Twilight Financial Planning in South Perth, Western Australia | Local business
Twilight Financial Planning
Locality: South Perth, Western Australia
Phone: +61 8 9367 7166
Address: Suite 5, Level 4, 83-85 South Perth Esplanade South Perth WA 6151 South Perth, WA, Australia
Website: https://twilightfp.com.au
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22.01.2022 The section on franking credit refunds is spot-on. Labors franking policy is flawed. There is no difference to the budget whether franking credits are refunded in cash, or as a tax discount of an otherwise fully payable tax bill. Thats what weve been saying all year!
22.01.2022 Bill Shortens 12 Days of Christmas - presents Australia cant afford.
22.01.2022 The section on franking credit refunds is spot-on. Labor’s franking policy is flawed. There is no difference to the budget whether franking credits are refunded in cash, or as a tax discount of an otherwise fully payable tax bill. That’s what we’ve been saying all year!
21.01.2022 People are slowly working out how rotten Labots Retiree Tax is. Labors Franking Credits policy is cynically unfair and discriminatory. Labors policy affects... about $5bn of the approximately $40 Bn of franking credits processed through the ATO each year. So the pain to be inflicted by Labor is highly targeted towards only 15% of the franking credits claimed by taxpayers. But the effect on those that are effected will be devastating. The policy will cost some self funded retirees up to 30% of their retirement income. Labors policy will not affect those taxpayers who receive the full benefit of their franking credit refunds as tax-offsets. From details published to date, franking credit refunds in that form will continue under Labors policy. So Labors policy is broadly targeted on those who receive their franking credit refunds in the form of cash-refunds. This is discriminatory because distinguishing between taxpayers on the basis of the method of delivery of the refund has no basis in fairness or cost. It costs the same to refund $1000 in cash as it does to deduct $1000 off tax that is owed to the tax office, and was fully payable anyway. But the policy is far more unfair and discriminatory than just that. By a series of exceptions under Labors so called pensioner guarantee, Labor were able to effectively target self funded retirees, by virtually excluding every other recipients of franking credit cash refunds. The result is that a clearly defined group is left, to be denied the value of their franking credits, while the overwhelming majority of franking credit recipients will still receive theirs. It truly is a disgraceful policy. ========================================================================================================================== Text of "Grey army stirs for battle against Labors retiree tax" The Australian 11 Dec 2018...SEE BELOW ========================================================================================================================== Grey army stirs for battle against Labors retiree tax The Australian 11 Dec 2018 JOE KELLY POLITICAL REPORTER @joekellyoz PAIGE TAYLOR WA BUREAU CHIEF @paigeataylor 11:00PM DECEMBER 10, 2018 Labor MPs believe turmoil in the Coalition is masking widespread dismay and anger among older voters over the plan to introduce what critics call a retiree tax. Its quite polarised, a Labor MP said yesterday. You get reaction from self-funded retirees who say, we pay the household expenses out of that cash refund and weve looked after ourselves for years. Theres a little bit of that. A special Newspoll conducted for The Australian bears out Labors internal concerns over how the policy has been received. Support for the $55.7 billion plan to scrap the refundable tax credits on shares has fallen three percentage points since March, while almost half of those surveyed, 48 per cent, were opposed. An age breakdown reveals the over-65 bracket is most strongly opposed to the ALPs plan, with 62 per cent of voters in that demographic registering their disapproval of the Labor policy. Under the commitment, only pensioners and other recipients of government allowances (such as the carer payment or