Roast Bad things for Doggies

[maddog37]

A more powerful financial regulator is so desperately needed. Far more so than that miserable excuse of a Royal Commission we had. It was pure political point scoring, and intentionally rushed through. Super funds got off WAY too easy.

Negative Gearing seriously needs to be capped.

Taxing trusts at 10% is generous - I'd argue more.

Hydrogen, Solar and Wind should all be seriously invested in. Can't believe how many non-renewables we consume

Over regulation stymies efficiency in markets and drives up costs for all. You can make all the rules in the world but crooks don’t care for rules and will still do what they do while the greater majority of good financial workers are weighed down in compliance and red tape. You need to understand practicalities as well as theoretical ideals.

 

[LittleG]

Over regulation stymies efficiency in markets and drives up costs for all. You can make all the rules in the world but crooks don’t care for rules and will still do what they do while the greater majority of good financial workers are weighed down in compliance and red tape. You need to understand practicalities as well as theoretical ideals.

You don’t need a lot more regulation. Seriously, we have enough at the moment.

Just need an ASIC with teeth AND much stronger penalties. Penalties that involve prison and massive fines.... most fines a like wet lettuce.

Criminals will continue to break rules, laws get adjusted to cope BUT we don’t need lots of regulation. Our wet lettuce Banking Royal Commissions recommendations should have been adopted by now....

 

[LittleG]

A more powerful financial regulator is so desperately needed. Far more so than that miserable excuse of a Royal Commission we had. It was pure political point scoring, and intentionally rushed through. Super funds got off WAY too easy.

Negative Gearing seriously needs to be capped.

Taxing trusts at 10% is generous - I'd argue more.

Hydrogen, Solar and Wind should all be seriously invested in. Can't believe how many non-renewables we consume

Lots of high wealth individuals use multiple trusts in their tax avoidance strategies. 10% for each one is going to be a lot!

 

[Virgin Dog]

Over regulation stymies efficiency in markets and drives up costs for all. You can make all the rules in the world but crooks don’t care for rules and will still do what they do while the greater majority of good financial workers are weighed down in compliance and red tape. You need to understand practicalities as well as theoretical ideals.

That is true - but when no real penalties exist, there is no reason NOT to break the rules.

Using BEAR (Banking Executive Accountability Regime) as an example, when this was announced back in 2018 it caused serious concern among the higher ups in banking. There were some serious changes in Risk Management, including massive additional funding towards improving the risk landscape, because all of a sudden people could be held personally responsible for their actions.

 

[Virgin Dog]

Lots of high wealth individuals use multiple trusts in their tax avoidance strategies. 10% for each one is going to be a lot!

While we're on that topic, how about removing the tax incentive for high wealth individuals setting up their own charities?

It's a pretty standard tax loophole many of the uber wealthy exploit. John Smith earns himself $300 million per year. John Smith sets up the John Smith foundation, and pumps $150 million of his earnings into the charity each year. This brings his taxable income down to $150 million, where he has saved himself Around $70 million on his tax bill. John Smith then runs ALL of his expenses through this charity. Flights overseas for a "conference"? Paid by the charity. New vehicle? Transport cost for the charity. Expensive catering? Better believe that's a cost of running his charity. John Smith ends up saving tens of millions on his tax bill without ever doing a single ******* thing for charity.

Steve Wozniak is one of many who does this through foundations he started and funds on an ongoing basis.

 

[LittleG]

While we're on that topic, how about removing the tax incentive for high wealth individuals setting up their own charities?

It's a pretty standard tax loophole many of the uber wealthy exploit. John Smith earns himself $300 million per year. John Smith sets up the John Smith foundation, and pumps $150 million of his earnings into the charity each year. This brings his taxable income down to $150 million, where he has saved himself Around $70 million on his tax bill. John Smith then runs ALL of his expenses through this charity. Flights overseas for a "conference"? Paid by the charity. New vehicle? Transport cost for the charity. Expensive catering? Better believe that's a cost of running his charity. John Smith ends up saving tens of millions on his tax bill without ever doing a single ******* thing for charity.

Steve Wozniak is one of many who does this through foundations he started and funds on an ongoing basis.

