Silver Stackers logo

Silver Stackers

Discussion forum for those
who love to stack precious metals

You are not logged in.

Announcement

This forum is archived. Please visit the new forums at www.silverstackers.com. Password reset may be required!
  • Index
  • » Bullion Baron
  • » Bullion Baron: Martin Armstrong on Australia's Bank Deposit Tax

#1 2015-05-04 21:53:19

Bullion Baron
Silver Stacker
From: Adelaide
Registered: 2009-09-14
Posts: 7,325
Trades :   139 
Website

Bullion Baron: Martin Armstrong on Australia's Bank Deposit Tax

61_bullion_baron_header_ss.gif

Yesterday I spotted an article by Martin Armstrong (Australia First to Introduce a Compulsory Tax on Money Itself) that I think is misleading (no surprise that Zero Hedge was quick to republish it).

Before delving into Armstrong's claims, let us take a look at what he is presumably talking about (I say presumably because his article rant is light on facts & details about the subject at hand).... Read More

CONTINUED: Martin Armstrong on Australia's Bank Deposit Tax

Offline

#2 2015-05-04 22:07:28

FlashInThePan
Member
From: Australia
Registered: 2011-01-02
Posts: 308
Trades :   

Re: Bullion Baron: Martin Armstrong on Australia's Bank Deposit Tax

The banks are doing it tough and warn that it will be passed on to the account holders.
http://www.afr.com/business/banking-and … 503-1mwn6g

The Govt already have a tax imposed on all savings?  Inflation targets set by policy through the Reserve bank.

Offline

#3 2015-05-04 22:37:54

Bullion Baron
Silver Stacker
From: Adelaide
Registered: 2009-09-14
Posts: 7,325
Trades :   139 
Website

Re: Bullion Baron: Martin Armstrong on Australia's Bank Deposit Tax

FlashInThePan wrote:

The banks are doing it tough and warn that it will be passed on to the account holders.
http://www.afr.com/business/banking-and … 503-1mwn6g

The Govt already have a tax imposed on all savings?  Inflation targets set by policy through the Reserve bank.

Likely to be passed on in the form of lower interest rates paid, I don't think that can be framed as Armstrong did, a confiscation or tax on savings.

Re: inflation, RBA does play a part (in setting the price of money), but it takes two parties to write a loan, so we can probably lay as much blame at the feet of borrowers as the government.

Offline

#4 2015-05-04 23:43:59

SpacePete
Silver Stacker
Registered: 2014-03-01
Posts: 13,437
Trades :   122 
Website

Re: Bullion Baron: Martin Armstrong on Australia's Bank Deposit Tax

If savings are an income generating investment, is the levy a cost that is tax deductible?


Catus amat piscem, sed non vult tingere plantas

Offline

#5 2015-05-04 23:54:13

Bullion Baron
Silver Stacker
From: Adelaide
Registered: 2009-09-14
Posts: 7,325
Trades :   139 
Website

Re: Bullion Baron: Martin Armstrong on Australia's Bank Deposit Tax

SilverPete wrote:

If savings are an income generating investment, is the levy a cost that is tax deductible?

Perhaps if it was charged to customers as a direct cost, but that's unlikely to be the case.

Offline

#6 2015-05-05 02:36:07

SpacePete
Silver Stacker
Registered: 2014-03-01
Posts: 13,437
Trades :   122 
Website

Re: Bullion Baron: Martin Armstrong on Australia's Bank Deposit Tax

When this was reported earlier, it seems that the levy would be used as a piggy bank by the government to pay down debt.

"...With the government having to go softly in the budget for political reasons and with revenues falling again because of decreasing iron ore prices, a Coalition source said the government could ill afford to forego the revenue from the levy."

"Money raised would be put in a Financial Stability Fund which could be used to protect depositors if a bank was to collapse. The fund would also be used to offset gross debt."

http://forums.silverstackers.com/message-787114.html


Catus amat piscem, sed non vult tingere plantas

Offline

  • Index
  • » Bullion Baron
  • » Bullion Baron: Martin Armstrong on Australia's Bank Deposit Tax

Board footer

Powered by FluxBB