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@boris1gary wrote:
yes they are.....check out hockits little face as they listen to Bills reply
Shorten’s antidote for a “cooler, meaner and narrower” Australia is to oppose the Medicare co-payment, the fuel excise increase, the cuts to benefits and reduced school, hospital and university funding.
Branding the changes that will force young jobless to wait six months before getting welfare “perhaps the single most heartless measure in this brutal budget”, Shorten vows to oppose them. “Labor will have no part of this,” he says.
I couldn't take my eyes off that photo.The amount of talent assembled there is absolutely awe inspiring.
really worth reading for an explanation of some of the tax stuff. Sacking our accountant soon if he can't pull his socks up and minimise our tax.
Smokin' Joe's big business Budget
The first thing we notice is that the levy for the PPL on our largest companies seems to be offset by a drop in the company tax rate. The PPL corporate tax levy is not included in income tax — it is a separate type of tax entirely.
This distinction is important because of the way companies are taxed. Essentially, companies in Australia pass on the benefit of the income tax they have paid to their resident shareholders in the form of imputation credits. But the PPL levy isn’t an income tax.
The details regarding the PPL levy are scant. However, much like fringe benefits tax (FBT) it is not unreasonable that this levy would be a deductible expense that will reduce assessable income. This means it would reduce the tax payable by these large corporates.
In other words, it would reduce the income of large corporates that is subject to income tax. These corporates will also benefit from the drop in the corporate tax rate of 1.5%. This will mean that less benefit in the form of tax credits will be passed on to shareholders — though this might still be passed on in the form of greater profits. These corporates will have political cover to increase their prices to compensate for the PPL levy, even though − factoring in the tax cut and likely increased deductions − they have effectively receive a net tax cut.
So the question becomes, where is the funding for this measure coming from — if not from the large corporates?
The answer, of course, is the general revenue, or − to be blunt about it − your pocket and my pocket.
