Les Edwards

Sport Fanatic

[Chris Brycki @chrisbrycki]

The Senate inquiry into the CGT changes is looking more like political theatre than an actual inquiry.

The hearing agenda wasn't released until Friday night… the witness list is stacked with supporters, while the millions of Australians who invest directly in ASX shares and ETFs, thousands of startup founders and employees, and young Australians saving for a home through investment portfolios are effectively without representation. Even @GeoffWilsonWAM was only added at the last minute after media pressure.

Many expert submissions opposing the changes (including mine) still haven't been published.
https://t.co/J7ck8V6eU8

If you're excluding critics from hearings and withholding dissenting submissions from public view, you're not conducting an inquiry… you're just managing a narrative.

For a policy with such significant consequences for investment, innovation and economic growth, this is an astonishingly poor standard of consultation.

Australians deserve better than this!

[Les Edwards @Lesbo37]

@David_McMahon75 It's blatantly false anyway. Nurse at 100k has the same effective rate as CGT with discount at highest marginal rate for the lawyer.

The NG is pure red herring, the nurse has exactly the same entitlement to it. It's just a deduction like any other.

[Les Edwards @Lesbo37]

@David_McMahon75 It has to go through 8 levels of government beaurocracy before someone can allocate it to someone else to allocate it to the person who reviews it so it can be consulted about so it can be posted...

[Les Edwards @Lesbo37]

@Happytobeaprole @David_McMahon75 You said that they can make a distribution without having to pay it. Legal entitlement is the result of a distribution, they can't not pay that or they'll be in breach as a trustee.

That's basic trust law. Your scenario can't legally happen.

[Les Edwards @Lesbo37]

@Happytobeaprole @David_McMahon75 Find me one legal case of a beneficiary not being legally entitled to their distribution.

I'm a tax accountant, your scenario is a complete and utter myth and isn't legally possible. You can't distribute to anyone and then revoke their entitlement.

[Les Edwards @Lesbo37]

@Happytobeaprole @David_McMahon75 No one who knows how it actually works bothers talking about made up imaginary scenarios that are already against the law.

If you distribute to someone it is their money. That is the law. No ifs or buts. No court has ever allowed what you suggest.

[Les Edwards @Lesbo37]

@Richard01357064 That's still excessive taxation. Shouldn't tax productivity at all, tax consumption.

And more importantly spend a LOT less.

[Les Edwards @Lesbo37]

@DoodyDarren @Richard01357064 It also doesn't include the royalties aspect that a mining rich country like Australia has.

[Les Edwards @Lesbo37]

@DoodyDarren @Richard01357064 This is an argument of definitions. We don't define our 12% superannuation as a tax whilst all the Europeans classify their equivalents as taxes.

Throw that 12% on top or take theirs out and we're at the peak.

[Les Edwards @Lesbo37]

@RennickGBR @yendor67 What an absurdly simple minded way of viewing things.

Only good part is tax rates need to be lowered, should add substantially to that.

Anything above 15% is extreme taxation.

Need to shift towards taxing consumption instead of productivity.

[Les Edwards @Lesbo37]

@langanfox @RennickGBR The irony that non-residents don't pay CGT on anything but real property.

Basically this government wants foreign ownership instead of Aussie battlers.

[Les Edwards @Lesbo37]

@John45OverIt @David_McMahon75 Ah yes, the old sexist trope that the wife has contributed absolutely nothing of value towards the business and deserves none of the credit.

[Les Edwards @Lesbo37]

@AvidCommentator Definitely not their awful policies.

We desperately want something other than left wing options and they keep chasing Labor left.

Your party is dying, more of the same awful isn't the answer.

[Les Edwards @Lesbo37]

@MarsupialMr @MarkoMatvikov The structure and reward incentives of Australian politics are the dream job of narcissists.

Good people don't survive in this political environment or don't even get into it in the first place.

None of the resulting politicians serve anyone but their own interests.

[Les Edwards @Lesbo37]

@MarkoMatvikov Politics of envy dictates our policy. We have a majority that thinks the solution to everything is to punish anyone trying to better themselves.

Tall poppy syndrome is our primary voting issue.

[Les Edwards @Lesbo37]

@David_McMahon75 @Johnson72638291 Leveraged speculation implies certain types of instruments, at least to me.

No need for leverage at all.

[Les Edwards @Lesbo37]

@NoelWhittaker Main residence is tax free and property is far easier to leverage because of the government interference in banking.

I'm pro shares but in Australia, property is the correct primary investment if you want to make and keep wealth and the new rules just make that stronger.

[Les Edwards @Lesbo37]

@Bathory_1560 @KatyKray73 Dual citizens are fine, it's the non-citizens that are the issue.

Why should you be allowed to own homes here ahead of citizens if you're not even loyal enough to get citizenship, it's not a difficult process.

[Les Edwards @Lesbo37]

@Johnson72638291 @David_McMahon75 It's right. Trading is business income not capital gains.

The specifics in the post are inaccurate though. Trading is the key aspect, not the financial instrument.

[Les Edwards @Lesbo37]

@EnochBowden @David_McMahon75 Companies were already better in some scenarios, will become a lot more common now.

Stupid law design that poorer people will need expensive corporate structure for fairer treatment now but that's Labor for you.