[Australia]set to introduce tax on bank deposits

ABC ^ | 28 March 2015

[Lorianne]

The idea of a bank deposit tax was raised by Labor in 2013 and was criticised by Tony Abbott at the time.

Assistant Treasurer Josh Frydenberg has indicated an announcement on the new tax could be made before the budget.

The Government is heading for a fight with the banking industry, which has warned it will have to pass the cost back onto customers.

Mr Frydenberg is a member of the Government's Expenditure Review Committee but has refused to provide any details

[Vigilanteman]

Great way to make a lot of money flee the country . . .

[cuban leaf]

I don't deposit this...

[BenLurkin]

The Government is heading for a fight with the banking industry,

What about the people? You'd think they'd be unhappy about it too!

[Doogle]

...didn’t Odungo brings this up recently?....of course recent with this moron could make it feel like 1820

[cuban leaf]

You gotta admit the taxing of the mere possession of money is pretty comical. It’s what the guy that mugs you does. His rate is just a bit higher. :-D

[Uncle Miltie]

Sales of safes to skyrocket....

[RC one]

seems like a backdoor to charging depositors negative interest.

[chris37]

I’d take my money out of the bank so damn fast.

Can’t earn any interest any way, and no doubt the tax rate would exceed the interest rate.

[Opinionated Blowhard]

Not only is this a wealth tax, but its the most irrational kind of wealth tax. The rich will be able to move money into stocks and bonds and the middle class savers will likely get hit the hardest. Or if you have a one-time transaction that artificially increases the cash in your bank account — like the sale of a house or other big-ticket item in preparation for the purchase of another big-ticket item, you will be giving a piece of it to the government for no good reason.

But hey, we are in the death throes of the Welfare State and the spending beast needs to be fed, so pretty much any tax is going to be irrational at this point.

[SVTCobra03]

I prefer Mercury dimes and Walking Liberty halves.

[buckalfa]

"I’d take my money out of the bank so damn fast."

But please remember, the Regime has asked banks to report to the police cash withdrawals down to the $5K level.

[Eric in the Ozarks]

European banks are closing in on “negative interest.”
Seems like there’s not much difference in a tax on savings.

[chris37]

Report all they want, it’s not a crime to take my money from the bank.

[goodnesswins]

Well....what about $500/day for a ten days.....???

[Froggie]

Actually you can be charged with a crime for making such deposits if they claim you are doing so to avoid reporting requirements. Such a case was reported recently in the DFW newspaper. Believe the person was convicted if I recall correctly.

[Froggie]

Seems I read that making multiple smaller deposits in multiple banks was also a crime as it was an effort to avoid the reporting requirement.

[goodnesswins]

I’m not talking deposits

[muir_redwoods]

Exactly. Its odd to consider that my days as a paperboy were some of my highest grossing years of my career. Counting the tips that is.

[muir_redwoods]

That’s a crime called structuring.