Meet the new Boss - GST 2016

JulieW

JulieW

Well-Known Member
Silver Stacker
Same as the old Boss:

Assistant Treasurer Josh Frydenberg has raised the prospect of the Turnbull government taking an increase in the goods and services tax to the next election.
Addressing a tax forum at the Australian National University and conceding that after the reshuffle due on Monday he might no longer have responsibility for tax, Mr Frydenberg said he had noticed a "change in the public's mindset" on the GST.
"I think people understand that there could be benefits that will come from its increase and also understand that other taxes would be removed or reduced, and that there would be more money for services such as health," he said.
"We kickstarted the debate through a discussion paper, which will morph into a green paper later this year, which will then morph into a white paper early next year."
"Our new prime minister Malcolm Turnbull is completely interested in all matters economic and brings to the job business experience, so I think it will be quite an exciting space for the government in the leadup to the election."
The previous prime minister Tony Abbott ruled out an increase in the GST in the leadup to the 2013 election and said he would only be prepared to take one to the 2016 election if the total tax take didn't climb.
NSW Premier Mike Baird pushed for an increase from 10 per cent to 15 per cent at a last month's treasurer's meeting to properly fund the health system and prevent state finances "tumbling over a fiscal cliff".
He was backed by South Australian Treasurer Tom Koutsantonis but opposed by Victoria's Tim Pallas and Queensland's Curtis Pitt, who instead proposed an increase in the Medicare levy.
An extension of the GST would need the support of all of the states and would need to get through the Senate.
Mr Frydenberg said for that reason he preferred a simple increase compared with an extension into exempt areas such as fresh food, health and education.
"You could just imagine the political consequences of having a broader GST apply to those areas," he told the forum. "We had it with the so-called bank tax on deposits. We would be told that every private school kid's parent would be paying more for their education, every person who goes to doctor would be paying more for their visit, people would be paying more to go to the local market. You could imagine the campaigns, and I think they are relevant considerations in a situation where a government doesn't have a majority in both houses."
Plans are well advanced to apply the GST to imported digital goods and to all imported parcels from July 2017, levelling the playing field between Australian and overseas suppliers.
"These changes mean that when a consumer is deciding whether to buy a good or service in a store or online, GST will no longer be a factor," Mr Frydenberg said. "This shows that it is possible to come together to deliver important reform. We've done it before, so it is now a question of what next."
Treasury official Russ Campbell told the forum the tax on the sale of overseas supplied digital goods might well be collected from so-called "marketplace aggregators" such as Google Plus rather than the suppliers themselves.


Read more: http://www.theage.com.au/federal-po...ion-says-josh-frydenberg-20150916-gjnz42.html
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He couldnt run a communications portfolio without delays and going over budget how do you think he will run the country?

Malcolm looks after Malcolm, screw the country.
 
At least if voters put Labor back behind the wheel next year, it will accelerate Australia's financial demise so that we may end up getting some kind of decent structural reform sooner rather than later. Get on with it I say
 
Caput Lupinum said:
At least if voters put Labor back behind the wheel next year, it will accelerate Australia's financial demise so that we may end up getting some kind of decent structural reform sooner rather than later. Get on with it I say
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We're not going to get structural reform. We're breeding our way towards total collapse.
 
Big decisions and agreements on tax changes it seems.



From The Age
The sudden thawing of opposition to long-term reform possibilities that has come with the Turnbull prime ministership means superannuation concessions for the well-off, entirely ruled out of consideration by the Abbott government for political reasons, are firmly back on the agenda with all parties agreeing such arrangements need to be scrapped if they are not "fit for purpose".
Also in the frame are capital gains tax concessions on property held for longer than 12 months, and negative gearing on property, both of which have been criticised for having unintended consequences, such as distorting real estate markets and driving prices beyond the reach of first home buyers.
"There was a very, very strong agreement that concessions needed to be looked at," said Business Council of Australia Chief Executive Jennifer Westacott.
Moves to more strongly align the needs of industry with training and university courses were also embraced.
"I think the more important discussion we've had today though is what is the nature of work ... and how you get a collaborative framework for lifting productivity and opportunity," Ms Westacott said.
The agreement to examine all ideas represents the first time in years that anything like a consensus over taxation reform has emerged between capital, labour, and welfare groups, with the support of the national government.


Read more: http://www.theage.com.au/federal-po...l-as-national-mood-lifts-20151001-gjz7pa.html
 
silverzman said:
He couldnt run a communications portfolio without delays and going over budget how do you think he will run the country?

Malcolm looks after Malcolm, screw the country.
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I always thought he was given that portfolio by TA knowing full well it was going to be a failure. then the Australians story about it the day before the spill cemented that idea for me
 
Believe it or not, I thought it was encouraging that Turnbull is actually talking to the opposition about tax reform rather than just shouting at everybody to take their medicine.
 
Yeah well, with Turnbulls huge property portfolio he would never touch negative gearing.
Wind back negative gearing and you wouldn't need any tax rises, plus that would balance the budget on current figures.
 
