Australian Politics Forum - Investment Helping Millionaires Live Tax Free

John Smith

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Re: Investment Helping Millionaires Live Tax Free
Reply #45 - Mar 3^rd, 2019 at 8:30am

lee wrote on Mar 2^nd, 2019 at 9:08pm:

John Smith wrote on Mar 2^nd, 2019 at 8:49pm:

no, tax is paid by the company for the company. After all, it's not called shareholders tax, it's called company tax

We know you have cognitive dissonance.

It is called company tax and is paid by the company, on the profit, on behalf of the owners, the shareholders. The profit is then distributed either in full or in part to the shareholders, with the tax paid attached.

If you disagree, you better tell Bill, because he has got it wrong too. Because that would mean there is no dividend imputation. And we know that's not right; don't we? Wink

blah blah blah. If you think making dumb comments about Bill will help you then you couldn't be more wrong. Once again, Company tax is paid by the company on the companys profits.It's NOT paid by the company for the shareholders.

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BigP

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Re: Investment Helping Millionaires Live Tax Free
Reply #46 - Mar 3^rd, 2019 at 8:32am

John Smith wrote on Mar 3^rd, 2019 at 8:27am:

BigP wrote on Mar 3^rd, 2019 at 8:23am:

It would appear that all those little people out there are not pulling their weight Mr Knight

That figure is misleading.

the problem with it is that the 'top 10%' is determined AFTER they spend their $170,000 a year on tax advice and claim all their deductions, rebates and franking credits Roll Eyes

And that $170,000 will have a GST portion to it and the person it is being paid to will be liable for tax on any profit they make .

The circle of life, Dont fool yourselves that its the little guys paying all the tax

Hard n Fast

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John Smith

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Re: Investment Helping Millionaires Live Tax Free
Reply #47 - Mar 3^rd, 2019 at 8:34am

BigP wrote on Mar 3^rd, 2019 at 8:32am:

And that $170,000 will have a GST portion to it and the person it is being paid to will be liable for tax on any profit they make .

Everyone pays GST. I don't care that they pay GST on it.
You think that because they're paying GST on that portion they shouldn't pay income taxes on their profits?

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BigP

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Re: Investment Helping Millionaires Live Tax Free
Reply #48 - Mar 3^rd, 2019 at 9:40am

John Smith wrote on Mar 3^rd, 2019 at 8:34am:

BigP wrote on Mar 3^rd, 2019 at 8:32am:

And that $170,000 will have a GST portion to it and the person it is being paid to will be liable for tax on any profit they make .

Everyone pays GST. I don't care that they pay GST on it.
You think that because they're paying GST on that portion they shouldn't pay income taxes on their profits?

And thats exactly why they bought in GST, its a tax you cant escape, so when some "rich prick" as the left like to call them buys a Lamborghini for $500,000 he pays $40,000 odd GST on it,,

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BigP

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Re: Investment Helping Millionaires Live Tax Free
Reply #49 - Mar 3^rd, 2019 at 9:44am

John Smith wrote on Mar 3^rd, 2019 at 8:34am:

BigP wrote on Mar 3^rd, 2019 at 8:32am:

And that $170,000 will have a GST portion to it and the person it is being paid to will be liable for tax on any profit they make .

Everyone pays GST. I don't care that they pay GST on it.
You think that because they're paying GST on that portion they shouldn't pay income taxes on their profits?

a company claims back all the GST on materials and services they use to conduct their business, Then put it on the finished product or service, That company may then go to make a loss, If so they do not pay tax and can carry that loss through to the following years,

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John Smith

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Re: Investment Helping Millionaires Live Tax Free
Reply #50 - Mar 3^rd, 2019 at 9:51am

BigP wrote on Mar 3^rd, 2019 at 9:44am:

a company claims back all the GST on materials and services they use to conduct their business, Then put it on the finished product or service, That company may then go to make a loss, If so they do not pay tax and can carry that loss through to the following years,

yes, thankyou for stating the obvious. But we were talking about individuals not companies.

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BigP

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Re: Investment Helping Millionaires Live Tax Free
Reply #51 - Mar 3^rd, 2019 at 9:54am

John Smith wrote on Mar 3^rd, 2019 at 9:51am:

BigP wrote on Mar 3^rd, 2019 at 9:44am:

a company claims back all the GST on materials and services they use to conduct their business, Then put it on the finished product or service, That company may then go to make a loss, If so they do not pay tax and can carry that loss through to the following years,

yes, thankyou for stating the obvious. But we were talking about individuals not companies.

It would appear that somene needs to lol

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BigP

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Re: Investment Helping Millionaires Live Tax Free
Reply #52 - Mar 3^rd, 2019 at 9:57am

John Smith wrote on Mar 3^rd, 2019 at 9:51am:

BigP wrote on Mar 3^rd, 2019 at 9:44am:

a company claims back all the GST on materials and services they use to conduct their business, Then put it on the finished product or service, That company may then go to make a loss, If so they do not pay tax and can carry that loss through to the following years,

yes, thankyou for stating the obvious. But we were talking about individuals not companies.

