• Australian (ASX) Stock Market Forum

Hello and welcome to Aussie Stock Forums!

To gain full access you must register. Registration is free and takes only a few seconds to complete.

Already a member? Log in here.

Should millionaires pay the same % of tax as middle income taxpayers?

Discussion in 'General Chat' started by basilio, May 12, 2012.

  1. Starcraftmazter

    Starcraftmazter

    Posts:
    1,544
    Likes Received:
    0
    Joined:
    May 20, 2011
    See, I can tell his guy is a total bauss - he knows the right way to live such that your hard work isn't taken away by the communist party and redistributed to bogans who have too many children.
     
  2. Trembling Hand

    Trembling Hand Can be found on the bid

    Posts:
    8,843
    Likes Received:
    179
    Joined:
    Jun 10, 2007
    Again you cannot think about how anything actually works in practicality. All you know is 1 page deep of basic information. Zilch experience.

    Unlike you I trade and do pay tax. 30% after expenses. Thats what it is.
     
  3. Starcraftmazter

    Starcraftmazter

    Posts:
    1,544
    Likes Received:
    0
    Joined:
    May 20, 2011
    Sure you can set up a company to trade. But in Singapore you'd be paying 17% versus your 30%. Justify that.
     
  4. Smurf1976

    Smurf1976

    Posts:
    8,394
    Likes Received:
    1,331
    Joined:
    Feb 14, 2005
    Along similar lines you'd be amazed at the level of misunderstanding about how the tax system actually works.

    Ask any blue collar worker about working overtime and they will usually choose (for example) to work two full days a fortnight apart rather than do both days on the same weekend. The reason is simple - most are of the understanding that by getting paid the full amount in the one pay period they will pay more tax than if they worked the same time spread over two weeks. I've even had workers agree to work a full weekend strictly on the condition that I allow them to fudge the dates, being paid one day in the next pay and the other day a fortnight later rather than getting the whole lot all at once.

    I'd guess that more than 80% of such workers think it works this way. It's a very common belief I've encountered in utilities, councils, building trades etc and a reason many decline to work overtime or otherwise increase their income. :2twocents
     
  5. Trembling Hand

    Trembling Hand Can be found on the bid

    Posts:
    8,843
    Likes Received:
    179
    Joined:
    Jun 10, 2007
    Again unlike you I've been to Singapore. Please go and live there by all means.
     
  6. So_Cynical

    So_Cynical The Contrarian Averager

    Posts:
    6,649
    Likes Received:
    252
    Joined:
    Aug 31, 2007
    The last time i looked it was pretty darn easy and very cheap to pull up stumps and move to West Africa or Kenya...from memory 10K USD will get you the local equivalent of a permanent residency visa for Ghana.

    So yes depending on where you want to go...it can be almost as easy as just buying a plane ticket.
     
  7. Starcraftmazter

    Starcraftmazter

    Posts:
    1,544
    Likes Received:
    0
    Joined:
    May 20, 2011
    I was actually wondering if it would be possible to have my investments in a Singapore incorporated company while still living here. Of course if I ever bring that money back to Australia I will still have to pay 45% on most of it. Nevertheless, it seems like a better place to live in anyway. No crime I hear - no wonder since they don't have millions of bogans. What's so bad about it? Please pray tell.
     
  8. Trembling Hand

    Trembling Hand Can be found on the bid

    Posts:
    8,843
    Likes Received:
    179
    Joined:
    Jun 10, 2007
    SCM tell us how much you will be taking over and how much you expect to be making based on previous returns and then will know how suited it is?


    LOL
     
  9. BradK

    BradK

    Posts:
    729
    Likes Received:
    1
    Joined:
    Jan 30, 2007
    Why do you even bother arguing with scm?
     
  10. Julia

    Julia In Memoriam

    Posts:
    16,986
    Likes Received:
    1,614
    Joined:
    May 10, 2005
    :D:D:D
     
  11. Starcraftmazter

    Starcraftmazter

    Posts:
    1,544
    Likes Received:
    0
    Joined:
    May 20, 2011
    It's hard to say, I haven't even been trading a year. Hell, I haven't even began. Just wait till I finish my stock analysis software. I will probably sell the recommendations in some stock newsletter or something.
     
  12. Ves

    Ves Beyond Good and Evil

    Posts:
    2,467
    Likes Received:
    50
    Joined:
    Apr 18, 2011
    I guess if you can't make any real money trading, then by all means sell black box software and "tips" to the plebs! Good plan, reckon the intelligentsia over in Singapore will buy it though?
     
  13. Trembling Hand

    Trembling Hand Can be found on the bid

    Posts:
    8,843
    Likes Received:
    179
    Joined:
    Jun 10, 2007
    Nah its not mate. You're the only one that seems deluded here.

    Carry on.........
     
  14. Intrinsic Value

    Intrinsic Value

    Posts:
    337
    Likes Received:
    0
    Joined:
    Nov 30, 2010
    Nope you dont even pay 17 percent no where near it.

    If you set up a company and pay yourself a minimun salary and then redistribute your profits as tax free dividends then effective tax rate is about 4 percent on 400k. :).

    Even if you are paye employee earning say 200k a year your effective tax rate is only 10 percent roughly.
     
  15. Starcraftmazter

    Starcraftmazter

    Posts:
    1,544
    Likes Received:
    0
    Joined:
    May 20, 2011
    Wow, that is absolutely amazing - no wonder Singapore is one of the best countries in the world. I'll be sending you some PMs.
     
  16. skc

    skc Goldmember

    Posts:
    8,260
    Likes Received:
    284
    Joined:
    Aug 12, 2008
    Lol. I was going to ask the same thing.

    Arguing with SCM has to be up there in terms of being the top time-wasting pursuits on ASF (along with topics like FA vs TA debate).
     
  17. BradK

    BradK

    Posts:
    729
    Likes Received:
    1
    Joined:
    Jan 30, 2007
    Hell I havent even began??? :banghead::banghead::banghead:
     
  18. Starcraftmazter

    Starcraftmazter

    Posts:
    1,544
    Likes Received:
    0
    Joined:
    May 20, 2011
    My dear, you flatter me.
     
  19. Intrinsic Value

    Intrinsic Value

    Posts:
    337
    Likes Received:
    0
    Joined:
    Nov 30, 2010
    You can set up a company online cheap and easy only takes a few days.

    Then for the first couple of years new companies can distribute tax free dividends.

    You need to pay yourself a minimun wage and then the rest as i said you can distribute tax free.
     
  20. Starcraftmazter

    Starcraftmazter

    Posts:
    1,544
    Likes Received:
    0
    Joined:
    May 20, 2011
    This will surely silence those here without a proper understanding of the marvellous god-like Singapore tax system.

    I am very honoured to be in the company of such an intelligent individual such as yourself, so that you may confirm to us the correct way to go about not having your hard-earned money stolen.

    If you could please PM me with information about how to start a company incorporated in Singapore from Australia, I would be eternally grateful.
     
Loading...

Share This Page