Lindsay David
54 posts
Prediction:
Within 6 years, the new CGT rules will be substantially simplified.
Let's check back in after 2032
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@Adam_Creighton The way they took freedoms away during Covid made me think how easily they could take your money.
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The late great Australian historian John Hirst once told me he expected superannuation funds to be nationalised in a major crisis.
Rob Smith@Ausbobsmit
Prime Minister Anthony Albanese argued that superannuation funds should be viewed as a national asset. He said that today. Never once did he mention the fact that it isn't his money or the governments money. This utter disgrace of a PM is coming for your dough via the super funds. Your money you worked bloody hard for will be pissed up the wall on Chinese made solar and wind junk that will see zero return.
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@linzcom Same in Singapore and HK.
Once they hear the levels of artificial govt interference in the economy they know it will result in Increase compliance costs. Discourage entrepreneurship and favour mates rates. And only benefit insiders and large incumbents over small competitors.
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Those who have been calling for a 2026 crash might be right. Combined with poor productivity and the highest taxes in the world and no interest rate cut in sight, we may end up with an Australia Boom to Bust scenario.
Financial Review@FinancialReview
Because of Australia's woeful productivity performance, the tight labour market has failed to translate into meaningful improvements in living standards. ebx.sh/b9iBVU
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This is insane.
‘Go harder on taxes: Labor’s wishlist for PM’ theaustralian.com.au/nation/politic…
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Even more concerning is that he also has more than 1600 staff in Treasury and none of the initial tax proposal came with any fine print or productivity impacts. They are shifting as they go at taxpayers expense and we still don’t know what the end plan looks like
Senator Andrew Bragg@ajamesbragg
Chalmers’ budget is so good he’s announced 4 different budgets in 6 weeks. 13 May - budget 30% new tax on everything 18 June - a few carve outs for small biz 23 June - SMSFs hit 25 June - divorce/death tax reversal How can this guy keep his job?
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Lindsay David retweetledi
@linzcom Even moving it 2% to 12% on 1 October, the same day the RBA gets rid of merchant card fees. We'd be none the wiser
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ALP would have likely lost less support had they increased the GST to 15%.
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@AvidCommentator Increased red tape has nearly doubled the A-Z process to building new dwellings. At the senate tax hearings I think I heard someone say it now takes more than 3years on average vs 18months a few years ago. Or something around those lines.
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A question for the economists, property and housing experts out there.
Why is the larger number of home approvals and the near record number of homes under construction not translating into a large number of dwelling completions?
This is for an upcoming MSM article.
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If you get deflation the sum of CGT tax you pay goes up with indexation.
Lindsay David@linzcom
Under the new cgt indexation tax system this months CPI fall would mean your CGT would increase from a top rate of 47% and rise to 47.7% .
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Under the new cgt indexation tax system this months CPI fall would mean your CGT would increase from a top rate of 47% and rise to 47.7% .
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Doesn’t matter how you cut it, Australia will now have by far the highest CGT rate in the world.
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Kier Starmer resigned with his party having the equivalent of 94.8 seats in the Australian Parliament. Basically the same as the current ALP government.
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@Domster9 Yes prior was pick your poison on CGT whether to have an asset under your name or under a passive vehicle.
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@linzcom Meanwhile the wealthy who are on a personal 46.5% tax bracket can buy assets in a company structure and pay the same flat rate of tax (ie 30%). Albo missed that tax planning opportunity. Furthermore, 30% tax is only about 5% higher than the rate of tax under the old CGT discount
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To close supposed loopholes on CGT on the wealthy, people who lose their job or have a family medical emergency and need to urgently sell shares or other assets to keep food on the table will be slugged a minimum 30% on their capital gains by the government. That’s just cruel.
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@some0nethere @RepulicBanana Insurance here is not the best either for this.
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@RepulicBanana @linzcom This is the sort of thing is what private health insurance is about.
There is no way Medicare can cover everything without collecting a huge amount more tax - of which we are already near highest in the world.
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@RepulicBanana Invested in a neuro rehab clinic and yes for those who fall through the cracks is financially difficult when someone is going through the biggest challenge of their life.
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@linzcom thanks, I guess time to petition to make the medicare more stronger then? 5 per year don't sound enough after a stroke.
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@RepulicBanana Medicare only covers basics. E.g If you have a stroke you only get 5X$60 vouchers for neurological rehabilitation under Medicare
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@linzcom most family medical emergency should be covered by medicare though? Genuinely curious as to what medical emergencies are not covered
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