The Malevolent Morrison Muppet Goverment

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Scott Morrison is named Time magazine people of the year”

https://www.theshovel.com.au/2022/12/08 ... -the-year/

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Scott Morrison seems to have lied allegedly (I know, we’re all shocked again) about his multiple secret cabinet positions/portfolios.

FOI released documents have revealed ulterior motives for at least two positions as treasurer and home affairs.

Remember in a self serving defence Scotty told “us” he has to do this because of the pandemic and needed a contingency plan should any of the ministers go down with COVID. Seems this was not the case:

https://www.theguardian.com/australia-n ... l-suggests

Everything I’ve said about him has proven to be true. He was sooo bloody lucky that Clive Palmer was a player in 2018. Scotty’s chickens are coming home to roost.

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Another obvious, straightforward and marvellous move by the Albanese Government with the reform of the Administrative Appeals Tribunal (AAT). Scotty the scumbag Morrison f*cked it by having political appointees to the positions. The ever remarkable Attorney General Dreyfus is righting this shocking wrong.
Appointment will now be based on merit not Liberal Party disgraceful cronyism.

https://www.theguardian.com/australia-n ... -coalition

[What'sinaname]

Another broken promise by AnAl

First it was reducing power bills. And now he’s changing super.

Can anyone really trust anything AnAl says?

[stui magpie]

Labor has always been money hungry, rasing taxes to fund their programs.

I don't have a problem with the proposal to increase taxes on super funds over $3M from 15% to 30%, but ideally they wouldn't make it effective on current funds only from now on. People invested money in good faith based on the rules at the time.

I'd be more concerned about the Fwit treasurer wanting to "encourage" super funds to invest in government programs. Super funds should exist to maximise ROI for their members, not fund Government programs.

[David]

Speaking of malevolent muppets, these sadists Alan Tudge and Stuart Robert take the cake:

https://www.abc.net.au/news/2023-02-28/ ... /102014796

[David]

Labor has always been money hungry, rasing taxes to fund their programs.

I don't have a problem with the proposal to increase taxes on super funds over $3M from 15% to 30%, but ideally they wouldn't make it effective on current funds only from now on. People invested money in good faith based on the rules at the time.

I'd be more concerned about the Fwit treasurer wanting to "encourage" super funds to invest in government programs. Super funds should exist to maximise ROI for their members, not fund Government programs.

Over how much? I haven’t been following this, but … good lord, my heart bleeds for them.

Why were these people getting any tax breaks in the first place?

[What'sinaname]

^ the point is missed. It’s about Labor failure to keep its promises but also a government looking at that big pool of money that isn’t theirs and thinking, “how do we get some of that”

And why penalize people who have worked hard and put money away to retire. They are safely financially independent and will not need Government support.

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Another broken promise by AnAl

First it was reducing power bills. And now he’s changing super.

Can anyone really trust anything AnAl says?

Don’t be ridiculous. This is to be voted on in the next election. As usual
The ALP has to clean up the economic mess left by the liberal party. The worst debt by any government in Australia ever. In fact at least two Liberals support the idea of taxing those with over 3 million. Super is for retirement. However Costello the cnut allowed millionaires and billionaires to tax avoidance by opening it up to his wealthy mates to avoid paying their share of tax.

This is sensible reform wait for it…..to be voted on in the next election.

Stop reading the Murdoch press; it rots your brain!

[doriswilgus]

^ the point is missed. It’s about Labor failure to keep its promises but also a government looking at that big pool of money that isn’t theirs and thinking, “how do we get some of that”

And why penalize people who have worked hard and put money away to retire. They are safely financially independent and will not need Government support.

The changes mean that people will be taxed at 15% for up to 3 million in super then anything above that they will be taxed at 30%,which is actually below the income taxes they currently pay.It’s still a great deal for high income earners and it’s not going to make them rely on government support as you claim.

[What'sinaname]

^ it doesn’t matter. The fact that they are making changes is a broken election promise.

It took AnAl to hose down Chalmers dumpster fire interview with Koch when he flat out refused to rule out removing CGT on the family home.

[David]

I hate that Labor have dug themselves into such a hole on that one. Obviously they made a decision to go to the election on that policy and are now stuck with it, but CGT and negative gearing absolutely need to be in the gun. Undoubtedly most ALP politicians realise that, so it's frustrating that (at least, in the view of the brains trust in charge of the party) doing something about them is seen as politically impossible.

[Dark Beanie]

Most people with balances over 3 million will be in contact with their accountant/financial adviser to work out how to get around the changes or seek other ways to minimise their tax.

As far as the govt. breaking an election promise, quelle surprise.
Each government federal or state, liberal or labor has done it and will continue to do it. May not be right but thats the way it is.

[stui magpie]

Considering there's a contributions cap of a bit over $25k pa, which includes employer contributions, the only wage earners who I can see getting a balance over $3M would be Surgeons/Anesthetists, Lawyers, CEO's and those with self managed super funds who struck it lucky with some property investments.

Agree with DB that those who have those balances will already be in touch with their accountant, but provided the extra 15% only applies to the portion over $3m, their options may be limited to stop putting money there and invest it eslewhere.

Fair enough of Albanese to take it to the next election rather than implement now, but the language they're using has potential to allow for a scare campaign on what's next? CGT on the family home? Back to the Franking Credits?

The other thing that has been noted is that the $3M cap isn't going to be indexed at this stage, so over time that very small number of people impacted would potentially become bigger and bigger.

[What'sinaname]

24 hours and we learn the facts behind the is new super increase are wrong. What a shock that more people will be affected than claimed