crocodile wrote on Mar 1
st, 2019 at 8:41am:
You fukkin dopey colostomy bag. The refund is for tax that should not have been paid in the first place. no different from you getting a tax refund at the end of the year if it turns out you've paid more than you should. Especially if you happen to be under the tax free threshold. The double taxation has already been addressed but a blind idiot like you can't see it. Anyone under the tax free threshold has already been assessed at this marginal rate. They have no tax to pay and are entitled to any tax paid on their behalf. Stop wasting everyone's time you ignorant arsehole.
Quote:The refund is for tax that should not have been paid
Solution - don't pay it.
Quote: no different from you getting a tax refund at the end of the year if it turns out you've paid more than you should.
Well the difference is that you paid no tax at all, so yes it is very different. In one case you are getting a refund from tax you paid in the other you are getting a refund from tax you didn't pay.
Quote:The double taxation has already been addressed
The company payed the correct tax on the profit, there is no second tax involved. Invest in product that will deliver non franked dividends up to the tax free threshold. You get a 30% higher dividend (untaxed) and then you pay no tax on it. (Don't tell anyone).
Quote:They have no tax to pay and are entitled to any tax paid on their behalf.
No tax has been paid on their behalf, The company payed their tax on their profit. This was optional. They do not forward tax into your tax account at all, they have not paid your tax. The get out of jail is that you can't be taxed twice on the same money which is where the refund comes in but it only stands to reason that you cannot claim a rebate from your tax if you pay no tax.
If the company did pay the tax into your tax account I do not see how the government could prevent a refund of all the tax paid up to the tax free threshold.
While I think this change is a dumb move by Labor it isn't flawed in this area of logic.
Forum
Pages: 
