TaxPawspective
@TaxPawspective
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Trying to improve the tax discussion, one post at a time
Joined November 2022
Self evidently, it’s not a plan that is delivering on its promises 👇
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Here’s your regular reminder that comparing receipts from: - a tax (ie PRRT), with - government loan repayments (ie HECS) is as useful as comparing payroll tax receipts with repayments of the government loan NBN Co. The comparison is puerile Don’t fall for it like a fool.
Australians pay 4 times more in HECS repayments than the gas industry pays in Petroleum Resource Rent Tax! Australia Institute analysis shows replacing the broken PRRT with a flat 25% tax on gas exports, as suggested by the ACTU, would raise more than $17 billion a year. #auspol
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What happened to “cleaner, cheaper more reliable” and a $275 lower power bill this year?
Americans are concerned as to the pace their electricity prices have risen...it's all relative
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This overlooks that the income tax on average full time earnings in 🇦🇺 in 1975 differed little to now (ie both low 2x%). The 1975 tax base was also narrower (eg no CGT, tax exempt super earnings). Just maybe, tax isn’t responsible for asset values increasing more than wages 🤔
A one-off tax cut hinted at by Sussan Ley is not the tax reform that the country needs. We need to rebalance the tax system so younger people can aspire to the lives of their parents, our businesses can invest, and the energy transition costs as little as possible.
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“Master communicator”? If that description refers to a track record of being intentionally misleading (eg “costing” an opposition proposal based on 1.4 million non-trading ABN-holders each spending $20k on entertainment a year) I guess it might be accurate…
Grattan on Friday: Master communicator vs master tactician, the race between Chalmers and Burke https://t.co/ctxDqG9DHa via @ConversationEDU
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How does the quantum of student loan repayments (ie HECS) inform what the amount of an economic rent tax (ie PRRT) collected is? It’s as ridiculous as suggesting luxury car tax should correspond to repayments of the federal government loan to NBN Co. Don’t be a simpleton.
The PRRT is one of Australia's main taxes on the gas industry....and it's completely broken. Imagine what Australia could fund if the gas industry paid its fair share...free university? #auspol
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Is there an impediment, @ALeighMP, to making ASIC searches free while the other changes are being made? Presumably all it requires is to remove payment gateway to the database…
Transparency matters. That’s why we’re moving to a single, public register so Australians can see who really owns and controls our companies. A clearer picture means stronger accountability and less room for financial crime https://t.co/RSH9T63daD
#auspol
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The tax law typically operates on the basis that a beneficial owner cannot be identified for something held by a discretionary trust (eg company loss rules and franking rules). So what is the policy basis to find such an owner(s) for the rules Andrew proposes?
Sunlight’s the best disinfectant - and we’re opening the blinds.🌞 Labor is moving ahead with a public register of who really owns Australian companies. Transparency keeps markets honest and economies strong. https://t.co/RSH9T63daD
#auspol
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Any chance @ALeighMP, that in the meantime (ie while work is being done on ASIC’s register), you can make company searches free? That should require no changes, beyond not requiring a payment to use an exisiting function (ie no need to develop further functions).
Sunlight’s the best disinfectant - and we’re opening the blinds.🌞 Labor is moving ahead with a public register of who really owns Australian companies. Transparency keeps markets honest and economies strong. https://t.co/RSH9T63daD
#auspol
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Super funds are subject to exceedingly strict rules: - about the quantum of contributions one can make - taxing any non-arm’s length transactions at the top marginal rate to name only a few. No such restrictions apply to non-resident companies. This is a poor take.
‘make no mistake, our superannuation system is the best tax haven going for the wealthy, better than anything on offer in the Caribbean’
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Announced today that Div 296 will now be: - limited to realised gains - subject to an indexed $3m threshold. These changes are self-evidently welcome and sensible. But the sting in the tail is a new 40% rate for $10m+ balances (also indexed). Outline of changes 👇
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How does this align to Redbridge data @KosSamaras?
🚨 NEW: 58% of people support a "significant reduction in Australia's immigration numbers", according to a new Resolve poll A cut is supported by a majority of Labor, Coalition and One Nation voters, while Greens voters (35% support, 32% oppose, 33% unsure) are split
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Far out. People who are so in love with a particular political ideology/party are a different breed aren’t they? I think they’re actually more dangerous than we realise. They will overlook & forgive the most egregious behaviour provided it’s “their” side doing it.
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I note this poll references Redbridge. Do you have any insight to share on it @KosSamaras?
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I thought PHON were understood to have an older base. So a 4 point increase to level with GRN is big for them in the millennial demographic. Any suggestions what’s driving this movement?
Federal voting intention (millennials) 🟥 ALP: 37% (-1) 🟦 L/NP: 24% (-2) 🟩 GRN: 13% (-1) 🟧 PHON: 13% (+4) ⬛️ OTH: 13% (-) Two-party-preferred 🟥 ALP: 58% (-1) 🟦 L/NP: 42% (+1) RedBridge | 25 Sep-7 Oct | +/- 19 Aug-8 Sep
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Is there an Andrew Hastie take on whether this was happening in Broadmeadows when the car in his video was made there?
Terrified shoppers took cover as two masked men armed with machetes fought inside Broadmeadows Central on Friday night. The brawl began in the Pascoe Vale Road car park at around 7:20pm before spilling into the centre, where people hid in locked stores as screams echoed through
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Superannuation tax settings are regularly framed as “concessions”. I’m curious what people think the tax treatment of: - a $100 employer super contribution + - $10 fund earnings in 1975 was? (ie so we have a comparison point to identify any concession)
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Early next week the High Court will hear the Bendel case. This is about whether a present entitlement to trust income is a “loan” captured by the integrity rules about accessing private company profits. So likely relevant for many small to medium businesses.
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How’s that productivity agenda going @JEChalmers?
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I can’t help but wonder if this (at least in part) reflects parents drawing on super to give their kids a leg up into buying a 🏠. Do you have any insight on that @IFM_Economist?
The superannuation sector is supporting household consumption (as it is designed to) with drawdowns in Q2 at a record level. Lump sums in particular have risen sharply. Suggests that cost of living still an issue (although the acceleration has also occurred on a real basis as
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