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Thread: For Australians

  1. #1
    God/dess GoldCoastGirl's Avatar
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    Exclamation For Australians

    This thread is a place for the Australians on this board to mingle and discuss issues concerning them since we do have a slightly different tax system and other issues relevant to a Dollar Den thread.

    I would like to start with some good news

    Good news for Australians in re: Audits

    Whilst it is still law that one must keep their receipts and so forth for each financial year for 7 years before they can be rid of them..... the ATO (Australian Tax Office) can now only go back up to 4 years for anyone!

    HOWEVER

    These changes won't happen until the new tax year (July 1).

    This comes from a very reliable source.
    Last edited by GoldCoastGirl; 04-30-2005 at 03:06 AM.


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    Default Re: For Australians

    Your wish is my command ! We'll try sticking this thread for a bit and see how many additional posts/questions stem from it. GCG is right though that Australian tax law is different from US tax law in several ways.

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    Default Re: For Australians

    I also would love a thread that I can personally add information that I know about being in business as a stripper in Australia.

    I'm also going to be doing something that isn't that common here in Australia -- incoporating my stripping business. Changing my "structure" from self-employed to a company. Since I know no one who has done this - I figured any information that I come across that will help other dancers to do so will only be good.

    I've got a ton of information (all confirmed by my tax accountant as well as my "wealth" mentor) that I want to share Thank you Melonie


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  5. #4
    mermaidnz
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    Default Re: For Australians

    excellent idea vee. hopefully some of your info will be relevant to the only kiwi living member heh


    btw...ive been searching for that tax offestting thing for a few days now. i dont quite know what its called.paul got some forestry ppl in to talk to us last year about how if you owe say $15,000 in tax, instead of paying that t the tax department, you instead invest it in forestsry,and 10years later you get $X for it,and pay tax on that instead. any help would be much appreciated. ive search on here,and google, with not much advancment. mayvbe i wasnt listening properly,and heard wrong?

  6. #5
    God/dess GoldCoastGirl's Avatar
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    Default Re: For Australians

    It is what is referred to as a "tax effective scheme" and it is thanks to me investing in it (Gunns Plantations) that enabled me to be a client of PKF (the same firm that Players uses as such).

    I did this back in 2003. It did help my tax situation at the time however I would personally advise against it.

    I have since learnt that I should've invested the money I did with that (near $10,000 in the end as I paid it off within 12 months therefore no interest was charged on the 'loan' as such) into other areas such as Property, Shares, etc.

    I would personally strongly advise you give "Rich Dad, Poor Dad" a read.

    Every year PKF (the firm I'm with and therefore the firm that Players has talk with the dancers) offers one of these so it isn't like they are won't exist next year.

    Only start worry-ing about "tax effective schemes" when you are really in a position to do so..... invest for asset and income creation ("wealth") first then worry about tax effective investments.

    (Ask yourself -- Do you think the investment will go up in value and/or increase your cash flow ? THEN look at the tax benefits)

    Once again, please give Rich Dad, Poor Dad a read if you have not done so already. Then find any books you can by Lance Spicer (Trident Press) and Ed Burton (Vital Link Financial Education) as they are more "Australian" orientated authors.

    In the end, find an accountant in New Zealand and speak with her/him. The cost should not be of concern as any fees that your accountant charges is 100% tax deductible (here in Australia they are at least).
    Last edited by GoldCoastGirl; 04-14-2005 at 08:45 PM.


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    Default Re: For Australians

    Rach, I would also strongly advise you to become very familiar with MYOB as the majority of accountants and accounting firms accept MYOB files in re: end of year tax returns.

    It will greatly reduce your costs and also allow you to keep track of your own cash flow thereore making you more aware of your financial habits.

    You can either purchase an up2date copy out-right or go the 'cheaper' route that I took: Purchase MYOB First Accounts (I did so via ebay therefore making it cheaper) and then buy an upgrade to MYOB the latest version. Buying the upgrade is, naturally, less expensive than buying the latest version in full.

    If you want to know how to set MYOB up for your cash based business -- just set up a time with your accountant. I have MYOB set up on my laptop NOT on my PC. This ensures it will be even more secure as I only connect my laptop to the internet when I need to email anything to my accountant.


