Should millionaires pay the same % of tax as middle income taxpayers?

[Starcraftmazter]

That is part of the reason I am working and living in Singapore now.

Yeah I pay a lot more for housing but I no longer pay 100k tax a year.

See, I can tell his guy is a total bauss - he knows the right way to live such that your hard work isn't taken away by the communist party and redistributed to bogans who have too many children.

 

[Trembling Hand]

I didn't say it's 48%, I said 45%. And that's what it is, check the ATO site for 2012-2013 taxes if you don't believe me.

Again you cannot think about how anything actually works in practicality. All you know is 1 page deep of basic information. Zilch experience.

Unlike you I trade and do pay tax. 30% after expenses. Thats what it is.

 

[Starcraftmazter]

Again you cannot think about how anything actually works in practicality. All you know is 1 page deep of basic information. Zilch experience.

Unlike you I trade and do pay tax. 30% after expenses. Thats what it is.

Sure you can set up a company to trade. But in Singapore you'd be paying 17% versus your 30%. Justify that.

 

[Smurf1976]

That reasoning is along the same lines of declining a pay rise because it would otherwise move you into a higher tax bracket.

Along similar lines you'd be amazed at the level of misunderstanding about how the tax system actually works.

Ask any blue collar worker about working overtime and they will usually choose (for example) to work two full days a fortnight apart rather than do both days on the same weekend. The reason is simple - most are of the understanding that by getting paid the full amount in the one pay period they will pay more tax than if they worked the same time spread over two weeks. I've even had workers agree to work a full weekend strictly on the condition that I allow them to fudge the dates, being paid one day in the next pay and the other day a fortnight later rather than getting the whole lot all at once.

I'd guess that more than 80% of such workers think it works this way. It's a very common belief I've encountered in utilities, councils, building trades etc and a reason many decline to work overtime or otherwise increase their income.

 

[Trembling Hand]

Sure you can set up a company to trade. But in Singapore you'd be paying 17% versus your 30%. Justify that.

Again unlike you I've been to Singapore. Please go and live there by all means.

 

[So_Cynical]

Why is it that some people tend to suggest that moving countries is as simple as buying a plane ticket. Do you really think there isn't anything more to it than that? Are you so naive?

The last time i looked it was pretty darn easy and very cheap to pull up stumps and move to West Africa or Kenya...from memory 10K USD will get you the local equivalent of a permanent residency visa for Ghana.

So yes depending on where you want to go...it can be almost as easy as just buying a plane ticket.

 

[Starcraftmazter]

Again unlike you I've been to Singapore. Please go and live there by all means.

I was actually wondering if it would be possible to have my investments in a Singapore incorporated company while still living here. Of course if I ever bring that money back to Australia I will still have to pay 45% on most of it. Nevertheless, it seems like a better place to live in anyway. No crime I hear - no wonder since they don't have millions of bogans. What's so bad about it? Please pray tell.

 

[Trembling Hand]

SCM tell us how much you will be taking over and how much you expect to be making based on previous returns and then will know how suited it is?


LOL

 

[BradK]

SCM tell us how much you will be taking over and how much you expect to be making based on previous returns and then will know how suited it is?


LOL

Why do you even bother arguing with scm?

 

[Julia]

No point whinging about tax if you're never going to make millions trading if you ask me. If you were doing it, you certainly wouldn't be on here.

 

[Starcraftmazter]

SCM tell us how much you will be taking over and how much you expect to be making based on previous returns and then will know how suited it is?


LOL

It's hard to say, I haven't even been trading a year. Hell, I haven't even began. Just wait till I finish my stock analysis software. I will probably sell the recommendations in some stock newsletter or something.

 

[Ves]

I guess if you can't make any real money trading, then by all means sell black box software and "tips" to the plebs! Good plan, reckon the intelligentsia over in Singapore will buy it though?

 

[Trembling Hand]

It's hard to say, I haven't even been trading a year.

Nah its not mate. You're the only one that seems deluded here.

Carry on.........

 

[Intrinsic Value]

Sure you can set up a company to trade. But in Singapore you'd be paying 17% versus your 30%. Justify that.

Nope you dont even pay 17 percent no where near it.

If you set up a company and pay yourself a minimun salary and then redistribute your profits as tax free dividends then effective tax rate is about 4 percent on 400k. .

Even if you are paye employee earning say 200k a year your effective tax rate is only 10 percent roughly.

 

[Starcraftmazter]

Nope you dont even pay 17 percent no where near it.

If you set up a company and pay yourself a minimun salary and then redistribute your profits as tax free dividends then effective tax rate is about 4 percent on 400k. .

Even if you are paye employee earning say 200k a year your effective tax rate is only 10 percent roughly.

Wow, that is absolutely amazing - no wonder Singapore is one of the best countries in the world. I'll be sending you some PMs.

 

[skc]

Why do you even bother arguing with scm?

Lol. I was going to ask the same thing.

Arguing with SCM has to be up there in terms of being the top time-wasting pursuits on ASF (along with topics like FA vs TA debate).

 

[BradK]

It's hard to say, I haven't even been trading a year. Hell, I haven't even began. Just wait till I finish my stock analysis software. I will probably sell the recommendations in some stock newsletter or something.

Hell I havent even began???

 

[Starcraftmazter]

Lol. I was going to ask the same thing.

Arguing with SCM has to be up there in terms of being the top time-wasting pursuits on ASF (along with topics like FA vs TA debate).

My dear, you flatter me.

 

[Intrinsic Value]

Wow, that is absolutely amazing - no wonder Singapore is one of the best countries in the world. I'll be sending you some PMs.

You can set up a company online cheap and easy only takes a few days.

Then for the first couple of years new companies can distribute tax free dividends.

You need to pay yourself a minimun wage and then the rest as i said you can distribute tax free.

 

[Starcraftmazter]

You can set up a company online cheap and easy only takes a few days.

Then for the first couple of years new companies can distribute tax free dividends.

You need to pay yourself a minimun wage and then the rest as i said you can distribute tax free.

This will surely silence those here without a proper understanding of the marvellous god-like Singapore tax system.

I am very honoured to be in the company of such an intelligent individual such as yourself, so that you may confirm to us the correct way to go about not having your hard-earned money stolen.

If you could please PM me with information about how to start a company incorporated in Singapore from Australia, I would be eternally grateful.