June 14th, 2009 | Posted in Jokes
Here’s another cool little story. Remember, if you have any tax tips or questions please send us a email!
It is the month of August, on the shores of the Black Sea . It is raining,
and the little town looks totally deserted. It is tough times, everybody is
in debt, and everybody lives on credit.
Suddenly, a rich tourist comes to town.
He enters the only hotel, lays a 100 Euro note on the reception counter,
and goes to inspect the rooms upstairs in order to pick one.
The hotel proprietor takes the 100 Euro note and runs to pay his debt to
the butcher.
The Butcher takes the 100 Euro note, and runs to pay his debt to the pig
grower.
The pig grower takes the 100 Euro note, and runs to pay his debt to the
supplier of his feed and fuel.
The supplier of feed and fuel takes the 100 Euro note and runs to pay his
debt to the town’s prostitute that in these hard times, gave her “services”
on credit.
The hooker runs to the hotel, and pays off her debt with the 100 Euro note
to the hotel proprietor to pay for the rooms that she rented when she
brought her clients there.
The hotel proprietor then lays the 100 Euro note back on the counter so
that the rich tourist will not suspect anything.
At that moment, the rich tourist comes down after inspecting the rooms,
and takes his 100 Euro note, after saying that he did not like any of the
rooms, and leaves town.
No one earned anything. However, the whole town is now without debt, and
looks to the future with a lot of optimism….
And that, ladies and gentlemen, is how the United States Government is doing
business today.
May 13th, 2009 | Posted in Trusts
Here’s a reply to a question that came through from the contact form From Grant
“Can you explain what family trusts are about and how/if they can benefit a small family (no kids)?”
There any many variables you will need to consider but I’ll give a general overview.
To make a family trust it costs around $1000, so if your your not going to save more than that, there’s really no point.
To be effect the income source needs to be over about $30,000 as long as only one person is making money. A vital factor is Personal services income or PSI which must be below 80% meaning that all the income has to come from more than 80% from one source.
A family trust is ideal for a service skill such as a plumber or lawyer as they serve many different clients and do not work for a company.
The benefits are that is the husband earns $50,000 and spouse earns 0 than they can split the income between the two.
EG. Person on $50,000 would pay $8850 in tax.
Where as two people on $25,000 each would pay $2,850 each or $5,700
Thus a saving of 8850 – 5700 -$1000 for the trust costs = $2150 saving per year.
If you did have kids, it can help the situation even more saving an each $400-$600 depending on your tax bracket.
If this sounds like you, see your tax agent to get more advice.
If anyone picks up that i have missed something above comment below or contact us.
May 11th, 2009 | Posted in Jokes
Young Chuck moved to Texas and bought a donkey from a farmer for $100. The farmer agreed to deliver the donkey the next day. The next day he drove up and said “sorry son, but I have some bad news, the donkey died”.
Chuck replied: “Well then just give me my money back”.
The farmer said: “I cant do that, I went and spent it already”.
Chuck said: “OK then, just bring me the dead donkey”.
The farmer asked: “what are you gonna do with him?
Chuck said: “I’m going to raffle him off”
The farmer replied: “you cant raffle off a dead donkey!”
Chuck replied: Sure I can. Just watch me… I just wont tell anybody he’s dead.”
A month later, the farmer met up with chuck and asked, “what happened with the dead donkey!”
Chuck said: “I raffled him off. I sold 500 tickets at $2 a piece and made a profit of $898.00”
The farmer asked: “did anyone complain.
Chuck said: “Just the guy who won. So I gave him his $2 back.
Now Chuck works for the Government.
May 7th, 2009 | Posted in Government Payments
Thousands of direct deposits from the ATO have mistakenly been sent to tax agents on behalf of their clients. This also means that tax agents have had to use additional resources to get the money to their clients and the money spent by agents on additional wages and postage costs is not being reimbursed by the ATO, but passed onto the clients, which means less money from the KEV.
“I was expecting it to be in my bank account Monday morning but no sign of it. Thursday morning it appeared in the mail from my accountant who relayed it on to me.” - Rhys Evans
Can’t the ATO get anything right?
May 5th, 2009 | Posted in General
Hey guys,
Being looking at some shares recently these ones look good.
ABP – current share price .34 current annual dividend yield 20%
SHL & NUF both have announced recently improved profits on previous years accounts with solid balance sheets both showing a steady positions.
All three are worth having a look into.
Let me know what shares you guys have found that’s worth a look.
Regards,
Kieran
*Please note make sure you do your own research into these companies as its your money not mine )
May 5th, 2009 | Posted in Site News
We welcome our newest contributor to OzAccounting, Kieran Powell. Kieran works part time in the accounting field and also enjoys his share trading in current volatile markets and long walks along the beach…
