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Welcome To 'Your Advantage' Newsletter # 10 Some Vision At Last.... But Still A Missed Opportunity! As the financial year draws closer, most of us are reviewing our scorecard (performance) to see whether or not we met our goals and financial targets. Reducing one's tax obligations is foremost for most of us and naturally, we at Advantage One are able to provide the appropriate strategy and assistance. In the bigger sphere, we have now had time to digest the Costello and Foley Budgets offerings and finally our own State Government has released their long awaited Strategic Plan ..... and not before time too! Rann's Strategic Plan provides some much needed clarity and vision/map of a prosperous future. It challenges business and the community to step up and make it happen. It sets targets by which this and future Governments will be measured and judged (similar to business). It is about changing behaviours and whether it succeeds or fails, it is likely to change the political landscape. Whilst some of us might think it's simply a lot of words, we note at least we are starting to sing our praises on the Eastern seaboard with a large billboard as you depart Sydney airport with a caption reading "Running Late? Adelaide on time ... the most cost competitive city in Asia Pacific!" So it looks like we are finally starting to show some leadership that is uplifting, which we can all applaud. South Australians want prosperity and more and better job opportunities, better education for our children and strong economic growth without compromising the environment or our quality of life. To achieve all of the above, we need to determine how will SME's be attracted to our largely SME State, and how will we attract and retain the next generation of skilled employees in the context of our ageing workforce? What steps can be taken to promote innovation and vision / leadership to improve the quality of management skills in SA industries. Mr Costello cannot solve all of SA's challenges but on the population front, he has provided all young Australians an incentive to "have one" on him. If only Mr Rann would also take the lead.....! Whilst on the next generation, we recently concluded an extremely successful seminar entitled "Next Generation ... Lifestyle and Wealth Creation" which featured a wonderful young success story named Shivani Reiter. Shivani has packed a lot into her years from an Indian background, to engineering, to BHP Billiton and Hills Industries to now owning and operating Reiter Business Consulting (RBC). She started RBC to live her passion for helping people and organisations successfuly achieve their goals by establishing long term partnerships with customers and helping them grow. She specialises in leadership development, strategic planning and customer service programs. Not only was Shivani able to impart her investment money management thoughts and tips to the Generation X's and Y's, she was really able to connect with them about how she has done it. For any of you interested in her success story, then please contact Tony Martin who will send you out a booklet with contact details etc. A reminder also, we are likely to repeat this seminar presentation and progress the topic over the coming months. So, if you missed out on this one, you still have an opportunity. Contact Tony to reserve your place. | |||||||||||||||||||||||||||||||||||||||
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This newsletter will provide you with a wide range of business related news and information, useful knowledge, profile some of our team members, introduce some of our clients and keep you informed of upcoming seminars and events. We value your feedback so don't be backward in coming forward! Feel free to send suggestions, comments or your opinions to info@advantageone.com.au. |
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Article of Interest - Tax Cuts Let's put tax cuts in terms everyone can understand. Suppose that every day, ten people go out for dinner. The bill for all ten comes to $100.If they paid their bill the way we pay our taxes, it would go something like this- So that's what they decided to do. They ate dinner in the restaurant every day and seemed quite happy with the arrangement until one day the owner threw them a problem. "Since you are all such good customers," the owner said, "I'm going to reduce the cost of your daily meal by $20." So now dinner for the ten only cost $80. The group still wanted to pay their bill the way we pay our taxes. So, the first four were unaffected, they could still eat for free. What about the other six - the paying customers? How could they divy up the $20 windfall so that everyone would get their "fair share"? The six paying customers realised the $20 divided by six is $3.33. If they subtracted that from everyone's share, then the fifth and sixth would end up being "PAID" to eat their meal. So, the restaurant owner suggested that it would be fair to reduce each person's bill by roughly the same amount, and proceeded to work out the amounts each should pay. And so - Each of the six was better off than before. The first four continued to eat for free. Once outside the restaurant, they began to compare their savings. "I only got $1 out of the $20," declared the sixth, pointing to the tenth diner "but they got $10!" "Yeah, that's right" exclaimed the fifth. "I only saved $1, too. It's unfair they got ten times more than me!" "That's true!!" shouted the seventh. "Why should they get $10 back when I only got $2? The wealthy get all the breaks!" "Wait a minute" yelled the first four in unison. "We didn't get anything at all. The system exploits the poor!" The nine surrounded and beat up the tenth diner. The next night the tenth diner didn't show up for dinner, so the nine sat down and ate without number ten. When it came to pay the bill, they discovered something very important. They didn't have enough money between them for even half the bill!! That, boys and girls, journalists and college professors, is how our tax system works. The people who pay the highest taxes get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they may just not show up at the table anymore. There are lots of good restaurants in Europe and the Caribbean. Source : David R Kamershen, Ph.D. (Professor of Economics - University of Georgia) You have your say. What do you think? Should the Government forget income taxes and use it's surplus to reduce super taxes? Other new articles and information recently listed: |
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