The front page of the weekend financial review September 8-9 Labor goes after super tax breaks. http://afr.com/p/national/labor_goes_after_super_tax_breaks_C6CL1jRFmaejJ5ejmtMfJM In the 14th paragraph of this article I roared with laughter at this reporters statement;...... There have long been warnings families have been using the super system to set up funds that skirt the spirit of the tax system. In my thread invstment property portfolio 101 I spoke about having 3 investment trust structures and one of them being an SMSF. You will often hear the Fabian social engineers spew this line about the spirit of the law or the tax sysem aligned with the term "fair". This is code that the treasurery is about to bend you over and drive it home. This is also why you need to be in control of your finances and understand both the legal and tax codes that pertain to your investments. On the Monday again the front page; Don't fiddle with super; says Cooper http://afr.com/p/national/don_fiddle_with_super_says_cooper_GZdYxINzCtZFGzV74Uo7OO Now the fiscal pygmies on this site will jump in and tell you that is why they wouldn't bother with an SMSF because the government will steal it. That is exactly what the hard Labour mob & the banks & insurance companies that now control 80% of individuals super wants you to think that it is all too hard. I liken my investments to a chess game with my opponent being a dim witted 900 pound gorilla. You can never check mate the gorilla cause he flies in a rage and will tip the board over. The key is to be six moves ahead and that is what your well constructed trust deed is for. The gorilla's intentions are telegraphed to to you because you know that he is a lying cheating thief that has the attention span of three years or less and all his actions are predicated to this constant. You also know what is in store over the next 25-30 years because of periodic new plans that the gorilla follows under the guidance of the treaury gnomes. The current plan is called the Henry plan. It is a plan to further bleed the unthinking 80% I call fiscal pygmies. Kind Regards non recourse
I think we are going to see more and more desperation from these people, more and more appeals to fairness and morality as the tax money they assumed would be a constant starts to dry up and they struggle to pay for all the commitments they have made over the last decade or so. Bailing out the banking system, when the time comes, is going to look like an extremely difficult task.
Australia has already given huge bailouts to the banking system. They were published in RBA minutes, but never saw any media coverage.
I'm talking about what happens to the asset side of the balance sheet when you have what looks like is going to be a near simultaneous deflation of the commodity and housing bubbles. I think that is going to require a lot more capital than what was required to just keep them afloat until the Chinese commodity boom resumed.
