that. My only gripe with them is that they like to whinge a lot about paying tax when in a lot of cases they actually don't cause they get it back in other ways......it's more the attitude that drives me crazy.

Yes, i take issue with paying too much tax and believe they should stop looking at people like me as "rich" and come up with some kind of fairer system but i am not really or at least i hope i haven't suggested we should tax lower income earners more, that was never my gripe.

Like i said when i reference the lower income earners my issue is their attitude towards tax and how i should be taxed heaps but when say they work overtime they should not pay any tax on that because "they take half my pay when i work OT so it's not worth it" when the reality is that is just not true.......i work in payroll and i know how it f**king works.

I've never understood the reasoning that it's not worth earning more, because you pay higher tax, of course you f**king do, it's cause you earn't more f**king money

It's just amazing how many people have no f**king idea how tax brackets work, there are people who actually believe that once you hit the next bracket up, it applies to all your earnings.

 

[SDM]

I've never understood the reasoning that it's not worth earning more, because you pay higher tax, of course you f**king do, it's cause you earn't more f**king money

It's just amazing how many people have no f**king idea how tax brackets work, there are people who actually believe that once you hit the next bracket up, it applies to all your earnings.

Yeah, I hear it at work a lot. We get a bonus up to 12% if we meet KPIs and people complain they lose 40% or more of it because they are too stupid to realize that if your pay for one month of the year is 18 to 20k you get taxed on the assumption you will earn that every month. It all works out in your tax return anyway.

 

[Kornstar]

I've never understood the reasoning that it's not worth earning more, because you pay higher tax, of course you f**king do, it's cause you earn't more f**king money

It's just amazing how many people have no f**king idea how tax brackets work, there are people who actually believe that once you hit the next bracket up, it applies to all your earnings.

Yeah, I hear it at work a lot. We get a bonus up to 12% if we meet KPIs and people complain they lose 40% or more of it because they are too stupid to realize that if your pay for one month of the year is 18 to 20k you get taxed on the assumption you will earn that every month. It all works out in your tax return anyway.

I used to argue with them but i stopped because you can't argue with stupid........same people who try and tell me how HR and Payroll work.

Tax on bonuses are spread out over the year, there is no way anyone should be getting taxed 40% of their bonus unless they are already in that bracket or close enough to it to push you there. They are divided by your amount of pays over a year, e.g. 26, then added to your base fortnightly amount and then the tax difference is multiplied but the same amount (26 in this case) and that is what is deducted. If your payroll aren't doing that then it will just wash itself out when you do your tax anyways and you'll get back what your'e owed.

 

[Gronk]

Looks like both parties are still throwing about cash. As a leg-up to First Home Buyers, the libs have just pledged(and labor just matched) a 15% deposit guarantee. So whilst a bank these days asks for 20% deposit , the 15% guarantee will allow first home buyers to buy a home after saving just 5%. It’s not a gift and they will need to pay the Government back. It’s also means tested. The cap is $120k for singles and $200 for couples.

ScoMo’s details are sketchy. You may be forced to refinance if the equity in your home increases by more than 15%. Just guessing but. I look forward to seeing the fine print.

Not too long ago First Home Buyers were coerced to enter into a monster called “low start loans”. Meaning that their repayments were dirt cheap low for the early years (below the normal p&i repayments) and slowly increased over time. If you analysed the amortised loan, rather than the principal reducing from the first repayment, it was actually increasing.

Gotta say that this policy is typical of the conservatives. Instead of giving first home buyers cash (in years gone by the home buyers grant has been very very generous) it’s the hex debt for new home buyers. Better than nothing ? Not sure.

SMH article on ScoMo’s announcement is below.

https://www.smh.com.au/federal-elec...ower-deposit-requirement-20190512-p51mha.html

But it will not be open-ended. The government intends to borrow $500 million so it can invest the money in the National Housing Finance and Investment Corporation, which would offer the guarantees to aspiring home-owners.

The scheme would be capped at 10,000 loans every year, about one tenth of the market given estimates that there were about 100,000 loans to first-home buyers last year.

The National Housing and Investment Corporation would support the buyers for the life of their home loans or until the value of the property rises to a point where they choose to refinance.

“That would include guaranteeing, to approved applicants, the additional loan amount taken out by the first-home buyer to cover the difference between the lower deposit of, say, 5 per cent and 20 per cent of the value of that property,” Mr Morrison said.

