Read this article. This will give you a sense of the extent to which understanding the Australian Tax Code has extended beyond the laymen notion of commonsense. The price of not knowing the meaning of significance of this information is probably:
1. Several thousand dollars in punitive fines a year
2. About $2ooo in company accounts, requiring an accountant - minimum!
3. Requiring a specialist accountant - depending on your activities you could spend $10,000 a year on 'statutory commonsense'
4. You could find yourself our of pocket to the tune of millions if you seek a ruling from the tax office......which will take months, and you might be none the wiser because they did not understand the implications of their own system, and they can't let you get away with the implications. If there are less than 20,000 taxpayers effected, you are toast.
5. You can spend up to a week of your life, i.e. 2% of your time doing your tax, collecting receipts, typing them up, photocopying them, mailing them to your accountant, having tax planning meetings with him, subjecting yourself to an audit. I don't participate in this crap any more. I am on strike. I'm not alone. There are many of you doing the same thing; just in different ways. The ones with money use accountants in Bermuda. Well, I guess that is a 'tax holiday'. Some go live in the Philippines or Thailand; some drop out of the workforce, and go live on a isolated farm. Some of you become homeless, and wonder the streets 'tax free'.
Read this article and just note the concepts used. There are concepts like "GDP adjustment factors" or 'dividend imputation". I just don't consider slavery an option. I am not prepared to spend a minute on my life living for the government. Jumping its hurdles. There are perfectly good moral principles of common law which apply in any particular context. I don't need a 4000-page tax code to understand these laws...they are perfectly intelligible to all people. They prevent extortion...at least from other people. But statutory law allows the government to engage in extortion...its called the Tax Code. I no longer participate in this racket, but I know many of you do. All I can say is 'Good luck with that'. The salary men among you are the greatest suckers in that 'unfair' tax system. But even for those among you who think you are free of it....it will eventually find a way to capture the information from those Bermuda banks which so treasure their secrecy.
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