Damn this lysdexia, I thought this thread was gunna be about a new 2016 Ford Boss Mustang GTS
 
"I'm not talking about raising the GST" ~PM Malcolm Turnbull

Technically correct. Treasury is doing the talking and Turnbull is doing the "discovering".

A 15% GST is initially estimated to extract $24.5 billion in extra taxes from the economy and add $2915 a year in taxes to the average household (before bracket creep).

And GST exemptions could be removed so get ready for the possibility of an extra 15% added to silver from bullion dealers on top of the additional expense added by falls in the AUD that may result from this.


Secret plans drawn up to lift GST to 15 per cent with tax cuts on the table

Despite describing the tax reform agenda as being in the "discovery phase", Treasury officials have worked for months on different options to increase the GST to 15 per cent.

The Sunday Telegraph has confirmed that four main GST reform options were canvassed by Treasury in proposals provided to senior ministers, including former prime minister Tony Abbott, earlier this year.

Treasury's work on the reforms has operated continuously and is now being re-examined by the Turnbull government as it prepares for next year's election.

Mr Turnbull and Treasurer Scott Morrison have -argued all options are on the table during this "discovery" phase, including extending the GST to fresh food.

Lifting the GST to 15 per cent, while compensating households with incomes of up to $100,000, would raise $24.5 billion in extra taxes, but some argue it is not generous enough to also offer company tax cuts.

The increase to the GST would be designed to help fund a shortfall in health and education spending.

The National Centre for Social and Economic Modelling estimates the average household would face extra costs of $2915 a year under a 15 per cent GST.

THE GST CHOICES ON THE TABLE

Option A:

Increase GST from 10 per cent to 15 per cent with no exemptions which would broaden the base to include fresh food, health and education including private school fees

Option B:

Regarded by officials as a more likely option, was a 15 per cent GST that still exempts fresh food. This would increase the price of existing goods that already attract the GST, for example takeaway food, and other goods and services

Option C:

A 15 per cent GST that exempts food, health and education. This would deliver the status quo in terms of exemptions but increase the rate on existing goods that already attract the GST

Option D:

A 12.5 per cent GST. The smaller increase to the GST was regarded as an unlikely prospect by officials because it would fail to deliver enough revenue to provide for income tax cuts and cover the state's funding shortfalls in health and education

http://www.adelaidenow.com.au/news/...uts-on-the-table/story-fnii5s40-1227589451725
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JulieW said:
Believe it or not, I thought it was encouraging that Turnbull is actually talking to the opposition about tax reform rather than just shouting at everybody to take their medicine.
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It's a trap!
 
Stop handing out so much foreign aid to countries we don't trade with, encourage long term unemployed that are capable of working to work, and put them put back into the workforce.
Fix our own issues first

GST was supposed to be introduced for us to pay tax where we use it.
i.e. drive a car, pay gst on rego, insurance etc. But instead we tax everything and still have less money. If the government invested in infrastructure instead of throwing away money in the gfc, we might have been alot better off
 
In an economy that's slowing and about to slow further, it's going to have the reverse effect as people tighten their belts further. If the government is struggling already to raise revenue from GST, it indicates that consumers or your average consumer is already struggling.
 
Caput Lupinum said:
At least if voters put Labor back behind the wheel next year, it will accelerate Australia's financial demise so that we may end up getting some kind of decent structural reform sooner rather than later. Get on with it I say
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Never thought I'd ever say this, but I actually would like the above to happen.

Probably more accurate to say - let the SHTF, let's "pay the piper" as it were, reset the whole shebang, and start afresh.

It's the economic "hanging around on death's door" that's getting old and tired.
 
GoldenEgg said:
Yeah well, with Turnbulls huge property portfolio he would never touch negative gearing.
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Who says any of his property is negatively geared?
Negative gearing is for the pauper common folk.
 
I was also thinking along the lines of this about the BOSS

16007_ford-falcon-boss-335-gt-5.jpg


When it comes to GST I remembered this :)

16007_quote-of-course-kids-should-pay-taxes-tell-littlie-johnny-if-he-wants-to-ride-his-bicycle-jim-rohn-9.jpg


Enjoy
 
GoldenEgg said:
Yeah well, with Turnbulls huge property portfolio he would never touch negative gearing.
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Turnbull properties:

* Point Piper home $50m (est)
* Manhattan apartment $3.28m
* Paddington terrace $2.8m
* Canberra apartment $2m
* Potts Point commercial property $2.5m plus
* Pastoral properties Hunter Valley Held by family company, Wilcrow.

Mr Turnbull owns four office units in Sydney's Elizabeth Bay, worth about $2.5 million, plus a multi-million-dollar apartment at Canberra's Kingston Foreshore.

The Turnbulls also own about 20 pastoral rural NSW properties in the Hunter Valley.

In 2012 his wife, Lucy, bought a $3.28 million investment apartment at Manhattan's The Century a 1931 Art Deco apartment building at Central Park West and 63rd St.

The investments that built Prime Minister Malcolm Turnbull's wealth
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