OT. i HATE!, paying tax of any discription!!
Submitted: Wednesday, Jan 30, 2008 at 21:04
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Member - Axle
Once again the final outcome for the last financial year is upon me!, AND AS USUAL I'M SCREAMING PROFIT !!!!, WHAT BLOODY PROFIT?? THE ACCOUNT IS DRY!, anyway its the same old story, work!, work!, work!, and try and keep up with it all. Not to sure about the tax change in regards to the GST, PYG, system though,!, When the pps system was in place i could calculate very easily what tax i was up for in regard to the annual turnover.
I think the cash flow business was a easy target for the goverment at that period for a GST to be implemented, looking at the big players, Woolies Coles etc, But the poor old subie in the building industry was not even thought off!!, He does not receive his money in the same terms, if get it at all!!, AND THE PYG SYSTEM!!, EVERY MONTH IS DIFFERENT, !!, SIX GOOD MTHS MIGHT LEAD INTO SIX BAD ONES!, bUT YOUR TAXED ON THE UPPER SIDE UNTIL ITS RE ACCESSED!
Cheers Axle, with the chits again!.
Reply By: GO_OFFROAD - Wednesday, Jan 30, 2008 at 21:06
Wednesday, Jan 30, 2008 at 21:06
spend less, save more, account wont be empty ;-)
Also, if less than 75k t/o dont register for GST, just pay at the end of the year..... or go onto wages ;-)
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Follow Up By: Member - Axle - Wednesday, Jan 30, 2008 at 21:19
Wednesday, Jan 30, 2008 at 21:19
Turnover way above that, Thanks,
Cheers.
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Follow Up By: GO_OFFROAD - Wednesday, Jan 30, 2008 at 21:29
Wednesday, Jan 30, 2008 at 21:29
Well, then maybe the govt will do a deal with you, where you dont drive on roads, send kids to school, use the hospital, or medicare, dont get any subsidised prescriptions, call the
police if you get robbed, or use any other public service, and you can ask them if you can keep the tax amount?
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Follow Up By: Member - Axle - Wednesday, Jan 30, 2008 at 21:44
Wednesday, Jan 30, 2008 at 21:44
HA! maybe when i stated " i hate paying tax of any discription
has annoyed you, Yes will pay tax up to a point!, Question! are you self employed??.
Cheers.
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Follow Up By: Member - lyndon K (SA) - Wednesday, Jan 30, 2008 at 22:18
Wednesday, Jan 30, 2008 at 22:18
Yep,been self employed. Just sold my business for FA.
But loved the 12 years i did it,tax,yes some. You need to up your expences,like i did. New car with all the bits and pieces. Example i had to have a fridge in my car to provide my employee's with a place to keep their lunch,so claim the fridge,nice car,3.5k of wiring etc etc etc
What sort of work are you in?
cheers lyndon
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Follow Up By: Member - Axle - Wednesday, Jan 30, 2008 at 22:55
Wednesday, Jan 30, 2008 at 22:55
Earthmoving!, No need to worry about expense!!...lol.
cheers Axle.
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Follow Up By: fisho64 - Thursday, Jan 31, 2008 at 00:36
Thursday, Jan 31, 2008 at 00:36
was self employed for 15 years and now on a wage.
Let me assure you Axle that you pay FAR less tax working for yourself than on a wage-unless you have a s++t accountant?
After earning $80K self employed I reckon you need $120K on a salary to end up in the same position.
Dont you pay PAYG as a percentage on each IAS/BAS?
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Follow Up By: GO_OFFROAD - Thursday, Jan 31, 2008 at 08:53
Thursday, Jan 31, 2008 at 08:53
It certainly hasnt annoyed me, Im not the one who posted "hating to pay tax of any discription, " perhaps its the answers you dont like?
Simple things like, 2 businesses, or 3, or 6, that all turn over less than 75k a yr, so dont need to register for GSt, depending on how you divide it up.
Once you know the rules, you can play within them, pretty simple reallly.
I wish I had a $1 million tax bill ;-)
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Reply By: mowing - Wednesday, Jan 30, 2008 at 21:09
Wednesday, Jan 30, 2008 at 21:09
Remember Axle it is not profit that makes the repayment but cashflow!
