The tax man cometh!!!

[sptrawler]

This latest tax crackdown, wouldn't be as a result of the 'tradies' and small business tax break on a new vehicle a couple of years back. Would it?

http://www.couriermail.com.au/news/...-on-dodgy-agents/story-e6freooo-1226273218041

What is the old saying about, if an offer is too good to be true, there is usually a catch.

 

[wayneL]

I agree with the tax office crackdown...





...so long as we can investigate gu'mint waste, nepotism and gravy train riding.

 

[sptrawler]

I agree with the tax office crackdown...





...so long as we can investigate gu'mint waste, nepotism and gravy train riding.

LOL as though that will ever happen.

 

[Garpal Gumnut]

I agree with the tax office crackdown...





...so long as we can investigate gu'mint waste, nepotism and gravy train riding.

Agree wayneL

An agent appeared at my door shortly after evensong last Sunday in rags, his big toes poking through shabby brothel creepers.

He proferred me his card, which I am of a mind to forward to the ATO.

http://www.pwc.com/

gg

 

[sptrawler]

Yes wayneL, I think there will be some tradies and business people sitting in their SS Utes, or jacked up Hi Lux, Prado's saying OMG
Priceless.

 

[wayneL]

Yes wayneL, I think there will be some tradies and business people sitting in their SS Utes, or jacked up Hi Lux, Prado's saying OMG
Priceless.

They should claim benefits for emotional stress. :

 

[trainspotter]

LOLOL ...... They target the ITP and such minions who look after Tradies and small business who cannot afford a "REAL" accountant rather than puttting a microsope on big business who pays solicitors and CPA's to handle their affairs !!

Remember the Lizard of Oz ? Here is the link for those that matter .......

http://www.youtube.com/watch?v=EVIOmU3l0Zo

About 7.18 it gets interesting !!!!!!

 

[todster]

LOLOL ...... They target the ITP and such minions who look after Tradies and small business who cannot afford a "REAL" accountant rather than puttting a microsope on big business who pays solicitors and CPA's to handle their affairs !!

Remember the Lizard of Oz ? Here is the link for those that matter .......

http://www.youtube.com/watch?v=EVIOmU3l0Zo

About 7.18 it gets interesting !!!!!!

easy money innit

 

[todster]

easy money innit

i work with all these dudes on abn's who have been tellin me for years i pay to much tax
i sleep well

 

[sptrawler]

i work with all these dudes on abn's who have been tellin me for years i pay to much tax
i sleep well

Well done todster, everyone who told me how great it was to bring forward the depreciation on a vehicle against their tax.
I thought that smells like a rat, you only get maximum depreciation against your tax rate, therefore you have to claim maximum income to get maximum write off.
But hang on haven't all you dudes being reporting minimum income for years.
Rope a dope, come in spinner.
I can see why you post on here todster, you're smarter than the average bear, Yogi

 

[trainspotter]

Well done todster, everyone who told me how great it was to bring forward the depreciation on a vehicle against their tax.
I thought that smells like a rat, you only get maximum depreciation against your tax rate, therefore you have to claim maximum income to get maximum write off.
But hang on haven't all you dudes being reporting minimum income for years.
Rope a dope, come in spinner.
I can see why you post on here todster, you're smarter than the average bear, Yogi

Ummmmmmmmmmm ....... don't you pay the required amount under Guvmint law?

The problem with writeoffs is when you go to the bank to borrow money. Lousy figures do not stack up well when you want a lien on a property to go again.

Vehicles are secured by themselves and have nothing to do with borrowing capacity nor taxable income ??? HUH ??? Am I missing something here ? REVS and finance against it HENCE the horrendous interest rates that apply.

Unsecured debt like credit cards is 18% +++
Personal loans are around 15% +-
Car loans are around 12% ++--
Housing is 7.37% give or take
30 day bills I can do for about 6.87% (evens)
Overdraft ranges from 8.13% to 16.7% depending on how risky and the terms applied

To coin a phrase ....... "Please explain?"

 

[sptrawler]

Ummmmmmmmmmm ....... don't you pay the required amount under Guvmint law?

