Private Health loss of Rebate for some

[straitman]

I think there is a superannuation super tax about to get released on us. The health insurance attack seems to be only $5200 for the 4 of us. I heard we were going to lose our "olds working rebate" shortly.
I wasn't sure if they will extend the flood levy or just raise the health insurance levy instead or both.
It is so hard to guess ....so many rumours....so few facts so far.
It's ok we can credit card it all!

Can I borrow you CC number please :?:

 

[cove]

Gee Bill,I have just loaded and reloaded those credit cards to pay a series of quarterly company taxes,personal quarterlies and some BAS monthlies so April may not fly too well seeing most cards are now loaded for the interest free periods.
Could be easier at the end of May as it is a plain BAS monthly.
Can you pm me on Oz Fest....is it worth going?
I tested the English medical system a few weeks ago and it worked well. Have not tried the American system since 1984 other than getting Shingles vaccination at the back of a Ralph's supermarket where their pharmac_ is located. I got Ralph's points on those vacc shots of course.

 

[drron]

I listened to ABC National on the way back from Bundy yesterday and heard Christine Milne drop the 60 billion savings by reducing the deductions available to the rich.It shows that maths was not her strong point in school.The maximum deduction for super is now $50,000 per year.The top tax rate is 45%.now there is the medicare levy etc so for ease of calculations let's assume it is 50%.Now you pay 15% tax on your super so the maximum saving for the Government is 35% or $17,500 per taxpayer.Which means you need to completely abolish the super deductions from nearly 4 million taxpayers who are paying the top tax rate.ROTFLMAO.
And of course this comes from politicians whose super scheme is still much better than any of us can get.When I made my run I asked my accountant how much of my income I would have to pay in super contributions to get the same pay out as pollies.He came back with a figure of between 130-150%.Now to be fair it was a more generous scheme then than now but still above what us mugs can do.

 

[Deleted member]

I listened to ABC National on the way back from Bundy yesterday and heard Christine Milne drop the 60 billion savings by reducing the deductions available to the rich.It shows that maths was not her strong point in school.The maximum deduction for super is now $50,000 per year.The top tax rate is 45%.now there is the medicare levy etc so for ease of calculations let's assume it is 50%.Now you pay 15% tax on your super so the maximum saving for the Government is 35% or $17,500 per taxpayer.Which means you need to completely abolish the super deductions from nearly 4 million taxpayers who are paying the top tax rate.ROTFLMAO.
And of course this comes from politicians whose super scheme is still much better than any of us can get.When I made my run I asked my accountant how much of my income I would have to pay in super contributions to get the same pay out as pollies.He came back with a figure of between 130-150%.Now to be fair it was a more generous scheme then than now but still above what us mugs can do.

.....and the $50k deduction is only for over 50's !
However there are billions in super so event at 15% the tax take is still quite good

 

[cove]

Yes that 1.4 trillion of super is a great target. How does 1.34 trillion sound instead as a problem solved?
More likely will be a convoluted hybrid model from 20 financial geniuses playing with darts.

 

[Deleted member]

Yes that 1.4 trillion of super is a great target. How does 1.34 trillion sound instead as a problem solved?
More likely will be a convoluted hybrid model from 20 financial geniuses playing with darts.

And they shouldn't be allowed to play with anything with a sharp point

 

[Stephen65]

Now you pay 15% tax on your super so the maximum saving for the Government is 35% or $17,500 per taxpayer.Which means you need to completely abolish the super deductions from nearly 4 million taxpayers who are paying the top tax rate.ROTFLMAO.

Even that won't be enough because it assumes that everyone who was contributing to super when there was a tax incentive to do so will choose to keep on contributing once the tax rate is hiked. If I'm not going to get a tax break there is no way I am going to lock up my money for decades and take the risk of greedy Labor governments looting it. I'll just stopping paying into super completely and negative gear an investment portfolio to get the same tax benefit another way. The government won't raise an extra cent from me.

 

[cove]

I suspect Julia and Wayne have other plans for us as they need all us to prop their budget figures up.

 

[drron]

My worry is that they may require super funds to invest in infrastructure approved by the government.We might find ourselves funding the NBN and Green loans.

 

[Deleted member]

My worry is that they may require super funds to invest in infrastructure approved by the government.We might find ourselves funding the NBN and Green loans.

