self funded
Submitted by petermac on Thu, 2013-08-22 20:30
got my tax done today because I have worked my guts out all my life and have some money in the bank after I got buggered at work I have had to retire at the age of 53 , I cant claim any government benefit's because I have to much money even though I have been a high end tax payer all my life ,got my tax done today and got slugged with a 14 thou tax bill , guessing my money will be leaving Australia now where I can make more interest and not get burnt I know who is paying for all illegals it blokes like you and me
Leemo
Posts: 3712
Date Joined: 22/02/07
Welcome to Fishwrecked,
Welcome to Fishwrecked, everyone.
bludgin' since 94'
Adam Gallash
Posts: 15613
Date Joined: 29/11/05
yup
Everything is open for discussion, just keep it within the site guidelines.
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Fish guts
Posts: 318
Date Joined: 20/07/12
this government is a
this government is a disgrace. All those out there doing the right thing like 'living the Aussie dream' get penalised while the imports and dole bludgers get rewarded. I feel for our pensioners the poor diggers have done it hard and to say thanks for all your hard effort our incompetent government just screw them over. Don't get me started on this shit.
All men are equal before fish....
catchalittle
Posts: 1875
Date Joined: 04/09/08
Man that sucks
Man that sucks so whens the trip to the Cayman Islands
Nathan
petermac
Posts: 2946
Date Joined: 03/03/10
not happy
wonder if I can do it like fine defaulters and cut it out in jail at $250 a day would be better for me
Rob H
Posts: 5747
Date Joined: 18/01/12
be careful-if you still live
be careful-if you still live here I think you still need to pay tax on it here but just get a credit for tax paid overseas toward your AU bill?
Give a man a mask, and he'll show you his true face...
The older you get the more you realize that no one has a f++king clue what they're doing.
Everyone's just winging it.
pipeliner
Posts: 18
Date Joined: 19/05/13
Get a better accountant!
I for one, am glad that you can't claim goverment benefits because you have too much money in the bank.
Unfortunately the self entitlement attitudes of today are rampant, as you have pointed out, "paying for all the illegals". You may have more in common with the illegals than you believe with your current attitude. You believe that because you have payed "high end tax all your life" you are entitled! The reason that you have payed "high end tax all of your life" must be something to do with your "high end wages". I am not saying that you didn't work bl@@dy hard for the money, however to be paying alot of tax you have to be earning alot of money in the first place!
I am no expert but I am not sure sending your money offshore is the solution. I am sure the Australian Tax Department would love to know where all the money suddenly went. PM me for a recommendation of an accountant if you like, who specialises in Expats that work and live overseas.
(Flamesuit on!)
petermac
Posts: 2946
Date Joined: 03/03/10
my money
my money will be heading to an account in Europe or asia shouldn't have to do it but I have to
petermac
Posts: 2946
Date Joined: 03/03/10
yes was making good money
the reason I was making good money was because I spent years at night school in karratha trying to better myself some of the courses I did I knew more about the subject than the lecturer did and some times I ended up running the classes did I care no just trying to better myself
petermac
Posts: 2946
Date Joined: 03/03/10
cant believe it
so you work all you life from the age of 15 in the north west cop all the dramas with skin cancer from being up there all there you life and because you saved your money instead of pissing against a wall you get punished buy the tax department after getting fucxx up at work never had a day sick in my life at work and have done more than the average bloke for the Australian tax dept they just want to screw me a bit more, I will never be able to claim an age pension because I saved my dough but mates that didn't will be able to where is the justice
Rob H
Posts: 5747
Date Joined: 18/01/12
nothing has really changed
nothing has really changed Peter, the rates change a little here and there (in both directions) over the years but pretty much the same principles have been in place for a long time.
So you cant say that you did all that then suddenly the ATO took $14K off you?
Isnt there some pride in being able to support yourself? I know Id rather not be the one heading to Centrelink every other thursday.
My tax bill is in many multiples of yours and I dont like it-but I wouldnt complain about it on a public forum where there are people from all ends of the spectrum!
I just complain to the missus or give the dogs an extra boot up the backside....
If it really was a suprise, then as said you really ought to get a better accountant
Give a man a mask, and he'll show you his true face...
The older you get the more you realize that no one has a f++king clue what they're doing.
Everyone's just winging it.
pipeliner
Posts: 18
Date Joined: 19/05/13
Well done
Kinda the point I was trying to make. :)
petermac
Posts: 2946
Date Joined: 03/03/10
sorry every one
sorry every one but needed to vent my spleen hope no 1 to offence 14k tax bill still mad no more toys for me for a while
Vinesh87
Posts: 2751
Date Joined: 02/04/11
I wish my tax bill was 14k
I wish my tax bill was 14k haha
But I get ya point. Thats why I am working on some more investments to claim on tax haha
sunshine
Posts: 2561
Date Joined: 03/03/09
Sorry but it is clearly double taxation
He already paid tax on that income and now he is being taxed again on the paltry level of interest he earns in the bank.
I am not retired, have worked for 42 years in a single industry and have similarly put money away for my retirement so I will not be a burden on the remaining Aussi taxpayers but because I have put that money away I now have to pay quarterly provisional tax on my "investment income" - the crappy little bit of interest I receive on that money I have banked as well as continuing to pay PAYE tax at a high rate
Sorry but that simply isn't fair or the Aussi way - if everyone paid their correct levels of tax the average joe blow (and that includes me) would not need to pay these ridiculous sums - it is time that a government had the guts to hit family trust tax dodges and the silvertails who pay far far less that you or I through the use of high cost accountants continually seeking loopholes to avoid paying what is simply and unequivocably their FAIR SHARE
GusG
Posts: 547
Date Joined: 07/04/08
I completely agree with you
I completely agree with you Pipeliner.
Also Peter, you send your money off shore and it wont get the same returns you are seeing here in Australia. Remember their interest rates are almost non existant.
pale ale
Posts: 1755
Date Joined: 02/01/10
found some of your / our
found some of your / our money peter
http://www.ywca.org.au/newsletters/spring-2012/australia-announces-320-million-pacific-funding
outdoinit
Posts: 1009
Date Joined: 05/10/12
Hey Peter, no need to send your money
offshore, would suggest you talk to an accountant who knows a little about SMSF (Self Managed Super Funds)
Australian SMSF were rated number 4 in the world out of all the so called low tax safe havens out there...
I would think well worth looking into it in your position..
Hope this helps..
I've spent half my life fishing.. The other half I have wasted..
roberta
Posts: 2773
Date Joined: 08/07/08
I feel for you Peter
what truly irritates me are the massive big companies that go off shore and hardly pay any tax to the ATO, these loop holes should but shut down immediately, can you imagine the tax they would have to pay. Maybe then we wouldn't be hit so damn hard with our taxes. Looking after your old age is in some cases just not worth it. I know a lot of old Italians and Europeans that put all their equity into their kids names so they could get the old age pension, especially if they had a going concern as a business, as they were way over the threshold to quality, now these people came out as genuine refugees after WW2, worked bloody hard, yet had the brains to seek good financial advise. We dump Aussie's just sit back on our nest egg and suffer as most of us wouldn't have the knowledge of taking everything out of our name and putting it in the kids name. Just leave enough for the threshold of I think its about $900,000 for a married couple to quality for the old age pension. We are lucky we just qualified, have some money put aside in a fixed term deposit as was sick of watching out super go down the drain on the stock market.
Ginger Tablets Rock