The tax man

[swm79]

TS how is your company set up?

do you have a large (and) close strong family?

do you have a self managed super fund?

there are ways to get around paying a lot of tax.... granted, you will still need to pay tax and go through all of the paperwork etc which is a pain in the proverbial but "thems the breaks"

i'd talkl to your accountant about how to better structure your affairs.

if he hasnt suggested the money from your company filtering through a trust he's not doing his job... if he doesnt know how to set it up or doesnt have any experience in that area - he isnt very good.

 

[gooner]

Amor, just don't plan on buying an expensive car in Singapore. I'm sure it's one of those places with ridiculous import taxes for exotic/luxury cars.

Singapore sounds good - low tax, what I guess is great infrastructure, blending of cultures, get by on English etc. I don't think it's as expensive as Sydney either?

As long as you happy to live in a country that suppresses dissent, abuses migrant workers has detention without trial fine.

http://thereport.amnesty.org/en/regions/asia-pacific/singapore

Most of us prefer to live in a freedom loving democracy like Australia where we can pretty much do and say what we want.

Oh and tax is low in Singapore, but housing is very expensive - unless you are wealthy, expect to live in a cramped apartment

 

[Mr J]

As long as you happy to live in a country that suppresses dissent, abuses migrant workers has detention without trial fine

This is fine, as long as I have the ability to leave.

ost of us prefer to live in a freedom loving democracy like Australia where we can pretty much do and say what we want.

We're given more latitude than in most nations, but you don't really believe that you live in a democracy and that you're free, do you? Probably another discussion for another thread .

Oh and tax is low in Singapore, but housing is very expensive

That's expected since Singapore is an island. I'm okay with an apartment, as long as it's no smaller than the one I currently have (about 60sqm).

 

[Trembling Hand]

There is no incentive for me to place my balls in the vice and take the risks I do to be punished for my "good fortune".

That alone TS is worth a thread. We pay a price, a heavy one, for the disincentive to innovate and take risk.

 

[gooner]

I wrote "As long as you happy to live in a country that suppresses dissent, abuses migrant workers has detention without trial fine."

To which the reply was

This is fine, as long as I have the ability to leave.

Methinks you don't understand the meaning of "detention without trial"

That alone TS is worth a thread. We pay a price, a heavy one, for the disincentive to innovate and take risk.

TH and TS

Perhaps you can give some idea on what expenditure you would cut to fund your massive tax cuts? Private school subsidies and private insurance subsidies perhaps? Easy to say "cut taxes" but not so easy to cut expenditure

 

[Trembling Hand]

TH and TS

Perhaps you can give some idea on what expenditure you would cut to fund your massive tax cuts? Private school subsidies and private insurance subsidies perhaps? Easy to say "cut taxes" but not so easy to cut expenditure

Thats an easy one Gooner. I'm a bit busy right now trying to earn money for redistribution to people who don't earn but,

What about a war on middle class welfare to start. The tax that takes money from many to only hand it back as a vote buying exercise after 100s of pubic "servants" have put their grubby little mits on it. Not only is it wasted in inefficiencies by the exact people who we know should not touch money but then they hand it back trying to pick winners for you!! like they know whats best for you to do with your hard earned.

FFS and the plebs love it. Baby bonus, School projects with signs "funded by the Feds" what a joke. Inspite of what seems to be popular opinion we would do fine without the amount of "help" from them.

 

[Trembling Hand]

To the above point. Classic example is the biggest ever Government paid for, read tax payers, project. The NBN. A project to win votes in Tassies built exactly opposite to ALL those that are in the industry and wanting to put their own money on the line.

It says a lot about how the Aussies Polly thinks that we vote in. Its madness in my silly mind that we take leads from them for what is the responsibility of the free market.

This is the cost we happily pay it seems

 

[nunthewiser]

You've been in the ring too long nunnas

Round two is about to begin

? what was wrong with my post ?

it gave options

i cant see too many other suggestions of options other than "sell up " or " leave the country "

 

[Mr J]

Methinks you don't understand the meaning of "detention without trial"

I do, but I think it's quite unlikely I'd be detained, so it is an acceptable risk. Of course I'd be pissed off if I was detained without a trial, but I would have made my choice and would live with it.

This is the cost we happily pay it seems

I agree with you, but we whinge and don't do anything about it. Few of us try to change anything, not that we could even if we wanted to. We're mostly limited to personal protests, like retiring, downsizing, or moving overseas.

 

[moXJO]

Similar.
My Bass,Payroll,Personal and Company tax,not to mention Work Cover,is enough to make your eyes water.

Love it!!

Ditto....here comes the rant

My workers comp per employee is ridiculous, and even with their own abn there is no getting around it (I wouldn’t be willing to risk them not being covered anyway). There just seems to be red tape and fees behind every door. On top of this workcover seem to be inventing more and more time wasting exercises for me to complete.

I'm beginning to wonder if all this effort is really worth the time away from family. I have had builders go broke on me the day before they were going to hand me a cheque. I have had to chase money, take risks and pay what seems like a $hit load of taxes. Building cycles are also a bugger and can chew through all the profits you made in the previous boom. No wonder people go on wages.


Ahhhhh thats better, end rant

 

[gooner]

What about a war on middle class welfare to start. The tax that takes money from many to only hand it back as a vote buying exercise after 100s of pubic "servants" have put their grubby little mits on it. Not only is it wasted in inefficiencies by the exact people who we know should not touch money but then they hand it back trying to pick winners for you!! like they know whats best for you to do with your hard earned.

FFS and the plebs love it. Baby bonus, School projects with signs "funded by the Feds" what a joke. Inspite of what seems to be popular opinion we would do fine without the amount of "help" from them.

