The Coming Federal Election.

[Paddo Colt 61]

The largest source of personal wealth in Oz is inheritance. Why is Dutton better? There must be a basis for your opinion. Spell it out for us.

You won't because you can't, rusted on doesn't bother much with policy. Mum and Dad didn't, they didn't understand it, they just knew.

"I don't trust Whitlam" mum said during an ad break in "It's a Knockout".

"Why?" Maverick asked.

"I just don't trust him that's all".

Will he take away your part time job at Spotlight and Dad's job at Bunnings? I mean neither of you are captains of industry, what does it matter what you think, it's all confused anyway.

"Well I do know that a Liberal Government is wonderful at helping people. That nice Mr. Angus Taylor bought some land for $1.5m for his "for ever" home and then he reluctantly sold it to the Government for $70m. Dad's hoping that we can do something like that with our block in Coonabarabran but Mr. Taylor was dead lucky, the land he bought was needed for the new airport. How fortunate was that? He buys a block with his lovely fiancee to settle down on and and the government sticks its head in forcing a compulsory acquisition. "if they want to do that to me and Destiny they can bloody well pay for it he said and you would be upset wouldn't you? He just an ordinary person like us and we trust him.".

[Andrew Walker]

Hahaha yeah clearly.That would be because I have to vote for one or the other otherwise bits a donkey .In my humble opinion Dutton is better that Albo, not by much but better .And not everyone who has money has a silver spoon mate .Most are self made and those with a silver spoon aren't worried about super

How is Dutton better? Give us 3 reasons. Now where is all these self made peoples money sitting if not in super

Hmm In a bank account earning far less returns than super does over all ? And where any interest earnt is taxed on top of income Reinvesting in business or shares which any money you make in a year is also taxed at a higher rate than super.

Property perhaps negatively geared which makes no financial sense in you have the money to pay it off ( the math was well explained to me by my accountant ) Meaning any income you make off it is taxed at a higher rate It could sit there empty to avoid a CGT when selling it But alas there is a rule against that which makes that unfeasable You see my old compadre, superannuation for an individual is one of the best if not the best places to stash money to avoid higher tax. You are kidding yourself if you think the wealthy are not doing it.

[King Salvo]

Laboring on isn't correct when they say the proposed 30% super tax affects only a small percentage as it has far wider consequences taxation wise and especially generationally. - There is no indexation

If folk have a self managed superfund this may also include other assets such as investment properties , shares and what is termed illiquid assets such as farms / small businesses which don't pay dividends.

How and by who will the "market value" of these assets in self managed super funds be determined on an annual basis as it could well push more people into this 3 million bracket - Also noting that under Laboring on's proposed super changes any unrealised gain will be subject this 30% tax.

Unrealised Gains is the thing that stands out and should be of great concern to every tax payer.

Currently you do not pay any tax on unrealised gains - any gains can only be determined on any assets when that asset is sold. - Tax Accounting 101.

What is stopping Laboring on from extending this "unrealised gain" tax to other areas such as shares held by Australians outside of SMSF/Antiques and what not and even to the family home.

Imagine getting a tax bill from the Government each year because the "market value" of your home went up. - The unrealised gain would be added to your income and you pay tax on it - probably at the marginal rate plus medical care too.

Not pie in the sky stuff either as it has been considered by the lefties for generating more revenue to build more houses/apartments.






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[mightyrooster]

Laboring on isn't correct when they say the proposed 30% super tax affects only a small percentage as it has far wider consequences taxation wise and especially generationally. - There is no indexation

If folk have a self managed superfund this may also include other assets such as investment properties , shares and what is termed illiquid assets such as farms / small businesses which don't pay dividends.

How and by who will the "market value" of these assets in self managed super funds be determined on an annual basis as it could well push more people into this 3 million bracket - Also noting that under Laboring on's proposed super changes any unrealised gain will be subject this 30% tax.

Unrealised Gains is the thing that stands out and should be of great concern to every tax payer.