I should have been more specific with my trust definition:
All non-individual & non-company entities.

 

[X_box_X]

Chocolate, candy, bacon and grapes are bad for doggies. Small bones can't be great either.

 

[BrisDog]

My Mrs works for Virgin Australia and has been arseholed about 2 weeks ago. 25 grand before tax VR. We are taking the VR and slapping it straight on the mortgage.

The upside is my daughter will receive the best child care one could imagine with the wife being at home.

 

[LittleG]

BrisDog
May have to close my business. No employees now but still bills and no sales.


Trying to get a start up grant for a new business from some investment banking groups. Hope they will invest, as IF I can get it done, in 24 months it would be a $1B company. Most groups are not doing meetings or handing out cash now though. This virus hit at the wrong time... my business was just growing; and showing you can deliver a similar business, usually gets you big cash.

 

[wayniac]

Lots of high wealth individuals use multiple trusts in their tax avoidance strategies. 10% for each one is going to be a lot!

It's 10%. Not more not less. Or do you mean that we have a better chance of finding the multiple trusts. However, it's still 10%. (Maths Year 1).

 

[wayniac]

I didn't get laid off. I have to go to work every day, because we're not allowed to work from home. Lots of people in the building have no idea about social distancing and all the other stuff, like "please don't sneeze" like that.

One way opening doors with metal handles, no had sanitiser near the hot spots.

Saw four people leaving the building to go for coffee, not keeping 1.5M spacing. Isn't a group of four unrelated people illegal currently?

This is a government department, no prizes for guessing which one. The management are "working from home".

 

[LittleG]

It's 10%. Not more not less. Or do you mean that we have a better chance of finding the multiple trusts. However, it's still 10%. (Maths Year 1).

10% with no deductions is better than the $0 we get now.

 

[BrisDog]

BrisDog
May have to close my business. No employees now but still bills and no sales.


Trying to get a start up grant for a new business from some investment banking groups. Hope they will invest, as IF I can get it done, in 24 months it would be a $1B company. Most groups are not doing meetings or handing out cash now though. This virus hit at the wrong time... my business was just growing; and showing you can deliver a similar business, usually gets you big cash.

F**k mate. I hope for the best but fear the worst for the world 2020/21. Business needs confidence and that it a hell of along away.

 

[wayniac]

10% with no deductions is better than the $0 we get now.

We should remove all tax deductions. Much as she was mocked, Pauline Hanson's idea of a 20% flat tax was far better than our tax regime that turns everybody into a tax dodger.

Tax agents are basically agents of the ATO, why on earth PAYG folks have to do an annual tax return is something the tax agent lobby keep promoting. It all adds up to a significant amount of totally unproductive work. I'm self employed and am an unpaid tax collector for the ATO 10% minus a piddling amount. Now I have to source some software to conform with single touch payroll. Another massive impost on businesses. One of the most complex software applications is now payroll, with all the different awards and allowances it's a nightmare to test and program.

Superannuation is a ponzi scheme. The cracks are appearing in the industry funds now that they can't actually find 10,000 for a few hard-up people. Watch the massive losses they will report next financial year after they sell some half-good assets and hang on to the crud. They have 25% in unlisted assets, yes, airports and toll roads probably. Superannuation should be scrapped and we need a fully funded pension scheme for everyone.

Also include the family home in the assets test. Too many people buy a big house when they retire, reduce their cash assets as a result and claim the pension. We either need a proper pension for everyone or a proper assets test to catch these weasels.

 

[MrChristo]

For what it’s worth I have had a few stubbies. I called 2 commercial pilots tonight who are mates who lost their jobs last week. They have no professional opportunity and I personally know their mortgages are 750+. They are f**ked. Very sad but personally I believe our economy is completely f**ked for many years.

Purely out of interest...
How many hours flying, and what work were you "Commercial Pilots" doing?

I'm also in the aviation industry (although, thankfully/luckily? got out of the flying part a bit over 10 years ago. [I'm also technically a (terribly low hour) Commercial Pilot]).

I see in a later post that your partner worked @ Virgin, so you'll probably know that there was a massive demand /shortfall of pilots 3 months ago...
...meaning there most likely will be in another 12-18 months.

