i think build a better infrastructure, invest on the gas/agriculture/tourism businesses and create environment for people to be more social and be more inspired to work. Make people in the government offices work not drag their feet on things and cut red tape
I would probably lower the company tax rate to 20% which is better than they pay now and perhaps have a sliding scale. So any buisimess earning less than 100k would pay 20% , would be small business that may be starting out, might be the one man business and they would pay 20% . This would encourage and help.small businesses starting out. From 100k-250 k we will make it 25%, for any over 250k make it 30%.
There is actually a strong argument not to levy company tax at all, but only to levy tax on dividends or transfer of profits to a foreign entity.
I would certainly like to give some advantages to small businesses that are largely owned by the people who work there. It seems to me that large corporates are feudal organisations ruled by a small cadre of top execs of often questionable value who hand around huge salaries to each other, simultaneously raping the rest of the employees and the shareholders.
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Is your 22% cgt after the 50% discount for ownership over 12 months.
Nope. It is on the full amount. The "50% discount" is a crock which actually disadvantages the efficient use of capital over the long term. CGT should be taxed on the entire gain, but the rate needs to be quite a bit lower than ordinary income. It seems to me that somewhere between 18% and 25% is the sweet spot. And it needs to be separate from ordinary income. The current system in oz is a fudge. You want to make it possible to make good gains from the efficient use of capital, because that is where everyone's wealth comes from.
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As for deportation comment, where would you send them. I would send them back to where they came from, fly them there and leave them there. If you want to play up its goodbye , you had your chance, we gave you one, you blew it, simple, set an example.
The country you sent them to would just ship them straight back and fine the airline that brought them there if they did not have the appropriate entry permit, which most would not. Once you give someone citizenship they are your responsibility, right or wrong.
The truth will set you free. But first, it will piss you off. --Gloria Steinem AREPS™
I do have my heckles up with the banking system, I think we do get well & truly shafted ALL of us..
Im not that familiar with the community bank structuring, is it better? I do notice they do go out of their way to support some local schools & stuff & donate..
Thanks Blondie, I was going to elaborate on this earlier but forgot.
Yes the banking system is a joke. While our economy is struggling and individuals and families are struggling, these insulting crooks continually announce record profits in the billions. That's billions of dollars taken from our small population by world standards. Our banks are the most profitable in the world, being fourth on the world scale while our population is only 23 million. An insult to the Australian public, a further insult is paying that Gail Kelly 15 million for one year.
Something really needs to.be done about this, I don't know what, I have not thought about it that much. Any ideas on this folks ?
i think build a better infrastructure, invest on the gas/agriculture/tourism businesses and create environment for people to be more social and be more inspired to work. Make people in the government offices work not drag their feet on things and cut red tape
What I would like to see is the government investing our tax dollars in some worthwhile business.
What if our government had bought an iron ore or gold mine.
The profits would go back to the people, instead of some rich individuals or some foreign owned company, our gold mimes are being bought up by the Chinese, some are also.owned by Canadian and US companies. We are selling our arses here.
Even if the business failed, at least we gave it a go and tried.
Even if the company was to make no profit and only broke even, we would be provided jobs and income to Australians, the government would receive income tax from the workers.
And yes I agree with your government workers and red tape comment. Thank you.
There is actually a strong argument not to levy company tax at all, but only to levy tax on dividends or transfer of profits to a foreign entity.
I would certainly like to give some advantages to small businesses that are largely owned by the people who work there. It seems to me that large corporates are feudal organisations ruled by a small cadre of top execs of often questionable value who hand around huge salaries to each other, simultaneously raping the rest of the employees and the shareholders.
Nope. It is on the full amount. The "50% discount" is a crock which actually disadvantages the efficient use of capital over the long term. CGT should be taxed on the entire gain, but the rate needs to be quite a bit lower than ordinary income. It seems to me that somewhere between 18% and 25% is the sweet spot. And it needs to be separate from ordinary income. The current system in oz is a fudge. You want to make it possible to make good gains from the efficient use of capital, because that is where everyone's wealth comes from.