Currently you do not pay any tax on unrealised gains - any gains can only be determined on any assets when that asset is sold. - Tax Accounting 101.

What is stopping Laboring on from extending this "unrealised gain" tax to other areas such as shares held by Australians outside of SMSF/Antiques and what not and even to the family home.

Imagine getting a tax bill from the Government each year because the "market value" of your home went up. - The unrealised gain would be added to your income and you pay tax on it - probably at the marginal rate plus medical care too.

Not pie in the sky stuff either has it has been considered by the lefties for generating more revenue to build more houses/apartments.






\

The thing that concerns me the most with this tax is it’s not being indexed. It absolutely must be indexed. Yes it’s very, very, very unlikely to affect any of us unless there are a few very well off penners with big super balances and investment portfolios here. But if it’s not indexed it will affect future generations way down the track. Perhaps we don’t give a stuff about our kids or grandkids? These days employers are forced to pay superannuation to kids as soon as they turn 18. There’s a lot of emphasis on super and supporting yourself when you retire to take pressure off the government pension. The average wage in 30 years time will be way higher than it is now. At some point in the future $3million won’t seem as ridiculously high as it does now. Without indexation and assuming annual inflation is running at a relatively low 2.5-3%, at some point a lot more people will be caught out.

[Rooster1908]

How is Dutton better? Give us 3 reasons. Now where is all these self made peoples money sitting if not in super

Hmm In a bank account earning far less returns than super does over all ? And where any interest earnt is taxed on top of income Reinvesting in business or shares which any money you make in a year is also taxed at a higher rate than super.

Property perhaps negatively geared which makes no financial sense in you have the money to pay it off ( the math was well explained to me by my accountant ) Meaning any income you make off it is taxed at a higher rate It could sit there empty to avoid a CGT when selling it But alas there is a rule against that which makes that unfeasable You see my old compadre, superannuation for an individual is one of the best if not the best places to stash money to avoid higher tax. You are kidding yourself if you think the wealthy are not doing it.

Of course they are and they also as I do invest in property and mainly commercial.Capital growth in property old mate and if property goes dow n I still have 100% of my property plus the income that I actually nowe nothing on .If shares go down that's a loss that I may or may not ever get back .Each to there own on investments but property and land has seen myself and my wife do extremely well .How did you figure out I swung to the right , was it the fact I want better hospitals , better schools , lower immigration , less wasted money to overseas, more housing for those who want in and hopefully afford it .That's why I hope Dutton is better because Albo hasn't been .I'm not talking about past just the future .Also yes money in the bank isn't a great way to save but even buffet has cash as do I .That way we are secure if shit does happen plus if there is a downswing we are Inna great position bro buy .Win win.

[King Salvo]

One of my older brothers will be affected by this lefty policy of envy - he was around at the time to be able to purchase a 2 bedroom apartment in Lavender Bay / A Terrace in Surry Hills and a 2 bedroom apartment in Paddington as investments for all up around 135k or so between 1971 to 1977. - All are in his SMSF.

He was not on big money in his senior technical officer role at Telecom either but seen bricks and mortars a safer investment than the share market.

The Laboring on proposal is flawed as there would be many others who probably did the same thing who will be caught up in this because of the price increases in property over time.

In 1970 the Sydney Medium House Price was $18,700 compared to $1.47 million in 2024.

I think there are several factors at play and this just the start

I.e - Laboring on phasing out SMSF/ Testing this "unrealised gain" tax concept with a possibility of extending it (Laboring on didn't mention this as being an election policy) and phasing out tax free super for 60's and overs down the track

[Random Rooster]

I think your question should be what did any government do to address housing affordability. What has Ablo done for roads or hospitals .What did Anna do for Queensland hospitals , remember ramping .What has Albo some for immigration.Raised it .As I have said they are all the same .In it for themselves.

