AFLX 2019 , Buddy , Danger , Dusty , Fyfe captains 50k payday

[Crankyhawk]

Sounds like what you want is a socialist government

No, more forced seizure of multinational assets to register them as Australian and subject to our tax law.

 

[captain blood 17]

So you are OK with paying very well off boomers "tax returns" on investments that have actually had no tax paid on them? It is a massive burden on the tax payer for folks who don't need it and is set to grow massively if not stopped. The fear campaign is in full swing but look into it a bit further and it is very hard to argue against it.

Not all boomers are well off and it will impact them. They are targeting the wrong people. You’re assuming these guys haven’t worked and paid taxes all their life.


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[captain blood 17]

Sounds like what you want is a socialist government

Nope, just a fair government. Labor spend and Libs cut. I want an inbetween party. But, i know i will never get it :madface


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[captain blood 17]

No, more forced seizure of multinational assets to register them as Australian and subject to our tax law.

Yep. Great call.


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[Billy ray]

Gee gone off topic a bit in this thread

 

[captain blood 17]

Gee gone off topic a bit in this thread

Well **** mate, it’s AFLX. What do you expect us to do? Talk toyota hilux/gaterade/zooper whooper goals and shit?


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[Billy ray]

Well **** mate, it’s AFLX. What do you expect us to do? Talk toyota hilux/gaterade/zooper whooper goals and shit?


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Dunno. Last i looked there were hundreds of different forums and threads elsewhere for this topic

 

[Stikman75]

So you are OK with paying very well off boomers "tax returns" on investments that have actually had no tax paid on them?

Perhaps if you understood what franking credits were you might know that what you are stating here is wrong at the most fundamental level. Franking credits are a credit (duh) for the value of tax that the company has paid already as company tax on the profits they have made which are now being distributed as dividends. Essentially it is income tax paid for a company's income and is therefore offset against the income tax that an individual would pay. So to say that no tax has been paid is 100% wrong.

With the proposed new system of the ALP many people will be taxed at a higher rate than they should be. For instance if I had $10,000 income and got $3,500 in dividends plus $1,500 franking credits then the government keeps that $1,500 as tax and I get $13,500 total (paying zero tax because I'm well below the threshold.) Now if instead of paying company tax before distributing dividends the company paid the dividend in full as $5,000 then I would have received $15,000 and still paid zero tax as I'm below the threshold still. In the current system what the company decides to do doesn't matter, I am in the same position of having $15,000 either way due to the franking credit refund.

What the ALP are proposing is no different to your company having taken too much income tax out from your salary each pay cycle and when you submit your tax return the ATO saying "sorry, you can't have it back now it's ours." It really is as simple as that. Would you find that fair and equitable?

Ultimately though it's smoke and mirrors to give them an imaginary bucket of money to spend that won't eventuate and will turn into debt. Companies and investors will just restructure to avoid it and the new tax will collect next to nothing. Just wait and see.

 

[captain blood 17]

Dunno. Last i looked there were hundreds of different forums and threads elsewhere for this topic

Just having a joke friend.


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[Pacman82]

So they are copying the idea of the NBA All-Star game?

Nah.. the NBA All-Star games aren't played on squash courts

 

[Doashuey]

Not all boomers are well off and it will impact them. They are targeting the wrong people. You’re assuming these guys haven’t worked and paid taxes all their life.


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Never said all, I said those who are well off. IE self funded. Those that receive $1 per fortnight in benifits won't be affected. Those that don't are very well off.

Perhaps if you understood what franking credits were you might know that what you are stating here is wrong at the most fundamental level. Franking credits are a credit (duh) for the value of tax that the company has paid already as company tax on the profits they have made which are now being distributed as dividends. Essentially it is income tax paid for a company's income and is therefore offset against the income tax that an individual would pay. So to say that no tax has been paid is 100% wrong.

With the proposed new system of the ALP many people will be taxed at a higher rate than they should be. For instance if I had $10,000 income and got $3,500 in dividends plus $1,500 franking credits then the government keeps that $1,500 as tax and I get $13,500 total (paying zero tax because I'm well below the threshold.) Now if instead of paying company tax before distributing dividends the company paid the dividend in full as $5,000 then I would have received $15,000 and still paid zero tax as I'm below the threshold still. In the current system what the company decides to do doesn't matter, I am in the same position of having $15,000 either way due to the franking credit refund.

What the ALP are proposing is no different to your company having taken too much income tax out from your salary each pay cycle and when you submit your tax return the ATO saying "sorry, you can't have it back now it's ours." It really is as simple as that. Would you find that fair and equitable?

Ultimately though it's smoke and mirrors to give them an imaginary bucket of money to spend that won't eventuate and will turn into debt. Companies and investors will just restructure to avoid it and the new tax will collect next to nothing. Just wait and see.

So currently the company pays their tax and the shareholder receives divs plus franking credits for tax paid by the company. At the moment yhose franking credits are paid as a cash sum to the share holder equal to the company tax amount even though the shareholder has paid no tax on the profits made on divs.
The shareholder has paid no tax but received the cash payout for what the company paid in tax. So what net tax has the government received?

 

[captain blood 17]

Never said all, I said those who are well off. IE self funded. Those that receive $1 per fortnight in benifits won't be affected. Those that don't are very well off.


So currently the company pays their tax and the shareholder receives divs plus franking credits for tax paid by the company. At the moment yhose franking credits are paid as a cash sum to the share holder equal to the company tax amount even though the shareholder has paid no tax on the profits made on divs.
The shareholder has paid no tax but received the cash payout for what the company paid in tax. So what net tax has the government received?

The net tax is people who paid taxes for over 40 odd years and are now self funded ie: not on a pension.


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[Franky_024]

Here ya go: https://www.bigfooty.com/forum/forums/australian-politics.229/

An entire forum dedicated to all things politics

 

[Stikman75]

So what net tax has the government received?

The same amount that they would have collected from the taxpayer had the money been earned through working for an employer or any other investment. Under Labor's plan they are being taxed above their marginal rate.

Like I said, it won't raise much anyway add companies and investors will make arrangements to avoid it.