The country you sent them to would just ship them straight back and fine the airline that brought them there if they did not have the appropriate entry permit, which most would not. Once you give someone citizenship they are your responsibility, right or wrong.
The top execs and there high wages and spending ways are often the demise of many a company these days.
And that's fine, with the cgt and having no discount , so now I agree with you more on that. Start it at 20% and have a sliding scale. While this may not be good for me , its good for the economy, lpg was not good for me personally, I would prefer to run on petrol, but if it means improving our economy, then so be it.
As for your citizen and deportation comment, you ask are you right or wrong. Well , who cares if WE gave them.citizenship, it has now been.revoked, they would be back in there homeland now where they would have citizenship, who cares where they just arrived from, they could have just been on holiday for all their own governments cares. Right or wrong ?
As for your citizen and deportation comment, you ask are you right or wrong. Well , who cares if WE gave them.citizenship, it has now been.revoked, they would be back in there homeland now where they would have citizenship, who cares where they just arrived from, they could have just been on holiday for all their own governments cares. Right or wrong ?
I can see your point, but many countries revoke citizenship of people who get another citizenship, and there are international conventions against revoking citizenship for any other reason. There is an expectation that you deal with your own shit, and granting citizenship makes someone your own shit. PR is a completely different story, of course.
On a purely practical matter, the other country would refuse entry if they were not shown either an Australian passport with a visa in it or their own passport, still valid. So if I didn't want to go back, even if I did still happen to have citizenship (e.g. US, Turkey and a lot of other places), I'd just trash/hide the passport of the country I was to be deported to. The result would be the next flight back to port of origin at the expense of the airline that brought you.
Edit: the assumption here is of curse that the country of origin doesn't want you back, which is not always true.
One trick that people have used is to get on a flight to Australia with a valid passport and tourist visa, but destroy both along with all other ID in the airport before customs and claim asylum. If you can't prove who they are, you can't determine the port of origin, and you can't deport them......
Something really needs to.be done about this, I don't know what, I have not thought about it that much. Any ideas on this folks ?
Stop voting for the Libs, Labor and probably the Greens.
Whoops, that's that idea fucked.
People love banks when their ip goes up or shares go up.
Problem is we've got all these people in Sydney and probably Melbourne who aren't good for much other than working in banks.
You've got the media that needs to flog RE to survive.
You've got the biggest employer, retail, that needs to flog made in China shit to survive.
Damn, even if someone offered me a dictatorship I'd probably decline.
What a mess!
stinkbug omosessuale Frank Castle is a liar and a criminal. He will often deliberately take people out of context and use straw man arguments. Frank finally and unintentionally gives it up and admits he got where he is, primarily via dumb luck! See here Property will be 50-70% off by 2016.
It is important to keep in mind that when we are talking about the government running big stonking deficits they are not, for the most part, borrowing the money from locals. For the simple reason, locals don’t like saving (it is for wusses and poor people) and trying to get them to do so would require much higher yields on the bonds.
Most of it is being raised from foreigners who, knowing a larrikin always pays his debts, enter the FX markets and buys up $AUS to hand over for IOUs signed by Joe on behalf of our children.
Joe then spends the money keeping the economy running on its current ponzi-nomic settings and all is fine mate.
But if those foreigners get twitchy about the larrikins and their spending habits Joe may find himself paying more and more to borrow from them.
Considering Joe is just a larrikin who has heaps of ‘equity maaate’ the cost of money lent by foreigners to Megabank to pass on to the average larrikin will also start rising.
Sure we can sell them more dirt, more mines, more shares ( or heck even the entire company) but we have already done that intensely for 50 years.
There is of course the approach that others have engaged in – QE – or printing money – is an option and while that is superior to a money supply controlled by our rapacious private bank, it is pretty clear to all (except perhaps some MMT fans) that the minute we even talk about it the lenders to larrikins will have a fit and rule it out.
The only solution, and it is not nice, is to start weaning ourselves off foreign capital starting with govt borrowing and Megabank borrowing for mortgage lending.