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  8. #7
    mermaidnz
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    Default Re: For Australians

    vee, i read every single robert kyosaki (sp) book a few years back, and while they were motivational, and got me extreamly imterested in financial investments, most of the information in his books are factual.and it quite pissed me off when i found out that robert has made nothing in property.investments etc, every single dollar hes made has been from the sale of his fictional motivational books a guy also researched into who the "rich dad" was that was spoken about in his book...no such person existed in hawaii on the dates stated etc.

    also,alot of his money making ideas wouldnt work in nz taxation schemes.



    with myob, why do you say its more secure if you put it on your laptop,whihc only gets used for emailing your accountant? i only have a lap top,and spend a good 5-10hours a day messing around on the net on it, does that mean if i get myob,someone could easily hack into it and egt the info? ima gonna have a look on for a copy now

    as for the forestry thingie. i was thinking of this because i have the WORST saving record held by any dancer! lol and if i used my tax dollars to "invest" then at least its not been a complete waste if 10years down the track i get even a bad return on that money, cos its a few grand that i wouldnt have saved otherwise.

    i need to sort out my savings first,before investing.

  9. #8
    mermaidnz
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    Default Re: For Australians

    sorry, which myob is the right one to get?!


    ive seen this one
    or this one



    i like the sound of the business basics, cos it would be great to somehow incorporate my tonyshoesinc importing stuff with my actual dancing income. although id assume they would be classified as two seperate businesses.

    ima need an accountant aye damnit. ill get off my ass asap about that.

  10. #9
    mermaidnz
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    Default Re: For Australians

    oops forgot one..

  11. #10
    God/dess GoldCoastGirl's Avatar
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    Default Strategy To Build Riches

    Please note that any information I publish is purely for informational, educational, non-profit purposes only .... and I always advise you to check with your accountant as to how or if any of this information can assist and/or apply to you and your business/situation.

    (c) Vital Link Financial Education 2003 -- my notes from the seminar of his I attended.

    1. Reduce Your Taxes
    -- Double Deductions
    -- Reassess last 4 years tax returns
    -- Company / Trusts to split income

    2. Protect Your Current Assets
    -- Buy assets in trust
    -- Sell assets to trust or cross securitize
    -- Sell business to trust / service trust

    3. Invest
    -- Property
    -- Offshore
    -- Shares
    -- Businesses

    4. Set Up Investment Structures
    -- Short term company/trust structure
    -- Long term company/trust structure
    -- Claim all deductions
    -- Distribute income to best advantage (lowest tax payer or bucket company)

    5. Purchase positive properties -- some for asset building, others for income.
    Aim to purchase one postively geared investment property per year.

    Note: Only concern yourself with Superannuation if 'retirement age' (age 56) is only 4 years away. Why? It is 'invisible' money as you won't be able to use it at all until you are age 56 therefore basically useless.

    If you do want to concern yourself with Superannuation, open up a Self Managed Superannuation Fund (SMSF for short). Do not open an account with an established fund - create your own.
    Last edited by GoldCoastGirl; 04-14-2005 at 10:06 PM.


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  12. #11
    God/dess GoldCoastGirl's Avatar
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    Default Re: For Australians

    I mentioned Rich Dad, Poor Dad for the pure fact that the philosophy behind it is sound. It gives you the foundations (proper "thinking") for wealth creation. If you can afford to do so, buy some of Lance Spicer ( Trident Press ) books. Lance is more inclined in re: shares however all of the books I have purchased of his have so far been very sound.

    Another book is "Think and Grow Rich" which is also available as an audio-book.

    In re: my comment about my MYOB being more secure on my laptop which isn't connected to the internet constantly like my PC ..... even tho' I am an individual and not someone who anyone should bother hacking.... I am still concerned about the security of my MYOB files. In your case, when you create your "company" file in MYOB put a password on it. This will help somewhat in protecting your MYOB files from someone hacking your laptop if it doesn't already have other protections in place.

    Just my personal paranoia since I regard my MYOB files as sacred (in a way).

    I mentioned MYOB First Accounts as it is really affordable -- example 1 has had 16 bids on it and is only up to around $56 at the time of this post. Therefore making the total cost less when you purchase an upgrade.

    Another option is to Test Drive various MYOB software.

    I personally bought First Accounts then the upgrade to the latest version of Accounting (NOT Accounting Plus as I didn't need payroll).

    Therefore if it cost me say $70 to purchase First Accounts and then purchase an upgrade to Accounting... my total cost would be $270 compared to purchasing MYOB Accounting out-right for $355 ... I saved $15. Okay.. not a huge saving but a saving none-the-less.

