Franking credits - gone?

What the ... Isn’t it past your bedtime?

 

Apparently it isn't socially acceptable to use the table at a restaurant as a bed despite what my bedtime may be.

 

Ta. I hadn't thought of that one. I'll take it on board for consideration next time.

 

Must have been boring company if you were checking and posting on the forum whilst at the restaurant.

 

Screen Time

 

Much ado about nothing in the end?

 

For me the angst over it was interesting but not of great concern personally as now in my later years I've not taken the issue of a refund of excess franking credits or franking credits as such into account. I consider them as an end of year tax arrangement and let the accountant work the details out.

Apart from reverting the SMSF to accumulation phase for other reasons, I've plodded on occasionally placing funds.

For others it is a different story ranging from equality issues to they're taking away my income or how do I avoid paying tax.

Nothing unusual as there as I think we probably tend look out for ourselves and family first in these matters and then maybe just maybe think other aspects. Only my sour opinion.

 

Long live franking credits.

 

As a famous person here once (or maybe twice) said:

IT’S ALL ABOUT ME.

 

Sorts out all the media rubbish about franking credits now the election is over,and a very good day for all the investors knowing that their plan will still work..

 

While the franking credit thing was not going to personally affect me, I still think it’s was unfair to the people who had saved and invested according to the rules of the time to have the rug pulled out from underneath them.

The labor policy that probably had the biggest affect on my personal wealth would have been the trust tax. And even then it would not have personally been a major detriment.

So to say that I voted based on what’s personally in my best interest is true. Though the labor policies would not have had a major financial impact for me. I am happy to pay a little more tax on the basis that it is not P*ssed away by politicians.

 

Yeah same here @Big Al. My SMSF was invested and running according to the rules of the time. Totally tax free, drawing mandated account-based pension, then some bugger introduced a $1.6M limit on the tax-free and anything above at the time reverted to accumulation.

Not fair.

 

So we know LNP will not be touching the franking credit refunds but the question remains. What do ALP now do about their franking credit policy going forward. I think they will definitely drop it atleast for now.

This issue will not be raised for atleast another 6-10years at the minimum. Negative gearing probably not for another 15-20 years me thinks.

Cheers,
Oracle.

 

'Two words, retiree tax': The policy that helped Labor lose the election


Labor's failure to hold seats in Queensland and Tasmania with large retiree populations cost Bill Shorten the election on Saturday after a predicted swing against the government in Victoria and NSW failed to materialise.
...
Internally, Labor's polling showed it was being hammered in the over-65 age bracket, particularly in Queensland. "Two words: retiree tax," said one Labor source.
....

One of Australia's largest investors, Tom Millner said Labor's policies had damaged investment confidence.

"This election result is bloody fantastic, no more concerns with Labor stealing investors' franking credits," Mr Millner said.

----
Full article here

Cheers,
Oracle.

 

I wonder if Bowen has changed his mind since last night. Not sure most of the Labor party would agree with that statement. Bowen is being blamed for these tax policies that contributed to their loss.

 

I say bring it on Bowen to the next election.

Albert Einstein is widely credited with saying, “The definition of insanity is doing the same thing over and over again, but expecting different results.”

Cheers,
Oracle.

 

At least now a lot of people know some of their income streams are safe for the time being ,that within itself will start people spending again..
As far as Labor goes Albanese will take control ,and if he did win over MrShorten over leadership battle in 2013
Labor may well have won..

 

Franking credit refund lives but I suspect they put a cap on a refund sometimes in the future like the 1.6m tax free super cap.

Both parties know they can’t afford it one just play smarter than the other