W e watched last weekend a jousting tournament @ St Ives NSW.
Fifteen thousand watched this medieval extreme sport over 2 days. It was fascinating & took us back to our bookworm years.
We feel that many of us are jousting in their own lives today & that Big Government and the other big guys are charging on their armored 1 x FA18 Super Hornet from RAAF with multiple lances towards us.
Life is not faire.
And from Archie* just now with this Knight’s challenge.
Let’s look at the so called backpacker taxx back flip that Sir Scott has just announced.
I.e. instead of taxxing needed backpackers with a 32.5% taxx from their first Dollar they will be only taxed 19%.
But also in the announcement is the super THEFT of 95% of their super.
Not only does the government taxx the 1st 15% of their super contributions they will then take 95% of the remaining 85% or 80.75% which means they take at total 95.75% of the backpackers super.
And that remaining 4.25% has a taxx on its earnings of 15%
Hence the government is taking too close to 100% of their super.
What is the final taxx for backpackers?
19% + say 9% super = 28% which is so close to 32% that ‘it’s all a joke’
Yep & they want to spend $10 million to attract backpackers but added an additional $5 fee at the airport for all of us as well
Yea right!
It is time to reclaim your super if you can.
We had David* here recently who we have advised first in 2013.
He then had a home mortgage with low doc interest rates as many do when there is a moment of unemployment [He does have 3 degrees& works in IT]
Hence due to his age where were able to ‘lance’ his super with an annual payment to reduce those usurious non bank lender’s interest rates.
His ‘super’ today is worth 174K & yet we have ‘lanced’ his super with two lump sums each about 17K & it originally in August 2013 had 168K.
Yep 34K he would not have had otherwise.
We have done legitimately what the government does itself.
I.e. ‘lanced’ his super but for David*’s benefit.
The real benefit for David* is that now instead of never paying off his 30 year mortgage we expect him to have it paid off in about 10 years.
And we have also lanced the governments marginal taxx rate by salary sacrificing his annual withdrawals into super. This means that he is not taxed at the 32.5% taxx rate over 37,000 but only at 15% on his super.
David* has made much better & more efficient use of HIS money that Sir Scott ever will.
As an image in the Australian explained perfectly recently
As others recently do Antony*
1. Hey John,
Are you available for a catch-up next week?
I would like L*** to be involved. She is now home by 2.00 each afternoon. Any day but Thursday is good for us.
We want to decide what we should do with the $350K that is currently just sitting in a savings account
Thanks
Steve
2. AND another
John
I am looking to get a term life policy. I would like $1m but probably can’t afford it. My birth date is 26/1/*0, no smoker but with some health issues related to ankelosing spondylitis in my back.
What are your thoughts. I then need to see how I can get a tax deduction for the premiums
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