    My accountant recommended to be to purchase MYOB Accounting. You would really have to consult an MYOB approved practice or consultant to see which product would best suit your needs.

    As for your Tony Shoes Inc. business... that would be classed as personal income unless you incorporated that business. Just like my modelling, Goji and any other income (including any interest I receive from my ING Savings Maximiser accounts) I receive outside of dancing is also classed as personal income.


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    God/dess GoldCoastGirl's Avatar
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    Default Re: For Australians

    As for finding an accountant, you might want to ask around at your work or even find out which accountant the strip club uses. That is how I came to PKF and they have since given me a recommendation that I can pass onto Australian dancers.

    Also, your accountant does not have to be local. There are plenty of people who have never met face2face with their accountant ... they just deal with them over the phone and email. So extend your search outside your local community.

    Lastly, do not fall into the false thinking that the accountant you choose to work with today you have to stay with for life. You are never "married" to your accountant and it is easier than you thinks to change from one accountant to another even if you have been with one accountant for many years.


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    Legal Tax Loopholes

    Please note that any information I publish is purely for informational, educational, non-profit purposes only .... and I always advise you to check with your accountant as to how or if any of this information can assist and/or apply to you and your business/situation.

    (c) Vital Link Financial Education 2003 -- my notes from the seminar of his I attended.

    Investment Rules
    * Do I think the investment will go up in value ?
    or
    * Do I think the investment will increase my cash flow ?
    or
    * Do I think the investment will go up in value and increase my cash flow ?
    THEN look at the tax benefits.

    3 Types of Tax Payers
    * The poor and middle class
    * Those who abuse the system through evasion
    * The rich

    The difference between the Poor/Middle Class and Rich Class

    Poor/Middle Class >> Earn $80,000 - pay tax on entire income approx. $26,200 - have $53,800 to spend

    Rich Class >> Earn $80,000 - spend money eg. $53,800 - pay tax on $26,200 which is approx. $4,500 - have $21,700 to invest

    In simple terms, the poor/middle class earn, pay tax and then spend (and therefore have little to invest) whereas the Rich Class earn, spend and then pay tax which allows them to have more to invest.

    To play the game of the rich you must...
    * Currently be in business ('self employed', 'owner/operator', etc)
    * You want to get into business ('for yourself')
    * You want to reduce the tax you currently pay ('employee', 'self employed', 'owner/operator', etc)
    * Currently (or will be) investing in assets that produce income (share trading, property trading, offshore investing, interest, dividends, etc) and/or substantial capital gains

    What Is A Company ?
    Director(s) -- control and are responsible for the company NOT necessarily the owner; Company -- a legal entity that hold the assets; Shares -- a company is divided into portions. Each portion is a 'share'. Shares are ownership rights; Shareholders -- own the shares.

    Advantages of a Company
    * Taxed at maximum 30%
    * Claim expenses incurred in running business
    * BIG ADVANTAGE -- Earn > Spend > Tax

    Disadvantages of a Company
    * Directors may be liable for company debts
    * Generally assets owned by company are not protected
    * Pay higher rate of Capital Gains Tax (CGT)

    Mission: To get as many personal expenses as possible as legitmate business expenses.

    How To Claim Every Allowable Deduction
    1. The money must be spent
    2. The cost must be necessarily incurred in earning your income

    Let your accountant decide what is and is not tax deductible as well as 'how much' (the percentage) of any individual items. Give them your MYOB file as well as all your receipts. Any fees your accountant charges is tax deductible.

    You can claim travel to a second job from your first job with no "home stops", travel to place of education to/from work (no "home stops") and regular travel to different places to do your job.

    You can't claim for....
    Minor Travel eg. banking, checking the PO Box, etc
    Travel to work from home and vice versa
    If you are "on call"
    If you work outside normal business hours (9am-5pm)

    The Best Method ? Leave it to your accountant to work out.


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    God/dess GoldCoastGirl's Avatar
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    Default Re: For Australians

    If you earn over $50,000 per year before tax ("turnover") -- it is compulsory for you to register to pay GST. If you earn under $50,000 per year, it is purely voluntary if you register for GST.

    I also recommend PAYG tax payments for your income tax which you submit quarterly to the tax office. This basically gives you "credit" at the end of the year when it is tax time (which is June 31st every year) so you won't "owe" as much or even be in a position for a refund!


    I have the current tax table that will explain how much tax you have to put aside each week so just PM and I'll tell you how to download a copy. Otherwise, a good 'rule of thumb' is to just put aside 30% each week.

