Owe 70 million, Pay 70 thousand !!

**buggerlugs** · 30-09-2012, 07:00 AM

http://www.sunshinecoastdaily.com.au...ers-good-deal/
Ok, here's the story. This guy is the son of a very wealthy developer. Started his own business. It goes belly up. He owes more than 70 Million dollars, yes 70 Million. Creditors accept 70 thousand and he does not become a bankrupt and can still develop !!!! Am I missing something here ???

2011G6E · 30-09-2012, 08:19 AM

No. It;s called "having a clever accountant and lawyer".

Kerry Packer one year made many millions of dollars in profits, and paid only $13,000 personal income tax. When asked, he scoffed at the media and said "Anyone who doesn't use a clever accountant to minimise their tax is an idiot".

I grossed over $129,000 last year, paid $37,940 in income tax...and got back a measly $420 from the tax man.
This year I am trying to figure out how to pay less tax...but all I have come up with is contributing to my superannuation and getting private health cover. Not a lot else a "normal" guy can do. No idea how the big boys do it...

Jim Goose · 30-09-2012, 08:53 AM

Nope your not missing anything.. If your wealthy you usually can get out of anything.

Dr Jekkyl · 30-09-2012, 04:08 PM

You know you have "made it" when you can employ people to make it seem otherwise.

dave351cid · 30-09-2012, 09:04 PM

"SCOTT Juniper"

why did that familly come to my mind as soon as i first read your post, before clicking the link. if they sold one of the ferraris they would get more then that.
that is one of the things that always amazed me when i lived on the sunny coast, how a developer could whipe off millions in debts and carry on business as usual while all the subbies and suppliers lost everything they owned.

the rich get richer and who gives a **** about the rest.

neptune blue · 30-09-2012, 09:47 PM

Quote:

Originally Posted by 2011G6E

No. It;s called "having a clever accountant and lawyer".

Kerry Packer one year made many millions of dollars in profits, and paid only $13,000 personal income tax. When asked, he scoffed at the media and said "Anyone who doesn't use a clever accountant to minimise their tax is an idiot".

I grossed over $129,000 last year, paid $37,940 in income tax...and got back a measly $420 from the tax man.
This year I am trying to figure out how to pay less tax...but all I have come up with is contributing to my superannuation and getting private health cover. Not a lot else a "normal" guy can do. No idea how the big boys do it...

I don't know what you do for a living and perhaps you have already done his but if you lease a car for business purposes you can legitimately reduce your tax
I have done this and have reduced my tax by as much as $11,000.00 per Annum

BHDOGS · 30-09-2012, 10:09 PM

Ofcourse I mean y pay your fair share the less fortunate don't need hospitals police or fire brigades and once there poor and destitute the same rich persons house will be the first thing to be looted let them eat cake

mik · 30-09-2012, 10:21 PM

yes it seems very wrong does`nt it, what really burns me is some guys do this stuff over and over again and seem to get away with it.

302 XC · 01-10-2012, 10:27 AM

Quote:

Originally Posted by mik

yes it seems very wrong does`nt it, what really burns me is some guys do this stuff over and over again and seem to get away with it.

My old boss told me he could show me how to be very wealthy,when i asked how many times have you been bankrupt, he replied 3 ....
I said the only way you have the lifestyle you have is by shafting the little people he got all upset ....

Most people who have alot or are rich generally rely on the generosity of others,but try rippin them of for a dollar, the world would attack you

You never ever get rich doin an honest days work

xisled · 01-10-2012, 12:49 PM

Quote:

Originally Posted by 2011G6E

No. It;s called "having a clever accountant and lawyer".

Kerry Packer one year made many millions of dollars in profits, and paid only $13,000 personal income tax. When asked, he scoffed at the media and said "Anyone who doesn't use a clever accountant to minimise their tax is an idiot".

I grossed over $129,000 last year, paid $37,940 in income tax...and got back a measly $420 from the tax man.
This year I am trying to figure out how to pay less tax...but all I have come up with is contributing to my superannuation and getting private health cover. Not a lot else a "normal" guy can do. No idea how the big boys do it...

