hellyer 216 Posted June 21, 2012 Share Posted June 21, 2012 Taxes that really wind you up. I'll start: - Inheritance tax What gets my goat here in Oz (& other places) is 'Capital Gains Tax' - It should be called - "don't give a **** about taking a risk and about being a little entrapanaerial (spelling?) to improve your and your familie's lot in life & at the same time supporting 4 to 5 employees families, just fark around all day and the welfare state will look after you TAX" Because if you are prepared to have a go and you succeed the bastards are going to tax the capital gains you make and that's on top of your income tax. What sort of incentive is that to put your balls on the line..................absolutely SFA Don't get me started on Stamp Duty Link to post Share on other sites
pie-eater 207 Posted June 21, 2012 Share Posted June 21, 2012 Do stamps over there have Queenie in the corner like they do here? That's nice. Link to post Share on other sites
hellyer 216 Posted June 21, 2012 Share Posted June 21, 2012 Used to PE - now birds, plants, fish, kangas etc - sadly no Pies And that's not the stamp duty I am talking about.................as you probably know Link to post Share on other sites
Chriselle 158 Posted June 21, 2012 Share Posted June 21, 2012 Taxes that really wind you up. I'll start: - Inheritance tax What gets my goat here in Oz (& other places) is 'Capital Gains Tax' - It should be called - "don't give a **** about taking a risk and about being a little entrapanaerial (spelling?) to improve your and your familie's lot in life & at the same time supporting 4 to 5 employees families, just fark around all day and the welfare state will look after you TAX" Because if you are prepared to have a go and you succeed the bastards are going to tax the capital gains you make and that's on top of your income tax. What sort of incentive is that to put your balls on the line..................absolutely SFA Don't get me started on Stamp Duty Oh yes...Capital gains is a bitter pill. And if in Japan and you invest outside of Japan...NEVER repatriate that money. A big one for me too is the fact that sales tax is 5%. It used to be 3% for forever and the previous generations only paid that 3% and are now enjoying a nice pension. Now we are facing accurate tax rates (10%~15%) and the probability of a pension-less retirement. Thus, part of me is kind of in favor of the massive inheritance tax. Except for the fact that my wife's family is quite loaded and mother is in her mid 80's.... Link to post Share on other sites
sanjo 2 Posted June 21, 2012 Share Posted June 21, 2012 Wait until she's peacefully passed on and the funds moved over to change that one, hey, Chriselle? Link to post Share on other sites
Chriselle 158 Posted June 21, 2012 Share Posted June 21, 2012 I've been thinking of giving the "Ore, ore" method of funds acquisition an old college try. Link to post Share on other sites
BagOfCrisps 24 Posted June 21, 2012 Share Posted June 21, 2012 Cameron is..... I can't think of the words. The whole government just works me up something bad at the moment. No-one wants to pay more tax than they need to. Most people would try and do what they can to minimise it. I do. But there's too many holes in the current laws that need bunging up. I hope they do that quickly, but doubt they will. Link to post Share on other sites
Go Native 70 Posted June 21, 2012 Share Posted June 21, 2012 Taxes that really wind you up. I'll start: - Inheritance tax What gets my goat here in Oz (& other places) is 'Capital Gains Tax' - It should be called - "don't give a **** about taking a risk and about being a little entrapanaerial (spelling?) to improve your and your familie's lot in life & at the same time supporting 4 to 5 employees families, just fark around all day and the welfare state will look after you TAX" Because if you are prepared to have a go and you succeed the bastards are going to tax the capital gains you make and that's on top of your income tax. What sort of incentive is that to put your balls on the line..................absolutely SFA Don't get me started on Stamp Duty Yeah capital gains tax has just destroyed entrepreneurial spirit in Australia hasn't SJ? I mean we don't have one of the best performing economies in the world currently? Our net wealth hasn't gone through the roof in recent decades due to massive increases in house prices? Investment in Australian resources isn't at an all time high? I paid more this financial year in capital gains tax than I used to earn when I lived in Japan. But so what? I only paid that amount of tax