“This scheme would give preference to working with the smaller banks and the non-bank lenders to boost competition.

“Of course, the lenders would still be the ones lending the money. They would still do all the normal checks on the borrowers to make sure that they can meet their repayments – this isn’t free money.

“The scheme will be available to first home buyers with an income of up to $125,000 or a couple with $200,000 where they are both first-home buyers.

“The support would stay in place for the life of the loan, and when they refinance in a few years’ time, when the equity increases, which it would under a Liberal National government, then that’s when the guarantee ceases.

 

[SDM]

I used to argue with them but i stopped because you can't argue with stupid........same people who try and tell me how HR and Payroll work.

Tax on bonuses are spread out over the year, there is no way anyone should be getting taxed 40% of their bonus unless they are already in that bracket or close enough to it to push you there. They are divided by your amount of pays over a year, e.g. 26, then added to your base fortnightly amount and then the tax difference is multiplied but the same amount (26 in this case) and that is what is deducted. If your payroll aren't doing that then it will just wash itself out when you do your tax anyways and you'll get back what your'e owed.

Our payroll don’t do it, they just slug you using the Payg calculator like a normal month

 

[chiefy1]

Why is this blog even up.
Labor are $1.25 ffs. Bookies never get it wrong

 

[Kornstar]

Our payroll don’t do it, they just slug you using the Payg calculator like a normal month

Fair enough, that's just lazy but you were right, you'll just get back what you are owed at the end of the FY.

It's a forced savings plan

 

[Delboy]

This is up so Gronk can post anti ScoMo, Abbott and Dutton articles 24/7. Better not mention a certain leader getting a female married to someone else pregnant, or giving $100 k to GetUp without authorisation, or taking penalty rates away from a section of employees for a donation to the AWU .

At least the election will be over next week

 

[SDM]

Why is this blog even up.
Labor are $1.25 ffs. Bookies never get it wrong

You will do well to get any better than $1.13

 

[Gronk]

This is up so Gronk can post anti ScoMo, Abbott and Dutton articles 24/7. Better not mention a certain leader getting a female married to someone else pregnant, or giving $100 k to GetUp without authorisation, or taking penalty rates away from a section of employees for a donation to the AWU .

At least the election will be over next week

It's your election to lose merkin. If the punters elect Homer Shorten, what does that say about your mob? I'll tell you this for free: the LNP need to have policies for the majority rather than mindlessly impose their far right agendas on society.

In a way i hope that Abbott wins his seat because he will continue to whiteant and disrupt your party. Won't that be fun ?

 

[SDM]

This is up so Gronk can post anti ScoMo, Abbott and Dutton articles 24/7. Better not mention a certain leader getting a female married to someone else pregnant, or giving $100 k to GetUp without authorisation, or taking penalty rates away from a section of employees for a donation to the AWU .

At least the election will be over next week

Shorten could impregnate Winx on prime time TV tomorrow and still win the election.

 

[strider]

It's your election to lose merkin. If the punters elect Homer Shorten, what does that say about your mob? I'll tell you this for free: the LNP need to have policies for the majority rather than mindlessly impose their far right agendas on society.

In a way i hope that Abbott wins his seat because he will continue to whiteant and disrupt your party. Won't that be fun ?

This election isnt being lost over policies .... its being lost over personalities and the circus those personalities put on however many months ago ..... politics is nothing but a popularity contest these days

 

[Bandwagon]

This election isnt being lost over policies .... its being lost over personalities and the circus those personalities put on however many months ago ..... politics is nothing but a popularity contest these days

I'd disagree, it' will be lost on the governments inability to govern it's self, and the fact the Libs and the Nats have been a shambles, whilst Shorten has managed to keep the party's shit together for six years in opposition.

It's why Labor have been able to run a campaign with a shit load of policy detail, and still be in the hunt. If the government weren't seen as such a rabble, Labor would be cooked like Hewson's cake.

 

[Chipmunk]

Looks like both parties are still throwing about cash. As a leg-up to First Home Buyers, the libs have just pledged(and labor just matched) a 15% deposit guarantee. So whilst a bank these days asks for 20% deposit , the 15% guarantee will allow first home buyers to buy a home after saving just 5%. It’s not a gift and they will need to pay the Government back. It’s also means tested. The cap is $120k for singles and $200 for couples.

ScoMo’s details are sketchy. You may be forced to refinance if the equity in your home increases by more than 15%. Just guessing but. I look forward to seeing the fine print.