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Reply By: Footloose - Wednesday, Jan 30, 2008 at 21:10
Wednesday, Jan 30, 2008 at 21:10
Axle, dunno where you are, but the subbies round here all seem to have mansions and drive the latest 4wds. Tax, what tax ?
As for the building industry, I can't get a plumber round to my place for love or money. They won't touch anything under about 5K....in the hand. Same goes for most other tradesmen round here. I know of one guy who quoted 25K for a small extention and then never showed up again.
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Follow Up By: Member - Axle - Wednesday, Jan 30, 2008 at 21:28
Wednesday, Jan 30, 2008 at 21:28
Footy, thats on par around here as
well!!, BUT,!!!, the debt is another story!, All this is wonderful, until the work starts to drift away, Which has been slowly but sureley happening in some areas of the east coast NSW.,
Cheers Axle.
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Follow Up By: GO_OFFROAD - Wednesday, Jan 30, 2008 at 21:32
Wednesday, Jan 30, 2008 at 21:32
The joy of doing good work for good money, and being busy because everyone is happy, means the best part of that, is being able to choose your customers.
Thats when you know you have a successful business, once you can do that with no impact.
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Follow Up By: Footloose - Wednesday, Jan 30, 2008 at 21:34
Wednesday, Jan 30, 2008 at 21:34
It's actually just a shortage of tradesmen. Due to be fixed in around 5 years. Then I'LL pick who turns up LOL
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Follow Up By: Member - shane (SA) - Wednesday, Jan 30, 2008 at 21:43
Wednesday, Jan 30, 2008 at 21:43
mate you need a new accountant.
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Follow Up By: Member - Axle - Wednesday, Jan 30, 2008 at 21:54
Wednesday, Jan 30, 2008 at 21:54
Sorry mate, I have the best in town, but it appears its a different story in different areas.
Cheers.
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Reply By: Michael ( Moss Vale NSW) - Wednesday, Jan 30, 2008 at 21:57
Wednesday, Jan 30, 2008 at 21:57
Whats wrong with you guys, I love paying tax and the more the better.... That means im contributing more to the best country in the world to keep it that way and im earning more... Let me pay more tax!!! Michael
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Follow Up By: Doggy Tease - Wednesday, Jan 30, 2008 at 22:06
Wednesday, Jan 30, 2008 at 22:06
Micheal......
lay off the grog mate,,,i think its finally gone to your head.....lol:)
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Reply By: Member - John (Vic) - Wednesday, Jan 30, 2008 at 22:11
Wednesday, Jan 30, 2008 at 22:11
Maybe its more a question of remembering that everything that comes in the door is not yours to keep or spend??
Try and manage you're cash flow better by putting some aside from every check that comes in just for that tax bill when it arrives.
Remember that if you are paying tax your making money, the more tax you pay the more you have made.
Personally I would be wrapped to pay a million dollars a year in tax :-)
P.S.
You should be registered as a "Cash" basis for your BAS then you have no need to pay before its in the bank.
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Follow Up By: Member - Axle - Wednesday, Jan 30, 2008 at 22:18
Wednesday, Jan 30, 2008 at 22:18
Hi
John, Yes am registered as you describe. Maybe i'm just over it all!!..lol.
Cheers Axle.
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Follow Up By: Member - John (Vic) - Wednesday, Jan 30, 2008 at 22:25
Wednesday, Jan 30, 2008 at 22:25
Yeah mate over it all, I understand that feeling, but thats life for those of us in small business.
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Follow Up By: GO_OFFROAD - Thursday, Jan 31, 2008 at 11:39
Thursday, Jan 31, 2008 at 11:39
I worked out, in my last business, with 16 employees and 30 contractors I had to bank 2.78% of the T/o per month to cover BAS, along with adding the payroll collection etc to it, so I ran a seperate account, and just kept it all in there, so i had it quarterly.
Can be hard to find 50-150k per 1/4 otherwise.
Best part was, normally had some left over after 12 months, which was good, in case we had a tax bill at the end of fin yr.