Short term pain for sure, but if they got their hours the hard way (as most Australian pilots do [which is why they are the best in the world, but that's a topic for a different time] then they'll know all about hard times.

Hopefully they didn't over stretch themselves financially on predicted future earnings...

Ps. Some really solid discussion in this thread dare I say outside of what was intended, but full marks everyone.

 

[BrisDog]

Purely out of interest...
How many hours flying, and what work were you "Commercial Pilots" doing?

I'm also in the aviation industry (although, thankfully/luckily? got out of the flying part a bit over 10 years ago. [I'm also technically a (terribly low hour) Commercial Pilot]).

I see in a later post that your partner worked @ Virgin, so you'll probably know that there was a massive demand /shortfall of pilots 3 months ago...
...meaning there most likely will be in another 12-18 months.

Short term pain for sure, but if they got their hours the hard way (as most Australian pilots do [which is why they are the best in the world, but that's a topic for a different time] then they'll know all about hard times.

Hopefully they didn't over stretch themselves financially on predicted future earnings...

Ps. Some really solid discussion in this thread dare I say outside of what was intended, but full marks everyone.

Hey mate,
They were full time on 320’s (Tiger) and Air NZ aircraft and have all been made redundant.

737’s with VA are mostly out of work, either being stood down without pay, VR’s, or paid leave until it runs out.

All my friends and mrs contacts have taken VR’s (6 months pay) or are stood down without pay. They have no paid work.

Some 777 Pilots have work with rescue flights (eg LAX returning citizens).

 

[dogwatch]

BrisDog
May have to close my business. No employees now but still bills and no sales.


Trying to get a start up grant for a new business from some investment banking groups. Hope they will invest, as IF I can get it done, in 24 months it would be a $1B company. Most groups are not doing meetings or handing out cash now though. This virus hit at the wrong time... my business was just growing; and showing you can deliver a similar business, usually gets you big cash.

That's terrible news LittleG. Best of luck over the coming months. Good to see you have plans to bounce right back.

 

[dogwatch]

Hey mate,
They were full time on 320’s (Tiger) and Air NZ aircraft and have all been made redundant.

737’s with VA are mostly out of work, either being stood down without pay, VR’s, or paid leave until it runs out.

All my friends and mrs contacts have taken VR’s (6 months pay) or are stood down without pay. They have no paid work.

Some 777 Pilots have work with rescue flights (eg LAX returning citizens).

The stories here demonstrate how dramatic and how unequal is the pain that's being suffered.

It's probably going to take a while to even out all the inequity of this, such as council employees, non-Australian residents, backpacker labour, small business operators who've had to shut down, lots of casuals who haven't had 12 months with one employer, refugees, businesses that were just staggering to their feet after drought and bushfire, etc.

I could be critical of the government because I think they've been callous in the way the some of the measures have been applied but they have had to make massive decisions on the fly, hoping that Treasury has got its sums right. The state and federal governments have (with a bit of prompting) done a lot of things right. So I'll allow them a couple of months to sort out the worst of the inequities before I start getting stuck in. I gather Treasurer Frydenberg has executive authority to fix most of these things i.e. he doesn't have to get further parliamentary approval, so it's up to him (and his boss) and his advisers.

 

[MrChristo]

Hey mate,
They were full time on 320’s (Tiger) and Air NZ aircraft and have all been made redundant.

737’s with VA are mostly out of work, either being stood down without pay, VR’s, or paid leave until it runs out.

All my friends and mrs contacts have taken VR’s (6 months pay) or are stood down without pay. They have no paid work.

Some 777 Pilots have work with rescue flights (eg LAX returning citizens).

Hopefully the 6 months sees you all through.

Again though, it does highlight the lack of (union based) full time employment.
[Sorry, sh1t timing given VA is shutting down indefinitely... Although, by doing so hopefully look a bit more secure long term...]

I was genuinely surprised a couple of years back when a colleague of mine's partner was a hosty for Jetstar...
...100% casual and effectively on call with not many hours notice!! Amazing that companies can get away with that kind of stuff.
[chicken / egg, whether "we" let them or not is a discussion for a different time I guess...*]
* Actually, that's not true, people are discussing it now. Just not me!

Seriously, good luck man.

