Results 1 to 14 of 14

Thread: Bloody Labour

  1. #1
    Join Date
    Jul 2000
    Location
    Drop Bear Capital of Gippsland (Lang Lang) Vic Australia
    Age
    74
    Posts
    2,238

    Default Bloody Labour

    We are looking at buying a small business with the breakdown being 25% freehold and 75% goodwill.
    Stamp Duty was calculated on the freehold portion but during the past year or so these sleazy maggots have enacted a policy to include the goodwill into the price giving me a 100% liability for stamp duty, and of course we are the most expensive state in the country for duty.
    Bastards.
    Talking to the bank ealier in the week and they gave me a brief rundown on their stamp duty reduction election promise, you will get a reduction if you are a 1st home buyer and forego the $7000 1st homebuyers grant andit is under $500K.
    The way the figures work if you give up your $7K you lose, good on you Bracks.
    Stupidity kills. Absolute stupidity kills absolutely.

  2. #2
    Join Date
    Feb 2003
    Location
    Garvoc VIC AUSTRALIA
    Posts
    3,208

    Default

    gettin a milkbar Iain?
    Regards, Bob Thomas

    www.wombatsawmill.com

  3. #3
    Join Date
    Jul 2000
    Location
    Drop Bear Capital of Gippsland (Lang Lang) Vic Australia
    Age
    74
    Posts
    2,238

    Default

    No.
    Looking at Australia Post.
    Stupidity kills. Absolute stupidity kills absolutely.

  4. #4
    Join Date
    Feb 2003
    Location
    Garvoc VIC AUSTRALIA
    Posts
    3,208

    Default

    good move
    Regards, Bob Thomas

    www.wombatsawmill.com

  5. #5
    Join Date
    Jul 2000
    Location
    Drop Bear Capital of Gippsland (Lang Lang) Vic Australia
    Age
    74
    Posts
    2,238

    Default

    10 minutes have now lapsed and Sturdee hasn't detected the stench of this one yet, he must be unwell
    Stupidity kills. Absolute stupidity kills absolutely.

  6. #6
    Join Date
    Aug 2003
    Location
    Melbourne - Outer East Foothills
    Posts
    1,557

    Default

    You should make some noise about this. maybe letter to the Herald Sun or ring neil mitchell. These pricks get away with bloody murder and nobody knows about it.

    has anybody else realised that long service leave entitlements have been changed and are now due if you have been at the same place for only 7 years? It used to be 10. Just another cost of employing people who wonder why the factories are closing and jobs being shifted off shore.

  7. #7
    Join Date
    Feb 2004
    Location
    Oxley, Brisbane
    Age
    79
    Posts
    537

    Default

    Buy the business from them for $1, then (due to their now being poor) give them the rest as a charitable donation. Then claim it on tax.
    Bob Willson
    The term 'grammar nazi' was invented to make people, who don't know their grammar, feel OK about being uneducated.

  8. #8
    Join Date
    Jun 2003
    Location
    ...
    Posts
    1,460

    Default

    Quote Originally Posted by Iain View Post
    10 minutes have now lapsed and Sturdee hasn't detected the stench of this one yet, he must be unwell

    Not unwell but was working outside concreting. :eek: There must be a better way of not earning a living than concreting on a Saturday arvo.

    Actually Bob Willson has the right idea of channelling the goodwill through a separate purchase of stock, fittings etc at an agreed higher than normal value to compensate.

    Or if the business is run through a company purchase the shares in the company and avoid it altogether. If doing this take care to verify outstanding liabilites of the company or retain some moneys untill the situation is clear.

    Good luck.


    Peter.

  9. #9
    Join Date
    Jun 2003
    Location
    ...
    Posts
    1,460

    Default

    Quote Originally Posted by Gumby View Post
    has anybody else realised that long service leave entitlements have been changed and are now due if you have been at the same place for only 7 years? It used to be 10.

    Actually I believe that the entitlement in a number of industries is pro rata payment on termination after 5 years not 7.


    Peter.

  10. #10
    Join Date
    Jul 2000
    Location
    Drop Bear Capital of Gippsland (Lang Lang) Vic Australia
    Age
    74
    Posts
    2,238

    Default

    Quote Originally Posted by Sturdee View Post
    Actually I believe that the entitlement in a number of industries is pro rata payment on termination after 5 years not 7.


    Peter.
    More info Peter, my better half worker for a company in Dandenong for 5 1/2 years and they moved her position to Preston (very recently), she found another position (Preston was a hell of a big ask) and did not receive any pro rata long service leave entitlements.
    Stupidity kills. Absolute stupidity kills absolutely.

  11. #11
    Join Date
    Aug 2003
    Location
    Melbourne - Outer East Foothills
    Posts
    1,557

    Default

    Quote Originally Posted by Sturdee View Post

    Or if the business is run through a company purchase the shares in the company and avoid it altogether. If doing this take care to verify outstanding liabilites of the company or retain some moneys untill the situation is clear. .
    I think most people would advise strongly against buying the company. You never know what will come back later and bight you on the bum.

    I haven't heard of 5 years pro rata for long service entitlements and certainly wasn't the case for my clerical or sales staff when I recently sold my business. I think 7 is too short as it is.

  12. #12
    Join Date
    Jun 2003
    Location
    ...
    Posts
    1,460

    Default

    Quote Originally Posted by Iain View Post
    More info Peter, my better half worker for a company in Dandenong for 5 1/2 years and they moved her position to Preston (very recently), she found another position (Preston was a hell of a big ask) and did not receive any pro rata long service leave entitlements.
    Recently, in my part time job, I had to pay pro rata LSL to a doctor's surgery receptionist after 5 1/2 years of service on the advice of the AMA legal service. Maybe because we terminated her employment and it may not apply to all industries.


    Peter.

  13. #13
    Join Date
    Jun 2003
    Location
    ...
    Posts
    1,460

    Default

    Quote Originally Posted by Gumby View Post
    I think most people would advise strongly against buying the company. You never know what will come back later and bight you on the bum.

    I have been involved a number of times with people buying a business by buying the company. Sure it has problems, but due investigations would show if the company is squeky clean or a potential problem waiting to blow up in your face.

    I would also obtain the necessary idemnities from the sellers and advise them that if they made any misrepresentation or falsifications of company records or documents that we would prosecute them in court.

    One case where we advised them of these conditions they immediately withdrew their offer to sell, one fell through because not all proper records were kept but two others were very successful purchases saving more in stampduty and more particularly not having to transfer of government licences.

    Hence my immediate caveat but it should not be immediately ruled out because of misunderstanding what a proper company investigation may reveal.


    Peter.

  14. #14
    Join Date
    Sep 2002
    Location
    Paignton. Devon. U.K.
    Posts
    1,611

    Default

    Quote Originally Posted by Iain View Post
    No.
    Looking at Australia Post.
    If serious.

    The post office is dying in the UK, example just before we left it was announced that postage stamps could be purchased on the web and you print your own stamps.
    Many other PO items have also been taken away from the Royal Mail over the last few years.
    woody U.K.

    "Common looking people are the best in the world: that is the reason the Lord makes so many of them." ~ Abraham Lincoln

Similar Threads

  1. Bloody Shavers :(
    By Daddles in forum NOTHING AT ALL TO DO WITH RENOVATION
    Replies: 49
    Last Post: 11th May 2006, 01:59 PM

Tags for this Thread

Bookmarks

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •