Well, here I am again at tax time and looking down the barrel of another fine year of giving the ATO a bundle of cash. My accountant has done the right thing by the letter of the law and has made the necessary deductions as required. I do not feel any wealthier for my endeavours for some reason. Almost to the point whereby I am thinking of giving it one last Hurrah and closing everything down to a bare minimum. I employ about 26 people directly and about 43 indirectly. If I shut down so do they! The amount of regulation and paperwork is driving me insane, this is not a whinge by the way. Just an observation.
YES all you Laborites and communists out there I have kept you and your bleeding hearts and artists in the custom they have become used to but I am getting tired of feeding the masses. To tax me as much as you do will effect the overall income of Australia. If I decide to downscale then a large chunk will disappear on the income stream of middle Australia.
There is no incentive for me to place my balls in the vice and take the risks I do to be punished for my "good fortune". I would be better just to sit back and take the gravy train like everyone else. Afterall the government will provide for me ........... won't they ?
Tax rates 2008-09
Tax on this income
$1 – $6,000 Nil
$6,001 – $34,00 15c for each $1 over $6,000
$34,001 – $80,000 $4,200 plus 30c for each $1 over $34,000
$80,001 – $180,000 $18,000 plus 40c for each $1 over $80,000
$180,001 and over $58,000 plus 45c for each $1 over $180,000