How Taxes on Businesses Work...

[GORDY GAMBINO]

Contrary to Gordy thinking he's a businessman (and I can't speak for Australian tax policies either), there is a reason I run the way I run.



I could put myself on the payroll, either in wages or dividends (pros and cons to both, basically a personal decision)...



HOWEVER, as I run a limited company, my main goal is to retrieve every last penny I personally put into it, as quickly as I can.  And this "pay-back" is not taxed.  It is simply a re-payment of a personal loan.



There is a reason I expedite this payback...  If anything should happen to the company, and lots of things could go wrong, at the very least I want to recoup quickly my initial investment, as with a limited corp my company and myself are two separate entities.  If I crash and kill someone, the company will take the brunt.  That has bankrupted other companies (even though I carry $5,000,000 liability).  If the company goes kaput, so be it...  The idea is to get your personal loan out and away from the company as quickly as possible.



This is why I am not on the payroll.

Your on the right track.



Now I have different companies own different stuff. My gaff is owned by a Family Trust. My asbestos company owned my tow truck when I traded as that with a partner so he could never sell it...hahahaha. Now I sold it 3 weeks ago and bought meself a merc. Good reliable , steel , Krupp . For a song. Man I look like a fucken boss. It don't leak nuthen .

[Anonymous]

Contrary to Gordy thinking he's a businessman (and I can't speak for Australian tax policies either), there is a reason I run the way I run.



I could put myself on the payroll, either in wages or dividends (pros and cons to both, basically a personal decision)...



HOWEVER, as I run a limited company, my main goal is to retrieve every last penny I personally put into it, as quickly as I can.  And this "pay-back" is not taxed.  It is simply a re-payment of a personal loan.



There is a reason I expedite this payback...  If anything should happen to the company, and lots of things could go wrong, at the very least I want to recoup quickly my initial investment, as with a limited corp my company and myself are two separate entities.  If I crash and kill someone, the company will take the brunt.  That has bankrupted other companies (even though I carry $5,000,000 liability).  If the company goes kaput, so be it...  The idea is to get your personal loan out and away from the company as quickly as possible.



This is why I am not on the payroll.

Your on the right track.



Now I have different companies own different stuff. My gaff is owned by a Family Trust. My asbestos company owned my tow truck when I traded as that with a partner so he could never sell it...hahahaha. Now I sold it 3 weeks ago and bought meself a merc. Good reliable , steel , Krupp . For a song. Man I look like a fucken boss. It don't leak nuthen .

 

[GORDY GAMBINO]

gaff means house youse ting tong...555

[Anonymous]

gaff means house youse ting tong...555

We saw your house. Shen Li posted a picture of it. Even cockroaches wouldnt go in there.

[GORDY GAMBINO]

Those are skirting board pics.



It's when I had her nigga fucked arse up in the air given her the convict rumpy pump that she tooky clicky clicky like a typical fucken slitty eyed g@@k.



Your turn to play railway on her arse.



Choo fucken choo.



toot fucken tood.

[Anonymous]

Those are skirting board pics.



It's when I had her nigga fucked arse up in the air given her the convict rumpy pump that she tooky clicky clicky like a typical fucken slitty eyed g@@k.



Your turn to play railway on her arse.



Choo fucken choo.



toot fucken tood.

You did, did you? Did she max out what's left of your credit cards or just take the deed to your slum house?

[Renee]

gaff means house youse ting tong...555

In what language, pray tell?



The gutter mouthed, burbling, shit speak that blurts out of your ugly, bald, head, is something that only the brain damaged can fully understand.

[Anonymous]

gaff means house youse ting tong...555

In what language, pray tell?



The gutter mouthed, burbling, shit speak that blurts out of your ugly, bald, head, is something that only the brain damaged can fully understand.

In that case, TD would understand it.

[Anonymous]

...read an article today on CBC (billion dollar a year 'make work' project courtesy of your tax dollars), and thought I get more thorough and explain why some businesses pay no tax.



I am in a position to do so, as I am one of the businesses that they were referring to, that "pay no tax."



If I plunk, say, $200,000 of my own money on a truck and trailer, and put it to work, what happens if I only gross $150,000 on that truck for that year?  You got it...  I'm running at a $50,000 loss!  Yeah, I made $150,000 on paper, but in fact I have lost money.



This is very simple to understand.  I can carry my losses forward to the next year, and if I couldn't, there'd be no incentive whatsoever to even buy the equipment, as I could simply let my money sit in a Savings account, tax free, just like your chequing and savings accounts are.

bullshit

[Angry White Male]

bullshit

Bullshit?



Perhaps you should tell that to the accountant I paid $1200 to.  And also to the Revenue Canada investigator that audited my company...  He must be wrong too!

[Anonymous]

bullshit

Bullshit?



Perhaps you should tell that to the accountant I paid $1200 to.  And also to the Revenue Canada investigator that audited my company...  He must be wrong too!

But, the audit was on pas years Mel.

[Angry White Male]

The audit was for last year, which is exactly the timeframe that I'm talking about.



Anyways, I'm done with this thread.  I'm not going to keep repeating myself over and over.



I just thought I'd explain why a small handful of businesses pay no tax, but that seems like a complicated matter for people here to understand.

[Anonymous]

Don't blame us because you fell for the fairy tales of a sleazy accountant.

[Angry White Male]

Don't blame us because you fell for the fairy tales of a sleazy accountant.

I don't cook the books, and the accountant is legit.



How can I be certain?  Remember how I said I was audited by the CRA?  Well, that means I was audited by the CRA.  100% legit operation.



The CRA should go pick on minorities and newer immigrants...  Those are the types that like to cook the books.  This White boy rolls legit!

[Anonymous]

Don't blame us because you fell for the fairy tales of a sleazy accountant.

I don't cook the books, and the accountant is legit.



How can I be certain?  Remember how I said I was audited by the CRA?  Well, that means I was audited by the CRA.  100% legit operation.



The CRA should go pick on minorities and newer immigrants...  Those are the types that like to cook the books.  This White boy rolls legit!

I give no fucks if you cook he books or not. I consider avoiding paying tax a person's duty. But, I know what you said about writing off an entire loan on your taxes is not true.