OK, now tell me how this is fair.
Businesses in Aus have to estimate their quarterly income and pay a type of provisional tax on the estimated income. Now, if you UNDER estimate by more than 10%...you are FINED!!!!!
So if you have been struggling and you suddenly have a bumper couple of months that you didn't expect....prepare to be FINED for working so hard or being so fortunate!!!!!
And here's another good one. If your bookmaker makes a mistake...ooooh, let's say a $7000.00 mistake.......you still have to pay the extra $7000.00, even when you don't HAVE it, because it's in the system now and anyway it's beholden upon you not to employ bookmakers who make mistakes!!!!!
>:-(
ggggggrrrrrrr
We are not having a good month.
How do other countries' small business tax laws stack up against Australia Fair's??????
6 comments:
Ohh that doesn't sound good! :( I'm sorry! I hope it all works out, for you!!
yikes! so sorry to hear that you got caught in the tax man's grip. My mom's a realtor, so I know that she pays quarterly estimates on taxes, but isn't fined like you are. As long as she's paying something, that's all that matters. Of course, she still has to pay at tax time if she underestimated, she just doesn't have to pay a fine. I don't think.
Ack! That sucks. I hope these are rhetorical examples, not anything you have personal experience with!!
Oh ick! That isn't any fun at all!
OK, i was a tax collector, so i know how crappy it can be. Sorry. but there should be some sort of provision for allocating that earnings to a specific quarter and paying a higher estimated for that quarter only. Well, there is here. It's complicated, though an da lot of people get screwed just because they don't know the rules.
Sorry.
but congrats on the turn-around for the business...
Ugh, I feel your pain! We had a tax person make an estimate for us and she said she was sure we would get money back when tax time came. Ummm...yeah, right! We have a 7500 one to pay. >:(
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