parenting payment) will still receive the cash refunds after Bill Shorten modified the plan earlier this year, following a backlash led by retiree groups. But the policy tweaks wont help John and Jan Bain, who today officially join the nations grey army of 1.1 million self-funded retirees. Mrs Bain, 74, will today work her last shift as a physiotherapist in their home town of Bunbury, 170km south of Perth, while husband John, 72, left his job as a livestock agent 14 years ago after a stroke, then relied on sound money advice to maintain the couples finances on the long road back to good health. Its still a fairly slippery slope that we are walking on moneywise, but I think thats true for a lot of self-funded retirees, Mr Bain said yesterday. The rules have got so bloody complicated. Once aligned to the Liberal Party, Mr Bain describes himself as a drifting rather than a swinging voter these days. He said he was appalled by the recent chaos in the Coalition and was unsure who to vote for at next years election, but felt he could not support Labors cuts to the refundable tax credits on shares because it would punish middle Australia. We think that if this gets in it will end up costing us somewhere between $10,000 and $12,000 a year, somewhere around there, Mr Bain said. We have got a very good financial adviser ... but we are not rich. Only 46 per cent of Labor voters agree with the plan, while approval drops to just 15 per cent among Coalition supporters. Total support is running at 30 per cent, down from 33 per cent in March when the last Newspoll on the issue was conducted. Opposition to the policy has also dropped from 50 per cent to 48 per cent while the number of voters undecided on the shake-up has lifted from 17 to 22 per cent. Among Coalition voters, opposition is running at 71 per cent compared with 33 per cent for Labor supporters. The refunding of franking credits was a system implemented in the Howard governments 2001 budget, allowing super funds and individuals to receive cash payments if their dividend imputation credits exceeded their total tax liabilities. Estimates suggest about 33 per cent of cash refunds go to individuals, 60 per cent to self-managed super funds and about 7 per cent to APRA-regulated funds. The Labor policy was framed as a way to close down a tax loophole that mainly benefits millionaires. Opposition Treasury spokesman Chris Bowen warned that the cost of refunding the dividend imputation credits had become unsustainable. The cost of the concession has ballooned from about $550 million when the measure was introduced by former Liberal treasurer Peter Costello when the budget was in surplus to more than $5bn a year. Labors policy would raise $55.7bn over a decade from July next year if Mr Shorten wins the next election. The self-managed super fund sector and seniors groups have warned the Labor policy will bring about a number of unintended consequences while continuing to benefit the wealthy who have enough tax liabilities to exhaust the full value of their franking credits. Dividend imputation was introduced in Australia in 1987 to avoid double taxation of company dividends. It provides a tax credit to shareholders for tax already paid by the company on their behalf. In a submission to the parliamentary standing committee on economics, which is conducting an inquiry into the removal of refundable franking credits, Michael Rice, the chief executive of actuarial firm Rice Warner, warned that there would be behavioural changes arising from the Labor policy. The main groups affected would be retirees on modest incomes holding equities directly and many SMSFs which have assets predominantly in pension accounts, Mr Rice said. He suggested these groups would shift their assets out of Australian equities, attain higher yields in other assets such as overseas-listed shares or infrastructure trusts or move their assets into unfranked Australian equities. He suggested that some self-funded retirees would increase drawdowns from their superannuation to preserve their current levels of income, resulting in more people receiving the age pension earlier in life an outcome that would impose additional costs on the government.
