Of course he's right that if there is a way to legally save tax any business should do so. The same for individuals. Only pay the tax that you are obligated to pay.
The problem is that both sides of politics have not taken the hard line to reign in the tax loopholes that big business is able to exploit. But that may not be far away now with the push from several western nations to attack the low tax haven loophole popular with most corporates.
In the meantime, we pay taxes on more things than just income, and most of us don't have the resources or justification to significantly reduce that burden.
Of course he's right that if there is a way to legally save tax any business should do so. The same for individuals. Only pay the tax that you are obligated to pay.
The problem is that both sides of politics have not taken the hard line to reign in the tax loopholes that big business is able to exploit. But that may not be far away now with the push from several western nations to attack the low tax haven loophole popular with most corporates.
In the meantime, we pay taxes on more things than just income, and most of us don't have the resources or justification to significantly reduce that burden.
Yes, the problem is many businesses pay zero tax. So we carry the burden.
What I often wonder is just how much wealth do some people want? When are they satisfied? I wouldn't know how to spend, say 10 million, let alone 100 million.
I cleared out my father's super before midnight the day he died & avoided the 15% tax.
You need to set up power of attorney with the super companies & make sure this is up to date & have absolutely ready the forms ready (have some spare copies) to fax or email before midnight. You may need your solicitor to sign some reconfirmations so you may need to keep a straight face.
Only stupid people pay this tax.
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Well, thats part of the problem. You use all the facilities and infrastructure, but expect everyone else to pay for it.
We should use all the legal avenues available to save tax. Have you ever said ....
"I could reduce my tax burden by deducting for this valid expense, but I prefer to pay a little more tax. Maybe I should just make a donation to the tax office. After all, someone has to pay for all those facilities and infrastructure."
Does anyone on here actually know anything about tax legislation and how it works? or are you just quoting phrases you've heard?
Tell me what are the tax loopholes. or better still, your understanding of what a loophole is.
I agree there is plenty of room for tax reform and the system is stacked against the PAYG taxpayer.
But where is the money coming from that funds education, health or welfare.
I don't know those numbers, but I would think it is much more than PAYG taxpayer funding. This leaves business and more importantly sale of Australia's resources.
We all pay so much tax and don't even know it. A wise business man said to me once that he was across all the taxes and stamp duties and did the right thing.
Then they introduced Capital Gains Tax on houses, cars and things of value, that you speculate on to make some extra money by investment, and they go and tax your profit,,,,,unbelievable.
Kerry was right, it's a game between the Accountants and the Tax man, to minimize the least amount they pay.
Multinationals should be made to pay a turnover fee.
People who waffle-on about companies "Not paying tax" seem to conveniently ignore the fact that these companies often employ thousands of people who pay many billions of dollars in income tax each year.Without these companies being in existence,not only would the Government not receive these billions of dollars in income tax,but there would be millions of people who were genuinely unemployed,billions of dollars added to our already obscenely high welfare bill,and possibly social mayhem,and increased crime.The amount of money that these companies contribute to the economy,directly or indirectly,is incalculable.People who are happy to buy cheap Chinese products,and then bleat and moan because local businesses close their doors when they cannot compete,also are delusional,and exacerbate the problem.Cheers
-- Edited by yobarr on Tuesday 6th of July 2021 10:05:13 AM
Of course he's right that if there is a way to legally save tax any business should do so. The same for individuals. Only pay the tax that you are obligated to pay.
The problem is that both sides of politics have not taken the hard line to reign in the tax loopholes that big business is able to exploit. But that may not be far away now with the push from several western nations to attack the low tax haven loophole popular with most corporates.
In the meantime, we pay taxes on more things than just income, and most of us don't have the resources or justification to significantly reduce that burden.
Yes, the problem is many businesses pay zero tax. So we carry the burden.
What I often wonder is just how much wealth do some people want? When are they satisfied? I wouldn't know how to spend, say 10 million, let alone 100 million.
So in your opinion those big companies who might pay zero tax are not doing their share, and the little bloke is carring load that is a nonsence. There is a whole raft of taxes, licences, levies and so forth that businesses pay to operate enforced on then from 3 tiers of government.
An example a caravan park in north has zero services from the local council, but they pay all the rates including water,sewage and rubbish, they have no connecting to town water, or sewage, nor rubbish collection but because they an enviro/septic sewage system they have to pay the local council $2500 pa licence fee, plus quarterly submit samples from the system to an authorised testing company, at an additional cost of $280 per test and on top of that the whole system must be service annually by an accredited company, then there is the fees for bores, these are just a small example of how even a small company has government hands in their pockets.
If the small bloke is being shafted what does the big end get hit with, and then you need to understand that for every dollar paid to an employee, it costs the employer 1.5 dollars more in various requirements like payroll tax, leave loadings, super etc etc.
