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tut
26-02-2010, 03:38 PM
I am not a maths wizard so this might be wrong but if my pension is $300/week of which I spend every cent of that, then with GST at 12.5% I donate to the Government $37.50

I have purchased good to the value of $262.50

If my pension is increased by 2% I now get $306.

When GST goes up to 15% then I donate to the government $45.90

I have purchased goods to the value of $260.10.

A net loss of $2.40 in my spending power.

And of course the costs of all goods will rise

Screw the pensioners

gary67
26-02-2010, 03:48 PM
As usual

R2x1
26-02-2010, 04:19 PM
The tax benefits actually kick in pretty strongly once you can get your pension over $600,000.00 p.a.

Until then, please be patient and trust that Lord Key and his merry Dukes will be looking out for you.

Sweep
26-02-2010, 04:23 PM
http://home.nzcity.co.nz/news/article.aspx?id=111384&fm=psp,tsf

Terry Porritt
26-02-2010, 04:23 PM
................and don't forget that your RWT (resident withholding tax) will increase from 19.5% to 21% from 1 April if your earnings exceed $14500 pa.

Edit; the lord giveth, and the lord key taketh.........

Sweep
26-02-2010, 04:24 PM
And don't forget the new Carbon taxes kicking in!!

smithie 38
26-02-2010, 04:25 PM
Are we only going to get 2% :waughh: :crying

Sweep
26-02-2010, 04:33 PM
He doesn't really say does he. Is it a 2% increase in the gross then also a reduced income tax or what?

Terry Porritt
26-02-2010, 04:43 PM
................and don't forget that your RWT (resident withholding tax) will increase from 19.5% to 21% from 1 April if your earnings exceed $14500 pa.

Edit; the lord giveth, and the lord key taketh.........

I have that slightly wrong, quote from bank " The current 19.5% RWT rate will change to 21% and we'll need to move all customers on 19.5% to this new rate on 1 April 2010."

Also: " A new RWT rate of 12.5% will be available for individuals who have a reasonable expectation that their total anual income will be $14000 or less"

tut
26-02-2010, 04:55 PM
2% is what Keys is promising if the GST goes to 15%.

However he is also saying our income tax rate will drop.

I havent seen how much or when that will happen.Bet it is not the same time the GST goes up.

coldot
26-02-2010, 04:56 PM
I think he works on the basis that pensioners will be well off with reduced tax and increased superannuation. They've never had it so good!
(But how many pensioners actually manage with the pension as their only income?)
Of course if they have any other income they will be assumed to be immensely rich so they will have to pay lots of tax on their life savings interest or any meagre earnings!

Roscoe
26-02-2010, 05:04 PM
I am not a maths wizard so this might be wrong but if my pension is $300/week of which I spend every cent of that . . .

Screw the pensioners

You know of a pensioner who receives $300 per week?:lol:Incredible!! How does he manage to wrestle that much out of the government?:groan:

Most pensioners only receive $460 per fortnight, so at an annual rate of $11960 I don't think that a pensioner's income is a very good example.

Government pensions most certainly do not exceed $14500 per annum.

Sweep
26-02-2010, 05:20 PM
For the actual figures see here:-

http://www.workandincome.govt.nz/manuals-and-procedures/deskfile/main_benefits_rates/new_zealand_superannuation_tables.htm

Speedy Gonzales
26-02-2010, 05:27 PM
I know a few who get over 700 a f/n. I suppose it depends on your circumstances, on how much you get

prefect
26-02-2010, 05:40 PM
I am working on the theory and hope I will get a massive heart attack and die early so I dont have to be old and live on a pension.

Speedy Gonzales
26-02-2010, 07:18 PM
Well at least WINZ dont annoy you ! And you get free bus rides lol and a few other things

R2x1
26-02-2010, 08:09 PM
But the free rides will go up more than 2% ;)

And when you get antiquated, there are more fearsome demons than WINZ. Old and irreplaceable bits keep breaking.

bk T
26-02-2010, 09:08 PM
Whatever it is, the lower income group will be (or is always) the loser. Never ever trust the bl*&^%$ politicians! Most (if not all) of the politicians are from rich families, they don't know what hardship is. They were born with the golden (or silver) spoons. And yet they are still so GREEDY.

