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JBP posted:Why don't you pay it into savings and get something, which is better than literally nothing that also becomes less valuable every quarter? If there's spare money in there you can always throw it at super and get the tax deduction on top, saving $100 per pay (that will actually gain good value) for the princely sum of ~$75. Once again savings is a zero sum game since the interest rates are too low for it to be effective. I can put more into super, but already getting 17% a year thanks to the EBA and future YouAmI can go gently caress himself at the moment. I like having that fat return goodness for planning my holidays each year.
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# ? Mar 14, 2018 01:33 |
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# ? May 25, 2024 14:00 |
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Actually on that note, does anyone have some good references about contributing more to your super without loving yourself at tax time? I want to contribute more but I'm not sure if there are any limits or anything for doing so and don't want to accidentally screw myself.
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# ? Mar 14, 2018 01:36 |
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Savings are savings - tax returns are at the whim of the current government and whatever tax increases/tax cuts they wish to introduce. If I'd still been paying HECS into my tax when they removed the dependent spouse offset I would've straight up lost money.
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# ? Mar 14, 2018 01:36 |
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Over 200,000 pensioners to lose money if Labor abolishes cash refunds ...jesus, good loving headline abc. why not Over 200,000 pensioners to be homeless if Labor abolishes cash refund, is your home next?
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# ? Mar 14, 2018 01:42 |
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200, 000 of australia's richest pensioners to not get cash from paying zero tax
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# ? Mar 14, 2018 01:44 |
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Whitlam posted:Actually on that note, does anyone have some good references about contributing more to your super without loving yourself at tax time? I want to contribute more but I'm not sure if there are any limits or anything for doing so and don't want to accidentally screw myself. Theoretically salary sacrificing pre-tax income into super is good because it reduces your taxable income and puts more into super than if you invested after-tax income. There is a very real chance that if you do this with a HELP debt you will screw yourself at tax time because the HELP repayment calculation adds the sacrificed component back to your income, even though you never received that money in your hand.
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# ? Mar 14, 2018 01:47 |
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The Before Times posted:200, 000 of australia's richest pensioners to not get cash from paying zero tax Lifters and Leaners.
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# ? Mar 14, 2018 01:48 |
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Whitlam posted:Actually on that note, does anyone have some good references about contributing more to your super without loving yourself at tax time? I want to contribute more but I'm not sure if there are any limits or anything for doing so and don't want to accidentally screw myself. Speak to your HR department, salary sacrifice for super can differ between businesses depending on EBAs or individual agreements
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# ? Mar 14, 2018 01:52 |
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Birdstrike posted:Theoretically salary sacrificing pre-tax income into super is good because it reduces your taxable income and puts more into super than if you invested after-tax income. I don't have HECS/HELP debt so I should definitely look into this is what I'm hearing. Thank you Edit: You Am I posted:Speak to your HR department, salary sacrifice for super can differ between businesses depending on EBAs or individual agreements I will do this too.
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# ? Mar 14, 2018 01:52 |
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The Arse posted:Bill Shorten has launched a class war over the federal budget with plans to raise the top personal tax rate to 49.5 per cent for people earning more than $180,000 a year, doubling down on the Coalition’s “big-government” budget by pledging $22 billion more for schools. Boomers shook.
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# ? Mar 14, 2018 01:54 |
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https://www.sbs.com.au/news/turnbull-awards-5-billion-combat-vehicles-contract-to-queenslandquote:Turnbull awards $5 billion combat vehicles contract to Queensland
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# ? Mar 14, 2018 01:57 |
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The arse's attack infographic is giving me hope for Labor help.
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# ? Mar 14, 2018 01:58 |
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I find it weird that the SMH is doing the journalism that you would expect the ABC to do? When did Fairfax get teeth?
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# ? Mar 14, 2018 02:14 |
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Anidav posted:I find it weird that the SMH is doing the journalism that you would expect the ABC to do? When they realised this government is cooked. The closer we get to the Newspoll record the more brazen the press are becoming, none of them want to back a dud like Malcolm or whomever the Libs roll out as their next leader.
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# ? Mar 14, 2018 02:19 |
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Whitlam posted:I don't have HECS/HELP debt so I should definitely look into this is what I'm hearing. Thank you THIS IS NOT FINANCIAL ADVICE SPEAK TO SOMEONE WITH ACTUAL QUALIFICATIONS salary sacrifice is cool if you can afford it because concessional (pre-tax) contributions are taxed at the low rate of 15% if you earn under 250k per year, 30% if you earn over. however there is a cap to these contributions after which you’re taxed at your marginal rate as well as an additional charge - in other words, if you contribute above the cap, you pay the tax you would have paid anyway, eat an additional charge, and can’t access that money because it’s locked away in super. the cap for this financial year and the foreseeable future until government fucks with it is $25,000 per year. there are also some weird carry-forward clauses that i don’t understand and don’t mess with but you might be smarter than me so check them out. the trick is that both salary sacrifice AND employer contributions count towards the cap. you need to calculate your salary sacrifice such that it plus your employer contributions (minimum 9.5% of income but may be higher, eg in the public sector in particular) do not exceed $25,000 in a given financial year. if your pay increases for any reason (promotion, enterprise agreement, acting arrangements etc) that will affect your employer contribution and you may need to change your sacrifice accordingly to avoid going over the cap. hopefully that makes sense but i’m only some idiot on something awful so seek advice from qualified professionals. salary sacrificing isn’t hard but there are some pitfalls to look out for.
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# ? Mar 14, 2018 02:21 |
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Anidav posted:I find it weird that the SMH is doing the journalism that you would expect the ABC to do?
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# ? Mar 14, 2018 02:22 |
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It’s cool to see the government acting like they’re in opposition already.
