2014/15 Budget - good for investors?

[Scott No Mates]

Here's a thought - what didn't get touched?
* Access to Super/Smsf though the under 48s will have to wait longer to qualify for the pension
* excise on vices hasn't been increased
* negative gearing
* personal rates of tax (Dazz you have been hit with a 2% levy on income over $180k, a bit hard to take)

The electorate complains that governments are all about the next election, this one looks well past the election cycle (or three) where the benefits will be felt. Yet we have the hide to complain anyway.

We live in a society that wants for little, yet expects everything but without the pain of saving.

How can political parties say that the budget is wrong if the sword has two sides - savings/cuts & directed revenue raising?

This is not a big spending budget as there is no cornucopia from the mining tax or carbon tax reform.

 

[Crabnet]

Here's a thought - what didn't get touched?

The budget is part one as there is more to come once the taxation reviews have been completed. Also some commentators suggest that Hockey is maneuvering the States into forced changes to the GST regime with escalating funding constraints as the years progress. Probably timed to coincide with the next Federal election.
He was heard to say that it was up to the States to balance their own budgets and tax increases would be one avenue to do that.

 

[HotRod]

The budget is part one as there is more to come once the taxation reviews have been completed. Also some commentators suggest that Hockey is maneuvering the States into forced changes to the GST regime with escalating funding constraints as the years progress. Probably timed to coincide with the next Federal election.
He was heard to say that it was up to the States to balance their own budgets and tax increases would be one avenue to do that.

Heard that too.

Also heard that it will be used as leverage in the Senate to repeal the Carbon Tax and MRRT.

But that is the other elephant in the room. It's long overdue that GST needs to be reviewed. The base should be widened and/or the rate increased along with the removal of many of the state based taxes.

 

[lizzie]

I cannot believe the amount of ignorant whinging going on, on some less intellectual forums.

They've heard the opposition attacks and think the world is ending.

I personally think it was a fair a balanced budget with no one sector getting slogged

 

[Fifth]

though the under 48s will have to wait longer to qualify for the pension

Just to clarify, this is incorrect. The changes are being phased in incrementally over time so anyone born after 1 July, 1952 (those currently aged 61 or below) will be affected.

This table explains:

http://www.superguide.com.au/how-su...o-increase-to-70#What_is_your_Age_Pension_age

 

[rabidz]

I'm so relief that negative gearing is off the table..
Will think to buy more IP...

 

[charttv]

* personal rates of tax (Dazz you have been hit with a 2% levy on income over $180k, a bit hard to take)

erm, I imagine most high income earners would be structured in a way (income through trust/company structures, neg gearing, etc) as to minimise their taxable income.

However, I also imagine treasury looked closely at ATO data to get a handle on how many are still in this tax bracket when modelling the impact/take of the new levy.

 

[gooram]

I cannot believe the amount of ignorant whinging going on, on some less intellectual forums.

They've heard the opposition attacks and think the world is ending.

I personally think it was a fair a balanced budget with no one sector getting slogged

Your choice of words is amusing. When did this forum become intellectual?

I'm not whingeing about it, but i certainly disagree with you that it's fair and balanced, does that make me ignorant? Does it make you ignorant? I'm confused.

Fair and balanced is the liberal party rhetoric that you have swallowed hook line and sinker. You clearly have no concern for those affected by this budget and that's why you think it's fair and balanced. Certainly not many commentators would agree with you.

 

[sash]

I think this govt will only serve 1 term...their policies are way of mark and unncessary. I am in Europe at the moment and our govt debt levels are among the healthiest in OECD. This budget breaks every promise the Libs made at the last election.

They could have made less drastic changes by broadening the tax base. This would have been fairer.

Also slashing like this will have a negative impact on the wider economy. Me thinks some of the people who voted the libs are now having second thoughts. Wait till they lose their jobs as a result of the policies.

Some of the broken promises:

1. Medicare will not be touched - $7 fee to see a doctor
2. Pensions won't be affected - less indexaton, work till 70 for under 48s
3. No new taxes - tax for high income earners, petrol excise, and other hidden taxes
4. No major cuts for the less fortunate - reduction in some Centerlink benefits

Hilarious...indeed....people derserve the govt they vote in.....

Here's a thought - what didn't get touched?
* Access to Super/Smsf though the under 48s will have to wait longer to qualify for the pension
* excise on vices hasn't been increased
* negative gearing
* personal rates of tax (Dazz you have been hit with a 2% levy on income over $180k, a bit hard to take)

The electorate complains that governments are all about the next election, this one looks well past the election cycle (or three) where the benefits will be felt. Yet we have the hide to complain anyway.

