a slave to the taxman, page-3

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Bunn-Wackett

28,287 Posts.

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25/06/24

23:15

Post #: 74487683
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Originally posted by coastwatch24: ↑

We are trying to help a valued employee purchase a house, the problem is a well earned bonus of $15 000 costs the following
$15 000 bonus
$7 904 tax
$2 519 super

$25 423 total.

Now if we had free education, healthcare, nursing home, etc that would be OK........

Instead we have the NBN, NDIS and a broken public sector for 40 cents + on the dollar, What ever little you have left is subject to more tax depending on what you buy, cigarettes and fuel for example.

Forget price of living, you work your guts out and without even turning up to carry your tools or make you a coffee the government takes half and if you run a business you get to be a secondary tax collector of GST for the states slush fund.

Funny thing about 10% GST, if I buy a product from a wholesaler it has 10% gst, I then sell to the person I subcontract to as part of the install with my 10% gst, then the final bill hits the customer with the project managers 10% gst added. If your the first second or third business in this chain of transaction your covered by claiming gst paid when doing taxes. If your the end customer your product per unit has been touched by GST three times before your billed.

Our family like a lot of others have had bushfire, floods and then covid, running a small business has been an adventure to survive. Over the last 5 years my tax bill reached $217 000, the interest that recently went up just about wiped us out. My right hand man worked long hours without holidays for 2 years with me to get everything under control. Now it's time for me to help my employee and the tax man is back again with his hand out, not to spend wisely but to waste.

Getting up a 5am again tomorrow to earn, 50% for me 50% for some idiot that never turns up except to take his greedy excessive share.

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“If your the end customer your product per unit has been touched by GST three times before your billed”

That’s not how it works. There’s no restrictions on what you can charge as a business, competition will restrict you but you shouldn’t be passing the GST on as your P&L doesn’t include GST and this is where you see income less costs exclusive of GST.

It gets passed on once.

Last edited by Bunn-Wackett: 25/06/24
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