You need a better account. My brother is earns around 150+ a year and he gets back around 90 percent of his tax.

The problem is if you have an account that has no idea or your trying to save $200 bucks by doing your own tax. I would suggest talk to a few friends and see who they use.

**cs123** · 01-10-2012, 12:53 PM

Quote:

Originally Posted by xisled

You need a better account. My brother is earns around 150+ a year and he gets back around 90 percent of his tax.

The problem is if you have an account that has no idea, your trying to save $200 bucks by doing your own tax. I would suggest talk to a few friends and see who they use.

Not many options with PAYG apart from some work related expenses.

If you manage to pay only 10% tax on 150K and you're PAYG then you are doing something very dodgy.

XWGT · 01-10-2012, 01:12 PM

One of the best peices of advice I ever heard went along the lines of this

If you go broke, and you owe the bank $1 million, you have a problem
If you go broke, and you owe the bank $100 million, the bank has a problem.

302 XC · 01-10-2012, 05:57 PM

Quote:

Originally Posted by XWGT

One of the best peices of advice I ever heard went along the lines of this

If you go broke, and you owe the bank $1 million, you have a problem
If you go broke, and you owe the bank $100 million, the bank has a problem.

Be good IF the banks didnt pass on their $100 million problem via various charges and fees .....

**fordomatic** · 01-10-2012, 07:34 PM

Quote:

Originally Posted by 302 XC

You never ever get rich doin an honest days work

I beg to differ, every single day of my employment has been hard honest work. my old man told me when i was young that for every dollar i spent, i should save a dollar. I have used this advice since i was 16, im now 25 and own two property's with more on the way to be being owned. I have worked hard but my social life has not been affected. If you want something and you set yourself a goal you can achieve it.

I hate it when people get on here whining all the time that they are hard done by. Life is what you make it, if you sit on a forum all the time whining about it, it isn't going to get any better.

b0son · 01-10-2012, 09:10 PM

Quote:

Originally Posted by 2011G6E

No. It;s called "having a clever accountant and lawyer".

Kerry Packer one year made many millions of dollars in profits, and paid only $13,000 personal income tax.

His business paid way more than $13k in tax....

jpd80 · 01-10-2012, 09:29 PM

Quote:

Originally Posted by neptune blue

I don't know what you do for a living and perhaps you have already done his but if you lease a car for business purposes you can legitimately reduce your tax
I have done this and have reduced my tax by as much as $11,000.00 per Annum

I think his ride has over 12,000 hp......

302 XC · 02-10-2012, 09:19 AM

Quote:

Originally Posted by fordomatic

I beg to differ, every single day of my employment has been hard honest work. my old man told me when i was young that for every dollar i spent, i should save a dollar. I have used this advice since i was 16, im now 25 and own two property's with more on the way to be being owned. I have worked hard but my social life has not been affected. If you want something and you set yourself a goal you can achieve it.

I hate it when people get on here whining all the time that they are hard done by. Life is what you make it, if you sit on a forum all the time whining about it, it isn't going to get any better.

Great advice and its good you listened
Nothin gets up my nose more than people who wont/dont or couldnt work and expect everything handed to them and cry blue murder when it doesnt happen
I had 2 houses before 30 ,and all the mod cons ,i had parasite so called mates lined up for blocks to help me spend it,ya know good mates
The headaches with rentals, the bank noose around my neck wasnt worth the pain
I now own outright everything i have,no monthly bank managers lifestyle payments every month,its great
Mite not to some be the best of the best, but im happy with it and my life
Money isnt everything,and you cant take it with you

Baron.LSN · 02-10-2012, 11:50 AM

Quote:

Originally Posted by 2011G6E

I grossed over $129,000 last year, paid $37,940 in income tax...and got back a measly $420 from the tax man.
This year I am trying to figure out how to pay less tax...but all I have come up with is contributing to my superannuation and getting private health cover. Not a lot else a "normal" guy can do. No idea how the big boys do it...

Look into family trusts and see if you can avoid a bit of tax that way.