Australians paying $500m in ATM fees

[webfact]

Australians paying $500m in ATM fees

SYDNEY: -- Australians are still forking out half a billion dollars a year in ATM fees they don't need to be paying.

Instead of withdrawing their money for free at their own banks' ATMs, many Australians continue to use `foreign' machines belonging to a third-party provider which commonly charge a $2 fee.

About 40 per cent of all ATM transactions are being done at `foreign' ATMs, RateCity.com.au says.

Full story: http://www.smh.com.au//breaking-news-business/australians-paying-500m-in-atm-fees-20160321-4canz.html


-- Sydney Morning Herald 2016-03-21

[steven100]

Australians are paying way to much for alot of things ..... not just ATM fees.

Taxes are so high .... someone told me that CGT or capital gains tax is 50% ....

so if you bought a house or land for say $100,000 five years ago and sold it last week for $200,000

you would loose 50% of your $100,000 profit to the tax office. ... to me that's robbery by the government !!

Edited March 21, 2016 by steven100

[DoctorG]

Australians are paying way to much for alot of things ..... not just ATM fees.

Taxes are so high .... someone told me that CGT or capital gains tax is 50% ....

so if you bought a house or land for say $100,000 five years ago and sold it last week for $200,000

you would loose 50% of your $100,000 profit to the tax office. ... to me that's robbery by the government !!

CGT is the tax charged on any capital gains that arise from the sale or disposal of any asset bought or acquired after September 1985. It is not a separate tax in its own right. Rather a 'net capital gain' is included in your taxable income and taxed at your marginal tax rate.

Therefore it could be as low as 18% and it does not apply to the family home that you live in.

[bark]

Australians are paying way to much for alot of things ..... not just ATM fees.

Taxes are so high .... someone told me that CGT or capital gains tax is 50% ....

so if you bought a house or land for say $100,000 five years ago and sold it last week for $200,000

you would loose 50% of your $100,000 profit to the tax office. ... to me that's robbery by the government !!

This is the mentality of all Aussie's, they need to cover their tracks. They are all former prisoners. They cannot help it. They should blame it on the UK, for sending them to Australia in the first place.

[kinmaew]

When you consider its $15 for a decent pint of beer what the hell is 2 bucks for a miserable ATM charge I never pay it anyway because I am a CC

[lvr181]

A bit dumb to be paying that.

Most Aussies have access to supermarkets and others where you can make cash withdrawals without fees. Sure, not going to be available or suit everyone but the facilities are out there!

[Ulic]

Well when minimum wage is $17.29 an hour and average wage is $74 K a year Australians

pay a lot of taxes and maybe loose sight of the cost vs. convenience vs. value of things.

As long as you have a choice, free vs. $2 per withdrawal, up to you whether you want

to waste money vs. convenience of a handy ATM.

[MickGC]

Australians are paying way to much for alot of things ..... not just ATM fees.

Taxes are so high .... someone told me that CGT or capital gains tax is 50% ....

so if you bought a house or land for say $100,000 five years ago and sold it last week for $200,000

you would loose 50% of your $100,000 profit to the tax office. ... to me that's robbery by the government !!

This is the mentality of all Aussie's, they need to cover their tracks. They are all former prisoners. They cannot help it. They should blame it on the UK, for sending them to Australia in the first place.

It's the complete opposite. Most Aussies thank the English for sending their ancestors on that free one-way trip to Australia 200 years ago. I know where I would prefer to live.

[connda]

A $2 fee. Dang, cheap!

[Chicog]

It's the complete opposite. Most Aussies thank the English for sending their ancestors on that free one-way trip to Australia 200 years ago. I know where I would prefer to live.

That always gets me, when they ask you on your Visa application "Do you have a criminal record?", to which I always reply "I didn't think you still needed one".

snare-snare-snare-*Hihat*

[NumbNut]

It's the complete opposite. Most Aussies thank the English for sending their ancestors on that free one-way trip to Australia 200 years ago. I know where I would prefer to live.

That always gets me, when they ask you on your Visa application "Do you have a criminal record?", to which I always reply "I didn't think you still needed one".

snare-snare-snare-*Hihat*

Christ I wish I had a beer for everytime I've heard that one Ms Chicog. I'd be an... alcoholic.

Yep, we Aussies can proudly say we've been picked by some of the best judges in the UK.

Sweet by me!

[Robm579]

What the difference between a pint of milk and a Aussie.... Given enough time a pint of milk will form a culture ....

Their all banksters...bloody spell checks RS

Edited March 21, 2016 by Robm579

[farcanell]

This is the mentality of all Aussie's, they need to cover their tracks. They are all former prisoners. They cannot help it. They should blame it on the UK, for sending them to Australia in the first place.

