Auspol March - Thread status: Embattled - The Something Awful Forums

The Something Awful Forums > Discussion > Debate & Discussion > Auspol March - Thread status: Embattled

You Am I: May 20, 2001; Me @ your poasting

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.

# ? Mar 14, 2018 01:33

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# ? May 23, 2024 09:45

Whitlam: Aug 2, 2014; Some goons overreact. Go figure.

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.

# ? Mar 14, 2018 01:36

MysticalMachineGun: Apr 5, 2005

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.

# ? Mar 14, 2018 01:36

SecretOfSteel: Apr 29, 2007; The secret of steel has always
carried with it a mystery.

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?

# ? Mar 14, 2018 01:42

The Before Times: Mar 8, 2014; Once upon a time, I would have thrown you halfway to the moon for a crack like that.

200, 000 of australia's richest pensioners to not get cash from paying zero tax

# ? Mar 14, 2018 01:44

birdstrike: Oct 30, 2008; i;m gay

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.

# ? Mar 14, 2018 01:47

LIVE AMMO COSPLAY: Feb 3, 2006

The Before Times posted:

200, 000 of australia's richest pensioners to not get cash from paying zero tax

Lifters and Leaners.

# ? Mar 14, 2018 01:48

You Am I: May 20, 2001; Me @ your poasting

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

# ? Mar 14, 2018 01:52

Whitlam: Aug 2, 2014; Some goons overreact. Go figure.

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.

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.

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.

# ? Mar 14, 2018 01:52

hooman: Oct 11, 2007; This guy seems legit.; Fun Shoe

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.

# ? Mar 14, 2018 01:54

drunkill: Sep 25, 2007; me @ ur posting; Fallen Rib

https://www.sbs.com.au/news/turnbull-awards-5-billion-combat-vehicles-contract-to-queensland

quote:

Turnbull awards $5 billion combat vehicles contract to Queensland

Victoria is crying foul after the Turnbull government picked a rival bid from a German manufacturer in Queensland to lead the $5 billion contract.
Updated Updated 27 mins ago
By James Elton-Pym

Prime Minister Malcolm Turnbull has announced 211 tanks for the Australian Defence Force will be constructed at a facility in Ipswich, Queensland.

The $5 billion contract was awarded to Rheinmetall Defence Australia, which will build the armoured vehicle using Australian steel.

The Queensland pitch defeated a rival bid from a manufacturer in Victoria that was supported by the Victorian state government, which has accused the Turnbull government of making a political decision.

But the prime minister said the decision was "all about the vehicle", based on testing which demonstrated the toughness and lethal weaponry of the Boxer CRV. He said the company had been the clear preference of the Defence deparment.

Defence Industry Minister Christopher Pyne said while the contract was awarded to the Queensland firm there would be flow-on benefits to the Victorian economy through the chain of subcontractors that supply materials.

"The nation has won this contract. In years gone by, we would have bought the vehicles from overseas and imported them into the country," Mr Pyne said.

Victoria's Industry Minister Ben Carroll has accused the federal government of using the contract for political gain.

"We really do believe this has been based on marginal seats in Queensland and not the best interests of the nation," Mr Carroll told ABC radio on Wednesday.

"Victoria has always been the home of manufacturing, it's the cornerstone of our economy. It's not the cornerstone of Queensland's economy - far from it."

But Queensland's State Development Minister Cameron Dick says that is about to change.

"It is a new beginning for manufacturing in Queensland," he told ABC radio.

"We've been working with Rheinmetall for three years to secure this contract and I'm delighted we'll now be able to deliver over 600 jobs for Queenslanders over a decade."

The federal government estimated the project would create 640 jobs, but only 330 of them in Queensland, with 170 others in Victoria, and 140 in NSW.

The contract is a record purchase for the army and is expected to create hundreds more indirect jobs across Australia.

# ? Mar 14, 2018 01:57

hooman: Oct 11, 2007; This guy seems legit.; Fun Shoe

The arse's attack infographic is giving me hope for Labor help.

# ? Mar 14, 2018 01:58

Anidav: Feb 25, 2010; ahhh fuck its the rats again

I find it weird that the SMH is doing the journalism that you would expect the ABC to do?

When did Fairfax get teeth?

# ? Mar 14, 2018 02:14

Dimebag: Jul 12, 2004

Anidav posted:

I find it weird that the SMH is doing the journalism that you would expect the ABC to do?

When did Fairfax get teeth?

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.

# ? Mar 14, 2018 02:19

BBJoey: Oct 31, 2012

Whitlam posted:

I don't have HECS/HELP debt so I should definitely look into this is what I'm hearing. Thank you

Edit:

I will do this too.

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.

# ? Mar 14, 2018 02:21

Doctor Spaceman: Jul 6, 2010; "Everyone's entitled to their point of view, but that's seriously a weird one."

Anidav posted:

I find it weird that the SMH is doing the journalism that you would expect the ABC to do?

