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-   -   Savers set to benefit from Henry Tax review (https://britishexpats.com/forum/australia-54/savers-set-benefit-henry-tax-review-664253/)

coolshadows Apr 16th 2010 2:36 am
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. :thumbup:

[only for those who can afford to invest/save :)]

pomtastic Apr 16th 2010 2:44 am
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.

pomtastic Apr 16th 2010 2:50 am
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.

coolshadows Apr 16th 2010 3:13 am
Re: Savers set to benefit from Henry Tax review
 
the daily telegraph poll seems positive. :)

http://www.dailytelegraph.com.au/new...rom=public_rss

Vash the Stampede Apr 16th 2010 3:17 am
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.

pomtastic Apr 16th 2010 3:32 am
Re: Savers set to benefit from Henry Tax review
 
Originally Posted by Vash the Stampede (Post 8500141)
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.

Vash the Stampede Apr 16th 2010 3:39 am
Re: Savers set to benefit from Henry Tax review
 
Yes, fair point.

asprilla Apr 16th 2010 3:48 am
Re: Savers set to benefit from Henry Tax review
 
Originally Posted by pomtastic (Post 8500162)
Originally Posted by vash the stampede (Post 8500162)
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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