KYLE:
Hey Joe!
JACKIE O:
Hi Joe, how are you?
TREASURER:
Morning guys, how are you?
JACKIE O:
Good how are you, more like it?
KYLE:
Sorry to bump you up against the ‘man in the women’s underwear’ segment, but here you are talking about the Budget. Now they said the Budget winners - business owners, working parents, Aussies from the top end, sick people and farmers; that’s good. Budget losers – stay at home and expecting mothers, no one cares about that…
JACKIE O:
Oh, yes they do.
KYLE:
[inaudible] backpackers, no one cares about them. Welfare cheats, and public servants; all losers. Is that pretty much right?
TREASURER:
Well, it’s nearly all right, but you’re absolutely right. The fact is in particular, we’re giving small business the opportunity to go out and have a go. And they can buy anything up to $20,000 now and write it off against their tax on the 1st of July.
JACKIE O:
So is that within a year, I can spend, or someone who owns a small business can spend $20,000 and not be taxed on that?
TREASURER:
No, no [inaudible]. So they can buy tools, or they can buy computers, things for their business. And instead of writing it off over four years, they can write it off immediately against their tax return, and reduce their tax liability and get the money back.
KYLE:
Oh right.
TREASURER:
We want them to go out and employ more people, have a go! Have a go!
KYLE:
That’s a great idea. It’s good incentive, but what about people? Would I be classed as a small business owner?
JACKIE O:
No, no. So I think there’s a certain wage bracket you’ll have to fall under…
KYLE:
Oh is there… Oh god.
TREASURER:
You could have a turnover of less than 2 million, you might be there.
KYLE:
I could probably wind that down. Although see, I’ve got a problem with the tax guy. The tax guy doesn’t like me. He wants me to pay in advance. And I say, I’m not paying. You can get blood from a stone before you’ll get my money in advance!
TREASURER:
Don’t tell me that because I am the tax man!
KYLE:
Oh that’s right!
JACKIE O:
One of the things; what about foreign aid? We’ve cut foreign aid. Tell me about that.
TREASURER:
Last year we cut foreign aid, we had to reduce our foreign aid. But what we’ve done is re-prioritised it into the Asian region, and the Pacific, and importantly, there are some countries that we’ve been giving money to in foreign aid that then go and give their own foreign aid. And what we’ve done is said, hang on, we’re not going to do that. We actually want to build things, and importantly, if your economy is doing really well, as some countries have economies that are doing really well, we’re going to take some of the foreign aid from your country and give it to the countries that are struggling in our region. So they’re the real focus.
KYLE:
That makes sense.
TREASURER:
It’s an important refocus.
KYLE:
What about the…what are the countries that are killing our citizens over there? Are they still getting any money?
JACKIE O:
Indonesia…
KYLE:
Or have you pulled that back as well?
TREASURER:
Well, there has been a reduction in Indonesia. It’s not linked to that, but there has been a significant reduction in the aid for Indonesia.
KYLE:
I sense a wink in there somewhere…
TREASURER:
No winks here.
JACKIE O:
Okay, how much of a cut? What have we cut?
KYLE:
All of it!
TREASURER:
No, no. It is a substantial reduction, but again, you know, Indonesia is a big and growing country. And look, where we have foreign aid, it’s got to do real things. We don’t want it to go to governments, we actually want it to build things on the ground like water and sewerage, schools for kids that have no education. That’s really important.
KYLE:
What about those big international companies that seem to be getting away with paying very little tax in Australia through loopholes… Have you fixed them up?
TREASURER: Yeah we’re going after them. We’ve identified 30 of them, 30 major multinationals, pretty familiar names to your audience, and what we’re going to do is go into their businesses, try and track down the money that’s gone through Singapore, and Ireland, The Netherlands, The Bahamas… maybe I can go to the Bahamas and track it down…
KYLE:
I’ll come with you! You need a hand when you go to The Bahamas, you can’t go there solo.
TREASURER:
And we’re going to reclaim the profit and taxes that they should have paid in Australia, and we’re going to fine them; 100 per cent of what they owe, plus interest.
JACKIE O:
Okay, now what about the Netflix tax?
TREASURER:
Well, it’s patently unfair. I mean, even though a lot of people like getting digital downloads from overseas, and not paying GST, it’s unfair to anyone in Australia that’s starting up their own business, charging GST, like people that make games online, and provide games online. Or provide…
JACKIE O:
Oh, so we’re going to be charged GST for all that. When I buy a season of Games of Thrones, or whatever it may be, it’s already expensive… so, House of Cards, don’t you love that?
TREASURER:
I do actually.
JACKIE O:
I knew you would.
KYLE:
So what are you better off just doing the illegal downloads? [inaudible]
TREASURER:
No, no. Because ultimately, then we all end up paying. If someone isn’t paying their fair share of tax, we just end up paying more. So…
KYLE:
Are there any scams left [inaudible]… everyone loves a scam where you think, ‘I got away with that…’ is there any left or have you abolished all of them?
TREASURER:
No, I’m sorry guys. No more scams.
KYLE:
Bloody hell, I thought a fellow Hunters Hill resident, because I was up there in your area, I thought you know this is the scam capital of Sydney, Hunters Hill. I thought we’d be right into that.
TREASURER:
Well, I was wondering where all the parties were…
KYLE:
Oh I’ve moved suburbs.
TREASURER:
I mean, you were the Gatsby of the suburb!
JACKIE O:
That’s a big wrap!
TREASURER:
Where was my invite? I never got one of those.
KYLE:
I’d drive past your place and I thought once he updates himself out of that Ford Territory, he’ll get an invite down to my joint.
TREASURER:
Delta Goodrem lived down the road as well and I never got an invite there!
KYLE:
Oh, you don’t want to go there, things get crazy, and it’s all hands down there as well. It gets grubby.
JACKIE O:
Alright well Treasurer, Joe Hockey. Thanks for joining us.
TREASURER:
Thanks guys.
KYLE:
No worries, good luck. Good luck getting any advance tax out of me!