Go back to the first post in this thread. Its a federal election so i dont know why you mention a state premier. Im pretty sure you'd be all over it if it was a Labor premier that failed to declare a personal conflict of interest regarding two government grants, found guilty by ICAC for engaging in "serious corrupt conduct" and subsequently losing a appeal to have the finding overturned. However, it doesn't matter in a federal election.

For many Australians the cost of living is still a issue. The Libs said its a issue they will address- excellent. How they plan to do it? Crickets- but as Jack pointed out there is plenty of time between now and the federal election. What we dont want to happen is the promise of lower groceries and fuel, then when they take office they say maybe its a issue they have no answer for. Americans are paying more for groceries and petrol now than they did under the Democrats. Eggs are 3 times the price since Biden left office. I'm not blaming Trump for the rise- although he predictably blamed anything bad on the previous administration and anything good was his doing.

Lets see what Dutton and co bring to the table. If its realistic, comprehensive and will benefit Australia im all for it

[Random Rooster]

Of course they are and they also as I do invest in property and mainly commercial.Capital growth in property old mate and if property goes dow n I still have 100% of my property plus the income that I actually nowe nothing on .If shares go down that's a loss that I may or may not ever get back .Each to there own on investments but property and land has seen myself and my wife do extremely well .How did you figure out I swung to the right , was it the fact I want better hospitals , better schools , lower immigration , less wasted money to overseas, more housing for those who want in and hopefully afford it .That's why I hope Dutton is better because Albo hasn't been .I'm not talking about past just the future .Also yes money in the bank isn't a great way to save but even buffet has cash as do I .That way we are secure if shit does happen plus if there is a downswing we are Inna great position bro buy .Win win.

So we bring in immigrants and it supposedly contributes to the rise in property prices, but now you have made your gain you want immigration lowered? Ever been to a public hospital,or a aged care facility? full of immigrants who are filling positions that would otherwise be vacant. You cant have it both ways

You want better health care and hospitals and you think that Dutton, who was overwhelmingly voted by doctors as the worst health minister in living memory, is the answer?

[Random Rooster]

One of my older brothers will be affected by this lefty policy of envy - he was around at the time to be able to purchase a 2 bedroom apartment in Lavender Bay / A Terrace in Surry Hills and a 2 bedroom apartment in Paddington as investments for all up around 135k or so between 1971 to 1977. - All are in his SMSF.

He was not on big money in his senior technical officer role at Telecom either but seen bricks and mortars a safer investment than the share market.

The Laboring on proposal is flawed as there would be many others who probably did the same thing who will be caught up in this because of the price increases in property over time.

In 1970 the Sydney Medium House Price was $18,700 compared to $1.47 million in 2024.

I think there are several factors at play and this just the start

I.e - Laboring on phasing out SMSF/ Testing this "unrealised gain" tax concept with a possibility of extending it (Laboring on didn't mention this as being an election policy of theirs's) and phasing out tax free super for 60's and overs down the track

Kudos to your brother. Its no mean feat to purchase 3 properties in 6 years on a modest wage as a Telecom employee. He must have done something right!

[Rooster1908]

Go back to the first post in this thread. Its a federal election so i dont know why you mention a state premier. Im pretty sure you'd be all over it if it was a Labor premier that failed to declare a personal conflict of interest regarding two government grants, found guilty by ICAC for engaging in "serious corrupt conduct" and subsequently losing a appeal to have the finding overturned. However, it doesn't matter in a federal election.

For many Australians the cost of living is still a issue. The Libs said its a issue they will address- excellent. How they plan to do it? Crickets- but as Jack pointed out there is plenty of time between now and the federal election. What we dont want to happen is the promise of lower groceries and fuel, then when they take office they say maybe its a issue they have no answer for. Americans are paying more for groceries and petrol now than they did under the Democrats. Eggs are 3 times the price since Biden left office. I'm not blaming Trump for the rise- although he predictably blamed anything bad on the previous administration and anything good was his doing.