A true Labor/Left manifesto is to cry cry about corparate taxes.
Of course he's right that if there is a way to legally save tax any business should do so. The same for individuals. Only pay the tax that you are obligated to pay.
The problem is that both sides of politics have not taken the hard line to reign in the tax loopholes that big business is able to exploit. But that may not be far away now with the push from several western nations to attack the low tax haven loophole popular with most corporates.
In the meantime, we pay taxes on more things than just income, and most of us don't have the resources or justification to significantly reduce that burden.
Yes, the problem is many businesses pay zero tax. So we carry the burden.
What I often wonder is just how much wealth do some people want? When are they satisfied? I wouldn't know how to spend, say 10 million, let alone 100 million.
So in your opinion those big companies who might pay zero tax are not doing their share, and the little bloke is carring load that is a nonsence. There is a whole raft of taxes, licences, levies and so forth that businesses pay to operate enforced on then from 3 tiers of government.
An example a caravan park in north has zero services from the local council, but they pay all the rates including water,sewage and rubbish, they have no connecting to town water, or sewage, nor rubbish collection but because they an enviro/septic sewage system they have to pay the local council $2500 pa licence fee, plus quarterly submit samples from the system to an authorised testing company, at an additional cost of $280 per test and on top of that the whole system must be service annually by an accredited company, then there is the fees for bores, these are just a small example of how even a small company has government hands in their pockets.
If the small bloke is being shafted what does the big end get hit with, and then you need to understand that for every dollar paid to an employee, it costs the employer 1.5 dollars more in various requirements like payroll tax, leave loadings, super etc etc.
A true Labor/Left manifesto is to cry cry about corparate taxes.
Poor, poor, companies. Sooo little profit/income sooo much tax they have to pay. In fact I might make a donation before the poor buggers starve. Sheesh
And yes they do employee people,,,,,,so they can make a profit. It sure aint because they are being nice.
And if they need 99 people, you can be assured they will not hire 100, nope not even 1 extra.
-- Edited by oldbloke on Tuesday 6th of July 2021 10:19:50 PM
People who waffle-on about companies "Not paying tax" seem to conveniently ignore the fact that these companies often employ thousands of people who pay many billions of dollars in income tax each year.Without these companies being in existence,not only would the Government not receive these billions of dollars in income tax,but there would be millions of people who were genuinely unemployed,billions of dollars added to our already obscenely high welfare bill,and possibly social mayhem,and increased crime.The amount of money that these companies contribute to the economy,directly or indirectly,is incalculable.People who are happy to buy cheap Chinese products,and then bleat and moan because local businesses close their doors when they cannot compete,also are delusional,and exacerbate the problem.Cheers
-- Edited by yobarr on Tuesday 6th of July 2021 10:05:13 AM
People who waffle-on about companies "Not paying tax" seem to conveniently ignore the fact that these companies often employ thousands of people who pay many billions of dollars in income tax each year.Without these companies being in existence,not only would the Government not receive these billions of dollars in income tax,but there would be millions of people who were genuinely unemployed,billions of dollars added to our already obscenely high welfare bill,and possibly social mayhem,and increased crime.The amount of money that these companies contribute to the economy,directly or indirectly,is incalculable.People who are happy to buy cheap Chinese products,and then bleat and moan because local businesses close their doors when they cannot compete,also are delusional,and exacerbate the problem.Cheers
-- Edited by yobarr on Tuesday 6th of July 2021 10:05:13 AM
He paid tax. The % was lower compared to working man ?? But he still paid tax !! Plus the companies and people working for PDL did ! Since closing down the car industry here !! Many other small supply companies have gone also .
One point there Chris, it is very ,extremely difficult to buy local. Even see my post about Snickers, (made in China). I do not want a $2 t shirt made in Bangaladesh, but cant find an Aussie one either.
One point there Chris, it is very ,extremely difficult to buy local. Even see my post about Snickers, (made in China). I do not want a $2 t shirt made in Bangaladesh, but cant find an Aussie one either.
Hi Craig.What you say regarding "can't find Aussie" is,unfortunately,true in many situations.Although I am well aware of the "you rub my back and I'll rub yours" situation with import tariffs etc,perhaps these tariffs could be looked at,with a view to making Aussis products more competitive? At the moment,there seems to be one country making the rules,effectively blackmailing their trading "partners" to play by their rules,or don't play.In days gone by,trade unions were possibly a good thing,but while they continue to pursue impossible wage demands,and people are happy to buy junk, things are unlikely to change.There are many other factors invilved,of course,but I have trees to fell,so will leave it here,but I congratulate the Morrison government on negotiating a free-trade agreement with England.It is at least a start.Cheers
