Author |
Message |
Daniel Czechowski
Goo Roo Western Australia Soarer GT-T
Posts: 2252 Reg: 07-2005
| I wish. Nah, I'm earning slightly over half that. The rest came from discounted capital gain on selling real estate this year which is what bumped me up so high into the highest tax rate... unfortunately all profits went back into the mortgage on the new house, which will have to draw heaps out of it again later to pay the tax. Can't have fun with that at all, I wish I could but One day, one day... |
Callum Finch
Goo Roo WA Soarer TT & Corolla
Posts: 2505 Reg: 09-2005
| You can claim the tax on the interest payments though Daniel! ;) |
Daniel Czechowski
Goo Roo Western Australia Soarer GT-T
Posts: 2253 Reg: 07-2005
| Callum, I deal with tax legislation for a living... I know I'm gonna claim everything possible this year, plus salary sacrifice heaps while I still have a chance till June 30th. |
Paul Brockbank
Goo Roo WA GT35R Single T
Posts: 1162 Reg: 07-2005
| LOUD NOISES! |
Callum Finch
Goo Roo WA Soarer TT & Corolla
Posts: 2513 Reg: 09-2005
| You can always give it to me and claim it as a deduction Daniel =P I'm already in a high tax bracket thanks to property sale-age of my own this year; however it all go dumped into another property so 'sif i saw a cent of it! ='( |
Matthew Sharpe
Goo Roo North Island JZZ31
Posts: 2032 Reg: 10-2005
| Ha, no capital gains tax on property in NZ |
Daniel Czechowski
Goo Roo Western Australia Soarer GT-T
Posts: 2255 Reg: 07-2005
| Did you sell those two blocks you had Callum?
Matthew Sharpe wrote on Saturday, February 03, 2007 - 02:54 pm:Ha, no capital gains tax on property in NZ
Lucky bastards!! |
Dan McColl
Goo Roo Victoria Active V8 and a Factory Manual XF.
Posts: 1881 Reg: 07-2005
| None here either if it's your primary residence ;) |
Callum Finch
Goo Roo WA Soarer TT & Corolla
Posts: 2522 Reg: 09-2005
| Just one at this stage Daniel, but its not final yet >.> The subdivision on the second one has finally happened so we have 21 days from about 10 days ago to pay for it =P |
Daniel Czechowski
Goo Roo Western Australia Soarer GT-T
Posts: 2258 Reg: 07-2005
| Hahaha, I wish there was a possibility of setting up tent on a vacant block of residential land and calling it your principal residence |
Callum Finch
Goo Roo WA Soarer TT & Corolla
Posts: 2529 Reg: 09-2005
| All you have to do is prove you have been living htere for 6months. So just pitch a letterbox and redirect all mail to it! =P |
Daniel Czechowski
Goo Roo Western Australia Soarer GT-T
Posts: 2260 Reg: 07-2005
| Hahhaah, more requirements than that mate, there has to be a house built on it... but who knows, worth a try maybe some public servant won't realise. Can always rely on human stupi... ummm error |
Matthew Sharpe
Goo Roo North Island JZZ31
Posts: 2040 Reg: 10-2005
| Mmm, my wonderful inlaws just bought a house in Coromandel - now we have a free bach with a 7.5 meter boat to use when we get there... |
Callum Finch
Goo Roo WA Soarer TT & Corolla
Posts: 2542 Reg: 09-2005
| Not really Daniel, unless you know something i dont? You can get away with some sneaky stuff quite easily. You really only need a "livable structure". That could include a tin shed with a porta-potty. |
Daniel Czechowski
Goo Roo Western Australia Soarer GT-T
Posts: 2262 Reg: 07-2005
| Callum, you need a council approved residence. Which means it basically needs to be a proper house. Almost all new estates for quite a while now tend to have restrictive covenants stating the minimum size of the house, type of roof, bricks, windows, garages/carports and so on. There is no way in hell you could get a tin shed with porta-potty erected on a residential block of land, and approved by the council as residential premises. Oh, and just so I can make it clear for you, so you won't get to meet Bubba. ATO now has an advanced data matching software. You sell the block, it gets registered at the land titles registry that it had been sold. ATO runs a check across that database, and then compares that against the tax return you lodged. If there's anything you omitted, THEY WILL GET BACK TO YOU 100%, as some of the clients I dealt with realised. It gets nasty from then on so I'd advise you, be a good boy and do not mess with the ATO |
Daniel Czechowski
Goo Roo Western Australia Soarer GT-T
Posts: 2263 Reg: 07-2005
| Hehe, call it 'your own holiday house' Matthew |
Callum Finch
Goo Roo WA Soarer TT & Corolla
Posts: 2547 Reg: 09-2005
| Oh dodge Daniel. Well that ruins my plans! ='( RE ATO stuff; yeah i have birrions of deductions to make every year anyway so its just easier to get an accountant to work it out for me. |
Daniel Czechowski
Goo Roo Western Australia Soarer GT-T
Posts: 2268 Reg: 07-2005
| Hehe, don't spend it all at once Callum Good thing to do is if you want to sell a capital asset, if you're close to June 30th, wait till right after for the property to settle, that way you have an extra 12 months to pay the tax. Like I sold mine in early June, delayed the settlement till 6 July, which as a result will have tax payable by May 2008, as opposed to May 2007 Plus gives you a whole 12 months of proper tax planning and stuff where you can save heaps on tax and so on... I'd wait till then to sell your second one. |
Peter Nitschke
JunkFilterer South Australia GT4.0 V8
Posts: 6931 Reg: 11-2004
| Birrions? Spent too much time overseas? |
Callum Finch
Goo Roo WA Soarer TT & Corolla
Posts: 2551 Reg: 09-2005
| Heheh thanks for the tip Daniel. I wish my (EX)accountant was as good as you and actually told me like that BEFORE i did stuff.. not tell me that i cant claim sh*t because if forgot to do one easy f**king thing before i started recording a year's worth of fuel logs! >=| (Yeah thats right, EX ACCOUNTANT! How dare someone double the fee for a return from the previous year just cos i had a return worth more..) Anyway, yes Peter, too much time with the Japs =P |
Daniel Czechowski
Goo Roo Western Australia Soarer GT-T
Posts: 2273 Reg: 07-2005
| As good as me? Awww My invoice for tax advice is in the mail |
Callum Finch
Goo Roo WA Soarer TT & Corolla
Posts: 2559 Reg: 09-2005
| Mate, you have told me more in one post than my last accountant did in 3 years of returns =P Good luck finding my address, Daniel =P |
Daniel Czechowski
Goo Roo Western Australia Soarer GT-T
Posts: 2283 Reg: 07-2005
| Nah, my debtors are insured by mafia Callum, they can find anybody! |
Matt Smith
Tinkerer WA Soarer JZZ30 Single Turbo
Posts: 55 Reg: 04-2007
| haha thats funny as F*&K i just realised that this thread is about me and yes i was on my way to motorvation and yes a was playing with a WRX but it was nothing like what they said on the news. And i couldnt beleive that i had 3 chicks in my car there then and only the big one got i the pic. |