The 50 million dollar question

17 08 2007

Running one’s own business occasionally requires sacrifices; this last month there was not enough money in the company account (and there still isn’t) to pay myself a salary. I was mystified about this for some time as I checked the account and there was sufficient to pay the income tax and myself. Now the income tax authority has got tired of getting dud cheques so they have set up a “system” to pay electronically. So having gone through the hassle of doing all that (only possible through the bank, not on the internet) I got round to paying myself. Oops, not enough money! Then on Wednesday I called into the bank to make some deposits and had a 50million dollar cheque returned to me undeposited. I was informed that I was not allowed to make cheque deposits of 50 million dollars or more; Reserve Bank regulations. $49,999,999.99 and less is OK but not 50 million. So for the sake of 1c I have less than US$25 in my personal account and am going to struggle to pay wages next week. Curiously one can transfer any amount electronically.

So the most important lesson learnt is this; the tax authority can go to hell, and income tax has to be balanced at the end of the year anyway, so in future they can take a low priority. If there is a future. I am working on the assumption that IF this country does “come right” the whole financial system will have to be overhauled so why get into a fix now for something that may well be lost in the future? Of course if the country does not come right then I should be paying as little as possible into the government coffers anyway as there is no future!


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