The state of the economy at the street level

[SirRumpole]

Sirrumpole, all companies are not big corporates, most people are employed in sme and even big companies start small
At the moment, these companies are too small to do tax avoidance and still overtaxed ar 30pc or so, so no right minded entrepreneur will start or stay in oz, and if you start here, you will be crushed by os concurrents
So sad

Froggie , small and medium sized businesses will have a tax cut to 26 % (20-21) and later 25% (21-22), bipartisanly supported.

https://www.ato.gov.au/business/small-business-entity-concessions/what-s-new-for-small-business/

 

[Value Collector]

Jobs are being created aren't they ?

That's what the government keeps telling us.

We can create more jobs at any time. Eg. Ban the use of bulldozers and force people to hire armies of workers with shovels and wheel barrows.

But, is maximum employment the target we should aim at?

I don’t think so, I won’t an economy that is producing an ever growing amount of goods and services, with a ever reducing Labourroduction ratio.

Off-course then there will be arguments about how this ever growing pile of goods and services is divided up, eg between those still working vs capital owners vs those on welfare etc etc.

But those sorts of family squabbles will work them selves out, as long as it’s still worth while for the remaining workers to work and the investors to invest, there will be plenty of excess goods and services to make their way to feed, house and clothe the unproductive class.

 

[SirRumpole]

We can create more jobs at any time. Eg. Ban the use of bulldozers and force people to hire armies of workers with shovels and wheel barrows.

But, is maximum employment the target we should aim at?

I don’t think so, I won’t an economy that is producing an ever growing amount of goods and services, with a ever reducing Labourroduction ratio.

Off-course then there will be arguments about how this ever growing pile of goods and services is divided up, eg between those still working vs capital owners vs those on welfare etc etc.

But those sorts of family squabbles will work them selves out, as long as it’s still worth while for the remaining workers to work and the investors to invest, there will be plenty of excess goods and services to make their way to feed, house and clothe the unproductive class.

Funny how people are still deluded about infinite growth in a world of finite resources.

 

[Value Collector]

Funny how people are still deluded about infinite growth in a world of finite resources.

Resources are not as limited as people think, humans are pretty good at adapting and over coming, and tech is always improving the amount of resources that can be exploited and recycled.

The biggest limit to resources are economic, not physical.

 

[qldfrog]

So 25 pc tax is ok,all sorted?
, and we are all good and competitive with that,
i really need to open a thread on various countries taxation as we australians have lived for far too long in our bubble of ignorance

 

[SirRumpole]

So 25 pc tax is ok,all sorted?
, and we are all good and competitive with that,
i really need to open a thread on various countries taxation as we australians have lived for far too long in our bubble of ignorance

It's 25% in China, 25% in the US (including State taxes) . The UK has a sliding rate with 45% on profits above 150k pounds, which aint a lot of profit.

 

[Value Collector]

It's 25% in China, 25% in the US (including State taxes) . The UK has a sliding rate with 45% on profits above 150k pounds, which aint a lot of profit.

I am fairly happy with the Australian tax system, although the 45% threshold probably kicks in a bit to early.

The fact the we have franking credits and the capital gains tax discount makes the system pretty fair in my opinion.

 

[qldfrog]

"The worldwide average statutory corporate income tax rate, measured across 208 jurisdictions, is 23.03 percent. When weighted by GDP, the average statutory rate is 26.47 percent. The average top corporate rate among EU countries is 21.68 percent, 23.69 percent in OECD countries, and 27.63 percent in the G7.
"
so 25pc still bloody high
But thanks, hopefully will have time to open that thread, company personal taxes, and threshold for each.
For example personal tax rate is nearly similar in communist china to Australia, but believe me, you live in luxury there by the time you reach the 45pc threshold.or japan similar higher tax rate ..but at around 0.5mil a year vs 180k here etc

anyway, have been thinking about this thread for a while, will do that in the coming month.
Personally I stopped fighting, no income ->no tax, everyone is happy and I am free looking for relocation.
Australia, great place for holidays but too expensive and far.For business..well..

 

[qldfrog]

company tax rate: last post on that subject:https://home.kpmg/xx/en/home/servic...x-rates-online/corporate-tax-rates-table.html
after a quick check, the only countries higher than current Australian rate are banana republics and african countries, and France/Venezuela of course.
Interesting reading..Norway 22pc.....Finland 20pc

 

[IFocus]

Are there numbers for what companies actually pay?

Chevron pay SFA for the next 20 years etc!

 

[Humid]

No, we can not because we have a minimal wage well above the rest of the world, no bank ready to loan you money,
if any loan, rate one of the highest in the world. Still..
No quick building, years of red green tape and aporoval circus
Once built, H&S at every corner and unions circling for blood if big enough project
And if you do it, one of the highest company tax rate
As explained befire, any business which can be based elsewhere has no sane reason to stay here.
From it startup to engineering or finance
So we are left with RE,mining,farming and retail for the locals... look at the rich list for australia

Yeah health and safety at every corner......good one mate
Try working in the industry

 

[Humid]

You should of put H&S before unions
They go hand in hand
But tell me how it works mate put your life on the line

 

[Humid]

Work site safety......hahaha nah mate we want franking credits

 

[Humid]

company tax rate: last post on that subject:https://home.kpmg/xx/en/home/servic...x-rates-online/corporate-tax-rates-table.html
after a quick check, the only countries higher than current Australian rate are banana republics and african countries, and France/Venezuela of course.
Interesting reading..Norway 22pc.....Finland 20pc

Yep that rate is from the government YOU returned

 

[Humid]

You all want to sit here and whinge about the current state of affairs and vote back in the people who put you there
Wake up you nobs

 

[SirRumpole]

company tax rate: last post on that subject:https://home.kpmg/xx/en/home/servic...x-rates-online/corporate-tax-rates-table.html
after a quick check, the only countries higher than current Australian rate are banana republics and african countries, and France/Venezuela of course.
Interesting reading..Norway 22pc.....Finland 20pc

How many of those countries have dividend imputation ?

I'll give you a hint: NONE.

So when you start your thread, maybe you would like to adjust for that.

 

[SirRumpole]

You all want to sit here and whinge about the current state of affairs and vote back in the people who put you there
Wake up you nobs

Don't blame me, I voted Labor.

 

[Toyota Lexcen]

You should of put H&S before unions
They go hand in hand
But tell me how it works mate put your life on the line

of course they do, any 40hr weeks on union sites? safety out the window

 

[Toyota Lexcen]

the unions are obsolete in Australia now, very quiet during the election. memberships are in rapid decline

union doesn't give a stuff about safety, the shop steward just out for his/her job

 

[qldfrog]

How many of those countries have dividend imputation ?

I'll give you a hint: NONE.

So when you start your thread, maybe you would like to adjust for that.

We are talking about competitivity of Australia.
A 20 person company does not give a rat about dividend inputation but want to make profit to reinvest and grow.
We pay 30pc of profit to the taxman, competition a 3rd less, outcome easy to guess.
I am sure with labour, we will become an entrepreneur paradise
Anyway, in term of economy
https://www.news.com.au/finance/eco...n/news-story/9a11d5acd56d55e34029d20f782485be