Not too long ago First Home Buyers were coerced to enter into a monster called “low start loans”. Meaning that their repayments were dirt cheap low for the early years (below the normal p&i repayments) and slowly increased over time. If you analysed the amortised loan, rather than the principal reducing from the first repayment, it was actually increasing.

Gotta say that this policy is typical of the conservatives. Instead of giving first home buyers cash (in years gone by the home buyers grant has been very very generous) it’s the hex debt for new home buyers. Better than nothing ? Not sure.

SMH article on ScoMo’s announcement is below.

https://www.smh.com.au/federal-elec...ower-deposit-requirement-20190512-p51mha.html

But it will not be open-ended. The government intends to borrow $500 million so it can invest the money in the National Housing Finance and Investment Corporation, which would offer the guarantees to aspiring home-owners.

The scheme would be capped at 10,000 loans every year, about one tenth of the market given estimates that there were about 100,000 loans to first-home buyers last year.

The National Housing and Investment Corporation would support the buyers for the life of their home loans or until the value of the property rises to a point where they choose to refinance.

“That would include guaranteeing, to approved applicants, the additional loan amount taken out by the first-home buyer to cover the difference between the lower deposit of, say, 5 per cent and 20 per cent of the value of that property,” Mr Morrison said.

“This scheme would give preference to working with the smaller banks and the non-bank lenders to boost competition.

“Of course, the lenders would still be the ones lending the money. They would still do all the normal checks on the borrowers to make sure that they can meet their repayments – this isn’t free money.

“The scheme will be available to first home buyers with an income of up to $125,000 or a couple with $200,000 where they are both first-home buyers.

“The support would stay in place for the life of the loan, and when they refinance in a few years’ time, when the equity increases, which it would under a Liberal National government, then that’s when the guarantee ceases.

Seems like a decent plan to be honest.

On the cost to Government. As someone who currently works in the administration of Government, the $500 million they talk about is the equivalent of a $72k bottom end of your salary cap player. Actually...it's not even that much in reality.

The Commonwealth drops $500 million for breakfasts in the grand scheme of things.

 

[strider]

I'd disagree, it' will be lost on the governments inability to govern it's self, and the fact the Libs and the Nats have been a shambles, whilst Shorten has managed to keep the party's shit together for six years in opposition.

It's why Labor have been able to run a campaign with a shit load of policy detail, and still be in the hunt. If the government weren't seen as such a rabble, Labor would be cooked like Hewson's cake.

Yeah, exactly what i said - they are losing it cos they are a rabble (or whatever world you wanna use)

 

[Chipmunk]

This is up so Gronk can post anti ScoMo, Abbott and Dutton articles 24/7. Better not mention a certain leader getting a female married to someone else pregnant, or giving $100 k to GetUp without authorisation, or taking penalty rates away from a section of employees for a donation to the AWU .

At least the election will be over next week

$100k...both parties call that the equivalent of what we all call a $5 bet on red or black on a blackjack table.

I can give similar examples that are in the 10's of millions of dollars. But, I also realise that it is all just part of the 'internal' game that both parties exploit and choose to never expose each other on.

If the general public knew what both sides were into, everyone would move alot more away from the two majors.

Their both as dodgy as a hat full of arseholes.

 

[84 Baby]

I understand where you are coming from, you earn enough to cop a fair whack from the top tax rate, but not enough to pay an accountant to dodge your tax bill.

I only just remembered Labor’s plan to limit managing tax affairs claims. That is f**king insanity. Not only putting quality of tax returns at risk, but limiting earnings of a shit ton of small practitioners as well as exposing them to risk of providing bad service due to limited scope. And to include SMSFs in that blows my f**king mind. Although in a way I kind of agree with it, but the reality is there are still poorly invested funds that’ll easily break that limit. There is definitely a push toward automation in the tax industry, it’s been moving that way for years, but to push it before it’s ready is going to f**k many a thing up

 

[Gronk]

I'd disagree, it' will be lost on the governments inability to govern it's self, and the fact the Libs and the Nats have been a shambles, whilst Shorten has managed to keep the party's shit together for six years in opposition.

It's why Labor have been able to run a campaign with a shit load of policy detail, and still be in the hunt. If the government weren't seen as such a rabble, Labor would be cooked like Hewson's cake.

One week before the election. Will they ever learn ?