The problem with writeoffs is when you go to the bank to borrow money. Lousy figures do not stack up well when you want a lien on a property to go again.

Vehicles are secured by themselves and have nothing to do with borrowing capacity nor taxable income ??? HUH ??? Am I missing something here ? REVS and finance against it HENCE the horrendous interest rates that apply.

Unsecured debt like credit cards is 18% +++
Personal loans are around 15% +-
Car loans are around 12% ++--
Housing is 7.37% give or take
30 day bills I can do for about 6.87% (evens)
Overdraft ranges from 8.13% to 16.7% depending on how risky and the terms applied

To coin a phrase ....... "Please explain?"

Just after the G.F.C the government allowed self employed people to purchase a vehicle and bring forward the depreciation. Lots of small business and tradies took the oppurtunity, who says they took a loan?
I never worked for myself but from what I hear a lot of cash economy money is stashed in cans.

Even if they did take a loan, if you normally write off the purchase price of say $50k over 5 years @$10k/yr. But you are allowed to bring that forward so you have a $50k deduction in 1 year then pay that off the loan, also GST free, it becomes a cheap new car.
Like I said though they have to be making money to claim it, whereas a lot of tradies only just make enough to feed themselves. cough.

 

[todster]

After the introduction of the GST they had to print more $100 bills.

 

[trainspotter]

Just after the G.F.C the government allowed self employed people to purchase a vehicle and bring forward the depreciation. Lots of small business and tradies took the oppurtunity, who says they took a loan?
I never worked for myself but from what I hear a lot of cash economy money is stashed in cans.

Even if they did take a loan, if you normally write off the purchase price of say $50k over 5 years @$10k/yr. But you are allowed to bring that forward so you have a $50k deduction in 1 year then pay that off the loan, also GST free, it becomes a cheap new car.
Like I said though they have to be making money to claim it, whereas a lot of tradies only just make enough to feed themselves. cough.

ERRMMMMMMMMMMMM ............... No this did not happen ?

What is the Australian Small Business Tax Break?

To support jobs and Australian businesses – especially small businesses - the Government will fund an investment tax break for all Australian businesses. This temporary business tax break will help Australian businesses boost business investment, bolster economic activity and support Australian jobs.

LATEST UPDATE - The bonus tax deduction under the Small Business and General Business Tax Break will be increased from 30% to 50% for small businesses. The 50 per cent deduction is available for eligible assets costing $1000 or more acquired between 13 December 2008 and 31 December 2009 and installed ready for use before 31 December 2010.

http://www.smallbusinesstaxbreak.com.au/

WTF has this got to do with depreciation?? And why would you buy a car for CASH and signal to the ATO you have far too much money??


The latest and greatest kick start to our economy is upon us ........ zzzzzzzzzzz

Proposal announced:

The increase in the instant asset write-off threshold to $5,000 and the simplified depreciation rules were jointly announced by the then Prime Minister and the Treasurer in the Treasurer’s Media Release No. 028 of 2 May 2010. The further increase in the instant asset write-off threshold from $5,000 to $6,500 was jointly announced by the Deputy Prime Minister and Treasurer, the Minister for Climate Change and Energy Efficiency and the Minister for Small Business in the Deputy Prime Minister and Treasurer’s Media Release No. 077 of 10 July 2011

http://www.comlaw.gov.au/Details/C2011B00216/Explanatory Memorandum/Text

Please engage brain prior to tapping keyboard in future.

 

[Calliope]

After the introduction of the GST they had to print more $100 bills.

Yes, the black economy created a high demand for $100 bills. Their cash value in circulation is exceeded only by $50 bills, And that is only because $50 bills can be withdrawn from ATMs.

They are in such demand for the black economy that you rarely get them in "cash-outs." When I went to my bank to get $1500 to pay a tradesman, the teller had to go round the other tellers to rustle up 15.

 

[sptrawler]

ERRMMMMMMMMMMMM ............... No this did not happen ?

What is the Australian Small Business Tax Break?

To support jobs and Australian businesses – especially small businesses - the Government will fund an investment tax break for all Australian businesses. This temporary business tax break will help Australian businesses boost business investment, bolster economic activity and support Australian jobs.