Bring on Self managed super

 

[wassie]

I feel all those supposedly "high income earners" in the $80-$150K bracket generally are familes that have relatively high mortgages also and are the ones who most value private health insurance. As a result for the most part they probably will retain their insurances and simply cut back further on discretionary spending. i.e. Less money for the retail sector thats already sluggish. Its false economy really - just one of the many smoke and mirrors tricks the Gillard Govt is so hell bent on using to conjure up the Political surplus.

 

[medhead]

I feel all those supposedly "high income earners" in the $80-$150K bracket generally are familes that have relatively high mortgages also and are the ones who most value private health insurance. As a result for the most part they probably will retain their insurances and simply cut back further on discretionary spending. i.e. Less money for the retail sector thats already sluggish. Its false economy really - just one of the many smoke and mirrors tricks the Gillard Govt is so hell bent on using to conjure up the Political surplus.

I think you need to be a bit more clear about the income here. Do you mean individual or family income? It only impacts for family income over $150k, when some sort of taper applies. The reduction kicks in for individuals on $80-ish.


Sent from the Throne

 

[Alanslegal]

I feel all those supposedly "high income earners" in the $80-$150K bracket generally are familes that have relatively high mortgages also and are the ones who most value private health insurance. As a result for the most part they probably will retain their insurances and simply cut back further on discretionary spending. i.e. Less money for the retail sector thats already sluggish. Its false economy really - just one of the many smoke and mirrors tricks the Gillard Govt is so hell bent on using to conjure up the Political surplus.

And you think Abbott is going to reverse this all? Just saying.

 

[cove]

Our Treasurer has just promised USD 7 Billion to Europe.
I wonder if he asked for our agricultural products to have access to the European Trade Bloc?
I think some would like his largesse to stay at home in Australia!
Is he going to hit up health to fund Europe?

 

[MEL_Traveller]

Our Treasurer has just promised USD 7 Billion to Europe.
I wonder if he asked for our agricultural products to have access to the European Trade Bloc?
I think some would like his largesse to stay at home in Australia!
Is he going to hit up health to fund Europe?

to be fair it's a line of credit to the IMF if they need it. If used it will be paid back, with interest. If the IMF needs it then it will help sure up economies which if left to go under would be disasterous for us here. Japan has pledged $60 billion for the same cause... so about the same ratio (on a per person basis) as we have. We are doing our big to provide certainty.

How those countries got into that mess in the first place is of course another matter. But they are where they are.

 

[amaroo]

My worry is that they may require super funds to invest in infrastructure approved by the government.We might find ourselves funding the NBN and Green loans.

Or a second airport in any electorate other than Al i'm easy, Albanese

 

[amaroo]

to be fair it's a line of credit to the IMF if they need it. If used it will be paid back, with interest. If the IMF needs it then it will help sure up economies which if left to go under would be disasterous for us here. Japan has pledged $60 billion for the same cause... so about the same ratio (on a per person basis) as we have. We are doing our big to provide certainty.

How those countries got into that mess in the first place is of course another matter. But they are where they are.

Would that be the same bond/loan/line of credit/ agreements that Greece, recently defaulted with the blessing of the IMF & others. Probably followed by a good few more European countries by the end of this year?

 

[drron]

The International Moneyed Friends have no chance of stopping at least one Sovereign default in Europe.The ECB has pumped 1 trillion Euros into Europe and still there are problems.
Just remember with the best scenario for Greece being debt at 120% of GDP by 2020 it is unlikely the Government will survive an election with the austerity measures now in place.

 

[medhead]

Great graphic on the front page of today's Australian. It shows the long term tax take as a percentage of GDP. I suggest all those who think the current government is over taxing them get hold of the Australian and have a look. Then you might realise that your impression/view/wild speculation is wrong.

 

[Mal]

Great graphic on the front page of today's Australian. It shows the long term tax take as a percentage of GDP. I suggest all those who think the current government is over taxing them get hold of the Australian and have a look. Then you might realise that your impression/view/wild speculation is wrong.

Meh. The miners are affecting gdp. The poor suckers (like me) who earn a good income yet save the taxman the burden of children are always being punished.

Gloss it all you want, but i know this budget will screw me further and give money away to the lowest class of welfare individuals who have nothing better to do than claim the dole, sleep with anything that moves, take drugs and keep the cask wine manufacturers in business...

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