What do you expect of the Federal ALP?

[Seeds]

... blowing up any of the powerplants in Australia will kill more suburban people than a nuclear event. We can't handle a few days of power not working. As I said before, the power network is vulnerable because everything stems off it including the fresh clean water to the home.

Have you noticed that the only place with a nuclear event that isn't back to normal is Chernobyl? The rest are life as before.

I think you're blowing it out of proportion.

Really you are going to keep pushing up that hill? A tidal wave or earth quake hits a coal plant then only the people hit by tgose specific events are hurt. If a missile hits the coal plant the only people that die are the people who are in the missiles blast zone. Thats it.

all of the above events will likely cause mass radiation contamination with a nuclear plant. There is no radiation leakage with a coal plant. You understand the coal plant doesnt create any other ways to kill people that would offset radiation leakage right?

and none of these events shut down the grid.

 

[Dogs_R_Us]

Really you are going to keep pushing up that hill? A tidal wave or earth quake hits a coal plant then only the people hit by tgose specific events are hurt. If a missile hits the coal plant the only people that die are the people who are in the missiles blast zone. Thats it.

all of the above events will likely cause mass radiation contamination with a nuclear plant. There is no radiation leakage with a coal plant. You understand the coal plant doesnt create any other ways to kill people that would offset radiation leakage right?

and none of these events shut down the grid.

Earthquakes occur along geological fault lines. I’m sure these are identifiable fairly easily with modern technology. Everywhere in Japan is close to the coast, the eastern side where Fukushima was, is exposed to the open Pacific. In a country the size of Australia I’m pretty sure we could build numerous nuclear power plants in safe locations.

 

[Gough]

A good way to save the budget money might be unilaterally cancelling every project Barnaby Joyce had his fingers in.

NSW Dungowan Dam project in murky water as state funds dry up

Tamworth farmers bemused as dam championed by Barnaby Joyce faces uncertain future

www.theguardian.com

 

[JackFlash]

As i freeze my backside off here today, i can't buy a can of soup, ( i should make my own, but who can afford the gas bill) and can't afford to fill up the petrol tank, I wonder where we'll be by Winter 2023? We don't have a climate crisis as much as we have an energy crisis? The very dangerous Chris Bowen is already crapping on with stuff that could see us in darkness by this time next year and power bills out of reach of the everyman? We Export most of our gas which means we might not have enough for domestic consumption, what world does Bowen live in? This is going to be a mighty tough next few years. Don't fall for the Bowen modeling, he's full of it. Albo has his hands full and he needs to get rid of this wanna-be PM who will be stalking him along with the witches' coven...

 

[Kwality]

Resources Minister Madeleine King has said coal-fired power generation must step up to help reduce soaring energy prices, as she cast doubt on pulling the so-called “trigger” to force export gas into the domestic market.
Describing the energy price spike as a “perfect storm”, Ms King said big gas producers were doing as much as they could to maximise supply, and it was important that coal fill the void to push energy prices down.

Labor backs coal to fix power crisis

Resources Minister Madeleine King says coal-fired power generation must step up to help reduce soaring energy prices, while casting doubt on pulling the “trigger” to force export gas into the domestic market.

www.afr.com

Of course Ms King is aware it is the States who are responsible for electricity generation & there is no gas problem on the west coast.

 

[Maggie5]

As i freeze my backside off here today, i can't buy a can of soup, ( i should make my own, but who can afford the gas bill) and can't afford to fill up the petrol tank, I wonder where we'll be by Winter 2023? We don't have a climate crisis as much as we have an energy crisis? The very dangerous Chris Bowen is already crapping on with stuff that could see us in darkness by this time next year and power bills out of reach of the everyman? We Export most of our gas which means we might not have enough for domestic consumption, what world does Bowen live in? This is going to be a mighty tough next few years. Don't fall for the Bowen modeling, he's full of it. Albo has his hands full and he needs to get rid of this wanna-be PM who will be stalking him along with the witches' coven...

It would be a complete waste of time explaining it all to you. Enjoy your soup.

 

[JackFlash]

I expect Albo to sack Chris Bowen by the end of the year! He's a big problem.

 

[Ned_Flanders]

I expect Albo to sack Chris Bowen by the end of the year! He's a big problem.

Won't it be Peggy Wong who has to sack him?

 

[Gough]

Another step in the right direction.

 

[Power Raid]

The reality is that further marginalises the population on the basis of religion. It works in Islamic countries on the basis of Islam being the prevailing culture embedded within the government systems. That won’t work here

I'm not sure Islamic banking is as Islamic is you may think. Christian Banking is/ was also based on the exact same rules.

Further the alternative we have is Jewish Banking..........so either way, banking systems have had influence from one or more religions in history.



Let's see if it works or not. Let the market decide.

What is certain is it is a far better system than social housing, as the people who live in the property will look after it if they have a financial interest in it. We need 10s of thousands more social housing and perhaps this is the way to achieve it and the pathway out of it!

