I filed my tax returns for the previous financial year yesterday. Finally! It's one of those tasks that is boring, manually tedious (even with a Mac compatible software this time) and low value creation in terms of intellect and wealth.
This pie chart from IBISworld (www.ibisworld.com) got me thinking on the fact that a tax is an expense. If each one of us, was a business, I would've viewed it as an expense. But, as an employee, I have always treated it as a liability. By liability, I mean, what is left after tax is where I start from as a revenue to the household! I now work in the salary packaging industry - and as a marketing guy. And still I realised this fact only when prompted by the chart. Food for thought - to be smarter about taxes. Not avoidance, just being smart about reducing expenses. $500 saved is as good as $500 earned!
This pie chart from IBISworld (www.ibisworld.com) got me thinking on the fact that a tax is an expense. If each one of us, was a business, I would've viewed it as an expense. But, as an employee, I have always treated it as a liability. By liability, I mean, what is left after tax is where I start from as a revenue to the household! I now work in the salary packaging industry - and as a marketing guy. And still I realised this fact only when prompted by the chart. Food for thought - to be smarter about taxes. Not avoidance, just being smart about reducing expenses. $500 saved is as good as $500 earned!
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