I need to know....

[Trader]

Thanks for the response.

While I don't necessarily disagree with what you've said, I thought it was worth replying to clarify a few items further.

The terms have gone from 12 to 6, plus include a change of PM. The axe is clearly swinging faster now than it used to.

The burden is on everyone. An increase in GST doesn't make anyone richer, it hurts everyone. And I would argue it is paid more by those that spend more, which is generally the higher income earners, not the lower.

The super guarantee is a drag for employers, but it is also, in a lot of cases, a problem for employees who are on packages includive, not exclusive. It impacts both sides.

You can phase out the aged pension. You might say it immoral to do so, but they can do it if they wanted to. Yes, it would hurt those who haven't earned much over the course of their career and therefore don't have a large enough super balance, but equally, those that haven't earned much haven't paid much tax either.

Agree the resources levy is a more detailed debate.

I didn't say in the next 5 years, I said it would take 5 years. That could be 2040-2045. I am aware that if you don't save money for now, you don't see the benefits now.

I am aware it is political suicide, and I feel I was fairly clear in my post that it would never happen.

Also, I am aware it would result in hardship, not just for low income earners (or should we start calling them low contributors to the tax system), but for everyone. As my post stated, its about everyone sucking it up for a period and taking the hits for the greater good of the country overall.
I am clearly aware that those changes will be a significant impact on nearly every Australian.

I was asked how I would fix the structural problems with the budget, and I was clear they wouldn't be popular.

I agree energy and universities are other areas that could and should also be improved.
I would also say Fuel excise is another area that needs consideration. With road users being more and more electric, we need to find a more balanced approach for funding the network.

Anyway, thanks for taking the time to consider what I put forward, and replying.
I just wish the politicians would do it, and it get covered by the media.
Debate on issues and discussion on solutions is what's needed, not the premier fobbing problems off as nazi propaganda and the prime minister saying well it was only a small percentage of the population who attended the march, so therefore I don't need to consider the points they are raising.


Anyway, good discussion of what ultimately is theoretical only. As we all agree, it will never happen!

[dedja]

All good, we don’t need to agree on everything but a good debate nevertheless.

Fuel excise is an interesting one, and while I hate this tax, it needs to be equitable and the introduction of EVs and corresponding subsidies have thrown some curve balls that govts haven’t really grasped well.

I will say though that I don’t believe that income tax and govt services & assistance are ‘transactions’ (my words, not yours), that is, one shouldn’t have paid an amount of tax before they can receive something in return from the govt (State or Federal). If you’re in need and qualify for assistance, you receive help, regardless of whether that is a ‘net loss’ for the govt.

There will always be those that ‘game’ or perhaps rort the ‘system’. They may be the recipients of social security, or someone who is illegally minimising their tax, or even someone who has used company structures to illegally hide wealth or to defraud. They should be investigated (when reasonable to do so), charged and face whatever consequences are deserving if convicted.

Govts also need to work on efficiency, both State and Federal. There are also enormous inefficiencies in large programs like the NDIS, which is also unfortunately rife with those who elect to rort. Reducing tax avoidance is usually a relatively easy win, as long as increased compliance measures don’t add unnecessary complexity for businesses and taxpayers to comply.

There are a million ways to approach these issues, and that’s why we have regular elections to elect govts to do something beneficial. Some are effective, others not. It’s an imperfect system that will never realise the heights we’d like, but as you have suggested by putting these issues out for discussion, doesn’t mean we just give up and accept the status quo because that’s the easiest thing to do.

[dedja]

Vailo placed into receivership, the walls are closing in on Aaron Hickmann’s Ponzi scheme … bankruptcy awaits?

Yep, now a declared bankrupt.

It’s now been alleged that he owes the ATO $135M.

Will be interesting to see whether there will be any criminal charges resulting from the mess he has created.

This is unexpected

https://www.adelaidenow.com.au/subscrib ... nt-2-SCORE

SA dealmaker Aaron Hickmann’s empire in ruins as 22 firms face collapse, $135m debt and not a dollar to his name

Bankrupt entrepreneur Aaron Hickmann’s personal finances have been revealed as more companies in his crumbling empire face collapse.

In 2022 Aaron Hickmann announced himself to Adelaide’s movers and shakers when he stole the stage with a bizarre speech to 700 people at a Business SA lunch, delivering his six tips for becoming wealthy and successful.

Inspired by Arnold Schwarzenegger’s ‘Six Rules of Success’, Mr Hickmann spent nearly 30 minutes advising guests to: Trust yourself; Break the rules/break the mould; Don’t be afraid to fail; Don’t listen to the naysayers; Work your butt off; Give something back.

But just three years later his empire is in tatters, and now the bankrupt businessman claims he’s been left without a dollar to his name, despite the tax office chasing him over a $135m debt claim.

Mr Hickmann’s lighting company Vailo rose to prominence when it was announced as the naming rights sponsor to resurrect Adelaide’s annual Supercars event, just weeks after the Business SA speech. The company is at the centre of a complex web of companies being investigated by liquidators as they look to untangle Mr Hickmann’s business empire.

According to a statement of affairs prepared by Mr Hickmann following his fall into bankruptcy in April, the 36-year-old claims he has no bank accounts, owns no property, nor car, super, shares, bitcoin or expensive jewellery.

He is renting at an undisclosed location, and claims he earned a $180,000 salary in the 12 months leading up to his bankruptcy. He expects to earn $60,000 in wages and salary in the subsequent 12-month period.

Despite the Australian Taxation Office claiming it’s owed almost $135m from Mr Hickmann and his business interests, he has maintained that the “genuine tax debt” is closer to $343,000– a figure included in his statement of affairs.

The financial disclosures come as the trustee of Mr Hickmann’s bankrupt estate looks to hammer in another nail in the coffin of his business and property empire.

John Sheahan of Sheahan Lock Partners has applied to wind up 22 companies linked to Mr Hickmann, spanning his vast business and property interests in commercial property, vineyard holdings, manufacturing and engineering ventures.

Sheahan Lock principal Oliver Sheahan said the winding up application formed part of the trustee’s process to secure all assets under Mr Hickmann’s previous control.

“These are the 22 companies of which Mr Hickmann remains the sole shareholder. Those shares vest in the trustee,” he said.

“The trustee has elected to exercise his powers to apply to the court to wind these companies up. If and when the 22 companies are wound up then we’ll review their financial positions and investigate the extent of their asset positions, including any shareholdings they may have in other companies.

“If appropriate, steps may then be taken to wind up those companies as well.”

The winding up application is due to be heard in the Supreme Court on September 9.

Mr Sheahan said the trustee would also assess the ATO’s debt claim as part of its ongoing investigations into Mr Hickmann’s business affairs.

“We’re progressing our investigations, vis-à-vis the assets of the estate and potential claims and recovery actions,” he said.

“If and when we’re in a position to pay a dividend from the estate, we will then formally adjudicate all creditor claims, including that submitted by the ATO.”

Mr Hickmann has been contacted for comment.