LATEST UPDATE - The bonus tax deduction under the Small Business and General Business Tax Break will be increased from 30% to 50% for small businesses. The 50 per cent deduction is available for eligible assets costing $1000 or more acquired between 13 December 2008 and 31 December 2009 and installed ready for use before 31 December 2010.

http://www.smallbusinesstaxbreak.com.au/

WTF has this got to do with depreciation?? And why would you buy a car for CASH and signal to the ATO you have far too much money??


The latest and greatest kick start to our economy is upon us ........ zzzzzzzzzzz

Proposal announced:

The increase in the instant asset write-off threshold to $5,000 and the simplified depreciation rules were jointly announced by the then Prime Minister and the Treasurer in the Treasurer’s Media Release No. 028 of 2 May 2010. The further increase in the instant asset write-off threshold from $5,000 to $6,500 was jointly announced by the Deputy Prime Minister and Treasurer, the Minister for Climate Change and Energy Efficiency and the Minister for Small Business in the Deputy Prime Minister and Treasurer’s Media Release No. 077 of 10 July 2011

http://www.comlaw.gov.au/Details/C2011B00216/Explanatory Memorandum/Text

Please engage brain prior to tapping keyboard in future.

Oh well trainspotter only going of what a couple of tradies I know, told me when they bought their new utes.
As the saying goes only believe 1/2 ...
I stand corrected if the information was incorrect.

 

[todster]

Yes, the black economy created a high demand for $100 bills. Their cash value in circulation is exceeded only by $50 bills, And that is only because $50 bills can be withdrawn from ATMs.

They are in such demand for the black economy that you rarely get them in "cash-outs." When I went to my bank to get $1500 to pay a tradesman, the teller had to go round the other tellers to rustle up 15.

And why may i ask did you pay cash

 

[Glen48]

The GST gave most a 10% pay rise, but some are smart enough to want to pay in cash and save 10%.
Wonder if the black economy was stopped how the country would be running a tradie get $1,500 and goes and but a new plasma TV etc.
Other problem with cash if he did get the GST and banks the loot he has to pay in his BAS so discourages banking.
Good government thinking once again some thing that was never going to be introduced by Howard.

 

[wayneL]

And why may i ask did you pay cash

Why wouldn't he. It's legal tender isn't it?

 

[sptrawler]

ERRMMMMMMMMMMMM ............... No this did not happen ?

What is the Australian Small Business Tax Break?

To support jobs and Australian businesses – especially small businesses - the Government will fund an investment tax break for all Australian businesses. This temporary business tax break will help Australian businesses boost business investment, bolster economic activity and support Australian jobs.

LATEST UPDATE - The bonus tax deduction under the Small Business and General Business Tax Break will be increased from 30% to 50% for small businesses. The 50 per cent deduction is available for eligible assets costing $1000 or more acquired between 13 December 2008 and 31 December 2009 and installed ready for use before 31 December 2010.

http://www.smallbusinesstaxbreak.com.au/

WTF has this got to do with depreciation?? And why would you buy a car for CASH and signal to the ATO you have far too much money??


The latest and greatest kick start to our economy is upon us ........ zzzzzzzzzzz

Proposal announced:

The increase in the instant asset write-off threshold to $5,000 and the simplified depreciation rules were jointly announced by the then Prime Minister and the Treasurer in the Treasurer’s Media Release No. 028 of 2 May 2010. The further increase in the instant asset write-off threshold from $5,000 to $6,500 was jointly announced by the Deputy Prime Minister and Treasurer, the Minister for Climate Change and Energy Efficiency and the Minister for Small Business in the Deputy Prime Minister and Treasurer’s Media Release No. 077 of 10 July 2011

http://www.comlaw.gov.au/Details/C2011B00216/Explanatory Memorandum/Text

Please engage brain prior to tapping keyboard in future.

O.K you got me going trainspotter, I think this is what I was refering to. Car had to be purchased before 31/12/2009

http://www.privatefleet.com.au/links-and-resources/auto-news/InvestmentAllowance/

Hope this clears your memory.