We live in a society that wants for little, yet expects everything but without the pain of saving.

How can political parties say that the budget is wrong if the sword has two sides - savings/cuts & directed revenue raising?

This is not a big spending budget as there is no cornucopia from the mining tax or carbon tax reform.

 

[sash]

Lizzie......have you read how it affects people and economy.

Have you considered out level of govt debt to GDP and asked the question if what was done was neccessary and more importantly could have be done by other means such as broadening the tax base?

I cannot believe the amount of ignorant whinging going on, on some less intellectual forums.

They've heard the opposition attacks and think the world is ending.

I personally think it was a fair a balanced budget with no one sector getting slogged

 

[D.T.]

Sash
Not sure how im going to afford this $7 doctors caper. Maybe ill have to go once a day instead of 10 times a day?

Or maybe I should go to america where a doctor wont see me at all unless im with one of the insurance companies he aligns?

 

[Corey Batt]

Lizzie......have you read how it affects people and economy.

Have you considered out level of govt debt to GDP and asked the question if what was done was neccessary and more importantly could have be done by other means such as broadening the tax base?

How do you feel about Australia's debt rising at one of the fastest rate in the entire OECD too, especially whilst other OECD states reduce their debts?

Should we just keep pumping it up so we can be the top of more lists?

 

[chilliblue]

I cannot believe the amount of ignorant whinging going on, on some less intellectual forums.

They've heard the opposition attacks and think the world is ending.

I personally think it was a fair a balanced budget with no one sector getting slogged

Lizzie, how is fair when fuel excise for the ordinary driver is being increased and yet the miners and heavy industries who are reaping massive profits still have their diesel heavily subsided?

Sports people and ballerinas are getting subsided educations.

Tony Abbott is being paid $200K+ more than the American president and twice that of the English Prime Minister and we are being told his contribution of $6K is "carrying his way".

Sash: Both Tony Abbott and Joe Hockey are not openly saying that they made the promises you listed. It is not like Tony wrote them up and had his photo taken in front of them.

 

[Corey Batt]

Lizzie, how is fair when fuel excise for the ordinary driver is being increased and yet the miners and heavy industries who are reaping massive profits still have their diesel heavily subsided?

Sports people and ballerinas are getting subsided educations.

Tony Abbott is being paid $200K+ more than the American president and twice that of the English Prime Minister and we are being told his contribution of $6K is "carrying his way".

Sash: Both Tony Abbott and Joe Hockey are not openly saying that they made the promises you listed. It is not like Tony wrote them up and had his photo taken in front of them.

That's a known photoshop. Herp derp.

Diesel 'subsidy' is that they should not be taxed on their offroad use fuel component, because its specifically in place as a pay usage for maintenance of roads used by said vehicles. They aren't using public roads, so they do not pay said tax. Just the same as farmers.

 

[The Fence]

It's no good trying to reason with then CJ.

The hysteria is...well, hysterical !

Suck it up people, the rescue effort has started. Anyone gets in the way, look out.

 

[VYBerlinaV8]

This is a painful budget, but necessary. Far better to fix our structural deficit problem while we have room to move, and our backs are not to the wall.

 

[Corey Batt]

It's no good trying to reason with then CJ.

The hysteria is...well, hysterical !

Suck it up people, the rescue effort has started. Anyone gets in the way, look out.

It's ok, they can check out the Socialist Alliance instead. They offer everyone the world!

 

[Hoffy]

Lizzie, how is fair when fuel excise for the ordinary driver is being increased and yet the miners and heavy industries who are reaping massive profits still have their diesel heavily subsided?

Sports people and ballerinas are getting subsided educations.

Tony Abbott is being paid $200K+ more than the American president and twice that of the English Prime Minister and we are being told his contribution of $6K is "carrying his way".

Sash: Both Tony Abbott and Joe Hockey are not openly saying that they made the promises you listed. It is not like Tony wrote them up and had his photo taken in front of them.

Lol, can't believe you posted that picture.

That extra 40c per week on fuel is going to be a real killer......

 

[sash]

Hilarious! Let's face it Tony Abbott could not lie straight in bed.

Why should I care I am one of those blokes Tony's misguided policies will assist the most

Sash: Both Tony Abbott and Joe Hockey are not openly saying that they made the promises you listed. It is not like Tony wrote them up and had his photo taken in front of them.

 

[sash]

Might also good to also give context to why debt is growing slower in countries like japan...could it be that they have a debt ratio of 180% of gdp???

How do you feel about Australia's debt rising at one of the fastest rate in the entire OECD too, especially whilst other OECD states reduce their debts?

Should we just keep pumping it up so we can be the top of more lists?