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Old 06-02-2017, 02:28 PM   #1
the tealady
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Default Aust proposal. 'Aged pension loan' reverse mortgage your house.

The Turnbull Government in Australia is currently looking into a plan to have retired Australians reverse mortgage their primary residence in order to pay back their old age pension.

Whilst the article states that the Government is likely to reject this proposal we know from history that this is how changes are made. Introduce an idea that will be rejected first off, then try again with modifications, then engineer it so that people have no choice but to agree.
The globalist plan to gain control over all the real estate held by the ordinary people.
They have already raised the retirement age so we need to take this very seriously.

The family home or a principal place of residence should be included in the assets test for the aged pension, according to the Australian Chamber of Commerce and Industry (ACCI).

The business lobby group said where a primary residence was valued above a debt-free $450,000, workers retiring at the age of 65 should not be eligible for a full or part pension for the first five years.

The politically sensitive recommendation was made in ACCI's pre-budget submission released today, which urged the Federal Government to implement spending cuts that would cause "short-term pain" for long-term budget sustainability.

The submission said retirees with assets, including the primary residence above the threshold, should instead be given interest-free pension loans against the value of the assets.

The pension loan — in effect a reverse mortgage — would be repaid when the property is sold, the borrower dies or goes into aged care.
"This provides retirees with choice so that they can remain in their primary residence, leave a bequest and afford their retirement," the submission recommended.


However, the ACCI submission to include the family home in the pension assets test seems likely to be rejected by the Government.

Revenue and Financial Services Minister Kelly O'Dwyer told the ABC that all submissions would be considered, but signalled some were destined for the too hard basket.

"That would be very much against the principles of the Coalition government," Ms O'Dwyer said.

"Never before have we included the family home [in the assets test] and I don't see why that would change."

The harsh medicine proposed for future retirees comes amid anger and confusion over changes to tax benefits on superannuation and cuts to the aged pension for some retirees, which came into effect on January 1.


The submission raised issues associated with restrictions on access to the aged pension, including disincentives to avoid the early transfer of assets so retirees still qualify.

It also urged actuarial analysis and consultation to consider an appropriate threshold where the value of a primary residence would trigger blocked access the aged pension.

ACCI said four out of five retirees relied on a full or part-time pension and that a similar proportion over 65 owned their own homes, valued at about $1 trillion.

The chamber recommended the retirement age be regularly reviewed and gradually lifted to 70 by 2035.

Other recommendations included reducing government spending to 25 per cent of GDP, cutting the company tax rate to 25 per cent for all businesses over a decade and overhauling workplace relations.

https://stopforeignownershipinaustra.../pension-t…/
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Old 07-02-2017, 01:23 AM   #2
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Shylock rules.

Born poor, die destitute.
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Old 07-02-2017, 02:45 AM   #3
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I live in Australia, and in theory don't have a problem with this, provided all middle class welfare, such as paid parental leave for example, is scrapped first. Okay, all overseas aid needs to be stopped first. Redistribute that wealth to those that pay for it first, and then go from there. And on and on.

Taxation is extortion.
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Old 07-02-2017, 05:05 AM   #4
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Most of my generation has already paid for the old age pension in taxes. This is inherently wrong and they will keep changing the guidelines until there is no hope for anyone.
Meanwhile those who skated thru life on benefits wills not have to pay twice for their old age pensions.
Governments have knows since 1945 that this time was coming. It's inherently wrong anyway you look at it.
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Old 07-02-2017, 02:38 PM   #5
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Aussies won't give a damn and accept this quietly. Watching ridiculous sports games and reality shows is more important to them. The headline news are often about sports coaches/players retiring/transferring/dying/raping/murdering and so on.

Perhaps vote Cory Bernardini in. Not sure.
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Old 07-02-2017, 09:03 PM   #6
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Australia is almost as insane as the USA
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Old 07-02-2017, 10:42 PM   #7
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Quote:
Originally Posted by the tealady View Post
Most of my generation has already paid for the old age pension in taxes. This is inherently wrong and they will keep changing the guidelines until there is no hope for anyone.
Meanwhile those who skated thru life on benefits will not have to pay twice for their old age pensions.
Governments have knows since 1945 that this time was coming. It's inherently wrong anyway you look at it.
I know people who have worked in the benefits paradigm and theY say that the money the people are entitled to in repayments have already been pre-paid by their Grandparents and parents, this is why the entitlement is achievable today.

If you view all benefit payments you can easily see the system moving figures around within the system, nobody actually gets anything but the taxation abruptly stops when you stop paying them to yourself basically.

If this was not redeemable there would be no repayments and millions would already have starved out. The austerity program is not about tax relief but for taking more off of todays generation but not for tomorrows generation who will always be in arrears.

If one knows exactly how the system is geared in order to remove all of our labour for exchange into taxes or unearned wealth, they would begin learning how to cope now, like we are doing here, and when the level of monetary income is below the deemed threshold of monetary existence, the two kinds altogether different from each other, one can begin to reclaim what is rightfully theirs and already in the kitty.

But in order to do this, you need a wealth of skills instead of money, you have seen how it actually works and what I do today, all above board and perfectly legal.

Most without their skills are prey to the system who relys upon them being skill less.
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Old 07-02-2017, 10:51 PM   #8
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I don't see any individual as being more or less entitled. Take with one hand, give back with the other, if you live long enough, is bullsplit.
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