LMAO... This is one of the most blatant trolling post I have seen.... And I doubt you will get many bites, as Aussies, with a convict ancestor, are usually proud of it..... So thank you England, for sending our ancestors to the "lucky country"

I just wish that the whinging pommy immigrants of this era, would shut up or go home???

And for robm579, we do have a culture, which is very important to us Australians.... It's based on the B's.... Beaches, beer and barbecues.... ?

Edited March 21, 2016 by farcanell

[steven100]

What the difference between a pint of milk and a Aussie.... Given enough time a pint of milk will form a culture ....

Their all banksters...bloody spell checks RS

how can you tell when a plane load of poms have just arrived into sydney .....

when the pilot shuts down the engines the whining doesn't stop.

good one Rob ..... cheers.

[steven100]

Australians are paying way to much for alot of things ..... not just ATM fees.

Taxes are so high .... someone told me that CGT or capital gains tax is 50% ....

so if you bought a house or land for say $100,000 five years ago and sold it last week for $200,000

you would loose 50% of your $100,000 profit to the tax office. ... to me that's robbery by the government !!

CGT is the tax charged on any capital gains that arise from the sale or disposal of any asset bought or acquired after September 1985. It is not a separate tax in its own right. Rather a 'net capital gain' is included in your taxable income and taxed at your marginal tax rate.

Therefore it could be as low as 18% and it does not apply to the family home that you live in.

agree 100% ... so even if your income was zero for the financial year, you would still be taxed as though your income was $100,000 ... as thats the CGT profit ..... and if thats so then the rate would be up around 40-50% ??

Am i correct hear or wrong .... tks.

[DoctorG]

Australians are paying way to much for alot of things ..... not just ATM fees.

Taxes are so high .... someone told me that CGT or capital gains tax is 50% ....

so if you bought a house or land for say $100,000 five years ago and sold it last week for $200,000

you would loose 50% of your $100,000 profit to the tax office. ... to me that's robbery by the government !!

CGT is the tax charged on any capital gains that arise from the sale or disposal of any asset bought or acquired after September 1985. It is not a separate tax in its own right. Rather a 'net capital gain' is included in your taxable income and taxed at your marginal tax rate.

Therefore it could be as low as 18% and it does not apply to the family home that you live in.

agree 100% ... so even if your income was zero for the financial year, you would still be taxed as though your income was $100,000 ... as thats the CGT profit ..... and if thats so then the rate would be up around 40-50% ??

Am i correct hear or wrong .... tks.

OK, this can get a bit complicated. Depending on your circumstances you can discount your gain by up to 50% if you are a resident. In your example the $100,000 gain could end up being taxed as if it was $50,000. Based upon your example you would (probably) pay about $7,000 in tax which is 7% of your 100k gain. As I said, complicated

[DoctorG]

Back to the subject matter. It was reported on OZ news today that the majority of "other ATM" users were women and youths. I guess we older guys are cheap.

[steven100]

Australians are paying way to much for alot of things ..... not just ATM fees.

Taxes are so high .... someone told me that CGT or capital gains tax is 50% ....

so if you bought a house or land for say $100,000 five years ago and sold it last week for $200,000

you would loose 50% of your $100,000 profit to the tax office. ... to me that's robbery by the government !!

CGT is the tax charged on any capital gains that arise from the sale or disposal of any asset bought or acquired after September 1985. It is not a separate tax in its own right. Rather a 'net capital gain' is included in your taxable income and taxed at your marginal tax rate.

Therefore it could be as low as 18% and it does not apply to the family home that you live in.

agree 100% ... so even if your income was zero for the financial year, you would still be taxed as though your income was $100,000 ... as thats the CGT profit ..... and if thats so then the rate would be up around 40-50% ??

Am i correct hear or wrong .... tks.

OK, this can get a bit complicated. Depending on your circumstances you can discount your gain by up to 50% if you are a resident. In your example the $100,000 gain could end up being taxed as if it was $50,000. Based upon your example you would (probably) pay about $7,000 in tax which is 7% of your 100k gain. As I said, complicated

ok .... I see what you are saying .. but it can be complicated. so on the actual 100k profit i would not pay 40% as i thought ... but because i am a resident / australian citizen , and if my income for the year was 0 ... then this would greatly reduce the rate % to be paid on the 100k CGT ... even though it's 100k profit.

[Robm579]

What the difference between a pint of milk and a Aussie.... Given enough time a pint of milk will form a culture ....

Their all banksters...bloody spell checks RS

how can you tell when a plane load of poms have just arrived into sydney .....

when the pilot shuts down the engines the whining doesn't stop.

good one Rob ..... cheers.

[ozyjon]

This is the mentality of all Aussie's, they need to cover their tracks.