Lets see what Dutton and co bring to the table. If its realistic, comprehensive and will benefit Australia im all for it

You did see were you mentioned Gladys?

[Rooster1908]

So we bring in immigrants and it supposedly contributes to the rise in property prices, but now you have made your gain you want immigration lowered? Ever been to a public hospital,or a aged care facility? full of immigrants who are filling positions that would otherwise be vacant. You cant have it both ways

You want better health care and hospitals and you think that Dutton, who was overwhelmingly voted by doctors as the worst health minister in living memory, is the answer?

That's not what I said .I said Albo hasn't fixed it so why continue to do the same thing over and over .And hasn't Albo got the lowest approval rating in decades .Mate your like a broken record playing the same time over and over again .Hospitals , schools , housing , police , health , there are all going backwards .Youth crime and adult crime are at extreme levels .The courts are a mess and to lieneant but you say let's just give this bloke another term and see how it goes .Dutton may well be no better but he can't be worse

[Rooster1908]

The thing that concerns me the most with this tax is it’s not being indexed. It absolutely must be indexed. Yes it’s very, very, very unlikely to affect any of us unless there are a few very well off penners with big super balances and investment portfolios here. But if it’s not indexed it will affect future generations way down the track. Perhaps we don’t give a stuff about our kids or grandkids? These days employers are forced to pay superannuation to kids as soon as they turn 18. There’s a lot of emphasis on super and supporting yourself when you retire to take pressure off the government pension. The average wage in 30 years time will be way higher than it is now. At some point in the future $3million won’t seem as ridiculously high as it does now. Without indexation and assuming annual inflation is running at a relatively low 2.5-3%, at some point a lot more people will be caught out.

The thing that concerns me MR is that it starts at 3 million and when they need more tax money it's 2mill then 1 million .Don't trust em

[King Salvo]

Kudos to your brother. Its no mean feat to purchase 3 properties in 6 years on a modest wage as a Telecom employee. He must have done something right!

Things that he did to pay off these properties included

Living in rather cheap Boarding Houses - The old boarding house scrape of butter saying come's to mind
Renting out the properties whilst living in these boarding houses - The Rental Income of course went towards paying them off as well.
Didn't own a car
Bought clothes from second hand shops and wore them to they virtually fell part
Also Didn't Drink and still doesn't
Second Job - Strangely as a Bar Tender
Every spare cent went into paying off the properties.

[Rooster1908]

So we bring in immigrants and it supposedly contributes to the rise in property prices, but now you have made your gain you want immigration lowered? Ever been to a public hospital,or a aged care facility? full of immigrants who are filling positions that would otherwise be vacant. You cant have it both ways

You want better health care and hospitals and you think that Dutton, who was overwhelmingly voted by doctors as the worst health minister in living memory, is the answer?

Mate I've been making a gain in property for 40 years ,. immigration is great if kept to a substantial level .Right now it's not

[King Salvo]

The thing that concerns me MR is that it starts at 3 million and when they need more tax money it's 2mill then 1 million .Don't trust em

That's Laboring on though the party and movement of confusion—the old wealth distribution and those wealthy elites on the other side (Libs/Nationals)—the rhetoric you used to hear from them on TV and in Parliament question time which disappeared without a trace since they embraced capitalism.

There isn't a Laboring on MP in parliament nowadays that doesn't own at least 2 properties.

It was always funny watching Laboring on MPs like budding property tycoon Albo squirm in their seats in question time when Shorten of Ideas was championing his negative gearing and CGT reforms, as they knew their growing property portfolios would be affected, and none ever seemed willing to back it either.

Laboring on has two rules on who can make money: one for them and one for others (the majority)—they really don't like people getting ahead as it loosens the grip they have on these rusted-on Laboring on voters still suffering the effects of generational commo/socialist brainwashing, i.e., their dad/grandfather/great-grandfather, etc., all voted Laboring on, so we must as well types who still think the role of government is to provide for them and fund their life from the craddle to the grave.