    I also recommend that you put this tax aside into a Savings Maximiser account with ING or even Online Saver account with Esanda this way you can gain some interest on your tax.

    Esanda even has some great saving tips!

    For those of you who are registered for GST and/or do PAYG payments here are the due dates for the BAS in order as they occur throughout the financial year:
        • 28 October (for the July-Sept period);
        • 28 February (for the Oct-Dec period);
        • 28 April (for the Jan-Mar period);
        • 28 July (April-June period).

    The financial year for Australia begins 1 July and ends 31 June each year.


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    Arrow FROM: Steve McKnight

    With only two months until the end of the Australian 2004/2005 income tax year, expect to start seeing the latest round of harebrained schemes promising amazing new ways of lowering your income tax bill.

    Accordingly, it would be very wise to adopt a sceptical approach to any tax effective opportunity that involves agricultural products (such as olives, blue gums etc.) or so-called offshore tax havens where companies can launder their profits and then send clean funds back to Australia.

    [refer: April 2005 Newsletter by Steve McKnight]
    The blue text is the reason why I warn against anyone to get involved in anything for the tax effectiveness such as I did with my Gunns Plantations investment. I still shake my head at how naive I was... that $10,000 would've been best invested elsewhere.


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    Member JMonash's Avatar
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    Default Re: For Australians

    I agree with you GoldCoastGirl, quite alot of people have this obsession with trying to "get out of" or "reduce" paying taxes, through such schemes as you mentioned above.

    I remember Rene Rifkin (R.I.P to a bloody legend) once saying "I am basically a happy tax payer, because it means I am making money"

    I'm not sure about Robert Kiosaki making money only off his motivational books, but the wisdom in Rich Dad Poor Dad cant be denied. Anyone reading this thread, take the advice of an Aussie geek who sits behind a computer most of the day: read this book!
    And when the daughter of Herodias came in, and danced, and pleased Herod and them that sat with him, the king said unto the damsel, Ask of me whatsoever thou wilt, and I will give it thee. And he sware unto her, Whatsoever thou shalt ask of me, I will give it thee, unto the half of my kingdom.
    Mark 6:21-23

  18. #17
    God/dess GoldCoastGirl's Avatar
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    Default Re: For Australians

    TREASURER Peter Costello today introduced laws to cut income taxes by $21.7 billion over the next four years. [ News Article ]




    From PKF's Federal Budget Bulletin for 2005/2006

    30% Tax Rate for the following tax thresholds

    Current Tax Threshold .............$21,601 - $58,000
    July 2005 Tax Threshold ...........$21,601 - $60,000
    July 2006 Tax Threshold............$21,601 - $70,000

    As a note, anyone who is wanting to claim the MEO (Medical Expenses Offset) for purely cosmetic procedures won't be able anymore. Please consult your accountant to see how this affects you esp. in relation to breast augmentation and so forth.


    It is best to contact your account now, this month, to prepare yourself for the end of the financial year as well as the new financial year esp. with the changes and how they may or may not affect you.


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    God/dess GoldCoastGirl's Avatar
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    Default Re: For Australians

    Free Credit Rating (Report) for Australians !

    https://www.mycreditrating.com.au/2005/creditrating.php


    Yes, they also sell two other products - Credit Rating Report ($14.95) and Rating Forecast Report ($19.95) - yet they still offer the free report. The only downside to the Free Credit Rating Report is that they base it upon employees as I had trouble with that section (trying to fill it out like I'm an employee when I'm self-employed).


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    Default Re: For Australians

    So, what's the koala/kangaroo exchange rate?

    OK, sorry, no one needs to answer that.

    I'll be going, now.
    "He will come in one of the pre-chosen forms. During the rectification of the Vuldrini, the traveler came as a large and moving Torg! Then, during the third reconciliation of the last of the McKetrick supplicants, they chose a new form for him: that of a giant Slor! Many Shuvs and Zuuls knew what it was to be roasted in the depths of the Slor that day, I can tell you!"

  21. #20
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    Default Re: For Australians

    If you travel interstate or anywhere for work (like I do - I live on the Gold Coast yet work in Melbourne).....

    * Keep a Travel Diary

    A travel diary is a place where you note down what nights you worked and expenses you have occurred that day (door fees, taxi fare, meals). You do not have to note down how much you earnt each night, that is purely optional.

