Do you think it is fair that business owners can be eligible for the same benefits as low income earners even if their business makes huge profits?
+ Reply to Thread
Results 1 to 10 of 20
07-09-2013 15:07 #1Senior Member
- Join Date
- Jan 2008
- perth SOR
Business owners and benefits
07-09-2013 15:21 #2Senior Member
- Join Date
- Jan 2012
Not sure i get what u mean though?
07-09-2013 15:22 #3
If they have huge profits they aren't eligible for the same benefits.
What are you actually trying to say?
07-09-2013 15:39 #4Senior Member
- Join Date
- Mar 2009
Do you mean those who have their business set up as a company and draw a small wage so they are eligable for benefits?
If thats what you mean then yes I think they should be. If the wage is low enough to get benefits then thats all they get in their pocket. The rest could be retained by the business for re-investment (hopefully stimulation the economy and creating more jobs) so the owner doesn't actually see that money.
Unless they are doing a dodgy of course, and saying they draw less of a wage then they actually do, in that case its illigal.
07-09-2013 16:03 #5Senior Member
- Join Date
- Sep 2009
If you have a business that makes huge profits and you can still get benefits either you have a dodgy accountant or an awesome company/trust system.
07-09-2013 16:12 #6
07-09-2013 16:24 #7
Totally what F&A said.
It's hard to know what you mean by 'profit' and 'business owner' as I think those terms are used fairly loosely and often incorrectly. I'm a business owner and we have a massive cash turnover, but we also have massive expenses so our profit of what is left in my pocket at the end of the day is not that impressive (under 100K). Therefore I'm eligible for any benefits that anyone else on my wage would be getting.
My business doesn't really have assets (as in we don't have stock that could be sold off, we are a service in the health industry) so the only money I see is what I get in my pay.
Anything else and they are doing a dodgy so they are not actually eligible for what they are claiming, therefore your point is possibly moot.
The Following User Says Thank You to Jellyfishie For This Useful Post:
07-09-2013 16:26 #8
I would also add that there are some tax incentives for small business owners because (I believe) our economy needs small business. E.g. Without small shops you are just gonna have Coles and Woolies, without small private health service providers you are just gonna have Ramsay etc.
You run some risks owning a small business so there needs to be some incentives to soften that blow and stay in the market.
07-09-2013 16:33 #9
07-09-2013 16:43 #10
I obviously do not have the whole story but some friends of mine who have a building business seem to be in this boat. They pay themselves a wage from the business, calculated so they still get max family tax benefits, hers is under the tax free threshold. They then seem to use a lot of the business profits, outside their wage, to pay for things and buy things that are ostensibly for the business but not really which they then claim on tax i.e. things for renovating their house which they write off as for jobs they are doing, a camping fridge for camping and a solar panel to run it which was claimed on tax as a business need (to keep lunch cold at job sites), lots of house expenses for running the business from home (legitimate I know) two cars (one work truck, the other one for running work errands). They seem to do very well. But, they have the risk of the business, they might not get work in the future or have a big insurance claim or something so I guess it balances out. (nb I know all this because my friend tells me, she seems quite proud of it all)
By MrsStewart in forum Natural BirthReplies: 30Last Post: 10-01-2013, 17:34
By LoveLivesHere in forum anewmeReplies: 1Last Post: 25-11-2012, 22:38
By 2BlueBirds in forum General ChatReplies: 8Last Post: 16-09-2012, 22:04
TPS Health Physiotherapy and PilatesTPS Health Physiotherapy and Pilates has three clinics located at Morningside, Redlands and Lutwyche. We offer pre and ...
LATESTWhy it is OK for your child to be differentWhat is a blessing way? How is it different to a baby shower?7 ways to break the ‘mumnotony’ at home
POPULARWhen can I start giving chores to my children?New baby nursery checklist – a guide to newborn essentialsWhat to pack for labour and hospital – a checklist
FORUMS - chatting now ...
Donald Trump / American Politics (renamed)General Chat
Husband VentFamily & Friends
IVF babies due June/July/August 2017pregnancy and babies through IVF
IVF babies due Sep/Oct/Nov 2017pregnancy and babies through IVF
Love to dream-Swaddle Up bagsGeneral Sleeping & Settling Chat
Trying from monthsNon-IVF fertility assistance
The Not So Serious Vent Thread #7General Chat
Egg Donation in South Africa #14Egg Donation