My answer to Aussie44:
Why is all the dirty money in Switzerland and all the clean money on the Bermudas, Monaco etc.?????? For sure we got our share of dirty money on this anonymus accounts. I've never denied it and I'm for sure not proud of it. But to accuse Switzerland as the only bad guy in this financial game is pretty easy. Much to easy.
Australia is very far away from Switzerland. So I had to update myself a bit and watching how well fits Australia to my first statement. Here for the members. Maybe it's the cause that should be repaired and not the symptoms!!!
The Australian income-tax-rules 2006/2007 (They are pretty fair til 80'000)
$A 0 'til $A 6000...............0
$A 6,001 'til $A 25,000.........15 Cent for every $A over $A 6,000 = ca. 10%
$A 25,001 bis $A 75,000.........$A 2,850 plus 30 Cent for every $A over $A 25,000 ($A 50'000 = 10'350.-- taxes = 20%)
$A 75,001 bis $A 150,000........$A 17,850 plus 40 Cent for every $A over $A 75,000 ($A 100'000 = 27'850 .-- taxes = 27.8%)
Over $A 150,000................ $A 47,850 plus 45 Cent for every $A over $A 150,000
That's pretty fair, but the following-part shows pretty clear that the Australian tax-jungle is incredible.
Next to the income tax Australia got many other taxes that must be payed mostly from the entrepreneurs. This citizen who take the risk, the burden to run a business, generating jobs, etc. Here a small choice of them:
Corporate Tax for every business: 30% of the business-profit per year.
Goods and Services Tax (GST): 10% for every business with a turnover $A 50'000 or more.
Payroll Tax: 6% A business with a payroll higher than $A 600'000 pays this to the Gov.
Fringe Benefits Tax: 46% Example: The businessowner pays for the worth of f.e. 7'000 miles that the employee can drive privatly with the businesscar. Or if the businessowner loans the employee money for lower than normal interests.
Without a tax-expert is it not possible to run a business in Australia and i think this expert will cost you easy another $A 5000.-- a year. (plus tax
)
A bit dizzy
Swissman