Thread: 40% Tax

Yep... they dont realise how much perth needs the mining giants... it runs the state!


Dorko

Originally Posted by Disco44

How's this for an idea for the Feds...instead of taxing the 40% on the miners as is proposed,put the 40% on the banks and fuel companies.
Miners are responsible for 1000's upon 1000's of jobs,the Banks and fuel companies employ very few in comparison but rip the Australia residents off big time and give virtually nothing back.
Anyone agree?

It's not good for investors and consumers in any way or form either way Other than export to some extent, the cost will be cast onto the consumer that already has climbing interest rates to cope with. I leave it here as cant really agree with any of the resent out comes

ok can some one exsplane to me how a profit tax of 40% would efect local employment

Originally Posted by Rangier Rover

It's not good for investors and consumers in any way or form either way Other than export to some extent, the cost will be cast onto the consumer that already has climbing interest rates to cope with. I leave it here as cant really agree with any of the resent out comes

posted about the same time,

Who are the investors? is there a difference between who the investors are and who the backers are?

Who are the majority consumers that will be effected?

Originally Posted by Rangier Rover

It's not good for investors and consumers in any way or form either way Other than export to some extent, the cost will be cast onto the consumer that already has climbing interest rates to cope with. I leave it here as cant really agree with any of the resent out comes

Well one answer to that is for the feds to re-regulate the banks especially.Everything was going ok until that industry was deregulated .Not one federal government since deregulation has had the guts to stand up to them since.The same with the fuel companies our price should be fixed to New York not Singapore as Keating did.

Originally Posted by clean32

ok can some one exsplane to me how a profit tax of 40% would efect local employment

Check out what Santos is doing in Queensland as of today..The LNG pipeline which employs 1000's just in it's construction and also the construction of the new refinery at Gladstone has ground to a halt...just threats I don't know we will just have to wait and see.
John.

Originally Posted by clean32

posted about the same time,

Who are the investors? is there a difference between who the investors are and who the backers are?

Who are the majority consumers that will be effected?

As you will have noticed in the past, I tend to not get into any debates as we have to many nice people from different walks of life here. I'm a very broad minded genuine aussie so I'll leave it here. How ever I'm also a mining investor, Big energy user as have a small back yard
I'll let the others pick this up

IMHO

Firstly the offshore oil and gas producers (oil companies) already get a similar tax. Why should miners get treated differently?

2nd. It is only a tax on the bit remaining after all other costs, all other royalties and the first 6% of profit has been taken out so what is happening is that there is 30% tax on the first whatever. Then comes 6% of how many billions profit they made with NO Tax then on the remaining 94% of their billions of profit they lose 40% super-tax so that is actually "of all the billions of dollars of profit they make, their investers and shareholders get to keep 62.4% of it!"

3rd About the claim it is nationalising mining companies. If I buy some land, build a factory, buy some raw materials use my factory and the labour of the employees I pay, pay the duties and taxes I would expect to keep the profits. Yes - that sounds O.K.

The same would be true if I leased the factory, I could keep the profits.

However mining companies are not the same as the above cases. Mining companies are something like this: they think there is something underneath someone else's factory, they come in, dig up all the concrete and sell it to road building companies, pull down the shed and sell all the materials to other people to build sheds and cars, pay the same duties and taxes as the factory owners above, then when they've sold all the road building materials and all the materials in the shed, they run a bulldozer over the property to flatten it out (even though it had hills before) and plant a couple of trees then hand it back to the factory owner and move on.

We, the Australian people, are that factory owner, and we should get to keep some proportion of the factory that we used to own. That is what that super tax is all about.

Originally Posted by clean32

<snip>
Who are the investors? is there a difference between who the investors are and who the backers are?
Who are the majority consumers that will be effected?

BTW, a lot of the investors are actually our superannuation funds, so yes we are impacted, however if the super-tax is also used on Australian infrastructure it will save on us being taxed that little bit extra to pay for the infrastructure.

Backers usually refers to banks, who loan money and get the first slice of the pie should the project fail.

Diana