 

[Pie eyed]

I

I think the Liberals should embrace nuclear energy as a clear point of difference from Labor. They need a strong and decisive advertising campaign as the Greens will be screaming up and down the country, scaring the wits out of the population. The Liberals will be helped if power bills start skyrocketing, but they need to do their homework thoroughly.

I don’t agree that referenda should be linked to elections. It’s too easy for people to think they should vote on party political lines, rather than follow their conscience.

No tampering with the constitution! It was created by wiser heads than exist even today.

I don’t trust the states to administer a government home loan system. Six different systems, creating bureaucracies, fees and charges… we’ve seen what happens when the premiers start competing with each other. The superannuation scheme was superior, and simpler.

think the Libs should be shot into the sun with their corrupt heads up their arses.
those who don't make the rocket should be sold for medical experiments.
People who voted Liberal should be deported.

 

[Pie eyed]

As i freeze my backside off here today, i can't buy a can of soup, ( i should make my own, but who can afford the gas bill) and can't afford to fill up the petrol tank, I wonder where we'll be by Winter 2023? We don't have a climate crisis as much as we have an energy crisis? The very dangerous Chris Bowen is already crapping on with stuff that could see us in darkness by this time next year and power bills out of reach of the everyman? We Export most of our gas which means we might not have enough for domestic consumption, what world does Bowen live in? This is going to be a mighty tough next few years. Don't fall for the Bowen modeling, he's full of it. Albo has his hands full and he needs to get rid of this wanna-be PM who will be stalking him along with the witches' coven...

mEanwhile in canberra thanks to a forward looking labor gov we have plenty of 110% newable lecky at a fixed price for 20 years.
Shoulda vote layba the last decade dumb campaigner.

 

[Number37]

Introduce a Wealth Tax

Something like 1% at $10m and 3% at $100m offset against income tax. ie 3% of $100m is $3m. The income from $100m should be around $5m (5%) which should generate $1.5m in income tax. Given the wealth tax is greater than the income tax, no income tax would be paid. Essentially the wealth tax ensures, no matter how clever the tax accountant is, tax is paid.

How are you measuring wealth?

 

[Power Raid]

How are you measuring wealth?

a balance sheet

 

[Number37]

a balance sheet

Using what measurement principles?

 

[Power Raid]

Using what measurement principles?

given we are talking tax not accounting, the relevant tax laws as would be implemented

 

[Number37]

given we are talking tax not accounting, the relevant tax laws as would be implemented

You said you would measure wealth with balance sheets.
Tax laws don't deal with balance sheets, they deal with income statements....hence the name Income Tax Assessment Act.

Balance sheets = capital.
Income statements = income or revenue and expenses

There would be a million and one tax law cases where it was argued something was capital not income. It's the oldest trick in the book, classifying something as capital and thereby out of the reach of income tax laws.
Which is how we got to the Capital Gains Tax regime....which is bounded by application to a CGT asset after a CGT event.

Given or assuming that your wealth tax is an attempt to catch those things which are not covered by income tax laws or the CGT regime...how are you going to measure wealth?
Wealth and changes in wealth are expressed in a balance sheet.
To get a wealth figure we first have to measure assets and liabilities.
What measurement are we using for these assets and liabilities?
Does that measurement include changes in wealth year on year? If yes, what rules apply?

 

[Power Raid]

You said you would measure wealth with balance sheets.
Tax laws don't deal with balance sheets, they deal with income statements....hence the name Income Tax Assessment Act.

Balance sheets = capital.
Income statements = income or revenue and expenses

There would be a million and one tax law cases where it was argued something was capital not income. It's the oldest trick in the book, classifying something as capital and thereby out of the reach of income tax laws.
Which is how we got to the Capital Gains Tax regime....which is bounded by application to a CGT asset after a CGT event.

Given or assuming that your wealth tax is an attempt to catch those things which are not covered by income tax laws or the CGT regime...how are you going to measure wealth?
Wealth and changes in wealth are expressed in a balance sheet.
To get a wealth figure we first have to measure assets and liabilities.
What measurement are we using for these assets and liabilities?
Does that measurement include changes in wealth year on year? If yes, what rules apply?

So much nonsense for a simple answer...........companies already report balance sheet, so the framework is there. There are also loads of examples of how assets are measured, so the framework is there.

You seem to be excited about nothing.

 

[Number37]

So much nonsense for a simple answer...........companies already report balance sheet, so the framework is there. There are also loads of examples of how assets are measured, so the framework is there.

You seem to be excited about nothing.

Companies use Accounting Standards bruh.
Are you suggesting individuals use Accounting Standards too?

Companies must comply with Accounting Standards because Accounting Standards are enforceable by way of the Corporations Act.

How do you plan on getting individuals to comply with Accounting Standards?
What will be the enforcement mechanism?
And will individuals now also have to have their books audited?