    If you do as I do, travel and work nearly every night you are "in town"... all your meals are tax-deductible. Get receipts and keep them safe. The reason is that you are only here for business ("to earn income").

    Your airfare and all accommodation is also tax deductible. Plus any to/from airport to your accommodation expenses... and any other travel expenses.

    Basically, to make the most tax-wise of your work trip -- keep track of the nights you work as well as expenses you have occurred whilst working. Also, strive to get (and keep) receipts for everything.


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    God/dess GoldCoastGirl's Avatar
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    Default Re: For Australians

    Here are some handy web addresses:





    Tax antics laid bare ( article )

    Underground Knowledge - reliable information on Privacy, Wealth and Freedom
    Last edited by GoldCoastGirl; 07-07-2005 at 07:46 PM.


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  23. #22
    Senior Member Luke34's Avatar
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    Default Re: For Australians

    Hi Goldcoast girl

    I am not an accountant, but these things are worth checking out with your accountant. Hope this helps...

    I am not sure if you can claim all travel on work. As far as I am aware...you can only claim travel, if it is from one place of work to another place of work. I think when you are interstate on work you should be fine.

    You can get around this locally if you get an ABN number ( ie start a company) and it's registered place of business is your home office. But you should have a legit business run from your home office .. (I think the other option is to set up as a sole trader but i am not aware as to how that works). Namely, if you run a car and use the car to get to work. You are going from a home office to another registered place of work. You can claim a portion of the lease, fuel as well as maintenance costs.... usually 70- 80% but u need to keep a log book.

    (I am unsure if you can claim taxi fares to go from home to work and back .. perhaps you can as a sole trader).

    If you set up as a business/company, you deduct the running expenses of the business and pay yourself a wage. On this wage you have to pay compulsory super which I think is about 9%. maybe have workers comp as well.(for yourself)...There are a couple of other things which one has to do such as quarterely BAS statements.

    It may be prudent to check if you need to pay GST on the total turnover you declare on your business or as a sole trader. You pay GST on a number of purchases such as phone bills, airline tickets, food at work. Of course you will then be able to claim some of this back as GST credits.

    You may also be able to claim tax deductions and GST credits on select capital purchases for your home office from flowers to computers to furniture but these must be directly related with running your business. Further, you may be able to apportion some of your home rental, electricity, internet towards home office rental as well.

    Also every year you need to enter a company tax return to ASIC ... i found this out the hard way and got a $660 fine as I was unaware of this requirement...

    Cheers

  24. #23
    aussiepunkshocker
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    Default Re: For Australians

    Yeah, forgot about this - my accountant wasn't sure if I could successfully claim my interstate travel. She said it wasn't a certainty. Since I'm overseas I have no idea what happened. Does anyone know if that sounds right?

  25. #24
    God/dess GoldCoastGirl's Avatar
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    Default Re: For Australians

    I've spoken with my accountant. I know exactly what I can and cannot claim. For my interstate travel - I claim everything: flight, accommodation, meals and any other expenses. Why? I have necessarily incurred these expenses in order to earn an assessible income.

    I pay quarterly tax and GST. If you do your tax return yourself - it's due by end of October. If you use a tax accountant (which I highly recommend as it allows you to safeguard against audit "down the track"), then you ALOT more time to get your tax return done.

    As for cars, it is 1/3 of total costs or log book. The ATO website does have information in regards to that issue (the deductibility of using a car as part of business).

    You are right in re: claiming to/from work to/from home travel expenses... only allowed if home is also your office.

    Another thing about companies is that they pay tax from the first dollar earnt (no tax free threshold) whereas as an individual (self-employed) I have a tax free threshold... I don't have to pay tax until I have earnt over that threshold.

    GST is only compulsory if I have a turnover of $50,000 or more. Otherwise, it is not compulsory. I pay GST as I figured I would have a turn over greater than or equal to $50,000 this year. I didn't my previous year due to being JUST under that turnover $ amount.

    Turnover is gross income - what you earn prior to tax or anything else is "taken into account" (as such).


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    Senior Member Luke34's Avatar
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    Default Re: For Australians

    Quote Originally Posted by GoldCoastGirl
    I've spoken with my accountant. I know exactly what I can and cannot claim. For my interstate travel - I claim everything: flight, accommodation, meals and any other expenses. Why? I have necessarily incurred these expenses in order to earn an assessible income.

    " (as such).
    My previous post was not intended to undermine your post in any way...

    Cheers

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