Banter and general comments, page-9260

Considering the high knowledge level of the majority of people on CXO threads I'm pretty shocked at the
lack of knowledge of the taxation side of things.

Basically....

1) There is NO taxation level of 50% in Australia... the highest personal tax rate is 45% (plus 2% Medicare);
2) GST is payable on ALL profits from share sales at your MARGINAL tax rates;
3) If held under 12 months then your profit (Net Sales less Cost Base) is added to your Taxable Income
(example You spent $10,000 on a share parcel and sell 10 months later for $15000... the $5000 is added
to your Taxable Income). Note all figures include brokerage fees on both purchase and sale etc.
4) If held over 12 months then your profit (again Net Sales less Cost Base) is HALVED and added to your
Taxable Income (in the above example if you had sold 16 months after purchase for that same $5000
profit then $2500 is added to your Taxable Income)
5) There is NO FURTHER DISCOUNT for holding over 24/36/48 months etc.
6) The 15% tax on Superannuation is for your DEPOSITS to super funds IF you are an employer.

Simples.