Australian Politics Forum - Mr Abbott To Up Super Tax On The Battlers.

imcrookonit

Ex Member

Mr Abbott To Up Super Tax On The Battlers.
Feb 1^st, 2013 at 6:42am

Abbott to up super tax on battlers. Sad

JESSICA IRVINE - NATIONAL ECONOMICS EDITOR
News Limited Network
February 01, 2013

The Coalition plans to cut a $1 billion superannuation tax break for low-income earners. Source: Supplied

SUPERANNUATION has emerged as an election issue, after Opposition leader Tony Abbott confirmed plans to axe a super tax break worth up to $500 a year for 3.6 million low-income earners. Sad

Meanwhile, Labor is running the ruler over the nest eggs of high-income earners in its search for budget savings.

Treasury forecasts, released yesterday, predict the total value of super tax breaks will grow to $45 billion by 2015-16, up from $30 billion last financial year, surpassing the cost of the aged pension.

This is despite the Gillard government already tightening the screws on superannuation, reducing the concessional contributions caps from $50,000 and $100,000 to $25,000.

Mr Abbott yesterday pledged there would be "no unexpected changes that are detrimental to people's superannuation" if he becomes prime minister, but he confirmed a previous announcement that a Coalition government would axe $1 billion a year in super concessions for low-income earners, funded by the mining tax the Coalition also plans to scrap.

Contributions to super are taxed at a flat rate of 15 per cent. High-income earners benefit because they would usually pay more tax than that. However, workers on less than $37,000 previously got no benefit from contributing to super because their tax rate is already 15 per cent, or lower.

Labor's Low Income Superannuation Contribution scheme, announced in the May 2010 budget as part of the mining tax package and payable from last June, is worth up to $500 a year to eligible workers.

Superannuation Minister Bill Shorten accused Tony Abbott of blackflipping on his commitment to make no changes to the superannuation system. Sad

"The re-imposition of a $1 billion per year tax on 3.6 million Australians is an unexpected and dramatic change by any assessment," he said.

Opposition superannuation spokesman Mathias Cormann said Labor had a track record of targeting superannuation for budget savings.

"Every time Labor increases taxes on Australian super savers, they reduce the incentive for them to do the right thing by saving towards achieving a self-funded retirement," he said.

A spokesman for the Treasurer would not comment on potential budget savings.

"Labor invented superannuation because we fundamentally believe that hard-working Australians deserve a dignified retirement income. We have shown in the past that we are willing to make improvements to superannuation that make the system stronger and fairer," he said.

Back to top

IP Logged

Bobby. Gold Member Online Australian Politics Posts: 105488 Melbourne Gender:	Re: Mr Abbott To Up Super Tax On The Battlers. Reply #1 - Feb 1^st, 2013 at 6:45am Hi Crook, the poor Newstart people will all vote Green. At least the Greens will control the senate so don't worry too much. Everything will be alright.
Back to top	IP Logged

progressiveslol Gold Member Offline Australian Politics Posts: 17029	Re: Mr Abbott To Up Super Tax On The Battlers. Reply #2 - Feb 1^st, 2013 at 6:48am It is linked to the mining tax. The mining tax and whatever is linked to it will go. Good policy as the mining tax does not earn money. So under labor we have to borrow more in order to pay for labors stupidity.
Back to top	IP Logged

aquascoot

Gold Member

Offline

Australian Politics

Posts: 34838
Gender: male

Re: Mr Abbott To Up Super Tax On The Battlers.
Reply #3 - Feb 1^st, 2013 at 7:29am

super always represented too big a target for both sides.
whilst pollies super is fairly safe, the temptation to raid the piggy bank by both labor and liberal is one reason i feel super was always a bad idea.

still the tax breaks WERE so good you had to be in it.
i just wouldnt make any long term plans about retiring on it Wink

Back to top

IP Logged

corporate_whitey Gold Member Offline Australian Politics Posts: 8896 Archivist	Re: Mr Abbott To Up Super Tax On The Battlers. Reply #4 - Feb 1^st, 2013 at 7:34am Superannuation is an elitist pyramid scheme that is not the struggle of the battlers. Social security and justice is our fight. I will not be archiving this as I see it as progressive and an enlightened measure...
Back to top	World Wide Working Class Struggle IP Logged

philperth2010 Gold Member Offline Australian Politics Posts: 20407 Perth Gender:	Re: Mr Abbott To Up Super Tax On The Battlers. Reply #5 - Feb 1^st, 2013 at 7:41am It would be cheaper to axe all tax concessions for super and give all retirees the pension.....Fact!!!
Back to top	If knowledge can create problems, it is not through ignorance that we can solve them. Isaac Asimov (1920 - 1992) IP Logged

Dsmithy70

Gold Member

Offline

ire futuis vobismetipsis

Posts: 13147
Newy
Gender: male

Re: Mr Abbott To Up Super Tax On The Battlers.
Reply #6 - Feb 1^st, 2013 at 7:48am

progressiveslol wrote on Feb 1^st, 2013 at 6:48am:

It is linked to the mining tax. The mining tax and whatever is linked to it will go.

