The Herald Sun also said that 'The review proposes a 40 per cent discount on all income from savings, as well as on all residential rental income and losses, and capital gains.'
I'm not exactly sure what that means or whether the government has indicated whether it will do this, but it sounds promising.
An estimated $5.6bn in tax over 10 years for the whole Australian mining industry. That would be "a drop in the ocean..." instead of extortion.
Dunno. There would be a lot of people like me who are heavily into miners for well considered reasons who might not agree that a 3% fall is no big deal.The market doesn't seem to be taking it particularly seriously though...
The market doesn't seem to be taking it particularly seriously though...
Well the press release I saw at the time had a little error in in - omitting the term "per year" from the $9.5bn. Turns out to be a little more significant than I thought and nowhere near the wholesale reform of the royalty scheme that is needed, rather just a new tax on top of the existing system.
On that basis alone, I'm definitely not a supporter of this, even if it does top up people's super.
Now were back on the same page....
The problem with the gov debt is who is going to pay it back?
Those with wealth or those without?
What will happen is that those with wealth (of anykind) are the only people who are able to pay the tax (interest) bill.
So the next 10 yr will see the advent of even more "wealth taxes" that will be imposed on the minority middle class investors and small biz.
Obviously if you have no wealth, then you can't be made to pay much.
But those of us who spent decades creating wealth & income, paying taxes on everything, are now paying taxes on taxes that we already paid tax on.
It's corporate communism or fascism, where the population is either poor or very wealthy, and the middle class pays.
All this creates a contrived artificial market place that doe'snt bring a happy ending.
And I like happy ending.
This mining tax is outrageous. My mining stocks have crashed like crazy. I can't believe this. Watching my Atlas fall like mad. And am guessing the NCM/Lihir deal won't go through too given how horrible my NCM has now performed.