Sent: 18-10-2011 11:17:03
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A Land Of Confusion
Of much interest is to the financial planning community is the Future of Financial Advice measures introduced into Parliament last week.
No doubt there are many legal minds going through the legislation trying to find ways to ensure current industry practise continues.
Of much interest will be the vote in the House of Reps where a number of independent members are said to be possibly/probably against the proposed legislation.
Also of great interest is the new Carbon Tax measures and its likely impact on the economy which will feed into the economy and our ability to create wealth.
I'm yet to see any analysis which details what its total impact will be. The Federal Treasury has trouble modelling the budgetary impact from one year to the next. Most other organisations who attempt to model the likely outcomes have the same problem.
The simple fact is no one knows its total impact. As a result I think people will behave cautiously and wait to see what happens once it's got up and running. Just like the GST the sky will not fall in once it gets up and running. What we don't know is which industries will find operating in Australia too difficult.
On another subject what always tends to amuse me is the way some people constantly argue about taxing businesses more because they can afford to pay more. From time to time it's essential to point out two important points. Firstly under the Corporations Act, directors have the sole obligation of looking after their shareholders money. Yes that's right. Nothing more and nothing less. Secondly who ultimately owns companies. Yes that's right. Shareholders. And who are these? Well ultimately it's people!
So it's all very well to bash companies and their antics and to penalise them in some way but ultimately your penalising actual people.
Another issue which also amuses me is the call for the "rich" to pay more tax. There have been a number of calls here and in the US. The most famous example is Mr Buffet. Thankfully we live in a free society. All Government's will happily take whatever money anyone sends them. Our only obligation is to pay the minimum required by the law. Any amount above that is up to each individual. I wonder who'll be the first fat-cat to brag that they pay more tax than they should!
Finally please consider purchasing a copy of my book "A How To Book Of Self Managed Super Funds". You can look at the contents page at the following link: http://www.atcbiz.com.au/r.php?r=0mjd6ne
For details of the changes made from version 4 to version 5 visit: http://www.atcbiz.com.au/r.php?r=d5xcpch
As you'll see from the list there have been many changes.
Two purchase options are available - once only subscription - $55 inc GST - or an annual subscription will gives you access to all the updates made throughout the year ($120 inc GST). The book can be purchased at the following link: http://www.atcbiz.com.au/r.php?r=5a4agqb
This email is general in nature only and does not constitute or convey specific or professional advice. Legislation changes may occur quickly. Formal advice should be sought before acting in any of the areas discussed. Be aware that the information in these articles may become innaccurate with time. Responsibility is disclaimed for any inaccuracies, errors or omissions. Particular investments are neither invited nor recommended and hence this publication is not "financial product advice" as defined in Section 766B of the above legislation. All expressions of opinion by contributors are published on the basis that they are not to be regarded as expressing the official opinion of any other person or entity unless expressly stated. No responsibility for the accuracy of the opinions or information contained in the contributor's articles is accepted by any other person or entity. Copyright: This publication is copyright. If you wish to reproduce this article you require a license, which can be purchased here, to do so.