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The Forum > General Discussion > Pros and Cons of the Federal Budget 2016

Pros and Cons of the Federal Budget 2016

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Paul, the 80% was quoted by a senior tax advisor while speaking on the local ABC radio just recently, however, he did say INCOME TAX, which is what I quoted, not total tax revenue.

As for wannabe home owners, if a couple have a combined income of less than $70,000 gross, surely they don't believe they can afford their own home. Unless of cause they drop their standards and accept that home ownership is not measured by the median house price in Sydney, which seems to be the focus point of most discussion lately.

Country towns now have houses under $250K, towns like Caboolture and surrounding areas one can buy a brand new three bedder for under $300K.

How is this not affordable?

Home ownership, like many things is simply a lifestyle choice, so if one chooses to pay $45 per litre for warm milk, or $8 for an egg, well of cause this will make buying a home more difficult. Furthermore, If they choose the drink, smoke, or gamble, or a combination of, then this makes the dream even harder.

But my point is, at what point are the underachievers going to stop whinging and show some appreciation for those they despise as it is they who provide the life blood so many today take for granted.
Which ever way you look at it, Negative gearing is subsidizing their rents, but you would never know given the amount of resentment shown toward their providers.
Posted by rehctub, Thursday, 5 May 2016 11:02:05 AM
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Bazz, since the Kevin 07 gamble our economy has turned to custard and no amount of tinkering around the edges will do any good, especially if our governments continue to allow freeloaders in to feed of what little funding we have left.

I still think a labor win may be our only option, because if history is any judge, they will finish us off in no time.

Once we find rock bottom, then the doo gooders will have little influence on us and we can set about doing what's best for the nation, and supporting those who wont carry their fair share of the burden will be the first thing that will be cut.

The ridiculous amount of wasted money on climate research will be another one to be ignored, along with the fairy tail that so many believe in, alternative energy. There is only one proven alternative, nuclear power.
Posted by rehctub, Thursday, 5 May 2016 11:02:41 AM
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80 cents out of every income tax dollar is paid out in welfare.
BUT how much tax is avoided by the corporations and the 1%?
As for the clout this budget has had, well I know that the pollies are sure that us Proles are very stupid and they can hoodwink us most of the time but really, to bring out a budget just before an election , even blind Freddy knows that if the neocons get back in they will hit us with the real budget and THAT will really hurt.
Posted by Robert LePage, Thursday, 5 May 2016 11:32:08 AM
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This is a Labor budget for Liberals,
Yes some good points but very much looking at the election and no long term view.

The changes in superannuation are ridiculous. Limiting non concessional contributions to %500k over a life time is madness. How many mums and dads have an investment property that they want to sell to put into their super? How many put extra into their super on a regular basis, how many pre-retirees planned to put a lump sum into super? These changes make super unattractive, which means more people relying on the aged pension rather than be self funded. And this has been back dated to 2007

Reducing the contributions from $35k to $25k is stupid, less money going into super means more people getting the aged pension.

We should be encouraging as many people as possible to be self funded retirees.

Secondly , limiting your super to 1.6 million, it may sound a lot, but many small business owners use their business as their super, when they sell, it could quite easily be over 1.6 million.

And taxing transition towards retirement (TTR) people 15% is wrong, many people due to health cant work fulltime and have a TTR and work part-time. They are now penalised.

Yes tax deductions for extra contributions is good.

But I see more people looking for alternative investments or stopping extra contributions, meaning they will rely more on the aged pension.

Finally, this budget encourages more negative gearing and opens the flood gates for Labor (when they do get into power) to alter super more (reduce contributions to $20k, max in super to one million, increase contributions tax etc)

This budget is all about increasing taxes to middle Australia and no plans for retirees in 5-10 years time.
Posted by kirby483, Thursday, 5 May 2016 12:01:46 PM
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"Negative gearing is subsidizing their rents"

Sorry, can't let that go. NG is not money in the landlords pocket. It's the tax treatment of an operating loss.

In the long run, it's all the same to the taxman whether the loss is written down against income from work today or against future profits in the future
Posted by Luciferase, Thursday, 5 May 2016 12:35:36 PM
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The budget was for big city persons and business. There certainly very few around here that earn 80,000 / year.

Overall the budget was dosile, no inovation in that lot. Instead of six months without the dole, now they are going to get paid extra.

Is the pensioners $30 rise still coming in January 2017.
Posted by 579, Thursday, 5 May 2016 12:44:55 PM
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