Thank you Aust Gov and taxpayers

[NavyDiver]

I grumble a bit[bighmmm] Just reviewing a glup TAX OFFICE statement.

I always get to pay a bucket load for employee tax withheld PAYW, my bits PAYI (company installment) and GST credits and debits. Last year NOV 2020 I didn't pay much at all as a CASH FLOW BOOST2 credit took my debt away when lodging my BAS.

It was paid with out me asking for it. Honestly looked and wondered what was happening but being under the pump I did not dig to deeply.

Just did and it was appreciated and Helpful

Government did it but we all know tax is paid by the hard workers in our society.

A big Thank You

Accessing the cash flow boosts | Australian Taxation Office (https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/In-detail/Boosting-cash-flow-for-employers/?anchor=Taxconsequences#Taxconsequences)

[VladTepes]

You're welcome.

So where's my cut? :P

[trout1105]

So when do the average battlers get their tax break?

[Tote]

So when do the average battlers get their tax break?

Jobkeeper, Jobsaver, My daughter was supported when she was unable to work due to covid from these programs so I feel my tax dollars were well spent. Why would you expect a tax break if there was no impact to income from covid?

Regards,
Tote

[ramblingboy42]

So when do the average battlers get their tax break?

see a good financial planner....

I've got mine and am getting back lots of my previous investments in the tax office.....all legal , all allowable.

get your seniors card and hammer it....

if you are a vet do the same....vet affairs are actually quite friendly....

[NavyDiver]

So when do the average battlers get their tax break?

Job Keeper, Job Seeker and a Pension Bonus. I did not see any of that myself. Appreciate many fell out side the system. I think it was very very tough on Non Residents and OS students who usually work there back sides off for all our benefit who got the shortest straw. [wink11]


And those cash business that do not play in the taxpayer system at all - Not sure if I have much sympathy for them honestly [bighmmm][bighmmm][bighmmm]

[Roverlord off road spares]

Cash flow boost, not taxable.
Victorian business grants and Victorian govt/Commonwealth Business Costs assistance payments non GST supply, but becomes taxable income.

[trout1105]

Job Keeper, Job Seeker and a Pension Bonus. I did not see any of that myself. Appreciate many fell out side the system. I think it was very very tough on Non Residents and OS students who usually work there back sides off for all our benefit who got the shortest straw. [wink11]


And those cash business that do not play in the taxpayer system at all - Not sure if I have much sympathy for them honestly [bighmmm][bighmmm][bighmmm]

Jobkeeper was thourely rorted by big business, These on Jobseeker did petty well out of it But the pensioners got a pittance compaired to those on jobseeker.

At the end of the day it will be the average Aussie battler that will be taxed extra to pay for all this extra expenditure due to COV19.

[ramblingboy42]

the law is a total arse.....

I have complied with all govt and taxation laws regarding transitionary and finally full retirement.

I am a kept man , my wife earns a very good income , I don't need an income but am forced to take a self managed pension.

I am drawing the minimum amount I am allowed which is being directed into a special cash account... it is not a fund...I dont pay tax on it , which is stupid , I get whatever the current nominated interest rate pays. But I'm not allowed to reinvest my superannuation. I don't think that is what Paul Keating intended.

I think the answer lies in real estate , between my financial planner and my bank , we are going to see what we can do in property investment....I am just not going to let these bastards tell me what I can do with my own money. This is the problem gen x, y, millenium are complaining about.

Real estate being bought up by thousands of baby boomers like myself . Guess until some silly laws change , theyr'e gonna have to suck it up.

We are not selfish , we are handing out around the family generously, but the bloody govt's getting none.

[Tote]

I completely agree with you around super, unfortunately it is designed for the lowest common denominator. Mine has always been considered as a small fund that I might be able to buy a carton of beer with when I retire, with 15% contributions going into it from a government job its looking better than I ever expected it to but we are not relying on it to retire on.
When I got an apprenticeship with the NSW govt apprentices were expressly forbidden to join their super scheme, so I got done over there and only had super when it became compulsory courtesy of the Keating govt. There were a lot of people around the same era who had their plans to take their existing super as a lump sum with no tax and invest it somewhere screwed up at the stroke of a pen, again the government telling them what they have to do with their own money.
Working for an American multi national company for 10 years I was subjected to a very nice little rort where they gave me a "notional salary" on which they paid my super. This "notional salary" was conveniently about 30K less that what I actually earned so they saved themselves a very tidy sum in super contributions while that lasted...

I understand that Joe public is too stupid to save for his retirement and the system is frustrating in that it has to cater for those people but completely understand your frustration with an inflexible system that forces you to work around it to get the fruits of your labour.

Regards,
Tote