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EYE-BALL’s Harry’s Growl on – Election 2013 – Growl No: 28 – Gillard – The Face of Evil Revealed –

March 28, 2013
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– 27th Mar – Election 2013  – Growl No: 27 – Rudd’s Choice – A Betrayal of all ALP voters –


– 22nd Mar – Election 2013 – Growl No: 26 – The Morning after – Australia feels like they have just been date raped … –

– 21st Mar – Election 2013  – Growl No: 25 – The ALP still in the quagmire – Today’s Leadership Spill achieved nor decided anything –


– 20th Mar – Growl No: 24 – Stephen Conroy – the ‘Black’ Prince of all ALP Ministers –


– 12th Mar – Election 2013  – Growl No: 23
– The Track Record of the Worst Prime Minister ever –


– 11th Mar – Election 2013  – Growl No: 22
– The Monkeys are in the trees –


– 10th Mar – Election 2013  – Growl No: 21 – Gillard is the Dumbest … i.e. –  457 Visa’s –


– 22nd Feb – Election 2013 – Growl No: 20 – The ALP Brand – a Catharsis of toxicity  –


– To see more EYE-BALL Harry’s Growl posts: click here …


Title:
– Election 2013  – Growl No: 28 –
– Gillard – The Face of Evil Revealed –
| Author: EYE-BALL’s Harry’s Growl | 28th Mar 2013|
Latest Pickering images – 3 New Cartoons added 27th Mar 2013 – see image links to the left.


The debate building about Superannuation and the Governments intent to try and draw more revenue to balance their Gonski, NDIS and other new policies still to be announced in the run up to the next election,  will most probably be Gillard’s last hooray …

Is this the face of evil …

Superannuation has been a kicking ball of every Government since its was introduced in 1992.

Howard did the most damage when he allowed payments of up to $1 million tax free to individual accounts in the last year of his Prime Ministership.   Yes – that favoured the wealthy and some $50 billion was transferred to Super in the last few months of 2007 financial year.

Sadly for those who got greedy in the want to save the 15% tax, some sacrifice of $7.5 billion in Government revenue, the GFC took a larger chunk in the revaluation writedowns through 2008 and 2009.  They would still be sitting on losses now depending on which type of fund they invested in.

When Keating restructured the new superannuation rules, he ensured the 15% up front tax gave the Government a large chunk of the compound factor of new superannuation funds.   Previously that 15% was not paid until the superannuant retired.

Over a 40 year superannuation plan, that 15% represent some very big numbers.  In a ‘EYE-BALL Guru’ post in Oct 1995 – linked here – the compound effects was explained – it reappears below:
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The effects of compound Interest …

Let’s assume a working career of 40 years with salary paid fortnightly – also assume a constant yield of 10% on the superannuation contributions and the interest dividends are paid fortnightly – and let’s use the 9% superannuation levy against a gross fixed income level of $50,000 p/a over the 40 year work employment period.

This produces an end of term SUPERANNUATION Fund value calculation as follows:

  • Example 1: =FV(10%/26,40*26,(9%*50000)/26,0) = $2,393,137.85.

[That is to say that if all the 9% contribution all went into the superannuant’s holdings – that being annual $4,500 p/a contribution – [i.e. 9% of $50k] – this represents a total contribution by the employee of $180,000 – i.e. 40*$4500 = $180,000.  when the compound interest factor is applied this $180k becomes almost $2.4 million when a 10% yield is applied and paid and re-invested fortnightly.]

Now – lets apply some reality – the Government decided it wanted to snatch 15% of the 9% contribution up front – the price of doing business one might say.  The Government then tries to take another 15% at the end of the annuity if it can and all under a so called superannuation ‘tax’ levy.

When the up-front 15% is applied to the calculation over the course of the employed period i.e. 40 years – the end result becomes the following:

  • Example 1: =FV(10%/26,40*26,((50000*9%)-((50000*9%)*15%))/26,0) = $2,034,167 – a ‘tax’ earn for the Government of $358,970

If we were now to apply the 15% retirement or lump sum tax levy when the working career is finished – the total up-front and lump-sum taxes collected by the Government equates as follows:

  • Example 1: =(FV(10%/26,40*26,((50000*9%)-((50000*9%)*15%))/26,0))*15% = $305,125 – or a total tax collected during the 40 year term of $664,095 against a salary sacrifice of =50000*9%*40 = $180,000

[To be sure there are no tricks in these numbers please feel free to copy and paste the formula’s into an Excel spreadsheet to verify the numbers.]
To summarise further – if you earned $50k p/a for 40 years paid fortnightly – you would hand over $180k or 9% of your salary for super contributions.  The compound earnings effect of the 10% on those funds – allows the Government earns off the tax paid on your contributions a some of $664k.   $305k of that amount paid is tax, and the balance investment forgone if those funds were still in your account.

