… why not apply it to tax on all investment income?
That way poor people, who are more likely to have all or most of their savings in a fixed rate account, will pay more tax, and rich people who get a better return on their investments will pay less tax.
That’s what the government wants, isn’t it?
The Rev Dodgson said:
… why not apply it to tax on all investment income?That way poor people, who are more likely to have all or most of their savings in a fixed rate account, will pay more tax, and rich people who get a better return on their investments will pay less tax.
That’s what the government wants, isn’t it?
deeming rate to me sounds like all over you, well, I only saw a few flashes of TV mentioning it lastnight, so i’m expert on the subject.
a mechanism to incline people to spend their home as ageing, to reduce pension expenditure, and I should add that social security payments of any sort have long been an acceptable way to put money into the system, though increasingly it seems less highly regarded as private wealth has expanded, to the point the latter is a substantial counter force to such government wealth redistribution. You know it’s not considered hard-nosed capitalist wealth or profit producing.
there was a time social security (pensions included, perhaps especially) was a way of preserving private wealth, including a modest home.
but to make this system work, everyone has to be mobile and on the treadmill, serving the accumulated capital, the structure where those with most of the wealth have greatest power, working to maintain that structure.
it’s a system, largely a construction, nothing like gravity or the weather.
The Rev Dodgson said:
… why not apply it to tax on all investment income?That way poor people, who are more likely to have all or most of their savings in a fixed rate account, will pay more tax, and rich people who get a better return on their investments will pay less tax.
That’s what the government wants, isn’t it?
shhhhh
The Rev Dodgson said:
… why not apply it to tax on all investment income?That way poor people, who are more likely to have all or most of their savings in a fixed rate account, will pay more tax, and rich people who get a better return on their investments will pay less tax.
That’s what the government wants, isn’t it?
Got no idea what you’re talking about.
What is “deeming rate”?
mollwollfumble said:
The Rev Dodgson said:
… why not apply it to tax on all investment income?That way poor people, who are more likely to have all or most of their savings in a fixed rate account, will pay more tax, and rich people who get a better return on their investments will pay less tax.
That’s what the government wants, isn’t it?
Got no idea what you’re talking about.
What is “deeming rate”?
https://www.abc.net.au/news/2019-07-11/what-is-deeming-and-how-does-it-affect-retirement-income/11298636
mollwollfumble said:
The Rev Dodgson said:
… why not apply it to tax on all investment income?That way poor people, who are more likely to have all or most of their savings in a fixed rate account, will pay more tax, and rich people who get a better return on their investments will pay less tax.
That’s what the government wants, isn’t it?
Got no idea what you’re talking about.
What is “deeming rate”?
say you have some money in a fixed term account @ 2% interest. The government deems you to be earning 3.25% on that amount. It used to be about the same but with the fall interest rates it is now out of whack. The govt says the current rate is the average of all types of investment.
Michael V said:
mollwollfumble said:
The Rev Dodgson said:
… why not apply it to tax on all investment income?That way poor people, who are more likely to have all or most of their savings in a fixed rate account, will pay more tax, and rich people who get a better return on their investments will pay less tax.
That’s what the government wants, isn’t it?
Got no idea what you’re talking about.
What is “deeming rate”?
https://www.abc.net.au/news/2019-07-11/what-is-deeming-and-how-does-it-affect-retirement-income/11298636
> From March 1991, cash and deposits were assumed to be earning at least 10 per cent, whatever they actually earned.
Sh8t. I should never have voted for Keeting.
mollwollfumble said:
The Rev Dodgson said:
… why not apply it to tax on all investment income?That way poor people, who are more likely to have all or most of their savings in a fixed rate account, will pay more tax, and rich people who get a better return on their investments will pay less tax.
That’s what the government wants, isn’t it?
Got no idea what you’re talking about.
What is “deeming rate”?
How old are you?
Probably a good idea to find out about these things :)
So as us baby boomers start falling off the perch all that super that they live off goes to the 30/50 year old kids.
I presume they just cash it in. This must have a positive effect on the economy surley?
The baby boomers have trillions of dollars stashed away in the next 10 to 20 years it’s going to flood the economy, yeah?
Peak Warming Man said:
So as us baby boomers start falling off the perch all that super that they live off goes to the 30/50 year old kids.
I presume they just cash it in. This must have a positive effect on the economy surley?
The baby boomers have trillions of dollars stashed away in the next 10 to 20 years it’s going to flood the economy, yeah?
Where do you think it’s stashed away? Not under the mattress, in the economy. But that money has to be dragged out of wherever it is now and probably mostly spent on products manufactured overseas. Instead of a flood on the Australian economy, it’s more likely to be a massive downsizing.
mollwollfumble said:
Peak Warming Man said:
So as us baby boomers start falling off the perch all that super that they live off goes to the 30/50 year old kids.
I presume they just cash it in. This must have a positive effect on the economy surley?
The baby boomers have trillions of dollars stashed away in the next 10 to 20 years it’s going to flood the economy, yeah?
Where do you think it’s stashed away? Not under the mattress, in the economy. But that money has to be dragged out of wherever it is now and probably mostly spent on products manufactured overseas. Instead of a flood on the Australian economy, it’s more likely to be a massive downsizing.
Bugger.