Joshua Black

@joshuablackjb.bsky.social

Views are my own

Hilariously, the AFR is showing just how absurd is the scare campaign against the super tax changes. They give an eg where someone's super goes from $2m to $3.18m in a year! Yep a $1.18m increase. How much extra tax? $1,528! OMG!! THAT'S OUTRAG... err... oh actually that's bugger all

Assuming it is $3.1 million, with the $80,000 pension payment it becomes $3.18 million. If your balance on June 30, 2026, is greater than $3 million (say $3.1 million) then Division 296 tax will count a balance of $3.18 million in its calculations even if your balance at the start of the year was less than $3 million (in your case $2 million)

One aspect of Division 296 tax where you have a greater than $3 million balance at the end of the year but a balance of less than $3 million at the start is that it will be calculated as if your year started with a $3 million balance.

When determining your super earnings for Division 296 tax purposes you add together your year-end balance with pension payments and then deduct your balance at the start of the year from this. That’s $3.1 million plus $80,000 less $3 million. This will give you total super earnings for Division 296 purposes of $180,000.

Despite the large increase in your fund from $2 million to $3.1 million, your Division 296 liability will be significantly less given it won’t include the increase in your total super below the $3 million threshold. The 15 per cent tax will only apply to the percentage that $180,000 represents of $3.18 million or 5.66 per cent.

While 15 per cent of $180,000 is $27,000, 5.66 per cent of this results in a Division 296 tax liability of $1528.

This assumes there is no change in the proposed tax when – and if – it finally becomes law.

Australian newspapers used to be good at backing winners. Over the past 30 years, most major newspapers backed the winner. Until 2022 and 2025, that is, when newspaper editorials came down on one side and voters came down on the other. 1/6 #Auspol2025

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'The spectre of media moguls as political kingmakers still looms large in the imagination of Australia’s political class': yes, but are they still in control of leaders/factions/duopoly? Will they meet again in 2025? Over to u JB? @joshuablackjb.bsky.social www.crikey.com.au/2022/08/29/a...

Labor and Murdoch, a match made in silence

Labor hasn't commented on the prime minister's reported meeting with Lachlan Murdoch. But if it has met with the News Corp billionaire, why is the government dealing with such a company?

crikey.com.au

“The endorsement of newspapers used to be much sought-after, but these days such endorsements are practically irrelevant,” said @joshuablackjb.bsky.social, report co-author. A new report explores the declining influence of media endorsements and leaders’ debates on election outcomes. Read:

Bellowing from the sidelines. The declining influence of Australia's traditional media. - The Australia Institute

The days of media moguls deciding Australian elections are over, according to new research by The Australia Institute.

australiainstitute.org.au