Its Group Cert Time!

[SLED]

I like paying company tax!

I don't mind paying GST, I get to claim it back & it beats the old sales tax system!!

I hate paying group tax!!!

I really hate paying capital gains tax!!!!

[Madaz]

how about me Andy

standard week is 38hrs but been working alot of 10hr days would this mean i possibly haven't been paying enough tax

[RubyRS4]

I like paying company tax!

I don't mind paying GST, I get to claim it back & it beats the old sales tax system!!

I hate paying group tax!!!

I really hate paying capital gains tax!!!!

I hate paying any tax! I lose over $500 each pay to tax ... grrrrrr!

Our practice this year paid over $150,000 in GST and $40,000 in PAYG ... thats not taking into account the tax each Partnership pays.

[ted180]

i get all of my tax back.

yay.

[SLED]

I hate paying any tax! I lose over $500 each pay to tax ... grrrrrr!

Our practice this year paid over $150,000 in GST and $40,000 in PAYG ... thats not taking into account the tax each Partnership pays.

I would love to be one of those people that pays 1 million $ in tax each year!

[Inline 6]

how about me Andy

standard week is 38hrs but been working alot of 10hr days would this mean i possibly haven't been paying enough tax

would mean youve paid more tax if you been really steady then cranked on a couple of major pay weeks you would be paying a higher tax rate as if you earn that every week on those overtime weeks and thus will average out and come back down to your normal tax rate in the big picture.

obviously more to it depending on other factors but you should be looking at a lil extra back from this

Edited July 3, 2008 by Inline 6

[Madaz]

ah thanks Dan i like that forecast though none of it goes to me dam CSA debt

[kralster]

Some of people are quite thick.

If you like you could earn $30,000 a year and pay about 4000 dollars tax.

Or you could earn over that and pay more tax.

i'm sure there are plenty of people out there willing to pay more tax and take home more money.

*edit* if you really want i'm sure i could find someone out there willing to have your salary and pay the higher tax on it to what they currently get. */edit*

i payed about 12 grand in tax this year and i'm certainly not complaining, when i was younger i used to pay about 4000 a year in tax and i can tell you i was a lot worse off then.

Edited July 3, 2008 by kralster

[scandyflick]

i paid about $6k tax. not sure how much ill get back, dont really care that much either, as long as ive got enough to pay a years insurance, maybe 3 months rego, and get started on the licences i need, ill be more than happy...

... the $2,000 odd that work owes me in backpay will cover the rest i spose.

[chops]

I like paying company tax!

I don't mind paying GST, I get to claim it back & it beats the old sales tax system!!

I hate paying group tax!!!

I really hate paying capital gains tax!!!!

Been selling some property this year Pete?

[SHANE666]

lol.

australia probably has one of the most complex taxation systems in the world.

we are going through what one would call a 'brain drain' - where many skilled workers are moving overseas for work, due to the hefty taxes they have to pay here.

why work so hard, only to pay a substantial proportion of your income in tax!?!?

some of the clients i work on earnt $1 mill + last year and paid hefty hefty tax bills.

id advise them to go to dubai.

[Damo_R34]

lol.

australia probably has one of the most complex taxation systems in the world.

we are going through what one would call a 'brain drain' - where many skilled workers are moving overseas for work, due to the hefty taxes they have to pay here.

why work so hard, only to pay a substantial proportion of your income in tax!?!?

some of the clients i work on earnt $1 mill + last year and paid hefty hefty tax bills.

id advise them to go to dubai.

Yeah if you look at that tax bracket

$150,001 and over $47,100 plus 45c for each $1 over $150,000

You pay $47,000, then $850 000 x $0.43 = $365 500. So they would easily pay a third of their income to the ATO. you pick 100 Aussies earning a mil, there 36 mil for the ATO. But i'd say alot of those million + earners have very smart ways of getting out of paying alot of tax. I remember a story about Kerry Packer, he never used to pay much tax at all, and was all legit.

Edited July 4, 2008 by Damo_R34

[SHANE666]

lol. there are several ways to avoid paying large amounts of tax.

but of course, youd have to pay to get that advice

oh yeah Pete ^^^

if i had the power, i would diminish capital gains tax. i mean, what bullsh*t.

[SLED]

oh yeah Pete ^^^

if i had the power, i would diminish capital gains tax. i mean, what bullsh*t.

yeah you don't want to get me started on that subject cause I might turn green .....oops, wrong sort of green

you work your guts all your life so you can retire early one day without relying on govt handouts and all they want to do is take it away from you.

What the hell is stamp duty on your principal place of residence for!!!!!

If I buy a $750K house (which is not alot in a good suburb these days) how much stamp duty do you reckon I pay....and its not even a rental!!

QLD slug the same stamp duty for rental but nowhere near as much if you live in it......no wonder everyone's left SA!!

So they take it from you in Stamp Duty then they want a monster cut of your rental profit when you sell (Tax on 50% of the profit or tax on 100% if you're a company).

If that's not enough, you should see my land tax bills because their tax threshhold are ancient......based on the average price of a house approx $350K (you're lucky to buy a block of land for that amount)!!

They're killing me.

[4door_Sleeper]

So they take it from you in Stamp Duty then they want a monster cut of your rental profit when you sell (Tax on 50% of the profit or tax on 100% if you're a company).

I am no fan of CGT, but there is a legit way to beat it, but it isn't suitable for all peoples circumstances. Remember you only pay CGT if you sell, and there are ways to gain the equity without selling.

The CGT is based on 50% of the profit you make (after adjusting prices for inflation over the time of ownership), so if you can do this in a year with very little income (ie when retired) you will be taxed at the marginal rate.

The other side to this argument of too high a tax rate is that its out taxes that pay for all the public services and infrastructure, if we pay less tax as a population then the services will also reduce . I would be happier to see a simplified GST system with fewer deductions so that those who spend more - pay more. Get rid of all these fees, duties and levies (as was promised by the states when GST was introduced) and make the bis spenders contribute their fair share rather than using tax minimization strategies. (however until this time I will keep my accountant and minimize my tax as much as I can)

[SLED]

I am no fan of CGT, but there is a legit way to beat it, but it isn't suitable for all peoples circumstances. Remember you only pay CGT if you sell, and there are ways to gain the equity without selling.

The CGT is based on 50% of the profit you make (after adjusting prices for inflation over the time of ownership), so if you can do this in a year with very little income (ie when retired) you will be taxed at the marginal rate.

yeah I understand all that but when you have to flog a couple of lemons early before retirement it's not much consolation. I've reduced my tax rate down as much as possible by turning everything back over into the company and drawing the bare minimum wage....I can't do anymore in that department.

The other advantage of having the company purchase property is that you can minimze exceeding the Land Tax threshold where it can get pretty expensive......and thats a fee of thousands of $$ every year......the downside of company purchase is when you sell because tax is calculated on 100% of the profit not 50%.

[NFSR33]

just done my tax...

earnt $ xx,xxx paid 7,500 tax

get back 1650...

petty good coz last year i had to pay the tax man....haha

[Damo_R34]

Yeah i did mine on e-tax yesterday. My estimated refund was more than i expected!! yay, power fc for me

[scandyflick]

i hate tax.

im apparently getting a refund equalling f**k all.

who wants to do it for me?

[chops]

It's interesting how people in this country always speak of tax refunds like it's some kind of "right" or something that's expected.

You should only get a refund if you've paid more tax that you've been required to, either by having additional tax witheld, or based on deductions.

Also, having a tax bill means you've had use of the money for longer.

Personally I'd perfer to pay no tax during the year, having the money sit in my mortgage saving me interest, and then get a big bill once a year.