If you’re working for someone else and dream of getting ahead in life….. stop dreaming, it’s not going to happen!
With Australia’s progressive tax rates you just end up paying substantially more tax the harder you work. That isn’t a problem if you are socially minded because that transference of wealth from you the worker to the professionally unemployed is necessary so they can enjoy themselves at the pub while you are at work (I call it Australian Socialism).
How do I get ahead then?
Start your own business. Work for yourself and keep what you earn. Small business is still one of the best investment vehicles in this country. Start a business, build it up, sell the equity when you want to retire or even leave it to the kids and keep that wealth in the family.
One could argue that small business ownership is now less risky than being an employee (especially a government employee) where at a whim you could find yourself retrenched! Once very secure jobs like senior police, nurses and firefighters are seeing their jobs go! The smart ones are jumping ship before they are pushed and starting their own businesses.
What appears to be certain is that governments and big business are outsourcing more and more of their work to small business. That is the new normal and what we will see in future years is more and more work being undertaken by family businesses. Correct business entity setup and structure is of paramount importance however and this is where we can help. Talk to Tate Laycock at Boston Accounting today.
Are you going to leave your future to chance?
