Global financial crisis - what does it mean to you

[oldfart]

What number out of 10 are you.
  http://www.abs.gov.au/ausstats/[email protected]/Latestproducts/6306.0Media%20Release1May%202012?opendocument&tabname=Summary&prodno=6306.0&issue=May%202012&num=&view=

[EML]

JUst like ínsider trading' doesn't exist-or is a criminal offence, 'tax minimalisation'  is in the same vein. The big guys are always ahead of the game that we plebs play. Their 'advisers' are the ones that make the rules so they always have the advantage.
It's not until we all get the fair shits and start hacking their heads off(like the French a couple of hundred years ago) that any balance is reached, and then only until the next lot of  self appointed 'notables' turn up.
As long as we have a voting system based on money (that is financial backing) it will never be a govt "of the people for the people"

[mainline]

As long as we have a voting system based on money (that is financial backing) it will never be a govt "of the people for the people"

Completely and utterly true and the reason why, at the end of the day, debating politics is a waste of time, online or in person.

[Tim754]

Answer these two questions..
1    Do all politics piss you off?
2    Are you broke and could not care a shit about GFC's and the like.

Yes to both,,, Your got to be a sane happy person. So back to the bike shed.
All other variants of answers...

[motomaniac]

That's correct Nathan, the problem with deductions applicable to your before tax income is that it favours the people who don't need it the most. Also low income earners (below 20K) have to pay more tax to put money into super than if they put it in their pockets  Both these things had to be fixed.
Do not believe the shit that is spewed out by the Murdoch media outlets.
Cheers, Grahame

Good one.As if anyone earning below 20K has any money to put into super or their pockets.

[motomaniac]

Most wealthy people have self managed super funds and are probably ahead of the game anyway.

When super first came out, the accountant I had at the time told me to put the absolute minimum possible into it as I would never see it.

Good advice , although the idea of super is that more people can support themselves in retirement , with our system you give your money to sharks that speculate it and make fat profits for themselves until a market crash wereby they then walk on leaving you the investor with a big fat lose.
and the wealtheist people dont even have super funds ,they might have shares,property or whatever but not as a super fund.

[motomaniac]

Most wealthy people have self managed super funds and are probably ahead of the game anyway.

When super first came out, the accountant I had at the time told me to put the absolute minimum possible into it as I would never see it.

Good advice , although the idea of super is that more people can support themselves in retirement , with our system you give your money to sharks that speculate it and make fat profits for themselves until a market crash wereby they then walk on leaving you the investor with a big fat lose.
and the wealtheist people dont even have super funds ,they might have shares,property or whatever but not as a super fund.

Maniac , under section 23 F  you can run shares , property , metalls you name it  . All in the name of super . It acumulates free but  you cant touch till retirement ( 55 being the earliest ) 

Maybe so but I dont think many of the wealthiest people do that , they dont lock up capital like that.

[Nathan S]

I agree with what you say Nathan, but the rich will find another way to dodge it, what did Kerry Packer say.....it's called tax minimalisation (I know I farked that word up )

They do that, for sure. But this is closing off one big, fat avenue for tax minimisation.

[Tim754]

Been stockpiling cans of baked beans just in case.

[crash n bern]

[/quote]
Maybe so but I dont think many of the wealthiest people do that , they dont lock up capital like that.
[/quote]

It's not really locked up. Super is what locks it down.They can sell shares, sell real estate etc. They usually move investments around to follow the markets. If they see a recession coming they will offload real estate and turn it to cash.  then re invest when the market is low. 
I was advised by a wealthy older gentleman once to get a self managed super fund.  But unfortunately I don't have enough money to make it worth the while.

You can collect VMX bikes or any other classic vehicles for your self managed super fund, but you can't use them, you can only store them.

[EML]

Been stockpiling cans of baked beans just in case.

Your arse will sound worse than the Honda 4 hahahaha

[Tim754]

  Bean gas is better than having to catch and eat cockroaches . That be all that's left after the GFC + Nukes crap down on us. Still if your up in Queensland you do have lotsa mega roaches to fillet and chow down on EML.

[oldyzman]

Crash and Burn, I told the company super rep that about ten years ago, when he said it would be a good idea for me to contribute. My exact words were " I sincerely do not think I will ever get to control my super contributions and possibly never get much benefit from it"
And about debating politics: Our Politicians seem to be debating the whole time, getting nowhere, is this a big conspiracy between the two parties just to aviod the "problem" of running the country. All of these pricks need a job description and need to stick to it!

Thats my spray for the month....
Brett

[Mike52]

Compulsory superannuation is a good thing (brought to you by Labor...). However, during the Howard years, it became an income tax dodge that massively favors the wealthy at the direct expense of government revenue.

The rich used super as a dodge well BEFORE Labor even thought of making it available to us little folk.
I can remember reading about super in the 70's and dreaming of having extra to put aside.
Also that same Labor who made us put a percentage of our earnings into super are now using the money as a guarantee against their incompetent borrowing and vote buying.

[motomaniac]

Maybe so but I dont think many of the wealthiest people do that , they dont lock up capital like that.
[/quote]

It's not really locked up. Super is what locks it down.They can sell shares, sell real estate etc. They usually move investments around to follow the markets. If they see a recession coming they will offload real estate and turn it to cash.  then re invest when the market is low. 
I was advised by a wealthy older gentleman once to get a self managed super fund.  But unfortunately I don't have enough money to make it worth the while.

You can collect VMX bikes or any other classic vehicles for your self managed super fund, but you can't use them, you can only store them.
[/quote]

Thewealthy families that Ive worked for have family trusts and serie's of companies that they use to shift money around as well as a bunch of other tricks.

I thought every wise invester moved money around to follow markets and everyone unloads real estate if they have some and then reinvest ,thats all totally common for middle class not the upper elite , at least more than 16,000  Australia wide that Swan is quoting to be effected by the super changes.
What interesting to me in all this is the in Gov brings it up just before an election.Proposing a new tax never won an election that I can recall.
If you are going to collect vmx and classic cars stuff how can you be so confident that its all going to go up or even hold value?