When did Fairfax get teeth?

Fairfax has had decent finance/econ people for a while, it's more a matter of what editorial line gets pushed.

# ? Mar 14, 2018 02:22

LIVE AMMO COSPLAY: Feb 3, 2006

It�s cool to see the government acting like they�re in opposition already.

# ? Mar 14, 2018 02:22

Solemn Sloth: Jul 11, 2015; Baby you can shout at me,
But you can't need my eyes.

You Am I posted:

I do that (still get HECS taken out) and not dumb as gently caress.

And LOL at getting interest in a bank account these days.

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.

I like having that fat return goodness for planning my holidays each year.

Have you considered instead just not spending the money and then you will also have it available to go on holidays etc with

# ? Mar 14, 2018 02:24

Whitlam: Aug 2, 2014; Some goons overreact. Go figure.

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.

# ? Mar 14, 2018 02:30

birdstrike: Oct 30, 2008; i;m gay

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

# ? Mar 14, 2018 02:33

Solemn Sloth: Jul 11, 2015; Baby you can shout at me,
But you can't need my eyes.

# ? Mar 14, 2018 02:35

hooman: Oct 11, 2007; This guy seems legit.; Fun Shoe

Speaking of economic literacy: What are the arguments against estate taxes?

# ? Mar 14, 2018 02:37

Solemn Sloth: Jul 11, 2015; Baby you can shout at me,
But you can't need my eyes.

hooman posted:

Speaking of economic literacy: What are the arguments against estate taxes?

Politicians and their owners benefit from estates

# ? Mar 14, 2018 02:38

Intoluene: Jul 6, 2011; Activating self-destruct sequence!; Fun Shoe

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?! :byodame:

Ignoring the fact that they're not actually paying the tax since they're dead.

# ? Mar 14, 2018 02:41

JBP: Feb 16, 2017; You've got to know, to understand,
Baby, take me by my hand,
I'll lead you to the promised land.

I don't support estate taxes for anything under $3m but above that go nuts, 50%

# ? Mar 14, 2018 02:42

Doctor Spaceman: Jul 6, 2010; "Everyone's entitled to their point of view, but that's seriously a weird one."

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

# ? Mar 14, 2018 02:43

Intoluene: Jul 6, 2011; Activating self-destruct sequence!; Fun Shoe

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.

# ? Mar 14, 2018 02:51

Solemn Sloth: Jul 11, 2015; Baby you can shout at me,
But you can't need my eyes.

I support estate taxes because it provides a financial incentive to governments for killing the rich

# ? Mar 14, 2018 02:52

You Am I: May 20, 2001; Me @ your poasting

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

No, my candles collection must grow

# ? Mar 14, 2018 02:54

froglet: Nov 12, 2009; You see, the best way to Stop the Boats is a massive swarm of autonomous armed dogs. Strafing a few boats will stop the rest and save many lives in the long term.

You can't make an Omelet without breaking a few eggs. Vote Greens.

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.

# ? Mar 14, 2018 03:00

bigis: Jun 21, 2006

Just offset your home loan with your cash, guys.

# ? Mar 14, 2018 03:04

I would blow Dane Cook: Dec 26, 2008

bigis posted:

Just offset your home loan with your cash, guys.

For that home we can all totally afford.

# ? Mar 14, 2018 03:06

Doctor Spaceman: Jul 6, 2010; "Everyone's entitled to their point of view, but that's seriously a weird one."

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.

# ? Mar 14, 2018 03:08

hooman: Oct 11, 2007; This guy seems legit.; Fun Shoe

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.

# ? Mar 14, 2018 03:13

Doctor Spaceman: Jul 6, 2010; "Everyone's entitled to their point of view, but that's seriously a weird one."

My favourite fact about the estate tax is how people find the will to leave solely because they get to avoid tax

In 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."

# ? Mar 14, 2018 03:25

The Before Times: Mar 8, 2014; Once upon a time, I would have thrown you halfway to the moon for a crack like that.

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

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."

'let's take good care of grandpa joe, at least until next week'

# ? Mar 14, 2018 03:36

hooman: Oct 11, 2007; This guy seems legit.; Fun Shoe

Death and Taxes indeed.

Also you know who lead the abolition of the death tax?

Joe Bjelke-Petersen, because loving of course he did.

# ? Mar 14, 2018 03:43

Kafka Syrup: Apr 29, 2009

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.

# ? Mar 14, 2018 03:48

Solemn Sloth: Jul 11, 2015; Baby you can shout at me,
But you can't need my eyes.

https://twitter.com/christinawilkie/status/973667887708823556

# ? Mar 14, 2018 03:50

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# ? May 23, 2024 09:45

Anidav: Feb 25, 2010; ahhh fuck its the rats again

Wow lol at the Victorian tears over the tank building going to proven best state Queensland.

# ? Mar 14, 2018 03:56

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