Good policy as the mining tax does not earn money. So under labor we have to borrow more in order to pay for labors stupidity.

You idiot the co contribution scheme has been in since Howard.

Quote:

Since 1 July 2003, the Government has made available incentives of a Government co-contribution of up to $1,500 for lower income employees who make personal contributions to their own superannuation fund.

Back to top

REBELLION is not what most people think it is.
REBELLION is when you turn off the TV & start educating & thinking for yourself.
Gavin Nascimento

IP Logged

adelcrow Gold Member Offline Australian Politics Posts: 20133 everywhere Gender:	Re: Mr Abbott To Up Super Tax On The Battlers. Reply #7 - Feb 1^st, 2013 at 8:21am The first party that scraps all these tax loop holes and gets rid of all middle and upper class welfare will get my vote. We need to scrap all of Howards old election bribes because we cannot afford it. I would even vote for Phony Tony if he pledges to get rid of all of this wasteful welfare.
Back to top	Go the Bunnies IP Logged

Dnarever Gold Member Online Australian Politics Posts: 58665 Here Gender:	Re: Mr Abbott To Up Super Tax On The Battlers. Reply #8 - Feb 1^st, 2013 at 8:27am No surprise it is the Liberal way, take from the poor to give to the rich. It's just their reverse robin hood mentality, elect the conservatives and that is what you get and that is what you deserve it's no big secret.
Back to top	IP Logged

progressiveslol

Gold Member

Offline

Australian Politics

Posts: 17029

Re: Mr Abbott To Up Super Tax On The Battlers.
Reply #9 - Feb 1^st, 2013 at 9:31am

Dsmithy70 wrote on Feb 1^st, 2013 at 7:48am:

progressiveslol wrote on Feb 1^st, 2013 at 6:48am:

It is linked to the mining tax. The mining tax and whatever is linked to it will go.

Good policy as the mining tax does not earn money. So under labor we have to borrow more in order to pay for labors stupidity.

You idiot the co contribution scheme has been in since Howard.

Quote:

Since 1 July 2003, the Government has made available incentives of a Government co-contribution of up to $1,500 for lower income employees who make personal contributions to their own superannuation fund.

Wow you are a real idiot arent you

Labor's Low Income Superannuation Contribution scheme, announced in the May 2010 budget as part of the mining tax package and payable from last June, is worth up to $500 a year to eligible workers.

Back to top

IP Logged

Dsmithy70

Gold Member

Offline

ire futuis vobismetipsis

Posts: 13147
Newy
Gender: male

Re: Mr Abbott To Up Super Tax On The Battlers.
Reply #10 - Feb 1^st, 2013 at 9:47am

progressiveslol wrote on Feb 1^st, 2013 at 9:31am:

Dsmithy70 wrote on Feb 1^st, 2013 at 7:48am:

progressiveslol wrote on Feb 1^st, 2013 at 6:48am:

It is linked to the mining tax. The mining tax and whatever is linked to it will go.

Good policy as the mining tax does not earn money. So under labor we have to borrow more in order to pay for labors stupidity.

You idiot the co contribution scheme has been in since Howard.

Quote:

Since 1 July 2003, the Government has made available incentives of a Government co-contribution of up to $1,500 for lower income employees who make personal contributions to their own superannuation fund.

Wow you are a real idiot arent you

Labor's Low Income Superannuation Contribution scheme, announced in the May 2010 budget as part of the mining tax package and payable from last June, is worth up to $500 a year to eligible workers.

Ok fair enough I'll cop that.

Got my co contributions mixed up, why the f#@!k we need more than one is beyond me.

Back to top

REBELLION is not what most people think it is.
REBELLION is when you turn off the TV & start educating & thinking for yourself.
Gavin Nascimento

IP Logged

adelcrow

Gold Member

Offline

Australian Politics

Posts: 20133
everywhere
Gender: male

Re: Mr Abbott To Up Super Tax On The Battlers.
Reply #11 - Feb 1^st, 2013 at 9:53am

Dsmithy70 wrote on Feb 1^st, 2013 at 9:47am:

progressiveslol wrote on Feb 1^st, 2013 at 9:31am:

Dsmithy70 wrote on Feb 1^st, 2013 at 7:48am:

progressiveslol wrote on Feb 1^st, 2013 at 6:48am:

It is linked to the mining tax. The mining tax and whatever is linked to it will go.

Good policy as the mining tax does not earn money. So under labor we have to borrow more in order to pay for labors stupidity.

You idiot the co contribution scheme has been in since Howard.

