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

Andrei.Hicks Gold Member Offline Australian Politics Posts: 23818 Carlsbad, CA Gender:	Re: Mr Abbott To Up Super Tax On The Battlers. Reply #15 - Feb 1^st, 2013 at 2:39pm Bobby. wrote on Feb 1^st, 2013 at 12:56pm: Vote GREEN to stop him. The party that wants to remove the employee fringe benefits and increase our taxes. Yeah tremendous idea that....
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Bobby.

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Re: Mr Abbott To Up Super Tax On The Battlers.
Reply #16 - Feb 1^st, 2013 at 11:10pm

Andrei.Hicks wrote on Feb 1^st, 2013 at 2:39pm:

Bobby. wrote on Feb 1^st, 2013 at 12:56pm:

Vote GREEN to stop him.

The party that wants to remove the employee fringe benefits and increase our taxes.

Yeah tremendous idea that....

Hi Andrei,
remember to vote Green to protect your rights if ever you find yourself unemployed.

I am predicting the Greens will hold the balance of power in the Senate again
as all social welfare recipients will vote for them.

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Bobby. Gold Member Online Australian Politics Posts: 106084 Melbourne Gender:	Re: Mr Abbott To Up Super Tax On The Battlers. Reply #17 - Feb 2^nd, 2013 at 9:52am Vote Green to protect your rights & save the planet.
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Dnarever

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Re: Mr Abbott To Up Super Tax On The Battlers.
Reply #18 - Feb 2^nd, 2013 at 12:43pm

Dsmithy70 wrote on Feb 1^st, 2013 at 11:56am:

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.

All you have to do to get Howards is contribute $1000 of your own money

Most of the working poor do not have a spare $1,000.

This benifit does not typically go to the people at the lowest margins.

Yes it is there but for most it is meaningless.

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Andrei.Hicks

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Re: Mr Abbott To Up Super Tax On The Battlers.
Reply #19 - Feb 2^nd, 2013 at 1:59pm

Dnarever wrote on Feb 2^nd, 2013 at 12:43pm:

Dsmithy70 wrote on Feb 1^st, 2013 at 11:56am:

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.

All you have to do to get Howards is contribute $1000 of your own money

Most of the working poor do not have a spare $1,000.

This benifit does not typically go to the people at the lowest margins.

Yes it is there but for most it is meaningless.

Very few of us have a spare $1,000 these days with the current cost of living!!

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Anyone who lives within their means suffers from a lack of imagination - Oscar Wilde

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MOTR Gold Member Offline Australian Politics Posts: 6646	Re: Mr Abbott To Up Super Tax On The Battlers. Reply #20 - Feb 2^nd, 2013 at 2:08pm philperth2010 wrote on 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!!! not sure this would hold if we projected this into the future.
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Dsmithy70

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Re: Mr Abbott To Up Super Tax On The Battlers.
Reply #21 - Feb 2^nd, 2013 at 4:37pm

Dnarever wrote on Feb 2^nd, 2013 at 12:43pm:

Dsmithy70 wrote on Feb 1^st, 2013 at 11:56am:

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.

All you have to do to get Howards is contribute $1000 of your own money

Most of the working poor do not have a spare $1,000.

This benifit does not typically go to the people at the lowest margins.

Yes it is there but for most it is meaningless.

Maybe I'm not understanding, I haven't heard of the scheme really before now.

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.

So my reading of this is that high incomer earners get the tax benefit by sacrificing part of their disposible income into super.
That income is only taxed at the rate of 15%

Quote:

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.

So because as we know and as pointed out low income earners don't have diposible income, its reads as if the government just gave them $500.

Now thats very noble but it will eventually blow out as reported it already is by 50% on last finanical year.

Quote:

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.

a couple of alternatives that come to mind are reducing the co contribution to the original scheme to maybe $500-700 or increasing the super employer contribution to the original goal of 12%.

Perhaps that is the labor/liberals answer to the penalty rate question bubbling away at the moment, they are gone but supers up.

Either of these 2 would benefit low income super nest eggs better in the longer term .

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REBELLION is when you turn off the TV & start educating & thinking for yourself.
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corporate_whitey Gold Member Offline Australian Politics Posts: 8896 Archivist	Re: Mr Abbott To Up Super Tax On The Battlers. Reply #22 - Feb 2^nd, 2013 at 4:43pm Bobby. wrote on Feb 1^st, 2013 at 12:56pm: Vote GREEN to stop him. No Bobbythebat we are never going to vote for the extreme Greens no matter how bad the major parties are...but you can rest assured that we are watching the Greens...
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