What would you do to become debt free?

[ango]

Hi all,
I thought it was worth revisiting this, have a look at Labor's policies regarding capital gains tax and franking credit refunds. If they get in there seems to be no point busting your guts trying to get ahead so you can pay more tax. I think once you have paid off your house it is better to spend up on holidays, lifestyle etc. and go on the pension when you get old enough.
Cheers
Ango.

[smile0784]

Where do I find the full article

[ango]

Hi Smile0784
Google up "Labors retiree tax" and "Labors capital gains tax policy". If you want to retire early then you need to get a credit card and use it for everything so you can track your real cost of living, then have a look how much super you have. You can access your super before you are old enough to get the age pension, (called your preservation age and it is 60 for most people), so then knowing how much super you have and what your cost of living is you can probably retire a few years before you are eligible for the age pension. You can easily live on the age pension provided you own your own home and are no longer supporting your kids.
Cheers
Ango.

[scott__henning]

Hi all,
I thought it was worth revisiting this, have a look at Labor's policies regarding capital gains tax and franking credit refunds. If they get in there seems to be no point busting your guts trying to get ahead so you can pay more tax. I think once you have paid off your house it is better to spend up on holidays, lifestyle etc. and go on the pension when you get old enough.
Cheers
Ango.

It’s a terrible policy, and I doubt it would pass through in the current form.

Also highly unlikely that super funds would be affected by the policy and would continue to receive tax refunds. There are reasonably simple ways to ensure that most retirees would not be adversely affected.

Don’t count on the pension remaining in its current form in the future.

[smile0784]

Hi Smile0784
Google up "Labors retiree tax" and "Labors capital gains tax policy". If you want to retire early then you need to get a credit card and use it for everything so you can track your real cost of living, then have a look how much super you have. You can access your super before you are old enough to get the age pension, (called your preservation age and it is 60 for most people), so then knowing how much super you have and what your cost of living is you can probably retire a few years before you are eligible for the age pension. You can easily live on the age pension provided you own your own home and are no longer supporting your kids.
Cheers
Ango.

Thanks for that I'll look them up.
Already live off the credit card so money builds up in offset account
I was thinking of living of super of a passive income from about 60. Well aim was 55.
But that's over 20 years away so trying to put things in place to nset things up

[smile0784]

Hi all,
I thought it was worth revisiting this, have a look at Labor's policies regarding capital gains tax and franking credit refunds. If they get in there seems to be no point busting your guts trying to get ahead so you can pay more tax. I think once you have paid off your house it is better to spend up on holidays, lifestyle etc. and go on the pension when you get old enough.
Cheers
Ango.

It’s a terrible policy, and I doubt it would pass through in the current form.

Also highly unlikely that super funds would be affected by the policy and would continue to receive tax refunds. There are reasonably simple ways to ensure that most retirees would not be adversely affected.

Don’t count on the pension remaining in its current form in the future.

Never know what the politicians will do in the future.
Probably get rid of the aged pension to top up there wages lol

[4liters]

Hi all,
I thought it was worth revisiting this, have a look at Labor's policies regarding capital gains tax and franking credit refunds. If they get in there seems to be no point busting your guts trying to get ahead so you can pay more tax. I think once you have paid off your house it is better to spend up on holidays, lifestyle etc. and go on the pension when you get old enough.
Cheers
Ango.

It’s a terrible policy, and I doubt it would pass through in the current form.

Also highly unlikely that super funds would be affected by the policy and would continue to receive tax refunds. There are reasonably simple ways to ensure that most retirees would not be adversely affected.

Don’t count on the pension remaining in its current form in the future.

I wouldn’t be surprised to see if it is amended to become a cap on the amount of franking credit refunds you get back so people with smaller share holdings are not affected by it. Whatever happens I don’t think it’s the end of the world, apparently we’re the only country with refunds like this and the data suggests most of the money is going to a small number of people receiving a fuckton of dividends - there probably better things to be spending taxpayers money on, especially in the current age of alleged fiscal responsibility.

[j_pap]

Sell drugs

[Bayrock]

Sell drugs

That'll do it :rofl:

[j_pap]

Sell drugs

That'll do it :rofl:

Problem solved