Discussion in 'Wealth Creation & Management' started by Jislizard, Dec 5, 2012.
The proponents of the "Debit Tax" system argue that it makes the above tax avoidance scheme (and that's what it is as opposed to minimisation) obsolete.
Basically it is an x% tax on every withdrawal, this is collected automatically and deducted from the withdrawal and held in Trust by the banks. In the case of GiantCorpAU, it is taxed on every withdrawal it makes, as well as the final $950k it transfers to GiantCorp Cayman.
This system has been assessed by the ATO in tax submissions over the years, but has been rejected.
And if we allow the corporations to steal our tax dollars who has to pay? The working stiff. The result is either services are cut or our taxes are raised.
The ATO will chase the little guy into the sewer for $500 they say you owe them but a big corporation owes $500 million and nothing happens.
Its always been the same throughout history. Those with money make more money and those without get it in the neck.
IMHO..a GST is the fairest tax..
Buy a holden/honda/lancer pay ! 10%
Buy a Rolls Royce/ferrari/audi 10%
No tax breaks after you earn the $$$.
Regards Errol 43
I was hoping this would be a thread where members can share strategies to legally reduce tax.
Is this not allowed as it could be construed as financial advice?
Although i have a great accountant, i was hoping to learn something new.
As long as no advice is given, only opinion etc. then there is no reason that there shouldn't be a thread on legally reducing tax, if it starts to stray into anything illegal though the mods will shut it down.
Start a thread on it!
Or just delete the post?
Well there's the answer. Singapore benefits because it doesn't waste taxpayer funds like we do here. It attracts and encourages businesses to operate there by being competitive, whereas governments here just waste money on all sorts of crap like free this, free that, and all sorts of socialist giveaways.
Your idea of 'taking the piss' could well be directed at the Australian Government who will quite happily tax us until we bleed, both companies and especially some individuals. Tax is a disincentive to do business and to work, so Australia needs to get more competitive or stfu about companies legally avoiding tax.
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