OT: Current Affairs and Politics

[hindy111]

I think you need to get some facts behind this.

It was $1,000 and was bumped up to $20,000 as a temporary thing to support small businesses. It was then EXTENDED through to end June 2025.

So it's not a cut. Your beef is that they didn't extend the instant asset write off relief package, again.

Small Business Support – $20,000 instant asset write-off | Australian Taxation Office

Temporary increase of the instant asset write-off limit from $1,000 to $20,000 for the 2024–25 income year.

www.ato.gov.au

YES true. It's been like this for 4-5 years but. Whilst 20k is I think quite high 1k is far to low. 3k would be reasonable

 

[the phantom menace]

So Joe Rogan announces he's never going to Canada again, something Trump something and it makes news...

Having never listened to the guy, is he just some high-rating radio/podcaster dude behind a microphone - like a USA version of say Kyle Sandilands?

 

[Gronk]

YES true. It's been like this for 4-5 years but. Whilst 20k is I think quite high 1k is far to low. 3k would be reasonable

Oh well, Dutton will replace your ability to write of assets with posh lunches. Enjoy.

Dutton, Ley, Taylor – Media Release – New Tax Deduction to Deliver Red Tape Relief for Small Business - Peter Dutton MP - Federal Member for Dickson

A Dutton Coalition Government will cut red tape for small businesses by introducing a capped tax deduction of $20,000 for business-related meal and entertainment expenses. Small businesses with a turnover of up to $10 million will be eligible and alcohol will be excluded from the policy. The...

peterdutton.com.au

 

[the phantom menace]

YES true. It's been like this for 4-5 years but. Whilst 20k is I think quite high 1k is far to low. 3k would be reasonable

Lol, no-one's ever happy with how much their free government handout is.

 

[Gronk]

Lol, no-one's ever happy with how much their free government handout is.

 

[JokerEel]

View attachment 100248

Sounds like what the right wingers put on the twitter when they where in power.....

 

[RustedonEel]

Sounds like what the right wingers put on the twitter when they where in power.....

Left wing, commie, pinko tree hugger

 

[hindy111]

Lol, no-one's ever happy with how much their free government handout is.

Free handouts?

How much do you have to spend out of your own income on equipment so you can do your job to earn an income?
May I ask what you do for work?

 

[JokerEel]

Free handouts?

How much do you have to spend out of your own income on equipment so you can do your job to earn an income?
May I ask what you do for work?

Ffs just buy from AliExpress and hire some Indians to do the work!

 

[Joshuatheeel]

@Gronk you have to admit the cutting of deductions to $1000 is ridiculous. Perhaps reducing it $3-5k may of been a middle grounds

Why? Normal depreciation rules still apply.

$1000, instant asset right off is pretty good for a tradie. What assets do they need to purchase that is more than that?

I get that some tools may cost more, but surely they have had last few years to take advantage of it. How often are they spending $1000 plus? Additionally they still get to use normal depreciation rules.

 

[the phantom menace]

Free handouts?

Yes, as Gronk posted the $20K pa was a special, extended temporary allowance - probably linked to increased costs relating to Covid chains of supply etc. Now the handout/deduction is back down to its usual $IK level - and we're hearing that's not enough.

How much do you have to spend out of your own income on equipment so you can do your job to earn an income? May I ask what you do for work?

You may ask... suffice to say it's indoor/desk based work, and I don't have to spend out of my income for additional/renewed equipment to increase my earning capacity in the same way a self-employed tradesperson might.

I am sorry for your loss / the change in costs of doing your business and earning your income that may arise from this Federal budget. But with respect, that shouldn't be a long term government 20K pa handout/deduction on an ongoing basis - regardless of which party is in government.

 

[hindy111]

Labor government is killing small businesses. Soon all you'll have is large corporations
Oh well. Everybody loves bunnings and McDonald's

 

[hindy111]

Why? Normal depreciation rules still apply.

$1000, instant asset right off is pretty good for a tradie. What assets do they need to purchase that is more than that?

I get that some tools may cost more, but surely they have had last few years to take advantage of it. How often are they spending $1000 plus? Additionally they still get to use normal depreciation rules.

Me personally not heaps. But builders and plumbers far more. It isn't just about tradies but small businesses. It could be a cafe purchasing an Oven or coffee machine.
Oh well there's always Starbucks

 

[Gronk]

Labor government is killing small businesses. Soon all you'll have is large corporations
Oh well. Everybody loves bunnings and McDonald's

Well soon you will have your guy running everything, like you want.

What are you complaining about ?

Dutton will literally be PM before the end of the financial year. Right ?

 

[RustedonEel]

Labor government is killing small businesses. Soon all you'll have is large corporations
Oh well. Everybody loves bunnings and McDonald's

You forgot
Public sector jobs make up an increasing share of the total workforce: Between August 2014 and August 2024, the share of the workforce employed in the public sector increased from 12.5 per cent to 17.9 per cent. The vast majority of new jobs in Australia post-Covid are in the public sector

 

[Det.Wojciehowicz]

So Joe Rogan announces he's never going to Canada again, something Trump something and it makes news...

Having never listened to the guy, is he just some high-rating radio/podcaster dude behind a microphone - like a USA version of say Kyle Sandilands?

Canadians everywhere are celebrating knowing thats one less mouth breathing douchebag who'll be crossing the border.

 

[Soren Lorenson]

So Joe Rogan announces he's never going to Canada again,

He didn't announce it - he mentioned in a conversation but also said the whole trade war between Canada and the USA is f**ken stupid

Having never listened to the guy,

Maybe you should - he can be entertaining sometimes, a nice change from the dreariness of being an Eels supporter

is he just some high-rating radio/podcaster dude behind a microphone

Yes

like a USA version of say Kyle Sandilands?

Not even close.

 

[Eelementary]

I remember the last time we had "income tax cuts" - I owed the ATO money.

I was so keen to get an income tax cut - "responsible" me paid off, and closed my credit card.

Lo, and behold, a thousand different expenses suddenly popped up, and - since we live in Sydney - due to the ridiculous cost of property, and cost of living, I am not being given another card.

Imagine how happy I was to not get any money back from the ATO, but instead, get a bill to pay them $900.

 

[Gronk]

You forgot
Public sector jobs make up an increasing share of the total workforce: Between August 2014 and August 2024, the share of the workforce employed in the public sector increased from 12.5 per cent to 17.9 per cent. The vast majority of new jobs in Australia post-Covid are in the public sector

The Morrison government capped public servant numbers and created a "shadow workforce" of consultants and contractors, costing taxpayers $20.8 billion in the 2021-22 financial year alone.

So he had low wages bill in his budget with a sneaky *. He framed it as efficient, but everyone eventually saw through it. The problem was that the details of the * were hidden for some time.

So Dutton is going to embark on a Trump like DOGE efficiency raid and everyone will cheer at the 30,000 public servants getting sacked. Because we all know that public servants don't work, right?

But really the unemployed NDIS / veterans affairs clerks will get jobs with KPMG or deloitte and their $150k salaries will get charged out to the government for $210k.

 

[bazza]

Well that's f**ked. They are taking away the up to 20k instant deductions for buisness and bringing it down to $1,000. If you consider inflation and when it was last that amount that is equal to about $500. I can't even buy a drill for that. Now I'll have to depreciate it over 5 f**king years just to get back 30%.
These merkins are cooked.

Federal budget winners and losers - ABC News

amp.abc.net.au

instant asset write off was always temporary - just seems to have been in for a long time