because I earned a huge capital gain. Other than a little knowledge and small amount of risk there was basically no work involved at all in receiving this gain. The tax has made little difference to any of my investment decisions. I only pay the capital gains tax if I make a profit. I only pay a lot of tax if I make a big profit. If I make a profit I'm ahead? And I'm ahead for what is very little work. What's the issue? Easy money in my opinion. If you're not investing because you may have to pay some tax on the profit you make then you're an absolute fool. I'm prepared to have a go to improve my family's lot in life and I help support 4 employees families. I have no problem with paying taxes and they do not in anyway impede my ability to invest and make great returns. One thing I have realised about Australian's since returning to this country. Most have absolutely no idea just how incredibly good they have it. Yet they continously complain. Contrasts with Japan where I think most have absolutely no idea just how bad it is and yet they rarely complain much about it. God I wish I still lived in Japan! Link to post Share on other sites
pie-eater 207 Posted June 21, 2012 Share Posted June 21, 2012 When replying just remember to be ever so impressed with Go Native's amazingly almost in-human like business acumen and overwhelmingly incredible stories of effortless success, snowjunky! He just doesn't realise it himself. Link to post Share on other sites
Go Native 70 Posted June 21, 2012 Share Posted June 21, 2012 Just sick of people complaining about tax. And sick of people making stupid claims about how it destroys investment. Especially people in a country like Aus where the economy has been doing incredibly well and on the whole most people's net wealth has increased greatly over the last couple of decades. Capital gains tax in Aus is not that high and hardly an impediment to investing and wealth creation. Not something I expect you'll ever have to worry about pie-eater Link to post Share on other sites
scouser 4 Posted June 21, 2012 Share Posted June 21, 2012 pie-eater's family is absolutely loaded in a majorly big way..... I really wouldn't worry about his investments and wealth. Link to post Share on other sites
pie-eater 207 Posted June 21, 2012 Share Posted June 21, 2012 Aw shucks. But it's nice he cares! Link to post Share on other sites
Go Native 70 Posted June 21, 2012 Share Posted June 21, 2012 Well I'd love to be living off a trust fund myself, could think of little better! Unfortunately I still have to work and invest to make my wealth.... And yet I don't complain about paying taxes! Must be something wrong with me. Link to post Share on other sites
pie-eater 207 Posted June 21, 2012 Share Posted June 21, 2012 Nah, you are just perfect as you are! (No trust fund here). Link to post Share on other sites
Chriselle 158 Posted June 21, 2012 Share Posted June 21, 2012 Pie-eater...the trust fund baby...I like that. So,,,GN what's been hot for you? Link to post Share on other sites
pie-eater 207 Posted June 21, 2012 Share Posted June 21, 2012 What's all this trust fund stuff? I pay my own way. Link to post Share on other sites
hellyer 216 Posted June 21, 2012 Share Posted June 21, 2012 When replying just remember to be ever so impressed with Go Native's amazingly almost in-human like business acumen and overwhelmingly incredible stories of effortless success, snowjunky! He just doesn't realise it himself. Yes Pies, in a different league to poor old humble me. Probably Conference South Link to post Share on other sites
Chriselle 158 Posted June 21, 2012 Share Posted June 21, 2012 What's all this trust fund stuff? Who you tryin to kid.....playing innocent....silver spoon and all... Link to post Share on other sites
pie-eater 207 Posted June 21, 2012 Share Posted June 21, 2012 After going through college, I have always 100% paid my own way. If that's what a silver spoon is..... Or do you mean this? Link to post Share on other sites
Chriselle 158 Posted June 21, 2012 Share Posted June 21, 2012 .... Wouldn't it be funny to have your parents own that company. Now THAT would be.. born with a silver spoon in your mouth... Link to post Share on other sites
