Tax Planning

Will “Siri” get done for tax evasion?

Will “Siri” get done for tax evasion?

The thing about ground-breaking entrepreneurs is that they think differently about everyday situations by applying very different, often elevated, goals and functionality to common items and situations.

Back in the day we all thought about how sensible phones, phone lists/directories and maps were.  So we put them in books and carried them around with us.  A certain world famous innovator then said, “I agree with this in principle but like most important items (currency, keys, identification) shouldn’t it fit in our pocket for maximum accessibility and ease of use?  Could we just load it onto a small phone?”  I wasn’t there but we can’t completely rule this out as a scenario.

 

This sounds crazy but he has had some winning ideas

Bill Gates suggested during a recent sit down, that robots should/could pay taxes.  Ridiculous!  Almost as ridiculous as spruiking computer operating systems in the seventies and eighties…  Let’s hear him out.  Click here.

Just in case you’re super short on time, here’s the summary of that clip.  Bill suggests that if factory workers get taxed, then so should the robots (or perhaps their manufacturers) who do similar work.  Interesting but why?  Well the premise of income tax is that the government can provide benefits to the wider community with the tax collected.  Furthermore, those people who no longer need to do the redundant factory work can, instead, set to work helping with community services for example.  The problem with this is that since robots do the work and are not taxed, there’s no tax money to provide funding for these other services.

If nothing else, this is a great example of thinking about something quite common and applying different thinking to address an everyday need.  And we like that.

 

We think differently too

We don’t hold the key to modern day communications and content storage but we do think very differently about accounting services.  This is important – especially at tax time.  Or more importantly, before tax time.  Three things to consider talking to us about:

  1. BAS deadlines are fast approaching and we want to ensure that you’re ready to benefit from this quarterly exercise [Webinar - How to make BAS work for you].
  2. Tax season is just over the horizon but with the earth circling the sun at a spectacular 110,000km/h it’ll be June 30 before you know it.  Maybe give us a call sooner rather than later to make sure you don’t end up paying too much tax.
  3. Now is the time to make sure your tax deductible dollars do some good in the world.  We are committed to ensuring that our income benefits worthy causes that positively impact the lives of those less fortunate and inspiring others to do likewise.  

Here at Inspire, we want to make a difference to our clients, their businesses and their families but we feel we have to make a difference for that can’t do so for themselves.  And let’s face it, the robots won’t help, they don’t use accountants because as Mr Gates points out – they don’t pay taxes.  See you in court, Siri!

If you’d like to hear more about how you can save on taxes, make a difference to people’s lives or both, please do drop us a line.