Andrei.Hicks wrote on Mar 12^th, 2013 at 11:05am:


And what are you - no paying your capital gains?

SOB

cods wrote on Mar 12^th, 2013 at 6:48am:


Yes I noticed that it was shown on the ABC last night. Kind of surprised me as I had been led to believe that the ABC were hopelessly biased and just an arm of the ALP............

apparently not.

Vic wrote on Mar 12^th, 2013 at 7:09am:


I completely agree with this.

Ok, some will say it's Tax Evasion & some will say it's Tax Minimisation.

However, the truth is, it's actually both!

And, the reason it is both, is because governments from both major party's (Liberal & Labor) have Legalised it.

But, this is only one example of where both Political Party's have allowed the Tax System to grow more loopholes, than the OZ rabbit population has bunnies!

There is now an urgent need to completely review & action the Tax System, with the following overriding priorities in mind -
1) Cut out as many loopholes, as can possibly be cut!
2) Cut the actual tax rates, as much as they can possibly be cut! 
3) Ensure that the Tax System becomes much more simplified, that the combination of 1 & 2 above ensures MORE actual Tax $'s AND that the system automatically makes it illegal for any new "scheme" that comes into existence, purely to avoid paying a fair share of Tax!

Dnarever wrote on Mar 13^th, 2013 at 7:05am:


No I don't agree.
This talk of "fair share of tax"??

Completely subjective.

That's saying "its a nice day". One bloke might want to rain for his crops, another might want to go to the beach - both will see a nice day as completely different - same with 'fair amount of tax'.

Now for me a 'fair amount' is someone's tax less their correct deductions giving them their net payable.

Spot, who seems to understand very little anyway, points out I am evading tax by not paying capital gains on my house sale.
Well when you take into account the house was passed over to a Trust which also worked to employ me in my time there, record and collate carry forward losses which are then applied to a capital gain on the house to net out to zero - it is clear it ain't evasion and it is fair.
But do clowns like him understand it? Not a bit.

People need genuine deductions -
Fringe Benefit reductions
Work related expenses
Double Taxation Offset relief

All of the above work to give your 'fair' amount of tax.

Don't join the ignorant brigade who yell about evasion.

longweekend58 wrote on Mar 13^th, 2013 at 8:12am:


As usual Longy, your 4 R's are flawless!

Which simply means, your batting average is still ZERO!

As I said, the only difference between legal Tax minimisation & illegal act of criminal Tax Evasion, is because the Pollies (on both sides) have said its legal and therefore it can be used.

However, WHEN (not if) the Pollies get off their collective arses and make this & other schemes illegal, THEN Tax minimisation by this and some other measures will be an illegal/criminal act!

And, TRUST ME LONGY, I'm not a Politician, so I would lie to you, they (the Pollies) will be forced to make these sort of changes, no matter whether they be Liberal or Labor, because the coming Economic downturn  will require "everyone to pay their fair share" & in addition, that Expenditures will also require a serious review & actions, such as the following.

perceptions_now wrote on Mar 12^th, 2013 at 11:29pm:

A few observations-

1) For a number of reasons, which will soon override the usual Economic gains reasons, the current OZ Population is already larger than we will have a capacity to sustain.

2) Because of the above, a Baby Bonus is therefore counter productive and it should therefore be done away with, ASAP.

3) The Baby Bonus is only one of many Expenditure items, which should be reviewed & then cancelled, IF it can not meet current fit & proper reasons for it to be retained.

4) Another of the Expenditure items, which should be reviewed & then done away with, are Local Councils, which are about as "useful as T!ts on a Bull and they are equally, as unproductive!

Once again - the self appointed economic expert in PN is wrong

Tax is a financial obligation an entity has to the country it belongs to by way of registration

There rules that sets out the obligations.

The only way to find out where you've met these obligations - is to get a ruling from the ATO

The ruling is neither minimum or maximum tax amounts. It is THE AMOUNT - not one cent more or less.

Tax minimisation is a determination by an individual other than the ATO about the amount the entity should pay.

This is an estimate of what they think THE AMOUNT should be.

This is then submitted to the ATO for assessment.

Every person who lodges a tax return to claim back their tax overpayment is in fact involved in tax minimisation strategies.

Tax avoidance is the act of completely refusing to pay THE AMOUNT once it's been assessed by the ATO.

Tax evasion - is about implementing strategies to illegal avoid paying tax obligations

PN - The Double Taxation Offset relief - which was the main vehicle for which I drove all my reductions 2006-2009.

Would you keep that?

Surely you wouldn't remove that and have income taxed in 2 states?