The Simple Way To Tell That The Mining Tax And Carbon Tax Are Unconstitutional from Barnaby Is Right by The Blissful Ignoramus
Many small business work on the formula of:
Wages = 33% of turnover
Costs = 33% turnover
Profit = 33% of turnover
Assuming that the business with a $900,000 turnover is incorporated (tax rate reduction only applies to companies)the cash flow difference to the business will be:
Reduction in tax $300,000 x 1% = 3000
Increase superannuation 300,000 x 3% (9000)
Therefore the business owner is $6000pa worse off.
Fri 23 Mar 12 (09:13am)
And here is my small business. A business in the North Queensland tourism sector. T/O will be about $2M this year, down about 15% on last year and we are one of the better and larger operators. If we are lucky my net profit will be about $50,000 (I hope). Payroll is $640,000 . I’m up for $19,000 extra super, on top of an expected $15,000 increase (assuming just 10%) in electricity so my 50,000 is now down to $16,000 profit so I get a whopping $160 tax saving. No doubt other costs will rise for transport, gas, council services etc so my $16,000 profit is looking pretty sad. Can I put up prices…NO, can I get out of business…I wish…who wants a restaurant in NQ. I couldn’t even give it away……….I closed one in Cairns and literally couldn’t give it away, including the $200,000 fit-out.
So Ms Gillard, elsewhere in several blogs is some discussion about certain comments Ms Greer made about one of your body parts. May I suggest you stick this tax cut in that particular location and leave us the hell alone. It is hard enough, in fact already too hard, without you and your idiot Government. And, Mr Ackerman, I am happy to be named. Nothing these idiots do can be any more damaging than they already are. http://www.fishdvine.com.au
Thu 22 Mar 12 (06:53pm)
What that midget buffoon Swan fails to forget is that mining companies pay royalties on their extractions – up to 10%. But let’s forget about that for a moment. They pay a 30% corporate tax rate, to which he has just added 22.5% which makes their tax rate on profits 52.5%. That is the highest corporate tax rate in the OECD. What’s he say about that – nothing. He says there is $455 billion in the pipeline for mining developments. Hey Wayne, they have to make a profit and recover their wages, super and depreciation before you can get your Commie hands on any of that profit they may make, subject to commodity prices. Obviously you didn’t do any economics or accounting subjects in law school. Friggen moron !!!!
Thu 22 Mar 12 (08:28pm)
Here’s the transcript of Gai Brodtmann’s Interview of Shame.
I’d love to know who the journalists were. They deserve to be congratulated.
Thu 22 Mar 12 (08:44pm)
Piers I have something super to share and I hope that the australian people will wake up because we are all going to Athens.
Quoted by: Ross Greenwood of Money News..
Right now the Federal Government is at pains to tell everyone – including us the mug-punters and the International Monetary Fund, that it will not exceed its own, self-imposed, borrowing limits.
How much? $200 billion. And here’s a worry.
If you work in a bank’s money market operation; or if you are a politician; the millions turn into billions and it rolls off the tip of the tongue a bit too easily. but every dollar that is borrowed, some time, has to be repaid. By you, by me and by the rest of the country.
Just after 5 o’clock tonight I did a bit of math for Jason Morrison ( Sydney radio presenter). But it’s so staggering its worth repeating now.
First thought; Gillard, Swan, Wong, before that Rudd, all of the Labor Cabinet, call these temporary borrowings, a temporary deficit.
Remember Those Words : Temporary Deficit.
The total Government debt will end up around $200 billion.
So here’s a very basic calculation .. I used a home loan calculator to work it out….. it’s that simple..
$200 billion is $2 hundred thousand million.
The current 10 year Government bond rate is 4.67 per cent. I worked the loan out over a period of 20 years. Now here’s where it gets scary …. really scary.
The repayments on $200 billion, come to more than one and a quarter billion dollars – every month – for 20 years. It works out we – as taxpayers – will be repaying $15.4 billion in interest and principal every year .. $733 for every man woman and child – every year.
The total interest bill over the 20 years is – get this – $108 billion.
Remember, this is a Government, that just 4 years ago, had NO debt. NO debt.
In fact it had enough money to create the Future Fund, to pay the future liabilities of public servants’ superannuation, and it had enough to stick $20 billion into the Building Australia Fund …..
A note was sent to me which explains that the six leading members of the Government, from Ms Gillard down, have a collective work experience of 181 years, but only 13 in the private sector.
If you take out of those 13 years the number that were spent as trade union lawyers, 11, only two years were spent in the private sector.
So out of those 181 years:
- no years spent running their own business
– no years spent starting their own business
– no years spent as a director of a family business or a company
– no years as a director of a public company
– no years in a senior position in a public company
– no years in a senior position in a private company
– no years working in corporate finance
– no years in corporate or business restructuring
– no years working in or with a bank
– no years of experience in the capital markets
– no years in a stock-broking firm
– no years in negotiating debt facilities with banks
– no years running a small business
– no years at the World Bank or IMF or OECD
– no years in Treasury or Finance.
But these people have plunged Australia into unprecedented debt.
Well, in a way you can’t blame them.
It’s clear the electorate did not do their homework, because the Government is there by right.
Ah, but they are Labor and people vote for them because Labor is good for the working family – right???
Nothing super about this catastrophic government a true mafiacracy and remember too this would have never ever happened under a true democracy a la Switzerland because we the people wouldn’t allowed to happen .
Thu 22 Mar 12 (08:59pm)
Just when you think things couldn’t get any worse, with the Mining Tax, the Carbon Dioxide Tax, the Flood Levy, the increase in diesel for our Trucking Industry of an extra 7 cents, the slashing of the Health Rebate, etc etc etc….think again…this turns up to let you know the ride just keeps getting rougher the longer the Gillard/Rudd minority Govt is at the helm.
Thu 22 Mar 12 (09:12pm)
We’ve Been Conned On Superannuation: says Business.
Well, once again, its a bit late to speak out, isn’t it? Where were these people when the Howard Govt was being slandered?
Fri 23 Mar 12 (08:45am)