Category Archives: Money

31 May 2013

The topic of today’s blog is a good one, its about sex, drugs and rock and roll…

Rock n RollOnly kidding – sorry its actually about money, tax and perspective… but if I said that first up I am sure I wouldn’t have got your attention so easily ;).

Anyway, I had a colleague at work come into my office the other day (again I wish we were talking at least rock and roll, how cool would it be to work for a band or a music producer or… back to the story) and complain that they were paid too much money.  Just like the first sentence above, I really thought this was going to be an interesting conversation and was ready to give them my bank account details, but alas no it was about earning too much money and consequently paying too much tax – hmmm – yawn (I normally enjoy our discussions so if you are reading this, don’t take it to heart!).

So the discussion went on that the latest budget release had nothing in it for them and in effect they felt like they were paying out too much money with no personal benefit.  This acted as a disincentive to work hard and earn the extra $$$.

I actually do understand, I mean all of us who pay tax effectively hand over our money to a larger body who is supposed to spend it in the best interests of the community at large and it’s hard to ignore the reports in the media that so much is squandered.   But can we control this?  To a certain extent yes, contributing pre-tax payments to charities allows you some choice over where your community contributed money is spent.  However, like most people, this one for me goes into the too hard basket.

BUT I will share a story with you that may make you feel better about paying tax in Australia… 

I visited a friend of mine a few nights ago.  She works for an Art School and she told me about her day, an account that gave me the perspective I was looking for.  The school is a special school for children from disadvantaged backgrounds.  That day while she was teaching a class a very talented student, a young African refugee boy soldier who was wearing a scarf around his neck, pulled the scarf up over his face while all the other students were busy drawing.  My friend went over to see if he was OK.  He was sobbing.  He told her how happy he was at that moment, that this chance to be able to draw in the safety of an art class, was all he ever dreamed of…

So I will leave it to my colleague to complain and to try to control the outgoings from their pay packet and go back to crunching the numbers in my payroll sheets as to how much they owe the tax man!

Money Wallet