I think you need a better accountant. All taxes are paid, and means testing performed on, taxable income. That is your revenue minus business expenses.
Taxable income = revenue minus business expenses. True. However that is not how different departments view it. It also varies by your business model. I am a Sole Trader. My parents are Sole Trader/partnership My brother is Pty Ltd.
Sole traders do not get the seperation of business income versus actual wage that pty ltd gets. My brothers business turns double my own. But as he draws a small wage, he gets whatever the govmint offers. He does also have the backup of a daughter to claim upon.
The ONLY dept that seperates it is the ATO for my income tax assessment. I've applied for a health care card, and centrelink ONLY look at the total turnover. They do not factor in my operating costs. I spent half a day with centrelink trying to help me.....we were pushing to get me into the public dental system.
You say I need a better accountant. Well the 3 family elements all have different accountants, and as the number cruncher in the family I deal with all of them. The other 2 have looked at it and they agree with my own accountant...expect to pay more and get less for it.......unless i choose to breed.
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Quote: The handouts equate to a 2.7 % tax break for working families. As wikipedia would say: "citation required".
Yep sorry, those numbers came from a radio interview dillard did here in melbourne. What I should have added was that it equates to 2.7% for those in the lowest tax bracket....dillards words not quite said that way.
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Those kids will be changing your nappy by the time you stop paying taxes.
Nope they won't. I will be gone before i get to that point, euthenasia legal or not.
As for your previous question I haven't answered...i.e what country would I goto. I have several oppurtunities, some are 1st world, some are 3rd world. But whilst my parents are alive its a point in moot, however its a point i felt i needed to make to demonstrate my disdain towards a country i love so much.
It appears that Julia's carbon tax is set to increase Avgas prices by a margin of 5 Cents per litre after June this year. similar levels of increase are
proposed are at the first and second anniversary of this regressive tax. By the time we pay the power bill increases and cop all of the other increases what hope is there for Australian GA training to compete on an International level. Thanks Julia and Wayne!
Not quite as you suggested but not nice all the same. The price expected in the table below in 2014 will have increased 5.584c per litre over the current price, now I think you will find GST on top of that increase so its a double wammy. so that will be 6.14 cents per litre.
And how has a carbon tax worked elsewhere in the world? Output increased
EU energy policies have created an unsustainable, publicly-subsidized, market-skewing ‘green’ energy bubble, eschewed a cheap fossil fuels policy and realistic alternatives to Russian gas imports. Together those failed policies have resulted in the double double-whammy of soaring of energy prices and, as is now being reported, diminishing European industrial competitiveness.
I've applied for a health care card, and centrelink ONLY look at the total turnover.
I would be very, very surprised if that is true. Any dealings I have had with Centrelink (Family Tax Benefit B and Child Care benefit) all work on taxable income, or an estimated taxable income, with the final calculations done after you have your tax return. You may need to get a second opinion on that.
But if that remains a problem, what is stopping you from having a Pty Ltd?
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I have several oppurtunities, some are 1st world, some are 3rd world.
I have no doubt you'll be able to find a country that works better in your particular situation. This is a democracy and you can't please everyone... (It's just that we please more people in this country than just about anywhere else and the numbers show it.)
This income test is effective from 20 March 2012. Your Low Income Health Care Card is assessed on gross income for the 8-week period ending the day you lodge your claim. Your income must be below the limit that applies to you. This limit varies depending on whether you are single or partnered or have dependants.
After Labor get the arse next year and the carbon tax is abolished, I wonder if the entire price added onto AVGAS will also be deducted?
What do you think?
It is still well below the 38 cents on MOGAS so one would guess our non-aviating friends might think we are getting a free (well, cheap) ride as it is.
Here's an interesting one: the rule seems to define it as "gasoline used for aviation", so I would suppose a MOGAS bowser on an airfield would attract the AVGAS rate.
Quote: This income test is effective from 20 March 2012. Your Low Income Health Care Card is assessed on gross income for the 8-week period ending the day you lodge your claim. Your income must be below the limit that applies to you. This limit varies depending on whether you are single or partnered or have dependants.
