Our ABC promotes a "Wealth Tax" proposal., page-168

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moorookamick

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23/01/22

15:53

Post #: 59072052
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Originally posted by rocket973: ↑

"house sold for $135 mil 18 months ago with a 4 car garage"
Must be a rather flash house for $135 million.

If you think your neighbours are being dishonest and using their business to buy equipment for their own home and claiming it against the business then you should report it.

Having been a business owner myself for 40 years there is times where you may use some obsolete item that is no longer used in the business. Also company vehicles are sometimes used for personal reasons, however the ATO also audits companies if excessive amounts are claimed that are obviously not in the usual range for that type of business.
There is no doubt that a well operated business can earn far more income than an employee. However there is considerable risk involved and considerably more work is involved if you want to be successful.

Those who earn more also spend more and pay more tax, ie buy a new Porsche sports car for $250,000 you'll pay more than $80,000 in taxes. LCT, GST and stamp duty. Buy an expensive home the rates will be more, the stamp duty will be more.

Best not be jealous of those who are richer as many have worked far harder in their lives and you. They most likely went without a lot of luxuries earlier in life as they invested their money into their business rather than frivolous purchases that others have made.

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You obviously didn't read the correction next post which said:
Typo....should read $1.35 mil....not $135 mil!
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Our ABC promotes a "Wealth Tax" proposal., page-168

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Our ABC promotes a "Wealth Tax" proposal., page-168

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