To the above point. Classic example is the biggest ever Government paid for, read tax payers, project. The NBN. A project to win votes in Tassies built exactly opposite to ALL those that are in the industry and wanting to put their own money on the line.
:

Hmmm, find myself agreeing with Trembling Hand here. First time, I can recall it happening - better check with the wife am not turning into a rabid right winger.

Industry policy - stupid trying to pick winners.

Baby bonus - as if we need more people in Australia or globally. Stupid.

School buidling - agree the plaques are a waste of money. As is money on private schools - they already have plenty. But building toilets and stuff for public school is a reasonable idea

NBN - agreed. If it's such a great idea, let Telstra and Optus bulid it. I'm quite happy with speed I get now. Except when it get shaved at the end of the month

 

[Trembling Hand]

Hmmm, find myself agreeing with Trembling Hand here. First time, I can recall it happening - better check with the wife am not turning into a rabid right winger.

Thats it Gooner. do not fight, come over to the darkside. :vader:

 

[moXJO]

On something a bit different. If you owe the ATO I think there is a 13%pa charge on top of what you owe. How much % is it if they owe you money?

 

[Kez180]

That's what I do

There is also the issue of source as well as residency, if you are a resident for tax purposes you get taxed on income from all sources, both Australian and overseas (Subject to DTAs) if you are a non resi for tax purposes then you are still taxed on Australian sourced income. You also have a different set of marginal tax rates...

 

[skc]

HK has the best tax system.

Maximum personal income tax ~15%, usually done on 2 sheets of paper. Rents paid on primary residence is tax deductible, and there are deductions for babies and supporting your parents.

When I worked there as expat. the locals were complaining that they pay up to 1 month of their salary in tax. 1 freaking month! I told them in Australia you worked for the government until April before you start earning for yourself.

 

[Trembling Hand]

Skc how long and when were you there? Did you like it?

 

[Mr J]

HK has the best tax system.

City-states should, since their population density makes infrastructure more efficient. Imagine the drop in tax-burden if Sydney no longer had to support the infrastructure of the rest of the state.

 

[Uncle Barry]

Well, here I am again at tax time and looking down the barrel of another fine year of giving the ATO a bundle of cash. My accountant has done the right thing by the letter of the law and has made the necessary deductions as required. I do not feel any wealthier for my endeavours for some reason. Almost to the point whereby I am thinking of giving it one last Hurrah and closing everything down to a bare minimum. I employ about 26 people directly and about 43 indirectly. If I shut down so do they! The amount of regulation and paperwork is driving me insane, this is not a whinge by the way. Just an observation.

YES all you Laborites and communists out there I have kept you and your bleeding hearts and artists in the custom they have become used to but I am getting tired of feeding the masses. To tax me as much as you do will effect the overall income of Australia. If I decide to downscale then a large chunk will disappear on the income stream of middle Australia.

There is no incentive for me to place my balls in the vice and take the risks I do to be punished for my "good fortune". I would be better just to sit back and take the gravy train like everyone else. Afterall the government will provide for me ........... won't they ?

Tax rates 2008-09
Taxable income
Tax on this income

$1 – $6,000 Nil

$6,001 – $34,00 15c for each $1 over $6,000

$34,001 – $80,000 $4,200 plus 30c for each $1 over $34,000

$80,001 – $180,000 $18,000 plus 40c for each $1 over $80,000

$180,001 and over $58,000 plus 45c for each $1 over $180,000

Good afternon Trainman
Welcome to Australia where
the more you work,
the more your risk,
the more that is taken away from you and
the more that is given to those that don't work or don't risk.
who find
the more they cry and
the more they vote for Labour, the red team
the more they are given, conrade.

Welcome to the land of the Commies.

Kind regards,
UB

 

[gooner]

Skc how long and when were you there? Did you like it?

TH - I also lived there for 4 years back in 1989 up to 1993. Still got friends there and they say it hasn't changed much. Been back a few times as well but not for about 6 or 7 years. I loved my time there as a 25 year old single professional. Had a great apartment overlooking the harbour, paid well, low tax, plenty of bars restaurants and clubs. However, now married with young kids, not for me - too much pollution, not enough green space, don't want to live in an apartment. Depends what you want really......

City-states should, since their population density makes infrastructure more efficient. Imagine the drop in tax-burden if Sydney no longer had to support the infrastructure of the rest of the state.

LOL - the rest of NSW is normally complaining about supporting Sydney. And the rest of Australia about supporting NSW (at least QLD and WA anyway). Certainly there are some benefits - one layer of Government, less long motorways and rails system, although HK's are fairly impressive particularly the MTR (Mass Transit Railway). However, city states do not have significant agricultural or other natural resources and have to import these. Effectively they rely on their people, not the land. Personally I put it down to the industriousness of the Chinese rather than being a city state.

 

[skc]

Skc how long and when were you there? Did you like it?

I was there for 18 months, during SARS no less, but still had a ball.

There are many things to like...night life, food, shopping etc. Easy enough for expats as most speak some level of english. Public transport all good. There are obviously not as many nice parks and open spaces like in Aus, but the country side and beach are still quite relaxing.

2 best things though (aside from low tax)..

1. Travel - I read somewhere that, from say Sydney, a 4-hour flight radius will get you to Perth, NZ and PNG. From HK, a 4-hour flight radius will cover 1/4 of the world's population.

2. Cheap nanny / maid if you hate house work. Standard rate is ~HK$4K per month (<$700 aussie). Slavery is alive and well there.

Working for a salary can be a bit tougher as people probably work longer hours and most don't go home until their boss does. But I assume you will be working for yourself right?