Australian Bank Deposit tax

Yes just when you think our cabernet savignon sculling,twelve sandwich munching cigar chomping bastard treasurer cant think of anything dumber or stupider than his brainfarts to date we are now toying with a .05 percent tax on bank deposits which will hurt self funded retirees and many others,yes rather than do something intelligent like raise the GST to 15 per cent we come up with one off sneaky taxes once again,not to mention proposed cuts to the unemployed,the disabled and the underprivelged to rob the poor to pay off their malfeasance and mismanagement.These people no longer represent their constituents only corporations and special interests and they can see your savings and superannuation and are coming after both with their grubby paws.The good news is there is a Pretorian gaurd in Australia the bad news is we are getting close to the time for them to act.

So, every time someone deposits a paycheque, the bank takes a chunk of it?
If they deposit $5000 the bank takes $250???

If someone makes $5000 a month, that's an insane amount in fees over a year...
That'll never stick, people can't afford to use the bank....

Here, if a person maintains a certain balance (5 or 10 thousand - can't remember), the bank waives all service fees


*** missed the percent sign in calculation, so $2.50........
still kills the idea of earning interest...

a reply to: khnum
It is coming isnt it...fat bastards

a reply to: BlueJacket

Taxation without representation can lead to many nasty things

This sounds so unbelievable, that I had to do my research on this:

www.abc.net.au...

Yes, it's true. The money goes to a "Financial Stability Fund". So who looks after this Financial Stability Fund and safeguards the money? What do they do with it? Do they lend it out or invest it in foreign adventures?

"The money raised will go into a new Financial Stability Fund to be used in the event of a bank collapse, but will be counted as revenue in the budget."

So in other words, it's a "stealth tax". The government could just as easily borrow money, raise taxes elsewhere but that would punish borrowers, but instead they'll tax the savers instead.

originally posted by: snowspirit
So, every time someone deposits a paycheque, the bank takes a chunk of it?
If they deposit $5000 the bank takes $250???

If someone makes $5000 a month, that's an insane amount in fees over a year...
That'll never stick, people can't afford to use the bank....

Here, if a person maintains a certain balance (5 or 10 thousand - can't remember), the bank waives all service fees

0.05% is 5 100ths of 1 %, so if a person made $10,000 a month, the tax would be $5 and for $5000 a month it would be $2.50, simple math really. The error in your calculation is not the problem, because eventually it will become 5%. They start small, get the rule passed and then ratchet it up over time. The death by a thousand cuts.

It seems the time is coming fast to end this crap. Australia now, the rest of the colonies will follow soon enough. Time to start taking out the garbage yet?

Cheers - Dave

I am beginning to see the merits of Bitcoin.

They can't get their sticky little claws on that.

a reply to: bobs_uruncle

Missed the percent sign

but your right - these fees creep up, and people no longer earn interest on accounts either.

Kissingers evil arse brought this on for the whole world

after it was suggested in Greece and Europe, it was only a matter of time

This is disgusting. These filth are trying to force everyone to take money out of banks and prop up the housing market and share market. Notice how they haven't put this tax on loans? This will get the government thrown out on their backsides at the next election. It makes me sick how the money of the poorer people of the country has to prop up the wealth of the wealthier section of society. But soon the share market will crash and the mums and dads will lose out again. Labour and Liberal seem to be just different sides of the same coin.
But they won't remove negative gearing on property which benefits high income earners. I did read where this costs the taxpayer 13.5 billion dollars per year just make the rich even richer. Not to mention the concession on capital gains tax to top it all off. This is proof that they want the average person to remain poor.

a reply to: grumpy64

They are pushing the retirement age to 70 and changing the pension to CPI not wage increases,the Consumer Price Index is of course manipulated inflation is supposedly 2 percent- really this month my petrol went from 99 cents a lite to $1.38 per litre fruit and vegetables proper food if you can afford it can double in price in a month,then mysteriously come back,my rates have doubled in the last 5 years my electricity bill has tripled,my pay has only risen about ten per cent in this time,how could you live on a low fixed income these days yet these are the people they'll raid and shave-lucky country my arse not any more.

Man, this makes me sad for my ol home.

More rubbish policy from the fascist Prime minister Voldemort.

a reply to: khnum

You are dead right. Real inflation is much higher as we know. Part of this is the forcing down of interest rates causing the dollar to drop accordingly. Therefore everything that is imported (which is almost everything) costs more to bring into the country. Even a lot of food is imported. I am so angry with these bastards. Time for a new political party to oppose them.

That's been rumored to be coming here in the States. It wouldn't surprise me.

We have a thing over here, I forget the ceiling(shows how long it's been since I had any real money), but banks are required to have you sign a document if you cash a check above a certain amount, the logic being that they were watching for drug money(or some other illegal activity).

Yeah, you can make a deposit, but if you are cashing your Christmas Bonus and it is Christmas Eve then you are screwed... Because I'd been with the company over 15 years and sometimes worked 80 hour weeks there were times my bonus was $3,000 or more (That was at least 20-30 years ago).

Kinda sad the way gov't thinks everyone is stupid. That policy treats honest people like they have to be either drug dealers of some kind of cheat that hasn't been figured out yet.

a reply to: CornShucker

Any transaction over $10000 cash here has to be reported to the Government by the bank

Another narrow mined and short sighted side effect is the result this will have on people saving money. Surly it is a good thing that people do save and take responsibility in the management of their money. Unless you have a lot of money the bank fees do quickly take more than what is given through interest. With yet another fee to discourage an individual towards responsible financial management it does come across as an underhanded push to get more people out of economic sustainability and into the debt trap.

Are they trying to kill the banks?
No sane person will continue to use a bank.

a reply to: Tardacus

The National Government has clocked up $400 billion in debt which they are having trouble paying off due to the recent dive in the dollar,commodity price drops etc,Australians have squirreled away $1500 billion in bank deposits and $1800 billion dollars in retirement funds now at this point they cant confiscate this money but they are looking to get their grubby paws on this money via sneaky methods to pay their banker masters,dont worry the banks will get something in return for co-operating they will also pass any costs on to the customer.

a reply to: khnum

I just have to ask the obvious here.

When you already have more than the next 100 generations of your family can spend or even use, what is the point?

Is it truly just to keep us all as peasants?

Or is it there is some great outside calamity we don't u derstand that they are planning for or against?

I don't honestly know.

My conspiracy side just looks to all possible outcomes then ways the cost benefit of TPTB.

I don't see the benefit of them just getting more, when they already have way more than they could use ever.

I guess it is possible though enough is never enough when absolute greed drives your entire life.