That $664k represents 27.8% of what the fund would have been worth if no taxes were paid during the 40 year term of the annuity and before any lump-sum taxes were levied.

So you tell me who this Superannuation rort benefits most?  The Government has earned itself a $664k tax collections from a single employee over the 40 year term of the superannuation fund.

In anyone’s language that is creative accounting and financial management the likes that have never been explained or exposed in a public way before.  Least not to my knowledge.  It’s a Ponzi scheme if you want my honest opinion.

continues

There is a cost to society when the Government imposed the 15% upfront levy.  It has forced people to work longer and/or accept reduced superannuation pension income.   This then falls on the Government to assist with the aged pension supplement.  In effect the Government screwed itself by being greedy fuckers.   It’s unsustainable and the only thing that can be guaranteed is that there will be many more changes to superannuation policy before you get to serve your 40 year working life.

Now and under great pressure to find the funding for her Gonski and NDIS and other policy plans – Gillard wants to get her hands on the wealthy superannuants and tax them at a higher rate than the 15% – that is what is being floated to gauge response.

Howard did a bad thing when he helped out the wealthy to avoid tax on up to $50 odd billion of taxable income that was transferred to super in the 2007 year.  Gillard is going to try and strip some of that tax back.

How is this different to a levy imposed under the Cyprus bail-out when they commissioned a levy on large Bank deposits?

We are closer to the abyss than any of us thought …

To turn to another subject – there have been two very enlightening post’s by Larry Pickering in recent days – here is a snippet from both of them with links to the whole story.

Date: 28th Mar 2013:

“THE LABOR PARTY I LOVE” by Julia Gillard

Actually the Labor Party Julia “loves” is the same party she vowed to infiltrate for the sole purpose of imposing the Communist agenda of her Socialist Forum. Those who do love the Labor Party are those Gillard has systematically killed off. Well done Julia!

Make no mistake, unless Julia Gillard experienced an epiphanous rebirth on the eve of her election to Parliament, the blood of the radical Communist Left still runs deep in her veins.

Of course she denies any meaningful connection to the Socialist Forum, “I just did clerical work, posting letters and stuff, you know”, she claimed.

When asked on Q&A if the Socialist Forum was a Communist organisation, her terse reply was, “Of course not!”

In fact the Socialist Forum was an ultra radical breakaway group of the Communist Party of Australia.

But Julia forgot there are minutes of Socialist Forum meetings that show she was a driving force behind the subversive organisation.

The infamous Taft brothers, Jenny Macklin and Julia’s bed partner, Michael O’Conner (now of the CFMEU) along with other devotees, avowed the following resolution:

“… the Socialist Forum being a defacto continuum of a section of the Communist Party of Australia be interpreted as a political party competing with the ALP… it is not possible for any member of the ALP to simultaneously belong to the Socialist Forum.”

The above resolution was drafted by John Alford, Julia Gillard and Mark Taft. Mmmm, just posting letters were we, Ms Gillard?

continues

Dated 27th Mar 2013:

MCTERNAN IS GILLARD’S MAN… in more ways than one

The bitter back bench leaks have started already and the rumour is, from more than one quarter, that our lovely Julia has a new partner.

Apparently there was a huge blue at The Lodge over Tim Mathieson’s recent Richmond exploits and a small matter of a raft of traffic fines in a Commonwealth car.

Let’s face it, Tim was an embarrassment and the wily McTernan has apparently stepped in to take up the slack.

Julia had never heard of him until he was recommended by a staffer.

One phone call to the UK and one interview later, a smitten Julia offered him the taxpayer-funded job of Communications Director.

McTernan is a backstreet intellectual brawler. One of his favourite quotes is: ”When your fist is down your opponent’s throat, they can’t say bad things about you.”

He sees politics as a contact sport and last year he instructed Ministers to “brutalise” their political opponents, quoting Sean Connery in The Untouchables: ”If they pull a knife, you pull a gun,’ and ”If they put one of your men in the hospital, put one of theirs in the morgue.”

Gillard was in awe of a thuggish charm that has consistently overridden her better judgment because McTernan has done her no favours at all, not in a political sense anyway.

It seems McTernan’s advice has led Gillard down more blind alleys resulting in more disasters than any Prime Minister in history.

Yet she clings to him with a passion that transcends her terminal polling, which he is mostly responsible for.

