People should not become wealthy from NDIS. .
“Key figures in the Gillard government, who founded the NDIS, have gone on to chair union-backed super funds that are the biggest financial winners from the disability scheme.
In the largest transaction in NDIS history, a firm co-owned by more than a dozen industry funds turned a $28m investment into a $360m payday in just four years.
The firm, IFM Investors, used its “private equity” division to buy over 80 per cent of the largest NDIS plan management company, Adelaide-based My Plan Manager, from founder Claire Wittwer-Smith in 2019.
Documents obtained by this masthead reveal IFM forked out $26.8m in cash to a former special ed teacher, who had started My Plan Manager (MPM) in 2014 after leaving a job at the National Disability Insurance Agency.
At the time of the buy, IFM Investors was chaired by ex federal Labor cabinet minister and one-time ACTU boss Greg Combet.
When IFM sold MPM in 2023, Mr Combet had left. But former Labor cabinet minister Lindsay Tanner had joined as a director.
IFM Investors is ultimately owned by industry super funds including Hesta – chaired by former Labor health minister Nicola Roxon – and Cbus, whose board is led by ex Labor treasurer Wayne Swan.
All four were ministers under Julia Gillard, who founded the NDIS.
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Disabled people should not be treated like commodities.
The fact that NDIS companies can be sold for millions of dollars shows that the scheme has been set up in a way to benefit grifters and not disabled people.
It should as no surprise that superannuation funds are involved in this grifting as they have a long established track record in grifting fees from poor working Australians.
Nor should it come as no surprise that the Labor party are behind this grifting.
Hiding behind their faux bleeding hearts are multimillionaires deceiving taxpayers of hard earned tax dollars and disabled people the proper support they need.
And don’t forget the money Superannuation funds pour into foreign owned renewables.
https://t.co/PeAaJW2pjF is the only party prepared to stop these rorts. Sign up today.
Labor Minister @MurrayWatt vainly attempts to weasel out of answering perfectly legitimate questions relating to his Department only to look even more like J.R.R Tolkien’s villain ‘Wormtongue’.
Under Labor’s new tax:
— You can walk into a casino, come out $1000 ahead, and pay $0 tax
— but if you make $1000 on shares/ETFs, you will pay $300-470 in tax
— if you build & sell a business, the ATO now takes 30-47% of your gain
Gambling is tax-free. Investing is punished.
𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭’𝐬 𝟑𝟎% 𝐭𝐚𝐱 𝐢𝐬 𝐚𝐛𝐨𝐮𝐭 𝐭𝐨 𝐬𝐞𝐢𝐳𝐞 𝐚 𝐠𝐫𝐢𝐞𝐯𝐢𝐧𝐠 𝐭𝐞𝐞𝐧𝐬’ 𝐢𝐧𝐡𝐞𝐫𝐢𝐭𝐚𝐧𝐜𝐞 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞𝐢𝐫 𝐝𝐞𝐚𝐝 𝐝𝐚𝐝.
A devastated uncle, Rod, just spoke out, their father passed in April, leaving a modest trust for Jacinta (16, brain damaged from birth) and Jason (19).
These are kids with a single mum, just trying to get some stability after losing everything. Now the government wants a bigger cut.
“They’re dipping their hands into the pockets of a dead man and taking his money that’s destined for his own children.”
Rod agrees with Angus Taylor, this is cruel, unmandated, and immoral. A death tax by stealth.
Ben Fordham to Albanese & Chalmers: “explain this to these two kids.”
Heartbreaking.
Under the proposed CGT changes, the effective tax rate on a direct share portfolio could rise from 44% to 70% because inflation adjusted losses can’t offset gains unless shares fall in nominal dollar terms.
That means portfolios with a few big winners and lots of average performers (which is how most real world portfolios behave), get hit hardest.
The result is that direct share investing becomes much less attractive than ETFs and pooled investment structures for most Australians, far more so than Treasury’s modelling appears to assume. https://t.co/Efmea0I5oq
Credit @DerekFranc90653@Johnkehoe23 who discovered this impact due to stock return dispersion.
An awkward interview has revealed the Anthony Albanese government may be underestimating the number of young Australians who own shares by nearly half, with ASIC figures contradicting Treasurer Jim Chalmers' claims. https://t.co/uZ2CNLYEYO
@TMFScottP Sounds like they they got incorrect advice that next to no young people invest in shares
Chalmers also referenced in interview that only 1/10 young people invest in shares as one of the justifications but ASIC data shows it’s closer to 1 in 5 , treasury data conflicts
Treasury's advice to Chalmers appears to be based on ATO tax return data. Someone needed to point out the obvious: young people ACCUMULATING shares don't record a capital gain. You only appear in that data when you sell. Of course the numbers are low.
I did not realise they were taxing gross rather than net gains… AFR: Investors with diversified share portfolios making a mix of gains and losses compared to inflation could face tax rates of more than 100 per cent on real gains, due to the Albanese government not compensating investors for underperforming stocks.
A former senior Treasury tax official and a hedge fund manager both warned that people with a diversified portfolio of shares could face tax rates 50 per cent higher than Treasury calculated… Chalmers’ office and Treasury were contacted for comment on Thursday about whether real losses would be indexed to inflation.
Under another example, an investor buys shares in Coles and Woolworths, with one outperforming inflation and the other underperforming inflation.
The overall real return is zero after inflation, but the investor would pay tax on the winning stock.
If an investor instead bought an ETF of supermarkets with the same overall result, they would pay no tax.
https://t.co/4bfhPDychb
Treasury's advice to Chalmers appears to be based on ATO tax return data. Someone needed to point out the obvious: young people ACCUMULATING shares don't record a capital gain. You only appear in that data when you sell. Of course the numbers are low.
This is crazy: the federal government is using all the NDIS savings and almost all the NDIS savings + tax increases to pay itself due to a massive $19.6 billion cost blow-out on the bureaucracy over the next four years compared to forecasts in last year’s budget.
Put another way, over the four overlapping Budget years from 2025–26 to 2028–29, the government has increased the cost of running the bureaucracy by $19.6bn — enough to consume virtually all (99%) of the $19.8bn in NDIS savings it claims, 93% of those savings plus its negative-gearing/CGT tax grab, and 14.5 times the property/investor tax increase itself...
"The average staffing level increases from 215,900 this year to 217,300 in 2026-27. Since the Albanese government came to power in 2022, the size of the public service has ballooned by a quarter."
https://t.co/tzZFwkUQCF
The Albanese government has blindsided the financial sector with a surprise “death tax” on wills and estates, triggering urgent calls for clarification from wealth advisers.
Under new budget measures, family trusts are set to be hit with a minimum 30 per cent tax rate. The new rule will also apply to the most common form of estate planning trust: the Testamentary Discretionary Trust.
https://t.co/WqsYvIaVUQ