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在考虑了几年了，零售及海外投资者正在打桩回到我们的股市，就像游戏的规则可能会发生变化。
周一推出的税务讨论稿对交易产生直接影响的股票，所有的银行和其他关键的个股只要钟声被敲响亏损。
分红两税合一和邮资学分，一个话题，可能是下面的雷达对于大多数投资者的大部分时间，是坚定地回到了聚光灯下。
也许归集系统将继续，但如果政府在其上房寻找更多的税收使用的文件为借口来调整系统，它必须通过投资市场巨大的反响。
而这一切都因为投资者正在打桩回到市场，尽管从危机的伤痕依然存在。
据德意志银行，在过去九个月养老基金已经拨$ 30十亿成股份。并自带2年没有净买入后金融危机的时候一定会把投资者关闭。
该基金有在各大银行的主要抢购股票和上市地产空间。相比之下户，按照经纪人，是银行股的大买家在2012年和2013年，但去年开始风的背，而是开始瞄准房地产投资信托基金。然而，他们仍然增持银行。
同时，境外投资者也把更多的钱，以工作在当地的股票市场 - 10美元左右十亿每季度在过去的一年。这些投资者还买了银行股，但只有在一个更小的方式可能仍然偏淡。
但德意志预计，离岸买盘继续为澳元兑美元已经下跌，有效地使股市更便宜的基于境外的投资者。
一个主要的驱动力是股息收益率相对于其他国际市场澳大利亚提供。
但如果有一个变化给养老基金支付的退休收入来源，以及由60岁以上的成员获得超级收益免税的风险，那么它都可以打开它的头。
两税合一介绍了1987年7月由掌柜基廷。
当时的想法是，除去分红的双重征税问题股东手中，自己投诉的长期合唱的原因。
此前，经过公司从税后利润支付的利得税和股息派发，股东然后再次在自己的边际税率的股息收入纳税。
这是一个很好的小仔为政府，所以这是一个大胆的政治行动放弃这个收入。
但是，也有别有用心。当时的牛仔企业家在海里的速度借钱接管其他公司。
扣除利润扣除利息成本，这是利润最小化的方法。
归集的改革，实际上，使其更可口缴纳公司税：公司可以为股东谁不是由第二股息税疲惫不堪提供激励。
这样一来，股东得到了一个归责邮资信贷，这是当时用来降低其最终的税单。
这是它创造了一个全新的个人类股投资者的这样一个显著的改革，尽管1985年出台的资本利得税，并创造了这样的需求，这意味着政府可以继续出售澳洲，澳洲和Telstra联邦银行。
基廷的两税合一改革，随后出台的强制性公积金供款1992年仍然是两个最显著金融投资改革。
股息归集的影响远远超出了个人投资者因为信用支付给超级基金。
这基本上减半的资金支付收益的15％的税率，并且还提供了现金返还奖金很多自我管理的基金。
因此，较低的公司税税率可能是好的，但投资者也需要权衡的急剧增加税收对于大多数个人投资者的影响，减少了在自筹资金的退休人员的收入和税缴纳率的潜在倍增超级资金管理几乎每个人都在劳动力的节省。
Investors face dividends shock
After taking a few years off, retail and offshore investors are piling back into our sharemarket, just as the rules of the game might be changed.
The tax discussion paper launched on Monday had an immediate impact on trading in shares, with all the banks and other key stocks suffering losses as soon as the bell was rung.
Dividend imputation tax and franking credits, a topic that is probably below the radar for most investors most of time, was firmly back in the spotlight.
Perhaps the imputation system will continue, but if the government in its never ending search for more tax revenue uses the paper as an excuse to tweak the system, it will have huge reverberations through investment markets.
And it all comes as investors are piling back into the market, although the scars from the crisis are still there.
According to Deutsche Bank, over the past nine months superannuation funds have ploughed $30 billion into shares. And that comes after two years of no net buying when the financial crisis definitely put investors off.
The funds have in the main snapped up shares in the major banks and the listed property space. In contrast households, according to the broker, were large buyers of bank stocks in 2012 and 2013 but last year started to wind that back and instead started to target the REITs. However, they are still overweight the banks.
At the same time offshore investors have also put more of their money to work in the local sharemarket – around $10 billion each quarter over the past year. These investors also bought the bank stocks but only in a smaller way and are probably still underweight.
But Deutsche expects the offshore buying to continue as the Australian dollar has fallen, effectively making the sharemarket cheaper for any investor based offshore.
A major driver is the dividend yield Australia offers when compared to other international markets.
But if there are risks to a change to the tax exemptions given to superannuation funds paying a retirement income stream, as well as to super benefits earned by members aged over 60, then it could all be turned on its head.
Imputation tax was introduced in July 1987 by treasurer Paul Keating.
The idea was to remove the double taxation of dividends in the hands of shareholders, itself the cause of a long-standing chorus of complaints.
Previously, after a company had paid tax on its profits and distributed dividends from after tax profits, shareholders then paid tax again at their own marginal tax rate on the dividend income.
This was a good little earner for the government, so it was a gutsy political move to give up this revenue.
But there was also an ulterior motive. Back then cowboy entrepreneurs were borrowing money at a rate of knots to take over other companies.
By deducting the cost of interest before profits, it was a method of minimising profits.
The imputation reforms, in effect, made it more palatable to pay company tax: companies could provide an incentive for shareholders who weren't whacked by a second tax on dividends.
As a result, shareholders got an imputation franking credit, which was then used to reduce their final tax bill.
It was such a significant reform that it created a whole new class of individual share investors, despite the 1985 introduction of capital gains tax, and created such demand that it meant the government could go on to sell the Commonwealth Bank of Australia, Qantas and Telstra.
Keating's imputation tax reform and the subsequent introduction of compulsory superannuation contributions in 1992 are still two of the most significant financial and investment reforms .
The impact of dividend imputation goes far beyond individual investors because the credits are paid to super funds.
This basically halves the 15 per cent tax rate paid on earnings by the funds and also provides a cash-back bonus for many self-managed funds.
So a lower corporate tax rate might be good but investors also need to weigh up the impact of a sharp increase in tax for most individual investors, a reduction in the income of self-funded retirees and a potential doubling of the rate of tax paid by the super funds managing the savings of just about everyone in the workforce.
http://www.afr.com/markets/shock-for-investors-if-dividend-rules-change-20150330-1masqh |
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