 

[BrisDog]

Another bad thing that is happening to this old dog is that I am drinking way more grog. Not like 2-3 years ago where I would binge then hit Bigfooty with some weird Subject/Opening Post (I remember the time I called for Beveridge to actually play and belt some aunt). But I drink every night moderately now. My mrs stares at me with one eye brow permanently raised. It’s weird.

 

[BrisDog]

I was genuinely surprised a couple of years back when a colleague of mine's partner was a hosty for Jetstar...
...100% casual and effectively on call with not many hours notice!! Amazing that companies can get away with that kind of stuff.
[chicken / egg, whether "we" let them or not is a discussion for a different time I guess...*]
* Actually, that's not true, people are discussing it now. Just not me!

Seriously, good luck man.

And let the hosties work/fly from Japan to Darwin, change flight, then Darwin to the Gold Coast in one shift. No sh*t. What’s that - a 20hr shift? Jetstar is a Singapore based company so any union rules/regs/safety restriction were thrown out the window.

 

[Virgin Dog]

I didn't get laid off. I have to go to work every day, because we're not allowed to work from home. Lots of people in the building have no idea about social distancing and all the other stuff, like "please don't sneeze" like that.

One way opening doors with metal handles, no had sanitiser near the hot spots.

Saw four people leaving the building to go for coffee, not keeping 1.5M spacing. Isn't a group of four unrelated people illegal currently?

This is a government department, no prizes for guessing which one. The management are "working from home".

If there's one positive to come out of this whole thing, it's the change in attitudes so many businesses have been forced to have with regards to working from home. I'm fortunate in that my company had already embraced it, and even encouraged us to try work from home at least once per week. That has now become permanent work from home, which I'm actually doing right now Their logic was that our work from home day let the parents take their kids to school at least one day, it meant we could have any tradies in that we needed, and it gave us a good bit of flexibility with start times, meaning me and the Mrs were able to go out for breaky, walk the dogs and do whatever else before I might make a 10am start (and later finish). I consider myself very lucky to be employed by the company I work for (as I mentioned earlier in the thread, it's a bank - one of the bigger non-majors).

Sucks to hear your work isn't allowing it for non-management though :/ There's always some, often in government, who simply refuse to adapt to the ways of the new world. Working from home means less traffic congestion, less pollution, less travel costs, less building rental costs (as you need less space if you rotate employees) and all around happier (and therefore more productive) employees. Drives me mad seeing some places still refuse to embrace it.

The reason it's so important right now for any business that can to start getting employees to work from home is because of the exact scenario you described - you come into work and immediately see a bunch of people grouping together, breathing on each other, sharing the same instant coffee jar, touching the same carton of milk, and ensuring that their sneezes carry through the air and caress the faces of everyone around them. Hopefully your work has a change in attitude soon

 

[The Boy From Brasil]

I hope we become better people after this horrible event is over. Learn that people is more than the mighty dollar. Pay healthcare workers more because they deserve it. Understand that time is the most precious commodity in life. Spend more time with family and loved ones. Respect our elderly more and become more sympathetic to the sick. Be better neighbours, take the hate and nastiness out of our system. and with our wonderful doggies, appreciate every game we see them play because each game we see is one game less we see them. In practice the traditional melting will happen when we lose and thats fine, but hopefully our whole viewpoint of our team isn't whether we win or lose. I am a bit weird, I have witnessed a premiership in a lifetime, I said at the time, after that anything is a bonus. As long as we continue to exist thats the main point for me.

 

[NBates]

Need a cheery thought. Anybody?

Sent from my SM-A505YN using Tapatalk

 

[Arkangel]

Need a cheery thought. Anybody?

Sent from my SM-A505YN using Tapatalk

Not sure about cheery, but a cool fact I learnt recently: The reason that “Australia” and “Austria” have such similar names is because both come from the same origin in proto-Indo-European, which means “light” or “dawn”. This became the word for “south” in Latin, because the sun comes from the south in the northern hemisphere, hence terra australis, the southern land. It also became the word for “east” in the Germanic languages (e.g., “öst” in German and “east” in English), because the sun rises in the east, hence Österreich, the German name for Austria, meaning eastern state/kingdom.