Failing some other attraction he would have been packed off back to the UK 18 months ago.

McTernan’s style prompts Julia to reminisce her union days of gangsters and goons. It excites her.

The PM’s Office denies the tryst.

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  1. March 28, 2013 at 8:10 pm

    This is Bill Shortens speech on Superannuation today …

    A senior member of Tony Abbott’s team has once again shown why Australians cannot trust the Liberal Party with their superannuation.

    This morning on Sky News, one of Tony Abbott’s senior frontbenchers, Kevin Andrews, repeatedly refused to commit to increase superannuation from 9 to 12 per cent should the Liberals win government.

    Only Labor can be trusted to continue to support and grow the retirement savings of working Australians.

    Tony Abbott and the Liberal Party voted against increasing universal superannuation to 12 per cent in the Parliament.

    The Liberal Party has voted against increasing superannuation every time a Labor Government has done so.

    Tony Abbott has derided superannuation as ‘a con job.’

    We already know Tony Abbott will attack the superannuation of 3.6 million low-paid and part-times workers, including 2.1 million women, by imposing a new 15 per cent tax.

    Tony Abbott and his team should accept that superannuation is a foundation stone of a strong Australian economy and commit to increasing universal superannuation to 12 per cent.

    Labor are the champions of superannuation.

    Because of past and present Labor Governments superannuation is a unique national advantage for Australia and a system that is the envy of the rest of the world.

    The Liberal Party has never supported superannuation and they never will.

    28 March 2013

    Superannuation is and never should be used as an election issue … it should be hands off by everybody …

  2. david the pragmatist
    March 29, 2013 at 8:16 am

    I had a browse through the comments on Julia Gillard’s alledgedly new love interests in Larry Pickerings attachments.

    There would be some common threads of mysoginism and juvenile type reactions ie why would two uglies being doing such things, the thought of making love to her disgusts me etc.

    It would seem that Mr Pickerings’ readers are a certain type all on their own. It does not surprise me that the rabid right and the lynch mob type mentality that is gripping blogs of this type are the one’s making these type of comments.

    Please try and keep your blogs at some level of objectivity. I realise that the bias is entrenched but it should not be at the expense of any understanding or human view.
    It sort of reminds me of “fox news” and the arguments put forward for the sake of self riotiousness.
    I believe that the message you are going out with, with some meaning of good intent is being lost in the translation of your audiences’ mentality. Remember on this “good Friday” that he who is without sin, throw the first stone.
    Julia will have her day, and yes she has done some damage and hopefully we learn from that.
    If the Julia Gillard, Obeids’ of this world and similar cronies were not around and as clumsy as they are, we would continue to be naïve and management less in understanding our place in the world.

    One of the correspondents on Pickering’s site said he was embarrassed to be Australian, I would ask him what nationality he would not be embarrassed to be?

    The fact that we are no worse than anyone else is not reason to be complacent, but we are hopefully rectifying this problem in August when we have the esteemable Tony Abbott as our new Prime Minister.
    Whilst I hope like hell that he wins, I am not looking forward to our next level of management!

  3. Julia
    March 29, 2013 at 3:06 pm

    ah David the Prag you make this site worth reading

  4. Barry M
    March 31, 2013 at 7:13 am

    Prag
    I read the comments as well and don’t agree with some, think some are humorous, think some are well thought out, don’t like some and think some are downright stupid. BUT, they are the thoughts of those who write them, they are entitled to put their thoughts on paper on a site such as it is. If they upset you so much.. don’t go there. In every country there will be people like them and there will be people like you and there will be people like me. That makes the world what it is.
    I would rather have the ‘Pickerings’ and his followers than the Obeids, Torbays, Tripodis and their Lebanese ilk.

  5. April 1, 2013 at 11:00 pm

    David the Prag – knowing you believe in ‘karma’, and are a Parramatta supporter, and after their 50-0 dubbing by the Roosters tonight ,,, I just want to ask – do you think your karma is a reason for your teams failures … do you still think Stuart is the ‘coach to end Parrammatta’s long wilderness journey’?

  6. April 6, 2013 at 8:42 am

    Whoops … Tim and Julia flew to China together yesterday – perhaps the Lodge eviction was a premature call and Julia has had a rethink … awaiting confirmation … appearences can be deceiving …

    But then the stench remains when Andrew Bolt gave us a new comment about Tim’s future pension as a defacto partner if Gillard dies … he will get 83% of her entitlement for life … he is a smart cookie and this really does bring to light the partner and/or spouse entitlement debate when it comes to taxpayer pension entitlements.

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