Vic Wasteland Thread - 15.0

[emts]

brah i need some tax loop holes / massive deductions hit me with some good tips you accountants must rort somehow

get work to pay cash in hand and hide under mattress?

give it all away to a charity.

I like the Martin needs a shed charity myself, I'm sure it will take some donations.

[blah_blah]

but what about yours?

My car's was fixed about 1/2 a year ago lol

Prob just never see it as i never go to meets anymore

brah i need some tax loop holes / massive deductions hit me with some good tips you accountants must rort somehow

You talking about tax minimization or tax avoidance lol?

[Rekin]

brah i need some tax loop holes / massive deductions hit me with some good tips you accountants must rort somehow

I heard buying investment properties and utilising negative gearing helps. Have a look into this property buying thing.

[HEKT1K]

Buy a Brett Whiteley

"Donate" to museum

Sell in 10 years

???

Profit

[alr33x]

just need to avoid / minimize 6 figures + in tax is bs fk the poor

#heartless #zerofksgiven

[Rekin]

just need to avoid / minimize 6 figures + in tax is bs fk the poor

#heartless #zerofksgiven

100k in taxes is like 300k salary?

[alr33x]

cannot confirm nor deny point is government getting too much

[Birds]

I'm happy to pay income tax but capital gains is a fking rort. Taking money from what they did nothing to help me achieve, when I took 100% of the risk on shares...yet they wouldn't cover my losses if things went the other way. At least if someone has no income there is welfare.

[emts]

100k in taxes is like 300k salary?

270K plus..

[Leroy Peterson]

When does tax bracket step up to 40%+?

Single, no kids that is.

[joeyjoejoejuniorshabadoo]

When does tax bracket step up to 40%+?

Single, no kids that is.

$180k

But don't forget it's incremental.

It's circa $54k flat rate for the money up to $180k and then 47c/$ only for the taxable (after all deductions) income above $180k

[Leroy Peterson]

Ahhh yeah dat shit

(I thought it was 180)

[joeyjoejoejuniorshabadoo]

I'm happy to pay income tax but capital gains is a fking rort. Taking money from what they did nothing to help me achieve, when I took 100% of the risk on shares...yet they wouldn't cover my losses if things went the other way. At least if someone has no income there is welfare.

CGT is the equivalent of being shaken down for your lunch money

[Birds]

CGT is the equivalent of being shaken down for your lunch money

Really can't think of a better metaphor for it

Except maybe the yakuza taking their cut from a district of businesses to "protect your business" from getting f**ked up (by them), except that the government f**ks your shit up even after taking the money. So really, they are worse than an organised crime syndicate.

[Rekin]

cannot confirm nor deny point is government getting too much

in that case I wouldn't worry about it until then.

[Rekin]

I'm happy to pay income tax but capital gains is a fking rort. Taking money from what they did nothing to help me achieve, when I took 100% of the risk on shares...yet they wouldn't cover my losses if things went the other way. At least if someone has no income there is welfare.

How is it any different to earning an income through work? They didn't help you achieve your KPI's and you took the risk by overselling yourself at the job interview. They wont cover all your losses if you lost your job either

[joeyjoejoejuniorshabadoo]

CGT is fair enough when the property is owned by a trust that has a few years of accrued losses

[Birds]

How is it any different to earning an income through work? They didn't help you achieve your KPI's and you took the risk by overselling yourself at the job interview. They wont cover all your losses if you lost your job either

They'll give you $250 a week for it. The only thing you'll get from capital loss is savings on capital gains IF you ever make them again.

[joeyjoejoejuniorshabadoo]

Honestly, CGT is actually quite fair when a property has been negatively geared.

[Birds]

I can't gear my shares now can I

Can I?