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Reply By: Pete and Lez - Wednesday, Jan 30, 2008 at 22:27
Wednesday, Jan 30, 2008 at 22:27
Gee, my heart is bleeding. Pass me another tissue! Get a real job where you are an employee, no tax deductions except for union fees, woo hoo, no travel expenses to claim, dunno why. I use my car to go to work but I can't claim jack sh.t, unlike subbies.
Boo Hoo
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Reply By: Member - Davoe (Yalgoo) - Thursday, Jan 31, 2008 at 00:02
Thursday, Jan 31, 2008 at 00:02
My Missus is working eathmoving ATM she gets 23.50ph while the boss has a liscense to print money
Sorry but in that game alot of people are getting very fat on the backs of the workers
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Follow Up By: Gerhardp1 - Thursday, Jan 31, 2008 at 10:00
Thursday, Jan 31, 2008 at 10:00
Nothing stopping the worker becoming the boss.
Last I heard, Australia was still a free country. Free to slave for 23.50, free to hire slaves at 23.50.
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Reply By: _gmd_pps - Thursday, Jan 31, 2008 at 00:13
Thursday, Jan 31, 2008 at 00:13
simply not true .. you adjust the PAYG every quarter if need be ..
the forms allow for that .. simple bookeeping and it's easy ..
Aussies are the worlds worst savers and everyone wonders why prices are going up all the time ... well ... as long as people are stupid enough to pay those prices they will go up and with it the interest rate .. pretty simple really ...
cut the circle and start saving ....
have fun
gmd
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Reply By: Member - Jack - Thursday, Jan 31, 2008 at 07:22
Thursday, Jan 31, 2008 at 07:22
Better to have a tax problem than an income problem.
Jack
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Reply By: GoneTroppo Member (FNQ) - Thursday, Jan 31, 2008 at 09:03
Thursday, Jan 31, 2008 at 09:03
A very wise bloke told me a long time ago.
"No one ever went
broke by paying too much tax"
It didn't make sense to me at the time but it sure does now.
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Reply By: DIO - Thursday, Jan 31, 2008 at 09:42
Thursday, Jan 31, 2008 at 09:42
If it wasn't for the 'black economy' that exists in our society, (and we all support it in some way or other) I'm sure that taxes might be lower than now. Think of the hundreds of millions that go unaccounted for in various transactions with builders, mechanics, odd-job men, plumbers, electricians, welders and so on. Even drug dealers (turnover heaps of millions) don't pay or collect taxes. Gee it really stinks doesn't it.
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Follow Up By: Member - John (Vic) - Thursday, Jan 31, 2008 at 12:34
Thursday, Jan 31, 2008 at 12:34
And thats why they brought in a GST.
All that black money at some stage will be spent with a business that will put it through the books.
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Reply By: Psi - Thursday, Jan 31, 2008 at 12:12
Thursday, Jan 31, 2008 at 12:12
Only two things are certain in life, Axle,.......Death and Taxes.
Which one would you prefer......LOL
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Follow Up By: Member - Peter R (QLD) - Thursday, Jan 31, 2008 at 12:37
Thursday, Jan 31, 2008 at 12:37
Axle,
Sounds to me that you have big money owing to you.
Profit = Revenue less expenses.
Revenue is not cash in bank but Billed sales.
It can be said that profit not really made, until all debts collected.
Pedro
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Follow Up By: Member - John (Vic) - Thursday, Jan 31, 2008 at 15:42
Thursday, Jan 31, 2008 at 15:42
Thats why God gave us balance sheets to see where our money and the profit actually is.
Not necessarily in the bank.
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Reply By: Member - LOS BUSH - Thursday, Jan 31, 2008 at 16:01
Thursday, Jan 31, 2008 at 16:01
G'day Axle. I have said before about my 100 rules Here is another one ** Think cash flow; profit and lose is college theory.**
Thats rule 12 He who has cash has the staying power,he who has the staying power wins over the long term.profit doesn't necessarily produce cash, so don't delude yourself, striving for profit is a noble objective, but not nearly as noble as cash flow. Always focus on CASH
have a good one LOS
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