Sweep
26-02-2010, 09:15 PM
My Parents often used to say that old age doesn't come alone.

They were right too.

prefect
26-02-2010, 11:36 PM
I would rather be young and broke than old and rich.
Intend working until I am too feeble then do something like bungee jump without a bungee.

kenj
27-02-2010, 05:56 AM
I would rather be young and broke than old and rich.
Intend working until I am too feeble then do something like bungee jump without a bungee.

Aaah Prefect... perhaps you should wait till you get to be old, before you make comments like that.

Ken

R2x1
27-02-2010, 06:21 AM
"Old" is relative, it is a vague affliction for others to have. Currently, 90 years is getting a bit old, not too long ago 70 was antediluvian (but that was just phase I grew out of).
Feeble is also a variable btw.

Sweep
27-02-2010, 07:29 AM
If you are that feeble how will you get the energy to jump?

SolMiester
27-02-2010, 07:36 AM
I am not a maths wizard so this might be wrong but if my pension is $300/week of which I spend every cent of that, then with GST at 12.5% I donate to the Government $37.50

I have purchased good to the value of $262.50

If my pension is increased by 2% I now get $306.

When GST goes up to 15% then I donate to the government $45.90

I have purchased goods to the value of $260.10.

A net loss of $2.40 in my spending power.

And of course the costs of all goods will rise

Screw the pensioners

I thought Key said you got the 2% + some other increase?...

pctek
27-02-2010, 07:39 AM
He said 2% plus some undefined tax cut.

He has also not mentioned other low income people at all.

I qualify as low income. Terrific my rates are already going to more than double, then there will be another 2.5% on top of them as well. Along with everything else.......

R2x1
27-02-2010, 07:55 AM
If it is any consolation pctek, I have it on good authority that no MP will be disadvantaged by the tax changes.

zqwerty
27-02-2010, 08:07 AM
Don't forget electricity price rises coming soon.

prefect
27-02-2010, 08:10 AM
If you are that feeble how will you get the energy to jump?
Blardy good point Sweep.

R2x1
27-02-2010, 08:20 AM
Don't forget electricity price rises coming soon.
Shouldn't that be " . . . electricity price rises continue unabated."? ;)

CliveM
27-02-2010, 10:21 AM
The concept of age moves as you grow older. Old is always anyone more than 10 years older than your current age.

I have no time for the politics of envy. Most of the people I have met that are significantly richer than I have either worked a lot harder than I wish to or have some special talent that I do not. Good luck to them.

I also have no time for thieves.

Brucem
27-02-2010, 10:55 AM
I am not a maths wizard so this might be wrong but if my pension is $300/week of which I spend every cent of that, then with GST at 12.5% I donate to the Government $37.50

I have purchased good to the value of $262.50

If my pension is increased by 2% I now get $306.

When GST goes up to 15% then I donate to the government $45.90

I have purchased goods to the value of $260.10.

A net loss of $2.40 in my spending power.

And of course the costs of all goods will rise

Screw the pensioners

Your figures are slightly wrong.

At $300 per week, you give the Govt $33.33 ($300/1.125), at 12.5%, and therefore, purchased $266.67 in pre-GST prices. To compensate for an increase to 15% GST, you need an increase of $6.67, (or 2.22%). $266.67 +15%=$306.67. Therefore increase required is $6.67. $6.67/$300=.022235, or 2.22%.

I think the PM said "a bit over 2%".

What I can't see why a one off rise of about 2%, isn't cancelled by maintaining the rate @ 66% of averge after tax income.

KenESmith
27-02-2010, 12:35 PM
You have just successfully highlighted why I chose to retire in Australia - Australian retirees don't pay tax on their first $13,500 income (for a couple $27,000) - The Australian aged pesnion is means tested, and is abated on a sliding scale as personal income increases, but this is fair enough why should the taxpayer dole out money to those who have sufficient resources to live comfortably - also while there are problems here with health services, at least as a pensioner one can get into a public hospital if one needs treatment.

pctek
27-02-2010, 12:43 PM
The concept of age moves as you grow older.