When that individual owns the company you cant separate the two,, They could pay themselves a big salary and run the business at a loss or give themselves no income and claim a benefit lol

Hard n Fast

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John Smith

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Re: Investment Helping Millionaires Live Tax Free
Reply #53 - Mar 3^rd, 2019 at 10:03am

BigP wrote on Mar 3^rd, 2019 at 9:57am:

When that individual owns the company you cant separate the two,

of course you can. Companies are under the law considered to be a separate legal entity to their owners.

BigP wrote on Mar 3^rd, 2019 at 9:57am:

They could pay themselves a big salary and run the business at a loss or give themselves no income and claim a benefit lol

the could. But not if they wanted to attract other investors. Roll Eyes

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lee

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Re: Investment Helping Millionaires Live Tax Free
Reply #54 - Mar 3^rd, 2019 at 11:15am

Setanta wrote on Mar 2^nd, 2019 at 10:00pm:

lee wrote on Mar 2^nd, 2019 at 9:55pm:

Setanta wrote on Mar 2^nd, 2019 at 9:49pm:

If all tax was paid at the top it would simplify things, don't you think?

For whom?

Setanta wrote on Mar 2^nd, 2019 at 9:49pm:

Double taxation. They paid tax and now they are taxed on their piss up.

Oh GST and income tax.

I am on a part pension. So according to you I should not pay GST on my consumption. And I should not pay income tax on my income.

For everyone. One point of collection is far more efficient than billions.

Yep, the point of making the money should be taxed. Once.

If we take that to its logical conclusion workers should get a massive pay cut as they will no longer have to pay tax.

Further, as they no longer pay tax, they are no longer "invested" in the outcomes. As they are no longer "invested" in the outcomes, they should exert no control. As they no longer exert no control they should be disenfranchised.

We wouldn't want to make it too complex for them.

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« Last Edit: Mar 3^rd, 2019 at 11:28am by lee »

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lee

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Re: Investment Helping Millionaires Live Tax Free
Reply #55 - Mar 3^rd, 2019 at 11:22am

John Smith wrote on Mar 3^rd, 2019 at 8:30am:

If you think making dumb comments about Bill will help you then you couldn't be more wrong.

Sorry petal. But it has been long established that the tax is paid on behalf of shareholders. Even back to the days of Keating. He implemented it. You are now saying that since Keating everyone, bar you, has got it wrong. Grin

John Smith wrote on Mar 3^rd, 2019 at 8:30am:

Once again, Company tax is paid by the company on the companys profits.It's NOT paid by the company for the shareholders.

The company profit is the profit that is due the shareholders (owners), separately and severally. The tax paid on it is for the benefit of the shareholders (owners), separately and severally.

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lee Gold Member Offline Australian Politics Posts: 21379 Gender:	Re: Investment Helping Millionaires Live Tax Free Reply #56 - Mar 3^rd, 2019 at 11:26am John Smith wrote on Mar 3^rd, 2019 at 8:34am: You think that because they're paying GST on that portion they shouldn't pay income taxes on their profits? Jumping to conclusions again?
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Bobby. Gold Member Offline Australian Politics Posts: 121271 Melbourne Gender:	Re: Investment Helping Millionaires Live Tax Free Reply #57 - Mar 3^rd, 2019 at 11:27am I wish - that as an ordinary wage earner - that I could rort my tax return so that I can pay no tax like the millionaires. I want to join their club.
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BigP

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Re: Investment Helping Millionaires Live Tax Free
Reply #58 - Mar 3^rd, 2019 at 11:32am

Bobby. wrote on Mar 3^rd, 2019 at 11:27am:

I wish - that as an ordinary wage earner -

that I could rort my tax return so that
I can pay no tax like the millionaires.

I want to join their club.

Mr Bob, The richest people through their graft and the organisations they own, pay the biggest portion of tax, If you dont make enough money, start a company or get a better job

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Bobby.

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Re: Investment Helping Millionaires Live Tax Free
Reply #59 - Mar 3^rd, 2019 at 11:35am

BigP wrote on Mar 3^rd, 2019 at 11:32am:

Bobby. wrote on Mar 3^rd, 2019 at 11:27am:

I wish - that as an ordinary wage earner -

that I could rort my tax return so that
I can pay no tax like the millionaires.

I want to join their club.

Mr Bob, The richest people through their graft and the organisations they own, pay the biggest portion of tax, If you dont make enough money, start a company or get a better job

Hard n Fast

I would start my own business if I could.
It's not that easy.
I did once before - a long time ago -
and although I didn't lose money -
I have made more money just working in a job.

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