Quote:

Since 1 July 2003, the Government has made available incentives of a Government co-contribution of up to $1,500 for lower income employees who make personal contributions to their own superannuation fund.

Wow you are a real idiot arent you

Labor's Low Income Superannuation Contribution scheme, announced in the May 2010 budget as part of the mining tax package and payable from last June, is worth up to $500 a year to eligible workers.

Ok fair enough I'll cop that.

Got my co contributions mixed up, why the f#@!k we need more than one is beyond me.

And this is an important issue..there are so many govt handouts that everything should be scrapped and just the basics like old aged pensions and short term unemployment benefits kept.
Imagine how much money the average Aussie would have in their own pockets to spend on goods and services of their own choice if 90% of govt handouts were scrapped.

Back to top

Go the Bunnies

IP Logged

Dnarever

Gold Member

Online

Australian Politics

Posts: 58665
Here
Gender: male

Re: Mr Abbott To Up Super Tax On The Battlers.
Reply #12 - Feb 1^st, 2013 at 10:10am

Dsmithy70 wrote on Feb 1^st, 2013 at 9:47am:

progressiveslol wrote on Feb 1^st, 2013 at 9:31am:

Dsmithy70 wrote on Feb 1^st, 2013 at 7:48am:

progressiveslol wrote on Feb 1^st, 2013 at 6:48am:

It is linked to the mining tax. The mining tax and whatever is linked to it will go.

Good policy as the mining tax does not earn money. So under labor we have to borrow more in order to pay for labors stupidity.

You idiot the co contribution scheme has been in since Howard.

Quote:

Since 1 July 2003, the Government has made available incentives of a Government co-contribution of up to $1,500 for lower income employees who make personal contributions to their own superannuation fund.

Wow you are a real idiot arent you

Labor's Low Income Superannuation Contribution scheme, announced in the May 2010 budget as part of the mining tax package and payable from last June, is worth up to $500 a year to eligible workers.

Ok fair enough I'll cop that.

Got my co contributions mixed up, why the f#@!k we need more than one is beyond me.

why the f#@!k we need more than one is beyond me

It isn't two this one helps people on low incomes who get very little or no benifit from the other one. The previous existing scheme allows people in the highest tax bracket to be paying 15 cents in the dollar tax on contributions.

Back to top

IP Logged

Dsmithy70

Gold Member

Offline

ire futuis vobismetipsis

Posts: 13147
Newy
Gender: male

Re: Mr Abbott To Up Super Tax On The Battlers.
Reply #13 - Feb 1^st, 2013 at 11:56am

Dnarever wrote on Feb 1^st, 2013 at 10:10am:

Dsmithy70 wrote on Feb 1^st, 2013 at 9:47am:

progressiveslol wrote on Feb 1^st, 2013 at 9:31am:

Dsmithy70 wrote on Feb 1^st, 2013 at 7:48am:

progressiveslol wrote on Feb 1^st, 2013 at 6:48am:

It is linked to the mining tax. The mining tax and whatever is linked to it will go.

Good policy as the mining tax does not earn money. So under labor we have to borrow more in order to pay for labors stupidity.

You idiot the co contribution scheme has been in since Howard.

Quote:

Since 1 July 2003, the Government has made available incentives of a Government co-contribution of up to $1,500 for lower income employees who make personal contributions to their own superannuation fund.

Wow you are a real idiot arent you

Labor's Low Income Superannuation Contribution scheme, announced in the May 2010 budget as part of the mining tax package and payable from last June, is worth up to $500 a year to eligible workers.

Ok fair enough I'll cop that.

Got my co contributions mixed up, why the f#@!k we need more than one is beyond me.

why the f#@!k we need more than one is beyond me

It isn't two this one helps people on low incomes who get very little or no benifit from the other one. The previous existing scheme allows people in the highest tax bracket to be paying 15 cents in the dollar tax on contributions.

All you have to do to get Howards is contribute $1000 of your own money, $20 p/week & the government,depending on your income will contribute up to $30($1500).

This one seems to be based on tax brackets.
Low income earners are already paying 15% or less taxation as per article

Quote:

Contributions to super are taxed at a flat rate of 15 per cent. High-income earners benefit because they would usually pay more tax than that. However, workers on less than $37,000 previously got no benefit from contributing to super because their tax rate is already 15 per cent, or lower.

Their benefit would have been the $1500 from the original scheme.

The only thing tempering me from going to town completely on Labor is the alternative.

Back to top

REBELLION is not what most people think it is.
REBELLION is when you turn off the TV & start educating & thinking for yourself.
Gavin Nascimento

IP Logged

Bobby. Gold Member Online Australian Politics Posts: 105488 Melbourne Gender:	Re: Mr Abbott To Up Super Tax On The Battlers. Reply #14 - Feb 1^st, 2013 at 12:56pm Vote GREEN to stop him.
Back to top	IP Logged