That’s essentially Trump’s/Republican platform in its entirety, minus The Wall
i got one of these yesterday from Jason Wood. He’s sent me another letter in the past about “doubling crime rate!11!” in my suburb, conveniently just before the state election. mind you, there’s only about 850 people in my suburb, so it wouldn’t take much for the crime rate to double. that’s assuming he actually had those figures, which i’m willing to bet a large political donation that he didn’t.
I got a postal vote application from Dan Tehan. Straight into the yellow bin with it.
The majority of individual returns tax fee would be under $3,000, and Labors change would hardly impact many people at all, and Accountants would have already thought of a way to bypass it.
Might be hard for a minority of sole trader business owners who claim more than that. But they are probably being ripped off bu the accountants.
But generally they would be in a different structure and able to claim the deduction - trust/partnership etc
Biggest issue for accountants is what labor do with the following
- Division 7A changes
- Trust distributions taxed at 30% minimum rate
- Capital gains reduction 50 to 25%
- negative gearing changes
- super changes - ALP want to push people back into Industry funds
- ALP Will look at small business CGT concessions too in the future I believe.
If Labor get in
- super changes - ALP want to push people back into Industry funds
This one is complete nonsense.
Find me a financial planner who will recommend an industry fund that isn’t paid by an industry fund.
Find me a financial planner who will recommend a retail fund who isn’t paid by a financial company.
You won’t be able to.
If you actually dig into who actually manages the investments within an industry super fund you’ll actually find it will be the same people who run retail funds.
This is just the Australian investments (it’s in dollars then as a % of the funds under management) for cbus;
Australian shares
Industry Funds Management 3,269.6 7.0
Paradice Investment Management 1,912.7 4.1
Perpetual Investment Management 1,350.9 2.9
Hyperion Asset Management 1,192.1 2.6
Ausbil Dexia 1,167.6 2.5
Airlie Funds Management 1,117.8 2.4
Ellerston Capital 1,083.6 2.3
Allan Gray Australia 865.5 1.9
Novaport Capital Pty Ltd 213.1 0.5
Kinetic Investment Partners 204.2 0.4
Cbus Self Managed 38.5 0.1
SSGM Equities Exposure 27.1 0.1
Other1 5.1 0.0
Citigroup Global Markets Australia Equities Exposure 0.0 0.0
Mesirow Financial Currency Management2 -19.6 -0.0
Total Australian shares 12,428.2 26.6
Don’t worry about if it’s an industry or a retail fund. The investments are generally very similar. The biggest difference is cost. Simply find what is best for you!
Disclosure: Cbus was used as an example and is not a recommendation.
I did see a suggestion that if it has a reply paid envelope with it, stuff it with all the election junk mail you get and post it back to them so they have to pay for it.
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Everyone needs to vote this clown out.
more referring to the franking credit change
in a industry super fund people may be able to use their unused credits to pay for someone elses tax account and keep their $$$$ effectively. where not possible in SMSF if in pension mode etc unless there is a member who receives a gov pension in the fund.
Ohh and Labor probably get kick backs from industry funds.
In a word, no. It doesn’t favour an industry fund over a retail super fund.
Also franking credit change doesn’t just affect super funds.
I used to do that with junk mail in pre-email times.
Except I would send the reply paid envelope back empty; hoping they would become frustrated at a missing reply.
I don’t think Industry Funds give any kickbacks as it would have to be reportable and it would not look kosher. In any case, Unions look after Labor very well. After all we are their child.
Maybe someone else got a speeding fine too?
Include a few tent pegs as the postage is paid by weight.
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What’s the term for if you can’t tell if something’s satire or not?
-edit- Got it, Poe’s Law https://en.wikipedia.org/wiki/Poe’s_law
Except this is like a reverse of that
-edit2- …I think
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I have a feeling all this press he is getting is actually getting him a groundswell of support
The Trump Effect.
I think the media kind of want him in for the news he will frequently generate. Nothing sells these days like division.
Sex stills sells pretty well.
Where’s Barnaby when you need him?
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wtf is that thing creeping up behind him?