17.01.2022 Direct attack on people at the lower end SMSFs - for what reason???
17.01.2022 The Pension Assets Test to be implemented on 1 January 2019. So here's fair warning to all politicians of any persuasion, this group of aged voters may be about... to make the greatest impact on any Federal election in history, ignoring them may be the start of a changed political environment in this country. Change the Entitlements I absolutely agree, if a pension isn't an entitlement, neither is theirs. They keep telling us that paying us an aged pension isn't sustainable. Paying politicians all the perks they get is even less sustainable The politicians themselves, in Canberra, brought it up, that the Age of Entitlements is over: The author is asking each addressee to forward this email to a minimum of twenty people on their address list; in turn ask each of those to do likewise. In three days, most people in Australia will have this message. This is one idea that really should be passed around because the rot has to stop somewhere. Proposals to make politicians shoulder their share of the weight now that the Age of Entitlement is over: 1. Scrap political pensions. Politicians can purchase their own retirement plan, just as most other working Australians are expected to do. 2. Retired politicians (past, present & future) participate in Centrelink. A Politician collects a substantial salary while in office but should receive no salary when they're out of office. Terminated politicians under 70 can go get a job or apply for Centrelink unemployment benefits like ordinary Australians. Terminated politicians under 70 can negotiate with Centrelink like the rest of the Australian people. 3. Funds already allocated to the Politicians' retirement fund be returned immediately to Consolidated Revenue. This money is to be used to pay down debt they created which they expect us and our grandchildren to repay for them. 4. Politicians will no longer vote themselves a pay raise. Politicians pay will rise by the lower of, either the CPI or 3%. 5. Politicians lose their privileged health care system and participate in the same health care system as ordinary Australian people.i.e. Politicians either pay for private cover from their own funds or accept ordinary Medicare. 6. Politicians must equally abide by all laws they impose on the Australian people. 7. All contracts with past and present Politicians men/women are void effective 31/12/18. The Australian people did not agree to provide perks to Politicians,that burden was thrust upon them.Politicians devised all these contracts to benefit themselves.Serving in Parliament is an honour not a career. The Founding Fathers envisioned citizen legislators, so our politicians should serve their term(s), then go home and back to work. If each person contacts a minimum of twenty people, then it will only take three or so days for most Australians to receive the message. Don't you think it's time? THIS IS HOW YOU FIX Parliament and help bring fairness back into this country! See more
16.01.2022 Lets examine the ALP franking credit proposal in a little detail. We have 7 couples, all married, all homeowners. They all have Home Contents of about $5,000, and a motor vehicle of $5,000. Please do not get into the issue of value of family home or contents or motor vehicle. The values ascribed here are only to the benefit (in this calculation) of our Aged Pension recipient couples. In actuality, a higher home contents or motor vehicle value would only be to the further d...Continue reading
13.01.2022 The Pension Assets Test to be implemented on 1 January 2019. So heres fair warning to all politicians of any persuasion, this group of aged voters may be about... to make the greatest impact on any Federal election in history, ignoring them may be the start of a changed political environment in this country. Change the Entitlements I absolutely agree, if a pension isnt an entitlement, neither is theirs. They keep telling us that paying us an aged pension isnt sustainable. Paying politicians all the perks they get is even less sustainable The politicians themselves, in Canberra, brought it up, that the Age of Entitlements is over: The author is asking each addressee to forward this email to a minimum of twenty people on their address list; in turn ask each of those to do likewise. In three days, most people in Australia will have this message. This is one idea that really should be passed around because the rot has to stop somewhere. Proposals to make politicians shoulder their share of the weight now that the Age of Entitlement is over: 1. Scrap political pensions. Politicians can purchase their own retirement plan, just as most other working Australians are expected to do. 2. Retired politicians (past, present & future) participate in Centrelink. A Politician collects a substantial salary while in office but should receive no salary when theyre out of office. Terminated politicians under 70 can go get a job or apply for Centrelink unemployment benefits like ordinary Australians. Terminated politicians under 70 can negotiate with Centrelink like the rest of the Australian people. 3. Funds already allocated to the Politicians retirement fund be returned immediately to Consolidated Revenue. This money is to be used to pay down debt they created which they expect us and our grandchildren to repay for them. 4. Politicians will no longer vote themselves a pay raise. Politicians pay will rise by the lower of, either the CPI or 3%. 5. Politicians lose their privileged health care system and participate in the same health care system as ordinary Australian people.i.e. Politicians either pay for private cover from their own funds or accept ordinary Medicare. 6. Politicians must equally abide by all laws they impose on the Australian people. 7. All contracts with past and present Politicians men/women are void effective 31/12/18. The Australian people did not agree to provide perks to Politicians,that burden was thrust upon them.Politicians devised all these contracts to benefit themselves.Serving in Parliament is an honour not a career. The Founding Fathers envisioned citizen legislators, so our politicians should serve their term(s), then go home and back to work. If each person contacts a minimum of twenty people, then it will only take three or so days for most Australians to receive the message. Dont you think its time? THIS IS HOW YOU FIX Parliament and help bring fairness back into this country! See more
01.01.2022 The franking credit story
