2015-2016 Budget

Quote:
It doesn't make financial sense for many parents to head back to work after a kid (sub one year olds cost over $140/day in the CBD), by the time you pay for parking, clothes, meals and loss of quality of life (by not being at home) you are well behind.
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News flash;

Not everyone works in the CBD, not everyone works 9-5.

It's their choice to do that, or find a more favourable job elsewhere.

*My wife is a nurse; 20 min commute and free parking.
*One child in family day care (subsidised) - only one day per week though.
*We cloth our younger kids in second hand clothes from Op Shops and occasionally Target etc - waste of money to buy top-end brand new designer stuff.
* Food - Dandenong Market and Aldi shoppers. We eat pretty well.
*Kids - improve quality of life; but not quantity of money :D
 
jerrybee said:
Is this 20k just for this FY, or is it every year until they stop it? If it's every year I won't be in a mad rush to bring forward some expenses from next year. Otherwise it's shopping time!
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Jerrybee, I think I read somewhere that its until 30th June 2017. And it's unlimited in that if you buy 3 items at 20k then it will reduce your taxable income by $60000. Better check that info though.
 
D.T. said:
Brian
It's encouraging businesses to spend. Businesses spending is great for the economy. Previously, items of this nature had to be depreciated over a number of years, but now are deductible in one shot. It isn't a once off, it's as much as you want.

Businesses are already considering the things they could buy or upgrade. This means a direct improvement in their own business, but also revenue for the place they brought it from, staff to operate it, service it, etc. In theory, those people also do some spending and snowball effect is that economy is healthy again.

Contrast this to the unimaginative bunch who gave everyone $900. Goes no where near as far as the above. Most of it probably didn't even end up back in the Australian economy.
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Thanks for the reply Dave. Now I don't know what to buy
 
cimbom said:
So you support paying welfare to a pensioner who is a millionaire (which is what assets a bit over 823k makes you) but low income single mothers should get nothing?
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Let me explain.

Firstly, an aged pensioner that has worked all their life, scrimped and saved to make something of themselves and to support themselves in their old age SHOULD have a much better income than those that have been dependant on welfare their whole lives.

That $823k is all assets. Take away the furnishings, cars, jewellery and all the other 'things' that people have in their homes, and that figure is much less. Once you remove all other assets, it could be around $500k, in shares, property, super etc. That really isn't a lot, and when it's gone, they are in the same position as someone who had the same income over the years, but chose to spend it all, or someone who sat around and never did anything.
 
There is no work test for the aged pension. The main criteria (outside of assets) is just age. You could've worked for 2 years, 50 years or even 0 years, and you'd still be entitled to receive it. They also don't care if you've spent your work earnings frivolously or if you saved or invested. Let's not pretend they'd be no pensioners in the,former category.

Also what does "relying on welfare" even mean? There are many people who work but because they earn a low income, this gets supplemented by welfare. How is this not "working hard"?
 
BayView said:
The deficit cannot be decreased under current circumstances.

Iron ore slump/Mining Boom end has put and end to that fairytale.

The only thing the Libs can achieve currently is to decrease the % of debt increase of GDP.

They are doing that.

In other words; the debt is still increasing; just at a slower rate.
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just as i expected :rolleyes:
 
jerrybee said:
Holy crap, I thought it was cumulative. This is going to have a very positive effect on the economy.
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Just re-reading, maybe I took it the wrong way...

"In arguably the budget's biggest shock, businesses with an annual turnover under $2 million can claim immediate tax deductions for as many sub-$20,000 purchases as they make between 7:30pm on budget night and June 30, 2017, rather than having to claim those purchases as deductions spread over several years."

Don't go spending your life savings just yet... :confused:

What are others' thoughts?
 
Encarta said:
You realise people are dying of starvation over there?
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Many Countries are same - Corrupt and self-centred greedy Gubbs who steal all the wealth, and a society that continues to pump out waaaay more children than they can possibly feed themselves.

Teach em birth control and leave them to it.

Forget trying to fix the Gubb.

Good luck.
 
Strannik said:
just as i expected :rolleyes:
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What were you expecting?

Everyone in this Country needs to get real, and the Gubbs need to get honest and deliver the necessary bad news to our society;

86% of Gubb revenue is legislated expenditure - already locked in. It is very hard to decrease spending in any large degree.

Noone wants to take a hand-out decrease - we all want more and more and more for nothing
The population is getting older (more pension)
Revenues have dropped by a massive amount (mining),
Wages are stagnating (less income tax revenue)
Jobs are disappearing faster than being created (don't believe media)
Population is increasing

I'm no expert, but I'd say this is an impossible equation.

None of those donkeys want to admit it...and don't want to make some really horrible decisions on our behalf.

They tried that last year and everyone sooked up.

We've got a Senate who will oppose just about everything that'll seem like a hard decision on the community, so don't expect much to happen for a while.
 
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I read somewhere that the expected tax income from iron ore exports was calculated on US$48 a ton, given that the current spot price is now up to US$63 we should see an improvement in the deficit if the price averages better than $48 over the next year or two.

Better than using $100 and getting $63 I guess, conservative approach, don't spend it until you have actually got it :)
 
Macca said:
I read somewhere that the expected tax income from iron ore exports was calculated on US$48 a ton, given that the current spot price is now up to US$63 we should see an improvement in the deficit if the price averages better than $48 over the next year or two.

Better than using $100 and getting $63 I guess, conservative approach, don't spend it until you have actually got it :)
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Given how volatile it has been, I think they were right to make a really pessimistic estimate. It's highly likely that this will be needed too. Better to plan for the worst, given where we are.
 
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