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# ? Mar 14, 2018 02:22 |
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You Am I posted:I do that (still get HECS taken out) and not dumb as gently caress. You Am I posted:Once again savings is a zero sum game since the interest rates are too low for it to be effective. I can put more into super, but already getting 17% a year thanks to the EBA and future YouAmI can go gently caress himself at the moment. Have you considered instead just not spending the money and then you will also have it available to go on holidays etc with
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# ? Mar 14, 2018 02:24 |
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BBJoey posted:Smart words that are definitely not advice. Thanks for this. I know it's a cliché but this is exactly the kind of poo poo they should teach in high school, but I imagine a lot of teachers don't know this kind of life skill stuff either.
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# ? Mar 14, 2018 02:30 |
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Solemn Sloth posted:Have you considered instead just not spending the money and then you will also have it available to go on holidays etc with someone who is good at the economy please help me budget this. my holidays are dying
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# ? Mar 14, 2018 02:33 |
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E:
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# ? Mar 14, 2018 02:35 |
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Speaking of economic literacy: What are the arguments against estate taxes?
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# ? Mar 14, 2018 02:37 |
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hooman posted:Speaking of economic literacy: What are the arguments against estate taxes? Politicians and their owners benefit from estates
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# ? Mar 14, 2018 02:38 |
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hooman posted:Speaking of economic literacy: What are the arguments against estate taxes? Why do I have to pay the government AGAIN when I die?! Ignoring the fact that they're not actually paying the tax since they're dead.
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# ? Mar 14, 2018 02:41 |
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I don't support estate taxes for anything under $3m but above that go nuts, 50%
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# ? Mar 14, 2018 02:42 |
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hooman posted:Speaking of economic literacy: What are the arguments against estate taxes? You could end up with a huge tax bill and no liquid assets. It hurts small farmers and small business owners who want to pass on their hard-earned wealth to their children. etc etc
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# ? Mar 14, 2018 02:43 |
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Doctor Spaceman posted:You could end up with a huge tax bill and no liquid assets. It hurts small farmers and small business owners who want to pass on their hard-earned wealth to their children. etc etc Also this, but estate taxes are usually only for above a really high threshold anyway or at least should be.
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# ? Mar 14, 2018 02:51 |
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I support estate taxes because it provides a financial incentive to governments for killing the rich
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# ? Mar 14, 2018 02:52 |
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Solemn Sloth posted:Have you considered instead just not spending the money and then you will also have it available to go on holidays etc with
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# ? Mar 14, 2018 02:54 |
You Am I posted:Speak to your HR department, salary sacrifice for super can differ between businesses depending on EBAs or individual agreements To elaborate on this - if you were on 50k + super and slaary sacrificed 5k, some employers recalculate your super as if you were on 45k. Alternatively, they'll say you adding 5k is the same as them adding the 9.5% and won't pay you super. I hear the government was going to change this with legislation, but in the past year or so you can get around your employer's being cheap jerks by contributing post-tax then filling in a form to declare it so you get a tax deduction.
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# ? Mar 14, 2018 03:00 |
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Just offset your home loan with your cash, guys.
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# ? Mar 14, 2018 03:04 |
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bigis posted:Just offset your home loan with your cash, guys. For that home we can all totally afford.
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# ? Mar 14, 2018 03:06 |
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Intoluene posted:Also this, but estate taxes are usually only for above a really high threshold anyway or at least should be. Oh yeah. All of what I said can be designed around (quite easily), I just was giving a few of the common arguments against them. Estate taxes are pretty poo poo at raising money but are good at reducing the concentration of wealth.
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# ? Mar 14, 2018 03:08 |
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Thanks for the responses goons. Those were basically my thoughts about it as well I just wanted to make sure I wasn't missing something before I staked out a hill to die on. and by die I mean tell an idiot he's wrong on.
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# ? Mar 14, 2018 03:13 |
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My favourite fact about the estate tax is how people find the will to leave solely because they get to avoid taxIn 2009, Andrew Leigh posted:In 1979, Australia abolished federal inheritance taxes. Using daily deaths data, we show that approximately 50 deaths were shifted from the week before the abolition to the week after (amounting to over half of those who would have been eligible to pay the tax). Our findings suggest that the scheduled abolition of the US inheritance tax may lead some deaths to be shifted from the last week of 2009 into the first week of 2010. See also here, which found that "while the evidence of "death elasticity" is "not overwhelming," every $10,000 in available tax savings increases the chance of dying in the low-tax period by 1.6 percent."
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# ? Mar 14, 2018 03:25 |
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Doctor Spaceman posted:My favourite fact about the estate tax is how people find the will to leave solely because they get to avoid tax 'let's take good care of grandpa joe, at least until next week'
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# ? Mar 14, 2018 03:36 |
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Death and Taxes indeed. Also you know who lead the abolition of the death tax? Joe Bjelke-Petersen, because loving of course he did.
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# ? Mar 14, 2018 03:43 |
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hooman posted:Speaking of economic literacy: What are the arguments against estate taxes? Nothing. It's an ideological position. A lot of people argue if they earned money and have assets, they should decide how it is disposed of, and that doesn't change when they die. There's one policy complication that estate taxes might result in people gifting wealth before they die (sometimes conditionally, often unconditionally) and that might result in inequitable outcomes since estates law have a bunch of safeguards to ensure the state as a creditor is paid and that no family member reliant on that estate is left out.
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# ? Mar 14, 2018 03:48 |
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https://twitter.com/christinawilkie/status/973667887708823556
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# ? Mar 14, 2018 03:50 |
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# ? May 25, 2024 14:00 |
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Wow lol at the Victorian tears over the tank building going to proven best state Queensland.
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# ? Mar 14, 2018 03:56 |