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Savers set to benefit from Henry Tax review

Savers set to benefit from Henry Tax review

Old Apr 16th 2010, 2:36 am
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Thumbs up Savers set to benefit from Henry Tax review

"The Federal Government is preparing to unveil a savings scheme offering tax breaks similar to superannuation's discount rate of 15 per cent."
Treasury boss Dr Ken Henry has been attracted to Britain's Individual Savings Accounts (ISAs) which allow people to squirrel away up to $17,000 a year, tax-free.

The Government will not be as generous but instead offer concessional tax treatments for the new savings plans.
ken-henry-tax-review-wants-australians-to-bank-their-cash

Looks like they are about to address the difference between investing in property and putting money into a savings account. This could have a big impact for future trends.

[only for those who can afford to invest/save ]
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Old Apr 16th 2010, 2:44 am
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Default Re: Savers set to benefit from Henry Tax review

Look at the comments on news.com.au, the majority of people are seeing this scheme for what it is, another way of lining the banks pockets. In fact, I can't see any positive comments on this scheme at all.

http://www.news.com.au/money/money-m...-1225854304093

It's another way the banks can get cheap deposits and keep the housing ponzi going rather than raising capital from more expensive offshore funding.
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Old Apr 16th 2010, 2:50 am
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Default Re: Savers set to benefit from Henry Tax review

If a spouse is not working, you can have $200K (approx) tax free in their account. The interest earned would be judged as an income and therefore the the interest would be tax free.

Another stupid scheme by Rudd who hasn't put any though put into it. It joins the First Home Savers Account, Pink Batts, School Sheds, $900 handouts as a waste of time.
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Old Apr 16th 2010, 3:13 am
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Default Re: Savers set to benefit from Henry Tax review

the daily telegraph poll seems positive.

http://www.dailytelegraph.com.au/new...rom=public_rss
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Old Apr 16th 2010, 3:17 am
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Lightbulb Re: Savers set to benefit from Henry Tax review

I can't see the problem with providing incentives to save. After al, that's what we're supposed to be doing, isn't it? This country already has far too much debt, a large proportion of which is demonstrably unsustainable.
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Old Apr 16th 2010, 3:32 am
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Default Re: Savers set to benefit from Henry Tax review

Originally Posted by Vash the Stampede
I can't see the problem with providing incentives to save. After al, that's what we're supposed to be doing, isn't it? This country already has far too much debt, a large proportion of which is demonstrably unsustainable.
I agree but having to lock the money up for 5-10 years is a bit off. You might as well put it into super.
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Old Apr 16th 2010, 3:39 am
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Lightbulb Re: Savers set to benefit from Henry Tax review

Yes, fair point.
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Old Apr 16th 2010, 3:48 am
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Default Re: Savers set to benefit from Henry Tax review

Originally Posted by pomtastic
Originally Posted by vash the stampede
I can't see the problem with providing incentives to save. After al, that's what we're supposed to be doing, isn't it? This country already has far too much debt, a large proportion of which is demonstrably unsustainable.

I agree but having to lock the money up for 5-10 years is a bit off. You might as well put it into super.
I agree, 5 to 10 yrs is ridiculous. The main advantage of holding cash is that it is a liquid asset. Unfortunately it is heavily exposed to inflation so most investors steer well clear (apart from those who are risk averse).
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