I like the sentiment - no point spending all your efforts making/saving money/investing in bullion if its at the detriment to quality time spent with your family.
Work six or seven days a week.... Hmmm, i want my children to know and respect me, not to tolerate me and treat me like i was never there. My dad worked his guts out all his life as a truck driver, working shifts, seven days a week to provide... I will never do that to my kids. If that means living a "poorer" life, i will. I love my kids too much to never see them. Shiny
the aim is to pay more tax... (ie: having more positive geared property, increased in income), that is the kind of problem that i can live with.
Paying more tax means you have less money to invest. I am not talking about cheating on your tax return but rather postponing your tax so your base compounds. I fired an accountant because he told me I should be happy paying so much tax. His caper was to tax me quarterly at excess rates so I had no room to move and the at the end of the year hand me back a large chunk less his fee's and then up the tax again so I had little working capital. Kind Regards non recourse
understand what you mean... pay yourself first, and pay everyone lasts... i would pay $0 tax if i can, but unfortunately cannot do so. i am self employed.. and always do my tax payout after the end of the fy year.. so i have about 11 month of cash that i can use before hand it over to the tax man.. problem is though.. have to find the money at the 11th month.. (this is where the offset acc comes in handy). cheers
My take would be you need to purchase assets that over the long term appreciate enough to keep you ahead of inflation. In the short term they give you a non cash deduction with depreciation. The best of course is a new building. Even better if it is a building that your business rents from the trust with all the borrowings in your name. Kind Regards non recourse