They are all former prisoners.

They cannot help it.

They should blame it on the UK, for sending them to Australia in the first place.

Born in Portugal, raised in Australia, how does this narrow minded statement apply to me?

Pull your head in sport.

[lvr181]

Back to the subject matter. It was reported on OZ news today that the majority of "other ATM" users were women and youths. I guess we older guys are cheap.

Cheap? Nah, SMART!

Slightly off topic - some say I'm a dirty old man - bulls hit, I am a sexy senior citizen

[Si Thea01]

Australians are paying way to much for alot of things ..... not just ATM fees.

Taxes are so high .... someone told me that CGT or capital gains tax is 50% ....

so if you bought a house or land for say $100,000 five years ago and sold it last week for $200,000

you would loose 50% of your $100,000 profit to the tax office. ... to me that's robbery by the government !!

There is no rate of Australian CGT as such. A net capital gain is included in a taxpayer’s assessable income and taxed along with their other assessable income at their marginal rate of tax. The top marginal rate of tax is currently 46.5%, including the medicare levy. If you hold an asset for at least 12 months before you dispose of it, you will be entitled to the 50% CGT discount - so that only one-half of your net capital gain will be assessable.

If you are on the top marginal rate of tax, the rate of tax on a capital gain after applying the 50% CGT discount is effectively reduced to 23.25%. However, effective May 8, 2012, this discount ceased to apply to non-residents and temporary residents.

[steven100]

Australians are paying way to much for alot of things ..... not just ATM fees.

Taxes are so high .... someone told me that CGT or capital gains tax is 50% ....

so if you bought a house or land for say $100,000 five years ago and sold it last week for $200,000

you would loose 50% of your $100,000 profit to the tax office. ... to me that's robbery by the government !!

There is no rate of Australian CGT as such. A net capital gain is included in a taxpayer’s assessable income and taxed along with their other assessable income at their marginal rate of tax. The top marginal rate of tax is currently 46.5%, including the medicare levy. If you hold an asset for at least 12 months before you dispose of it, you will be entitled to the 50% CGT discount - so that only one-half of your net capital gain will be assessable.

If you are on the top marginal rate of tax, the rate of tax on a capital gain after applying the 50% CGT discount is effectively reduced to 23.25%. However, effective May 8, 2012, this discount ceased to apply to non-residents and temporary residents.

so if the taxpayers assesable income is only the CGT ( no other income ) ... say the 100k profit , then the rate may be as low as 23.25% = $23,250 tax ... bal $76,750

[Si Thea01]

Australians are paying way to much for alot of things ..... not just ATM fees.

Taxes are so high .... someone told me that CGT or capital gains tax is 50% ....

so if you bought a house or land for say $100,000 five years ago and sold it last week for $200,000

you would loose 50% of your $100,000 profit to the tax office. ... to me that's robbery by the government !!

There is no rate of Australian CGT as such. A net capital gain is included in a taxpayer’s assessable income and taxed along with their other assessable income at their marginal rate of tax. The top marginal rate of tax is currently 46.5%, including the medicare levy. If you hold an asset for at least 12 months before you dispose of it, you will be entitled to the 50% CGT discount - so that only one-half of your net capital gain will be assessable.

If you are on the top marginal rate of tax, the rate of tax on a capital gain after applying the 50% CGT discount is effectively reduced to 23.25%. However, effective May 8, 2012, this discount ceased to apply to non-residents and temporary residents.

so if the taxpayers assesable income is only the CGT ( no other income ) ... say the 100k profit , then the rate may be as low as 23.25% = $23,250 tax ... bal $76,750

We are getting well and truly of the subject, which is about ATM fees but with a nil income, there is nil personal tax payable, however, as the Australian tax Laws are too complicated to explain on here, I will say at least that there are many ways available to legally avoid or minimise CGT. It depends on how long you have held the property, must be over 12 months, if the family home no CGT.

Capital gains on the disposal of assets are liable to tax at the standard income tax rates. The capital gain is computed by deducting the ‘cost base’ from the gross selling price or fair market value of the property when it was sold.

The ‘cost base’ of the property is the sum of the following amounts:

• acquisition cost of the property,
• incidental expenses of buying and selling the property,
• improvement costs, and
• non-capital costs of ownership of an asset acquired on or after 21 August 1991 (e.g. interest on borrowing to purchase the asset, rates and land taxes, repair and maintenance expenditure) to the extent that these are not otherwise deductible.

You may not be liable for any CGT but you would need an expert in this field ( Tax Accountant) to provide those specific tax percentages and ways to legitimately avoid or reduce the amount , if any, required to be paid. I am not one so I cannot provide those details but with many avenues available it could see the amount well and truly less than the percentage you have indicated. Hope this has helped a little.