Henry Tax Revue (1 Viewer)

[aussie-boy]

WINNERS
Companies
- tax rate to be cut from 30 per cent to 29 per cent in 2013/14, then to 28 per cent from 2014/15
+ Small business
- tax rate to be cut to 28 per cent from 2012/13. Expected to affect 720,000 businesses.
- immediate write off of assets valued at less than $5000 (from July 1, 2012)
- allow small businesses to write-off all other assets (except buildings) in a single depreciation pool at a rate of 30 per cent. (from July 1, 2012)
Small Miners
- To receive Resource Exploration rebate of 30 per cent without having to offset against profit.
- Definition of exploration to include geothermal energy.
Superannuants
- 12 per cent superannuation guarantee, increased incrementally, in 2019/20.
- Super guarantee extended to workers aged between 70 and 75.
- Govt contribution of $500 for workers earning up to $37,000 from July 1, 2012.
- Workers aged 50 and over with balances below $500,000 to be allowed to double concessional superannuation contributions to $50,000 from July 1, 2012.
Not for profit sector

- no changes

LOSERS
Mining industry
- introduction of the Resource Super Profits Tax from July 1, 2012 on 40 per cent of profits on . very profitable projects would pay more resource charges under the RSPT
Luxury cars dealers

- tax will not be abolished

What does everyone think?

IMO, its fantastic continual microeconomic reform. Congrats to Rudd, Swann and Henry - this is the kind of thing Abbott would never invest time in

 

[scuba_steve2121]

omg lowering taxes on business yea that hasn't been tried before

what are the changes to income tax is what i want to know.

 

[0bs3n3]

I thought the whole Keynesian idea was to cut taxes AFTER debt has been paid off, and the 'recovery is assured' as Brown would say.

 

[scuba_steve2121]

I thought the whole Keynesian idea was to cut taxes AFTER debt has been paid off, and the 'recovery is assured' as Brown would say.

if K Rudd is lowering taxes its to increase purchasing power sort of doing the 900 dollar cash hand outs but in tax reform. however I'm all for cutting taxes but the reasoning behind this cut it will not save us for the next eco crash later this year

 

[SylviaB]

ridiculously high taxes on the mining sector in order to help Australia is like standing in a bucket and trying to pull yourself up by the handle

 

[BigBoyJames -]

ridiculously high taxes on the mining sector in order to help Australia is like standing in a bucket and trying to pull yourself up by the handle

hhahaha i like

 

[Lentern]

ridiculously high taxes on the mining sector in order to help Australia is like standing in a bucket and trying to pull yourself up by the handle

Why did you even read it? Don't you think the notion of an "improved tax system" to be a contradiction in terms?

 

[Rafy]

What an anti-climax.

 

[SylviaB]

Why did you even read it?

to see the damage being done etc etc

Don't you think the notion of an "improved tax system" to be a contradiction in terms?

no, an improved tax system is valid to me if it means less taxes, taxes which are more fair, aren't as damaging to free market etc

getting shot in the foot is an improvement upon getting shot in the face
doesn't mean getting shot in the foot is good

 

[JohnMcGee]

ITT: Liberal fags

 

[townie]

What an anti-climax.

this

 

[jennyfromdabloc]

Here's how to massively simplify the tax system, and to remove most of the perverse incentives it creates:

*20% flat tax on all income and profits, for corporations and individuals alike.

*Raise tax free threshold to 40 000 per year.

*Replace all welfare with Negative income tax. i.e. you get paid 20% of the difference between what you earn and the 40 000 tax free threshold. So if you're unemployed you get $8000 p.a. in benefits.
The result would be that every Australia is better off by 80% of the value of any income they earn. This would remove the disincentives to work where people on the dole are often only 40% better off by earning additional income because their payments are massively reduced once they reach an arbitrary level of income.

*Abolish all claimable deductions.

*Abolish all tax sets and levies.

*This would reduce the massive costs incurred by businesses and the government complying with and enforcing our excessively complex tax codes. It would also eliminate the massive, hugely expensive bureaucracy that is Centrelink.

Note: I believe all taxation is morally wrong. However, something like this would be a reasonable step along the slow path of winding back and eliminating government.

 

[jennyfromdabloc]

Why did you even read it? Don't you think the notion of an "improved tax system" to be a contradiction in terms?

Not at all.

Taxation is theft. But you can have a better system of theft.

i.e. the thieves take less from you, cause less collateral damage, use less violence.

 

[Riet]

they need to get rid of bullshit tax incentives that encourage people to drive more.

 

[withoutaface]

A West Australian-based exploration company has cancelled all exploration activities in the state's Pilbara region following the Federal Government's planned introduction of a super profit tax on resources companies.

Cape Lambert Resources says exploration activities at its Cape Lambert South iron ore project will stop as a result of the uncertainty created by the 40 per cent tax.

The company was planning to undertake drilling activities later this year.

Cape Lambert says it will now shift its exploration activities to projects outside Australia.

Company scraps mining work over tax plans - ABC News (Australian Broadcasting Corporation)

First casualty of new mining tax.

 

[zombie omie jay]

who'd have thought that heavily taxing profitable endevours would make them not so profitable

 

[Teclis]

Yea the businesses losing some of their tax is better...

The more we can decrease that and encourage foreign investment, the better.

The mining this is a bit of a picky issue.

Land ownership etc etc and whether resources belong to the people... yea

I thought the whole Keynesian idea was to cut taxes AFTER debt has been paid off, and the 'recovery is assured' as Brown would say.

Decreasing business tax encourages foreign investment... bringing more wealth into the country

*Abolish all claimable deductions.

Nooooooooo!!!! I wanna be able to claim all my music gear as a deduction!

Note: I believe all taxation is morally wrong. However, something like this would be a reasonable step along the slow path of winding back and eliminating government.

Morally wrong why?

It payes for the sick to have healthcare... I don't know if you realise but even with $8000 (and yes some people can't find work) your screwed with any serious medical condition.

It pays for free roads...

It should in theory pay for an education of good quality for everyone...

It means that unlike in the USA, Parents don't have to sacrifice things just so their kids can go to a good University

It means we can have Public Libraries, public toilets that you don't pay for, parks maintained,...

It pays for our protectors of the peace...

It pays for the ability to remove dangerous people from society...

I would like you to explain how those things are morally wrong? Because those things are paid for by taxes...

 

[scuba_steve2121]

Y

Morally wrong why?

It payes for the sick to have healthcare... I don't know if you realise but even with $8000 (and yes some people can't find work) your screwed with any serious medical condition.

It pays for free roads...

It should in theory pay for an education of good quality for everyone...

It means that unlike in the USA, Parents don't have to sacrifice things just so their kids can go to a good University

It means we can have Public Libraries, public toilets that you don't pay for, parks maintained,...

It pays for our protectors of the peace...

It pays for the ability to remove dangerous people from society...

I would like you to explain how those things are morally wrong? Because those things are paid for by taxes...

all of those things could be privately run more efficient and cheaper?

 

[Riet]

bullshit, as much as I <3 the free market I do not think it could replace roads healthcare or education completely. Mass transit should be opened up to the private sector though, imo

 

[scuba_steve2121]

bullshit, as much as I <3 the free market I do not think it could replace roads healthcare or education completely. Mass transit should be opened up to the private sector though, imo

why not?