Recent content by thesuperman

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    Share trading

    What is the "trading reports"? Do you mean all the buy & sell of each share? Also what about if this is your 1st year of trading & have made a loss instead of a profit?
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    Share trading

    When share trading, what details do you need to give to the accountant at the EOFY? Do you just give the end of financial year summary that an online brokerage account provides, eg. from Westpac/OpenMarkets, etc.? How do you manage to make sure that you are classified as a "trader"? Any special...
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    SMSF for trading stocks

    I've heard of numerous people trading via a SMSF. Really, this isn't allowed? Just buy & hold only?
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    SMSF for trading stocks

    If you trade many stocks eg. daytrading via a SMSF, does the Audit fees become completely ridiculous because they will need to audit each trade? I believe auditors charge you depending on how many transactions your SMSF does.
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    loans.com

    loans.com is owned by Bank of America. Unless you're buying American property I'd assume it wouldn't be a good idea to try to borrow from them??
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    Share trading while living overseas for a year

    So I presume a component of the rent would not also be a deduction? What do you mean by this? Do you mean if a share hasn't been sold but is still being held, any value of it increasing since it was bought will be an "unrealised gain" & will be taxed?
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    Share trading while living overseas for a year

    Why only face to face? Most people trade online these days & have brokerage fees to pay too. Why would it be non-deductible?? I would've thought a certain share of electricity & internet could be deducted too. Also a percentage of the laptop purchase if you buy a new laptop, or the whole...
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    Structuring taxes on duplex

    I remember Henry Kaye promoting doing that before & apparently lots of developers were doing that too. Buy a block of land, develop 200 units, sell most of them then roll the sales profit into units they hold, therefore getting a free carry until they sell those. Maybe the laws have changed...
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    Structuring taxes on duplex

    Don't developers just roll the profits of the one they sell into the other one they didn't sell so they don't pay any tax until selling the 2nd one? Eg. adjusting the cost & sell price of the 1st one to be the same?
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    Share trading while living overseas for a year

    Say you will live overseas for a year renting a studio apartment & your only source or main source of income (assuming making a profit) will be trading Australian shares, what can be claimed as a deduction when ATO tax time comes? Would I be correct in assuming: 1. Laptop 2. Internet 3. Phone...
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    Investing/Tradning the US stockmarket tax questio

    You are saying that your funds sit in AUD until you make a trade then once the trade goes through it's converted to $US which gets shown on the trade confirmation? If everything gets converted from AUD to $US when you fund the account, I presume that you would then need to work out the...
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    Investing/Tradning the US stockmarket tax questio

    If you invest/trade the US stockmarket, how do you work out the purchase price & sale price? I'm presuming that you will need to keep track of the AUD/USD exchange rate on the date of purchase & sale date, or would you calculate on the date you transfer the funds to your brokerage account (but...
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    Tax-deductibility of interest on IP loan with offset account

    You advise a LOC because then the interest can be deductible for an investment purpose into shares whereas if it was from an Offset then it wouldn't because in essence the Offset is a "savings" account, correct?
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    Insurance question

    I have noticed one of our insurance policies for a property held in a trust where we are personal trustees has the insurance policy saying the persons insured is "XYZ Trust" and this is the same for the name on the invoice. Should we get the invoice changed to "Person A and Person B ATF XYZ...
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    Land Tax - NSW

    Say you buy property in individual names in the below ways (Say you have 3 people in a family). By structuring your property purchases this way would there be no land tax since each way will get a land tax threshold? 1. Person A 2. Person B 3. Person C 4. Person A + B 5. Person B + C 6...
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