Turnover tax Puns

At this time of year, there are a lot of questions about taxes being turned over, and worries about it undermining a case you thought was done.

There’s a lot of ways this can play out, and, of course, it has different answers in different states, and different answers from different trustees. The good news is that figuring out the answer is going to be the same technique, regardless of state.

Tax refunds are either protectable or not depending on the property exemptions your state allows in conjunction with bankruptcy; I've practiced both in states that rarely take them and states that take 95% of them, even if it means keeping the case open for an additional 10 months.

The timing of your filing of taxes is legally relevant, depending on a lot of factors. Some jurisdictions ask for a pro-rated portion of the refund, and if the time of filing is when you're entitled to a whole year's refund, it can be more complicated.

So let's discuss the steps you can take to determine if there's going to be an issue or not.

1. The majority of trustees in the jurisdictions that I have worked in are very fast to file their report of no assets if there are none to seize. They want no asset cases closed fast. Which means, your first action should be to check with the court to see if a report of no assets has already been filed. A trustee would generally not file a no asset report on a case where he is keeping it open to determine an asset, unless it was an accident (and yes, I've seen that accident happen about once a year for 10 years, so that's why it's a first step, not the answer). If the no asset report has been filed, you're probably going to be fine.
2. Think back to your 341 hearing. (or pay attention for this if you've got it coming soon.) Did the trustee say anything like "I'll want to see your taxes"? Because a statement like that could mean the trustee has not made up their mind, and wants to determine what your refund looks like before deciding to seize or pass.  But if you don't remember, that's OK, because you can
3. Call the trustee. But don't be obvious about it. It would be better to call an ask things like "has the trustee decided to file a no asset report" or "are there any outstanding documents the trustee would like to see before issuing my no asset report" or some other passive variant. I've literally heard stories that went along the lines of "Don't you want my tax refund?" "Well, I do now that you've offered it

Reviewing tax rates and looking to invest in the Philippines, I understand some cities in Metro Manila will charge a percentage of revenue, approx 1% is the highest I have seen so far.

In the contracting field, reselling systems and labour, gross markup on line items is between 10% to 35%, say a blended markup of 20%.

1% of tax on turn over needing to be added when we markup would mean I need to allow anywhere from 2% to 10% just for city tax. This makes the entire business model untenable, and feels silimair to prior partners in other countries who wanted a 10% markup for doing nothing.

To check this isn't the case here, are there any benefit the city town hall gives back for this tax? Any portal for bidding for jobs within the or rebates for inner city work for local companies to trade and develop the local city?

I have no issues paying tax on EBITDA basis on profit before tax as required for all other countries. I always pay my tax. This direct double dipping input cost however will put my plans on hold and cost new jobs I had planned to create, or at least in the city I had planned to incorporate.

Any advise on the above please? Any cities, in metro Manila or surrounding provinces, that take an agile and pragmatic approach to the rates they charge and don't just see pesos signs in their eyes of turnover and would instead spend the time to understand cost basis?

I would like to invest in the Philippines, my wife and children are Filipino and I would love to contribute to the Philippines economy and bring international methods along with local talent to make the Philippines back to the powerhouse of Asia... But not with these rates or mindset it wouldn't be a prudent investment.

Thanks in advance.

Last I looked SCHD has a turnover of 43% or so.

One article I was reading about it mentioned the tax consequences of such a high turnover.

However, another indicated that ETFs are able to manage their assets in such a way that it is rare that shareholders will realize a taxable gain from an underlying stock.

Which is true? Am I unwittingly incurring a whole bunch of capital gains from SCHD by holding it in a taxable account?

I've been searching and reading different things, and I had a 10min call with ATO service operator (+20min holding time). Still doesn't make any sense to me.

Like Barefoot says - Do Freelance work. -> ok doing

I'm doing Freelancing but in my invoices, I'm stuck on this GST issue.

According to ATO, if I get less than 75K per year then ABN I don't have to register for GST. (Yep tick that).

However, it then doesn't tell you about what you do if you don't register for GST and am under 75K.

Apparently, you can issue invoices without GST, and these are called 'regular invoices' and they are not 'tax invoices' and they are not allowed to reference or claim GST. (ok that makes sense).

However the ATO operator verbally said that, now all my invoices will be withheld 47% maximum tax bracket payment by the payer, if I have an ABN and I'm not registered for GST, but he said he was really unsure, and he couldn't find someone else to check with, and that I should speak with my tax agent.

1. That would mean unregistering is ridiculous (only get 63% of payment), however it appears that a lot of people are unregistered, --- Surely they are not getting only 63% of their payment of their work!!
2. Example Ebay selling - no GST is being charged, on either side. (why!)
3. Who pays GST to government if I use a 'regular invoice' and GST is not referenced?

Any anyone made sense of this in the past?