Go Native 70 Posted June 21, 2012 Share Posted June 21, 2012 Pie-eater...the trust fund baby...I like that. So,,,GN what's been hot for you? It's mostly been property for me. Aus has just been through around 20 years of high capital growth in property prices. It's eased off now but more recently I've been involved with land development rather than just investment properties. Did some investing in Niseko as well and luckily got out of that just prior to the GFC. I'm not some guru, I've mostly just been incredibly lucky. Had some money to invest during a period of high capital growth. Never had returns under 25% and some years close to 100% per annum! And all for very little work at all. I love that part of it. More importantly, unlike most Australian's, we have never used any of the money involved in our investments for immediate lifestyle improvements. Luckily neither my wife or myself are materialistic. We don't need a fancy house or fancy car or fancy watch, etc, etc to be happy. I don't have a wife that I have to worry about when she goes shopping! How awesome is that? Just been building our wealth so we can hopefully retire earlier than most without ever being reliant on government handouts. And it currently allows us to not be overly worried about making huge amounts of income. We can run our business without being overly stressed about growth and profits. It's more a lifestyle business than one in which we're trying to make our millions. Leave that to the investing which comparatively involves bugger all work. Just the way I like to earn my money! Of course we look to minimise tax as I'd think everyone does but I have never considered tax to be a major impediment to investing and wealth creation. Ultimately unless they're taxing you up near 100% you end up ahead. More ahead than if you just relied on your income alone. I might be more worried about taxes on my investments if they involved a huge amount of my time but they don't. It's easy money and to be honest in Aus capital gains tax is pretty reasonable. And yet snowjunky seems to think you'd be better off just being on government handouts than investing and paying capital gains tax! Well all I know is that my lifestyle is more than just a little bit better than those on the dole regardless of this supposedly incredibly draconian tax! Link to post Share on other sites
Chriselle 158 Posted June 21, 2012 Share Posted June 21, 2012 Cool GN, thanks for the details. Most of our investments are in land development as well. We have a couple homerun projects but a few others are going to be a little delayed in their payout schedule. I don't think Snowjunky was saying all that.... I see his point in that capital gains tax can make you wince despite the fact that it's part and parcel with creating wealth. I agree with you though in that I would never look at it as a deterent to putting my money to work. Again, I don't think he was saying that. Link to post Share on other sites
griller 9 Posted June 21, 2012 Share Posted June 21, 2012 Jimmy Carr said he had changed his tax affairs since the scheme came to light. Photograph: Yui Mok/PA The comedian Jimmy Carr has issued an apology for his "terrible error of judgment" in using a tax avoidance scheme. Carr confirmed that he had changed his tax affairs after the scheme was revealed this week. On Wednesday the prime minister had labelled the situation "morally wrong". In a series of Tweets the comedian said: "I appreciate as a comedian, people will expect me to 'make light' of this situation, but I'm not going to in this statement as this is obviously a serious matter. "I met with a financial advisor and he said to me: "Do you want to pay less tax? It's totally legal." I said: "Yes." "I now realise I've made a terrible error of judgment. "Although I've been advised the K2 tax scheme is entirely legal, and has been fully disclosed to HMRC [Her Majesty's Revenue and Customs], I'm no longer involved in it and will in future conduct my financial affairs much more responsibly. Apologies to everyone. Jimmy Carr." Link to post Share on other sites
Tubby Beaver 209 Posted June 21, 2012 Share Posted June 21, 2012 oh the irony of a chinless wonder like Cameron berating people who do as much as possible to lessen their tax load. I'll bet that all the top Tories are in similar legal tax avoidance schemes.....but thats ok cos they come from the correct background and have always done that, but its not for the unwashed masses Link to post Share on other sites
Metabo Oyaji 71 Posted June 21, 2012 Share Posted June 21, 2012 I thought "avoidance," minimizing tax through legal means, was entirely legal and proper. As opposed to "evasion," minimizing tax through illegal means. If you don't like the results, change the laws to make certain schemes illegal. But don't fudge the meaning of the word "avoidance" to make it sound like something improper. Link to post Share on other sites
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