Which brings us back to my original question, which you still haven't answered....
How do you plan on measuring wealth?
Accounting Standards have a multitude of valuation methods.
Accounting Standards also allow a great deal of judgement by accountants particularly when choosing which valuation method best suits a particular item in any of their books.
Balance sheet items are recorded at historic cost plus or minus revaluations whether that is depreciation, amortisation or just straight up revaluation.
Those revaluations flow through the income statement, creating tax assets and liabilities.
How does your wealth tax account for such things?
Will you be allowing individuals to do massive write downs like companies?

Did you get your idea from Andrew Fastow?
I'm not against a wealth tax, I am just interested in how yours would work because a wealth tax is nowhere near as simple as whatever it is you are proposing. Bigfooty is a safe space, there is no judgement here.Let's hear the deets.

 

[Gough]

'Worked against the national interest': Anger at Peter Dutton's disclosure of submarine negotiations

Opposition Leader Peter Dutton's decision to divulge sensitive discussions with the United States on acquiring nuclear-powered submarines has sparked concern that he may have jeopardised plans for a joint agreement by year's end.

www.abc.net.au

He's going to keep making it easy for Labor until he realises that the interests of Peter Dutton and the Liberal Party aren't always the same as our national interests.

 

[HairyO]

I expect a lot of words but very little meaningful change across the board.

I expect 3 years of hand wringing and blaming the LNP while doing not much.

But I do expect us to be in a slightly better place than had the LNP won.

I also expect the Budget will be a massive black hole where billions just disappear.

Finally, I expect most here to be very disappointed at how little changes.

 

[Rotayjay]

What I want and what I realistically expect are two totally different things.

I expect that this Labor government will deliver a referendum on Indigenous constitutional recognition, but I'm a little concerned it may not be carried. I also expect they will get some multinational company tax reform through Parliament in some form. I expect the cheaper child care plan will help Aussie families and will be delivered. I don't think Labor will be able to deliver much else in three years.

 

[Dogs_R_Us]

What I want and what I realistically expect are two totally different things.

I expect that this Labor government will deliver a referendum on Indigenous constitutional recognition, but I'm a little concerned it may not be carried. I also expect they will get some multinational company tax reform through Parliament in some form. I expect the cheaper child care plan will help Aussie families and will be delivered. I don't think Labor will be able to deliver much else in three years.

If a referendum is not carried it will be because it’s being driven by inner-city white elites, who know what’s best for everyone “because they’re educated” (I’ve actually had this said to me). How about a government - any government - working on ways to help indigenous communities (remembering they are disparate groups, often not even speaking the same language). One solution may not fit all. I like hearing about businesses and properties being run exclusively by Aboriginal groups. Participation in the country’s business activities raises self esteem and lifts aspirations. We have to remember that only a couple of hundred years ago they lived lives as primitive and undeveloped as any group in the world. Many still live that same life.

 

[Xtreme]

I'm expecting them to fail and the LNP to be voted back in, in 3 years time!!

 

[Power Raid]

Companies use Accounting Standards bruh. Yes they do but not relevant as we are talking about tax which has different rules resulting in permanent and timing difference. Further companies often use toilet paper and coffee and computers. Anything else you would like to raise?
Are you suggesting individuals use Accounting Standards too? Individuals are welcome to use toilet paper, computers, coffee and accounting standards if they feel it is of benefit to them.

Companies must comply with Accounting Standards because Accounting Standards are enforceable by way of the Corporations Act. Great

How do you plan on getting individuals to comply with Accounting Standards? They are welcome to use toilet paper, computers, coffee and accounting standards if they feel it is of benefit to them.......BUT IT IS NOT RELEVANT!
What will be the enforcement mechanism? Choice as IT IS NOT RELEVANT!
And will individuals now also have to have their books audited? The ATO has rules in place already


Which brings us back to my original question, which you still haven't answered....
How do you plan on measuring wealth? The rules that would be enshrined by tax law with precedents already in place
Accounting Standards have a multitude of valuation methods. Great.......BUT IT IS NOT RELEVANT!
Accounting Standards also allow a great deal of judgement by accountants particularly when choosing which valuation method best suits a particular item in any of their books. Great.......BUT IT IS NOT RELEVANT!
Balance sheet items are recorded at historic cost plus or minus revaluations whether that is depreciation, amortisation or just straight up revaluation. Great.......BUT IT IS NOT RELEVANT!
Those revaluations flow through the income statement, creating tax assets and liabilities. Great.......BUT IT IS NOT RELEVANT!
How does your wealth tax account for such things? Great.......BUT IT IS NOT RELEVANT!
Will you be allowing individuals to do massive write downs like companies? Great.......BUT IT IS NOT RELEVANT!

Did you get your idea from Andrew Fastow?
I'm not against a wealth tax, I am just interested in how yours would work because a wealth tax is nowhere near as simple as whatever it is you are proposing. Bigfooty is a safe space, there is no judgement here.Let's hear the deets.

Please refer bolded inserts

Perhaps you simply don't understand the difference between accounting and tax and thus getting confused.