Diary of our stinking Govt.

As it's more than 100 days now, it has been suggested that a new thread was needed.  The current govt has been breaking promises and telling lies at a rate so fast it's hard to keep up.Woman Happy

 

This below is worrying, "independent" pffft, as if your own doctor is somehow what? biased, it's ridiculous. So far there is talk of only including people under a certain age 30-35, for now. Remember that if your injured in a car, injured at work or get ill, you too might need to go on the DSP. They have done a similar think in the UK with devastating consequences.

 

and this is the 2nd time recently where the Govt has referred to work as welfare???? So when you go to work tomorrow (or tuesday), just remember that's welfare.

 

http://www.abc.net.au/news/2014-04-20/disability-pensioners-may-be-reassessed-kevin-andrews/5400598

 

Independent doctors could be called in to reassess disability pensioners, Federal Government says

 

The Federal Government is considering using independent doctors to examine disability pensioners and assess whether they should continue to receive payments.

 

Currently family doctors provide reports supporting claims for the Disability Support Pension (DSP).

But Social Services Minister Kevin Andrews is considering a measure that would see independent doctors reassess eligibility.

 

"We are concerned that where people can work, the best form of welfare is work," Mr Andrews said at a press conference.

 

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 Lib adviser repays $43m tax

 

EXCLUSIVE


Michael Hintze was appointed to the Abbott government’s Financial System Inquiry. 

 

A London-based billionaire appointed by Joe Hockey to advise on Australia's financial regulations runs companies that have repaid tens of millions of dollars after exploiting tax loopholes.

 

Australian-born hedge fund boss Michael Hintze, who is connected to the British Conservative Party, last year approved the repayment of nearly $43 million in a settlement with the UK taxman after companies in his CQS group used ''employee benefit trusts'' that ran foul of authorities.

 

He is recognised for extensive philanthropic activities, but the revelations of his company's tax affairs raise questions as to the appropriateness of engaging advisers in Australia who have been involved in tax minimisation behaviour overseas.

Illustration: Matt Golding

Illustration: Matt Golding

 

Sir Michael is one of four international business leaders appointed by the Treasurer in March to provide additional advice to the Abbott government's Financial System Inquiry.

 

 

Read more: http://www.smh.com.au/federal-politics/political-news/lib-adviser-repays-43m-tax-20140523-38ufq.html...

 

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@monman12 wrote:


Just a reliable reference would do, and dates for the introduction of the new rate.

nɥºɾ

 


You mean like the evidence you have been unable to provide to explain why Gillard deserves the poor me slogan and why some are unable to use her name properly, while she was PM or since?

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@monman12 wrote:

"Goodness once the rich had to pay a luxury tax of 33% on their BMWs. Now it’s 10%"

 

Interesting comment P007, but a quick check could not confirm it,  and your source is hardly reliable.   All I could find was from the ATO, below  which included this:
"Last modified: 21 May 2014"

Cars with a LCT value over the LCT threshold  33%
25% for cars contracted before 7.30pm AEST on 13 May 2008

LCT thresholds     Fuel efficient vehicles   Other vehicles

2013–14                 $75,375                           $60,316 

Just a reliable reference would do, and dates for the introduction of the new rate.

nɥºɾ

 


 

 

I admit that my mathematical skills leave a lot to be desired but this does look like around 10% (the amount of LCT actually paid to the ATO) to me.....although I don't know how reliable the reference is either...

 

https://www.ato.gov.au/Business/Luxury-car-tax/In-detail/Guides/Luxury-car-tax/?page=3

 

Example: Working out the LCT you must report and pay

Tim sells a non fuel-efficient car worth $88,000, including GST. The value of the car is more than the LCT threshold ($60,316 for the 2013–14 financial year), so he must pay LCT to us on the sale of the car.
To work out the amount of LCT he must pay, Tim completes the following steps:
1. He works out the total value of the luxury car that is above the LCT threshold:
Total luxury car value (including GST) – LCT threshold
= $88,000 – $60,316 
= $27,684
2. He then excludes the GST included in the amount above the LCT threshold:
= $27,684 x 10/11 
= $25,167.27
3. He then works out the LCT (33% of the amount above the LCT threshold less GST):
= $25,167.27 x 33/100 
= $8,305.20
Tim charges $96,305.20 for the car (that is, $88,000 including GST + $8,305.20 LCT). He also reports and pays LCT of $8,305 to us on his next activity statement.
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"33% of the amount above the LCT threshold less GST"

The total cost of the car isn't subject to the LCT. So the rate is 33% less GST for the portion taxed.
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"The second of the government's fiscal sleights of hand comes with Parkinson's third point: Hockey's plan involves creating ''headroom for tax cuts''.
Last sentence is important.

In projecting government spending and revenue over the coming decade, the government has resolved to impose a cap on the growth in tax collections at 23.9 per cent of GDP. And government spending has been cut hard enough to accommodate that cap while still producing ever-growing surpluses.

Why? Because, we're told, ''fiscal drag'' (bracket creep) can't be allowed to run on for ever. It would push low and middle income-earners into much higher tax brackets (''marginal tax rates''), which would be both economically damaging and politically unfeasible.
Fine. We've had to rely on years of bracket creep to correct the irresponsibility of Peter Costello's eight tax cuts in a row, but this can't go on for ever.

Did you see the sleight of hand? You don't need to cap tax collections just to counter bracket creep in income tax. Hockey is making room for much bigger tax cuts than that. And there's zero guarantee the chief beneficiaries will be the low and middle income-earners who suffered most under the creep."

Read more: http://www.smh.com.au/business/tricks-hidden-by-hockeys-fiscal-juggling-20140523-38ua0.html#ixzz32ao...
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@am*3 wrote:
"33% of the amount above the LCT threshold less GST"

The total cost of the car isn't subject to the LCT. So the rate is 33% less GST for the portion taxed.

yes the rate is 33% but in reality the amount paid is closer to 10%, wish i had known this when having to sit through a rant at a friends dinner party, listening to the bloke i thought he actually had to pay a third extra for his new Beemer.  Woman LOL

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The tax rate charged is 33%. Yes, if anyone is complaining about paying it they should say it is not charged on the total cost of the car.

The amount of LCT will vary depending on the cost of the car and it won't be 10% of the cost of all cars.

If a buyer paid, $150 000 for luxury car. $150 000 - $60316 = $89 684 - GST = $ 81531 x 33% = $26905

$150 000 cost of car. LCT tax $26 905

That amount is more than 10% of the cost of the car.
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"Poor me" said the luxury car buyers.
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just over 17.5% then. Thanks for clearing that up boris and am3.

 

So, the luxury tax on cars for the wealthy in Australia and those that have the fortune to be able to afford such a luxury was 33%...... has been decreased 52%....to about 17.5% give or take a few %.

 

....depends which side of the fence one sits as to whether this change is beneficial or not...... I guess these people won't be concerned about increased fuel hikes then?

 

 

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Paints, no they probably won't mind, just use an accountant to minimise their tax anyway.  

 

Young people on Newstart forced to beg and approach charities

 

One in four people on the dole for more than a year have been forced to beg on the streets and six in 10 have approached a charity for help, a grim new academic study into life on unemployment benefits has found.

 

Illustration: Matt Golding

Illustration: Matt Golding

 

 

Read more: http://www.smh.com.au/national/young-people-on-newstart-forced-to-beg-and-approach-charities-2014052...



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