Franking Credits....Will you make you mark in the correct square

[Tripping Away]

As a self funded retiree who paid all their taxes and structured my retirement funding to every rule that was thrown at me as a SMSF, I ask myself what I contribute to Australia.
As a Self Funded Retiree who reportably pays NO tax, I will continue to pay,

10% GST
Fuel Tax 41.9 a litre
Volunteer 2 days a week for NFP org
Pay council rates
Pay water rates even though I have my own supply
Pay a govt stamp duties that were supposed to be redundant when GST came in
Pay full car regostration etc for car and caravan and trailer.
Do not collect any govt subsidies I have not paid for.
As a Self Funded Retiree. do not burden Australia with having them pay me a pension.
Pay for Electricty at 28 cents a unit when they pay me 7 cents a unit for the excess I produce.
When I downsize, pay stamp duty on new property, approx $15000 as the cost of storing the details of the property transfer, originally set up cost was ten shillings to cover the costs of transfer.
Support the towns we visit whilst travelling, especially the ones that support us when travelling.

And it continues with the contribution that Self Funded Retirees make.

Government sources have admited that the botom line will be hit altering the SMSF in this way because if we continue spending at the existing rate, it won't be long till a lot more people are on the pension. If they do not continue to spend, then it will be only the descresionary spending that will be hit, Fuel, travel, housing etc.

So Self Funded Retirees do pay it back and spend it more wisely than the government. Our spending has a domino effect of supplying jobs, more taxes, more revenue.

If however, you think that you have underpaid or are underpaying being a Self Funded Retiree with a SMSF, then I urge you to write that cheque today and send these gifts back to the ATO and feel good about it.

Was it not a post here not long ago of all the billion dollar companies operating in Australia that have never paid their full tax, some not any.
So do I feel guilty accepting a refund for taxes I have paid, NO.

Do I feel guilty not accepting the Pension, NO. The pension is there as a safety net for people and people who don't need it should not be able to access it.
But the elected officials are trying to get us all there.

[Engel]

So Self Funded Retirees do pay it back and spend it more wisely than the government.

That's why some are self funded they spend wisely.

[loub]

As a self funded retiree who paid all their taxes and structured my retirement funding to every rule that was thrown at me as a SMSF, I ask myself what I contribute to Australia.
As a Self Funded Retiree who reportably pays NO tax, I will continue to pay,

10% GST
Fuel Tax 41.9 a litre
Volunteer 2 days a week for NFP org
Pay council rates
Pay water rates even though I have my own supply
Pay a govt stamp duties that were supposed to be redundant when GST came in
Pay full car regostration etc for car and caravan and trailer.
Do not collect any govt subsidies I have not paid for.
As a Self Funded Retiree. do not burden Australia with having them pay me a pension.
Pay for Electricty at 28 cents a unit when they pay me 7 cents a unit for the excess I produce.
When I downsize, pay stamp duty on new property, approx $15000 as the cost of storing the details of the property transfer, originally set up cost was ten shillings to cover the costs of transfer.
Support the towns we visit whilst travelling, especially the ones that support us when travelling.

And it continues with the contribution that Self Funded Retirees make.

Government sources have admited that the botom line will be hit altering the SMSF in this way because if we continue spending at the existing rate, it won't be long till a lot more people are on the pension. If they do not continue to spend, then it will be only the descresionary spending that will be hit, Fuel, travel, housing etc.

So Self Funded Retirees do pay it back and spend it more wisely than the government. Our spending has a domino effect of supplying jobs, more taxes, more revenue.

If however, you think that you have underpaid or are underpaying being a Self Funded Retiree with a SMSF, then I urge you to write that cheque today and send these gifts back to the ATO and feel good about it.

Was it not a post here not long ago of all the billion dollar companies operating in Australia that have never paid their full tax, some not any.
So do I feel guilty accepting a refund for taxes I have paid, NO.

Do I feel guilty not accepting the Pension, NO. The pension is there as a safety net for people and people who don't need it should not be able to access it.
But the elected officials are trying to get us all there.

On the money for mine

[diesel]

Interestingly the last political party that tried to go from opposition with a new tax lost the unloseable election.

It is not a new tax, Engel, regardless of what the Coalition and Murdoch want to call it. To be classified a tax, it has to be introduced into the legislation as such.

If it does come to fruition, it will be nothing more than pulling a lot of greedy snouts out of the public trough of taxpayer provided funds. I'm a self funded retiree and I don't have a problem with what Labor proposes.

Jeff

[Tripping Away]

TA it is a well known fact that I'm not very good at working with children.

We have been down this path in other threads where you haven't answered a simple direct question.

Here you wisely advised that I should be aware of X and Y. I said I had always known and done X and Y and so I then asked you.... what was I missing?

I gave you the opportunity to educate me. Providing non answers is also what pollies do and of no educational value to any of us.

You may now play on your own.

To Precious,
I am not able to educate you as
1. You know everything except what the big green shed is.
2. You would not believe me any way.

To the other people on this site.
I have now sought professional advice by my accountant for my specific case and find with a bit of re-configuration, I can be better off under the new labour regime but unsure if it is the case for everyone..
Now for the reason that I am not a licensed financial planner or an accreddited accountant, I cannot give any advice on my specific case or anyone else's but I do suggest you see an accountant you trust and get your affairs in order if you desire.
It may cost you some money but you won't die wondering.

Jay & Dee, See what a good accountantant can do in your circumstance.

Just as a footnote, if I do a bit of re organistion with our assetts, then I can better off under the existing rules as well.