Trade Dunkley

[bornadog]

There's a financial tipping point he couldn't say no to, and 650-700 ain't it.

On another note that just occurred to me: it's amazing how we can discuss such massive dollars in such a blase fashion.

As Ledge mentioned take out 45% tax and net is not as lucrative.

If he is on $450k to $500k now, the extra dollars at $200k amount to net $110k. So the question becomes is it worth it, when Dogs may give you more in the future?

[Yankee Hotel Foxtrot]

As Ledge mentioned take out 45% tax and net is not as lucrative.

If he is on $450k to $500k now, the extra dollars at $200k amount to net $110k. So the question becomes is it worth it, when Dogs may give you more in the future?

I really doubt the majority of players are paying 45% on their earnings. The vast majority would be receiving financial advice to enable them to substantially reduce their taxable income.

[comrade]

And if its 700k on the books, you know there is some sort of sweetener, off the books type deal being offered as well (vehicles, property portfolio BS etc).

[bornadog]

I really doubt the majority of players are paying 45% on their earnings. The vast majority would be receiving financial advice to enable them to substantially reduce their taxable income.

Yeah, nah. Very difficult to do that - you may know better than me.

[Yankee Hotel Foxtrot]

Yeah, nah. Very difficult to do that - you may know better than me.

Most people earning that sort of income, are getting excellent tax advice to legally reduce their current tax bill.
Edit:: Sorry meant tax bill, not necessarily their taxable income.

Its not difficult nor illegal...
I just wish I had the sort of disposable income that enabled me to do it!

[hujsh]

Most people earning that sort of income, are getting excellent tax advice to legally reduce their current tax bill.
Edit:: Sorry meant tax bill, not necessarily their taxable income.

Its not difficult nor illegal...
I just wish I had the sort of disposable income that enabled me to do it!

Yeah it can even be as simple as buying a few extra homes (sorry Twodogs) and getting all the tax breaks they bring (but I'm sure there's even more that I also am not in a position to take advantage of)

[Yankee Hotel Foxtrot]

Yeah it can even be as simple as buying a few extra homes (sorry Twodogs) and getting all the tax breaks they bring (but I'm sure there's even more that I also am not in a position to take advantage of)

A good accountant can work wonders with a family trust set up too.

[bornadog]

A good accountant can work wonders with a family trust set up too.

I don't know how players are paid, but I assume there would be restrictions imposed by the AFL - aren't they basically salaried, and there aren't too many things you can do, until you buy assets, or make investments and do some offsets there.

[Axe Man]

I don't know how players are paid, but I assume there would be restrictions imposed by the AFL - aren't they basically salaried, and there aren't too many things you can do, until you buy assets, or make investments and do some offsets there.

You are correct BAD. There are Personal Services Income rules that prevent certain individuals (like professional sportspeople) simply splitting income (and therefore reducing their tax liability) through trust and company arrangements.

[GVGjr]

I really doubt the majority of players are paying 45% on their earnings. The vast majority would be receiving financial advice to enable them to substantially reduce their taxable income.

I talked to a former player once and he indicated they can get some allowances with their Super and can average out their contracts because they typically have a shorter work life in the industry than many others. Property was a great option for them
The financial advice was essential to minimise the tax they pay. They spread it out over a longer period

[GVGjr]

Most people earning that sort of income, are getting excellent tax advice to legally reduce their current tax bill.
Edit:: Sorry meant tax bill, not necessarily their taxable income.

Its not difficult nor illegal...
I just wish I had the sort of disposable income that enabled me to do it!

The old joke is someone goes to their accountant who proceeds to advise him that he doesn't have a tax problem he has an income problem

[EasternWest]

The old joke is someone goes to their accountant who proceeds to advise him that he doesn't have a tax problem he has an income problem

That'd be a nice problem to have.

[1eyedog]

And if its 700k on the books, you know there is some sort of sweetener, off the books type deal being offered as well (vehicles, property portfolio BS etc).

Dons small goods spokesman? Is that even their Sponsor anyway?

[1eyedog]

That'd be a nice problem to have.

A good accountant can hide loads of money.

[EasternWest]

A good accountant can hide loads of money.

I see. And how would I go about procuring said loads of money?