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Post Info TOPIC: Bill Shorten is proposing to be a thief.


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Bill Shorten is proposing to be a thief.
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Bill Shorten got on TV today and tells us he is going to steal our money, not a lot in our case, but still going to be gone. Talk about triple taxation



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Cheers Craig



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That worries me Craig1 I am not in Australia and I don't hear a lot of news coming from that part of the world. Usually when politicians start talking about making changes I know that I going to be asked to throw more money into the pot to help fix whatever it is that they have so successfully mismanaged. nono



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DavRo

2018 Grand Cherokee Limited - 2016 Retreat Fraser



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Just need companies to stop franked dividends. We had franked dividends that went to reduce our tax bill when we worked. Losing this money as a refund once retired is a worry. Its stealing. Just means that self-funded retirees will have to avoid investing in companies paying franked dividends.

The other interesting one is inheriting an annuity. My mother inherited my late fathers annuity. Tax was not deducted from it when it was in dads name. He would have had to declare the interest part of the annuity at tax-time but as he was below the tax threshold he never did a return. Mum hadnt done a return for 20 years either. When she inherited the annuity, tax was then deducted on the interest portion at the high tax rate and she then had to put in a tax return for the life of the annuity to get back the tax paid on the interest. She got all the tax back. I worry that this may be targeted. This has huge implications as finance gurus are recommending to both sides of govt that retirees should be putting 50% of what super they cash in between 60 and pension age into annuities. This is so they dont spend it all before 65 and then front up for an aged pension.



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Gday...

If interested in the proposed tax changes, and the impact, then take the time to read through this article by a number of credentialed financial personnel.

https://theconversation.com/viewpoints-could-labors-tax-changes-make-the-system-fairer-or-hurt-investors-93280

Cheers - John



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Some people feel the rain - the others just get wet - Bob Dylan



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I am a bit of a sceptic when it comes to the Grattan Institute. They are good on big picture stuff but Im betting that none of them know much about the budgetting of pensioners and working class self-funded retirees. Not really grass roots people. Academics (good in theory but not known for their practicality) and big business people whose parents never struggled. May not be true but thats my perception and perception often surpasses reality.

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Isn't theft and untruths a pre requisite for the job?



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Bryan



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Thanks for your input on this. However, I think I will close this now, as we do not allow political discussions on our forum. In our experience, these often lead to bad feelings.



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