Most of the people I have met that are significantly richer than I have either worked a lot harder.

No, you know when you are old. It sneaks up on you and then suddenly one day you get up and think, OMG. Health may hasten that affect......

As for rich people working harder or whatever. Some.
Some on the other hand have done it through nefarious means.
I've met one or two of those. You don't like thieves either? Well one of them comes into that category as well, thief is a bit of technical term, semi-legal theft was involved.

pctek
27-02-2010, 12:44 PM
The concept of age moves as you grow older.

Most of the people I have met that are significantly richer than I have either worked a lot harder.

No, you know when you are old. It sneaks up on you and then suddenly one day you get up and think, OMG. Health status may hasten that affect......

As for rich people working harder or whatever. Some.
Some on the other hand have done it through nefarious means.
I've met one or two of those. You don't like thieves either? Well one of them comes into that category as well, thief is a bit of technical term, semi-legal theft was involved.

Sweep
27-02-2010, 01:17 PM
Your figures are slightly wrong.

At $300 per week, you give the Govt $33.33 ($300/1.125), at 12.5%, and therefore, purchased $266.67 in pre-GST prices. To compensate for an increase to 15% GST, you need an increase of $6.67, (or 2.22%). $266.67 +15%=$306.67. Therefore increase required is $6.67. $6.67/$300=.022235, or 2.22%.

I think the PM said "a bit over 2%".

What I can't see why a one off rise of about 2%, isn't cancelled by maintaining the rate @ 66% of averge after tax income.

John Key has not quantified anything much in the speech to Greypower.

I am told that the average wage is now $46,000 gross BTW so why is my gross $18,954?

Note also that pensioners get an annual cost of living allowance normally on the 1st April each year and note this is after the prices have already gone up.

For me I'm prepared to wait and see what happens rather than screaming before the event. Key has not quantified the actual outcomes of the proposals at this time so therefore we can all sit around and speculate.

prefect
27-02-2010, 01:53 PM
Better get off your chuff and start driving trucks again.

Sweep
27-02-2010, 02:01 PM
Better get off your chuff and start driving trucks again.

OK. Where and when do I start?

Greg
27-02-2010, 06:12 PM
I am working on the theory and hope I will get a massive heart attack and die early so I dont have to be old and live on a pension.There may be others who agree with you.

martynz
27-02-2010, 08:10 PM
You have just successfully highlighted why I chose to retire in Australia - Australian retirees don't pay tax on their first $13,500 income (for a couple $27,000) - The Australian aged pesnion is means tested, and is abated on a sliding scale as personal income increases, but this is fair enough why should the taxpayer dole out money to those who have sufficient resources to live comfortably - also while there are problems here with health services, at least as a pensioner one can get into a public hospital if one needs treatment.

In the UK there's a similar system but it applies to everyone... you don't pay any tax on the first GBP6475, this goes up to 9490 if you are 65-74 then 9640 for 75+.
The State Pension isn't means tested but you don't get the max. unless you've made National Insurance contributions for 40 years. So even if you're a multi-millionaire you get it if you've paid into it.

Martynz

SolMiester
01-03-2010, 11:08 AM
I am told that the average wage is now $46,000 gross BTW so why is my gross $18,954?



Because you are less than average!

bk T
01-03-2010, 11:18 AM
...
I am told that the average wage is now $46,000 gross BTW so why is my gross $18,954?

...

Average = (highest + lowest) / 2

Got it? still need further explanation?

Erayd
01-03-2010, 11:29 AM
Average = (highest + lowest) / 2

Got it? still need further explanation?
That is not how a 'mean average' (what most people mean when they say average) is calculated.

A mean average is calculated by dividing the sum of all values in the set by the total number of values in the set.

For example - the mean average of 5, 9, and 4 is (5 + 9 + 4) / 3 = 6.

martynz
02-03-2010, 03:17 PM
Sometimes the median is quoted, thats not the same as the average.

Martynz

R2x1
02-03-2010, 03:23 PM
For the pensioners (and soon junior workers), the average can be surprisingly mean. ;)