To soften the adjustment pain the govt should then be extremely active in removing any and all hinderances to locals engaging in economic activity that produces tradeable goods and services (remittances) or helps the competitiveness of industries producing them.
There is a big role for the safety net ( but not a feather bed) and for sound worthwhile investment that builds common wealth.
There is NO role for brain dead Keynesian demand pot hole filling. A waste of resources is always a waste of resources.
No harm in also trying some MP in the mix as a way of reducing reliance on foreign capital.
Can Joe do it?
I think he can especially if he fancies himself as a leadership contender.
There are a lot of votes in being a shepherd in difficult times.
Sheep stick to shepherds closer when the wolf draws near.
He just has to be clear that there is a wolf and it is ready to pounce.
The problem with their QE is that is channeled through the banks.
If a govt really wants to get some evonomic activity happening it just has to deposit cash into bank accounts fresh from the printer.
Let people spend it as they choose. They can pay off debts if they please – in fact debtors should be required to pay off debts first. And clamp down on the lending by banks to keep the level of debt down low from here on. Preferably, limit them to 100% reserve lending.
If and when there is an inflation response – they can slow down and stop the process. Plus the RBA can use interest rates if things really heat up.
There are two distinct external forces operating on our economy.
One is the pursuit of financial repression in the US, which has contributed to demand for AUD-denominated assets and inflated their value. The associated increase in the exchange rate gave us windfall real income gains for a few years, but has also distorted the real economy and has crippled many export-oriented and import-competing businesses.
The second has been the impact of State-directed economic expansion in China, which has reshaped our exports and investment flows, and has also driven up the appeal of AUD-denominated assets. The re-shaping of our external sector has also reshaped our domestic economy – a process facilitated by the RBA, which held monetary policy at relatively tight levels for several years even though the domestic economy has lacked vitality since the GFC.
Since 2011, we’ve seen these external forces start to lose their expansionary impact, and we should now expect them to exert long term contractionary effects on incomes. The result should be a currency depreciation, which will have its own effect on our terms of trade even if export prices do not change at all. That is, as depreciation causes import prices to rise, our real terms of trade will necessarily deteriorate. This is already happening and was responsible for the contraction in real national disposable income recorded in the September national accounts. Eventually depreciation will benefit the economy, but it is important to realise that the export sector is now quite small and, after many years of hostile conditions, will not revive quickly.
If this effect of rising import prices is also combined with falling export prices (or, possibly both prices and volumes), then of course our economy will experience a profound and irreversible income shock.
In any case, the external forces that once inflated our incomes are now eroding them. The result is that the domestic economy – now proportionately larger than it was, say, 15 years ago – almost completely lacks any expansionary pulse. Real per capita demand in the domestic economy is scarcely growing at all and will soon start to shrink as export-related investment contracts.
The fiscal position is a reflection of these forces, as are the changes in behaviour by households and businesses over the period since 2008.
Viewed this way, the outlook should be very worrying. The trajectory in real incomes will likely be negative for at least some time in approaching quarters. Depending on the performance of bulk exports, the trajectory of nominal incomes may also become negative.
These forces will certainly hit demand, employment, profits, investment and the fiscal position. It suggests to me that the fiscal position will likely be even worse than Hockey has outlined, and yet repairing the budget – either by increasing tax or cutting spending or both – on the scale required could easily provoke a recession.
Hockey has used the latest statement to assault Labor. It is a political thesis. But it is not an economic one. Considering the likely ideological and political instincts of the LNP – which will be to cut spending and then try to blame Labor – and the effects that spending cuts will have on households, I think the risks of recession have just been increased.
In the expansionary phase, we loosened our collective purse and spent the income gains. Now that contraction is upon us, we will inevitably have to surrender some of our intended consumption.
The question, as always, is who will surrender the most. Will it be the wealthy? Or will it be those who have little to begin with? Hockey has a serious moral as well as financial and fiscal dilemma. Who will be punished and who will be spared? This is certainly something upon which we should all ponder.
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