That's a pretty stupid test, I stand corrected!
How long has this been around? Do either side of the aisle care? (My guess is "no they don't.")
Most persons that qualify for this test are able to claim their tax refund up to the tax free threshold, (which Jules has just increased to $23k from about $8K), but also determines the amount of which you can claim a tax refund). Therefor the system, as she is, and if you earn under the tax free threshold, (gross), gives you all your tax paid back to you if you put in a tax return, but after 30th June, no tax claims allowed if under $23K in the 2012-13 EFY.
Thanx for the link Frank. I did have a go at finding, but beer googles put a stopper on that.
I note that with this release of it, I am some $40 closer to the threshold than I was before... Single, no yard apes.
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Bas,
going Pty Ltd would actually impose more costs upon myself that would be better off spent at the fang doctors.
Every tax I would face changes for the worst.
There is setup cost. I lose the ability to prepare the tax returns the business. Must be done my an accountant. Theres also an extra charge with ASIC. I am forced to pay Workcover I am forced to pay myself Super.
Pty Ltd does have some advantages, but not when you do not have any employees. The workcover rules a lil bit dumb, but to keep it simple.
As a Sole Trader. No employee's. Workcover ins not required provided you have Death/TPD cover. (There was some crap on the table that they were going to force us into Private health) but thankfully got canned. With 1 or more employee's, I have to submit and I get covered as well. Interesting to see the numbers tho. My first employee was an apprentice, which the government pays the cover on atm. The fee to cover me was roughly 150 per year over the term of my apprentices time.
As a Pty Ltd. No employee's. No such thing. I AM the employee, so i have to pay everything. Don't think i need to cover having employees after that.
If you are other than WASP, there is a different scale. Do the search yourself because I'd be accused of racism to comment. It is in the public domain on a government website, so wear your fingers out.
Sorry People! The information I have seen is as I originaly posted advises Just over 5 cents per year for this and the next two years making 15cents plus over the three year term. I assume that a Liberal CP change will make some difference. The US pay appx 1$Au per litre we pay appx $2. Happy Days!
Also, excise in the US is 19.4 cents per gallon, or 5.1 cents per litre. So whatever is causing our AVGAS to be 25% more expensive, excise ain't it and won't be it any time soon. (The only consolation for the US is that the excise goes direct to the FAA.)
we cannot have that situation here bas...don't even suggest it...imagine how much more Cease All Serene Aviation would have to litigate us with..... That'd give Qaintarse reason to invoke more 457's as half their pilots (as with all other airlines) would be litigated into submission.
The excise ~ $0.38 on mogas is for ROADS As we and other off road fuel users we shouldnt be paying excise to the same level as road users Off road users pay the tax then get rebated some of it. (so do heavy freight too which I dont really understand) Add $0.38 to the $2.15 we pay now and it indicates real comparative price we are paying vs road users
Hmmm... corrupted climate science and a corrupted prime minister = a corrupt tax (tax, trading, whatever)
How will being forced to pay a corrupt tax affect those paying it... knowing they are paying good money to sooth some muppets hysteria or line some climate scammers pockets....... when you know you are paying for a corrupt scam how do that change yer.........
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"...Most of the developed countries have institutionalised their greenhouse activity within government agencies devoted specifically to mitigation of global warming. Their budgets are enormous. It is not likely that the public servants who staff them will be receptive to doubts about their reason for existence. Nor for that matter, are the actual research institutions concerned with global warming likely to bite the hand that feeds them..."
Via Garth Paltridge, Atmospheric physicist and former Chief Research Scientist CSIRO Division of Atmospheric Research
A bit added to ya fuel bill... she'll be right, its such a small amount.....
Every bit of added cost soon adds up...
"...company plans to shut its aluminium smelter in the NSW Hunter Valley... ...The smelter employs 344 people... ...review of the plant has revealed it would not be profitable in the short term, and its long-term viability would be negatively affected by increasing energy costs and the carbon tax..."
so its a double wammy. so that will be 6.14 cents per litre.
