Can you send me your Depreciation Schedule?

[Terry_w]

Halflucky, can you do income estimates for tax returns too? Why not get everyone to send in their tax returns so you can graph it, make min and maximum numbers and then we can use that to estimate our income.

 

[The Fence]

why not humour us and give us a figure, purchasing price.

Your providing all the humour thanks, besides, Im not that funny.

Have your DS report handy. I'll generate the values and you compare and see how far off I am?

Everyone's loling at me saying how wrong my calculations are and there is 0 chance of it being right why not prove me wrong.

Blacky has already shot you to pieces.

Yeah thought so. Deep down you know I'm right.

Deep down I know you're headed for trouble.

Or you will troll me. Like battleship. I say C5 and even though it's a hit because you're too shamed to admit it you move your ship and say umm..... um... miss. yeah that's right miss.

Umm....um ....ok ?

 

[Scott No Mates]

Halflucky, can you do income estimates for tax returns too? Why not get everyone to send in their tax returns so you can graph it, make min and maximum numbers and then we can use that to estimate our income.

If you can do the analysis, can you review these numbers between 1 & 44 & tell me within 20% the first 6 which will be drawn next week?

 

[keithj]

Perhaps the OP could provide a list of things he doesn't know about Depreciation Schedules, and then we can properly assess his level of competence

The Four Stages of Competence

Unconscious incompetence
The individual does not understand or know how to do something and does not necessarily recognize the deficit. They may deny the usefulness of the skill. The individual must recognize their own incompetence, and the value of the new skill, before moving on to the next stage. The length of time an individual spends in this stage depends on the strength of the stimulus to learn.
Conscious incompetence
Though the individual does not understand or know how to do something, he or she does recognize the deficit, as well as the value of a new skill in addressing the deficit. The making of mistakes can be integral to the learning process at this stage.
Conscious competence
The individual understands or knows how to do something. However, demonstrating the skill or knowledge requires concentration. It may be broken down into steps, and there is heavy conscious involvement in executing the new skill.
Unconscious competence
The individual has had so much practice with a skill that it has become "second nature" and can be performed easily. As a result, the skill can be performed while executing another task. The individual may be able to teach it to others, depending upon how and when it was learned.

 

[Scott No Mates]

People, get it through YOUR head: I'm gonna do an estimate myself and THEN do a proper one.

Still, FL, no hint of using a qualified person who is acceptable to the ATO.

I'm good at a lot of things. You'll also notice my threads have the highest views.

You're welcome.

Your threads are high raters, purely for entertainment value.

ATO is a body that collects the main source of revenue for the government. They are not secret police.

Bingo - ASIO doesn't collect a cent in revenue.

Perhaps the OP could provide a list of things he doesn't know about Depreciation Schedules, and then we can properly assess his.

That's brilliant Keith, is there a definition of competent incompetence? or competent unconsciousness? Unconscionable incompetence?

 

[fokas]

Q1. What's the difference between stamp duty charged on mortgage and stamp duty on property? I don't remember paying a stamp duty charged on mortgage.... When would this be charged and how much is it normally? does this fee have other names? Where can I find this figure?

Q2. Also for the building costs (2.5% per year for 40 years) as well as working out deductibles for plant / appliances for their effective life you should correct for inflation right? or that's not allowed?

e.g. you buy a stove for $1000 the effective life is 5 years.

So for year 1 it would be $200, but for the second year would it be $200 * 1.025 = $205? assume a 2.5% inflation rate? later years $200*1.025^n or do you need to look at CPI from RBA website?

Your comments are starting to reek of being a troll, but then I notice that you're posting at 4am so perhaps you're just delirious with lack of sleep and can't think straight.
Either way, I'm astonished that you're continuing to ask for guidance and assistance when you tend to throw back all of the advice that you've been given, and do it in an immature and elitist way.

Need a loan? Go to a loan broker. ??!? really?

You don't pay loan brokers so they have to make their money somehow. From lenders! two lenders A and B, A has lower interest rates. B pays higher commission which one do you think the broker will refer.

That is such a short-sighted view. I know a lot of people who do business with the long-term view for repeat business, referrals and acting ethically.
Although of course, I have to remember that you're basing this opinion from not actually ever having had an appointment with a respected broker, or asking them what their payment structure is, so makes me think you're trolling.

 

[The Fence]

Your comments are starting to reek of being a troll,

What I dont understand is where is Sim and when will he stop this rot.

 

[danwatto]

What I dont understand is where is Sim and when will he stop this rot.

He's rolling on the floor laughing, it would be bad form to stop one of Somersoft's funniest threads

 

[Mr. Fabulous]

There is a disturbingly high number of posters on this forum that advocate shutting down threads they don't like. I'm with every one else in that I think fullylucky is going to get fullyunlucky if he uses his own DR's, but at the end of the day, the only person affected is him.

Like Scott, I'm enjoying this thread for the entertainment.

 

[neK]

I don't see why this thread should be shut down at all.

Its a good example of what people shouldn't do. Beneficial for all viewers.
(And its also good entertainment value - The No Valuation thread is funnier though

 

[The Fence]

Exactly !...

 

[Blacky]

What I dont understand is where is Sim and when will he stop this rot.

What.... No. This is way too much fun

It gets a bit boring when newbies come on board. Ask for advice, listen, go and do it right, and then come back gushing about how great we all are.

Much more fun to have some ask, question, ignore, then continue to argue they are right despite about 10,000years of experience saying its wrong.

Arrogance and ignorance are dangerous qualities, especially when joined.

Blacky

 

[The Fence]

I must clarify my comment.
I am not asking anyone to stop the thread.
Just wondering when it might happen as Im beginning to feel a little sorry for the OP.
hence my "Exactly" comment.

 

[Mr. Fabulous]

He's a man, he can handle it. If he can't handle it, then he is not a man.

 

[fullylucky]

He's a man, he can handle it. If he can't handle it, then he is not a man.

How come you guys are allowed to post during work hours?

Don't you have work to do?

 

[Scott No Mates]

What do you mean posting during work hours - they're all underemployed.

 

[The Fence]

self employed, do what we like when we care to.

 

[Mr. Fabulous]

How come you guys are allowed to post during work hours?

Don't you have work to do?

There you have it.

manlet status: confirmed.

 

[fullylucky]

It's cute how you are trying to appreciate a decline value by CPI.

You have no idea son.

pinkboy

It's not decline in value. it's the cost you put in divided by the effective year.

CPI is used to calculate inflation...

I think my question: "the building costs (2.5% per year for 40 years) as well as working out deductibles for plant / appliances for their effective life you should correct for inflation right? or that's not allowed?
e.g. you buy a stove for $1000 the effective life is 5 years.
So for year 1 it would be $200, but for the second year would it be $200 * 1.025 = $205? assume a 2.5% inflation rate? later years $200*1.025^n or do you need to look at CPI from RBA website?"

is a valid question. you guys all say you are property tax experts do you know the answer? If not? why not?

 

[fullylucky]

Halflucky, can you do income estimates for tax returns too? Why not get everyone to send in their tax returns so you can graph it, make min and maximum numbers and then we can use that to estimate our income.

I'm fully lucky not partially lucky. You don't need to estimate when it comes to income tax.
You can use this table to help calculate (using maths) your income tax.
Threshold Fixed Tax Percentage
$0 $0 0%
$18,200 $0 19%
$37,000 $3,572 32.5%
$80,000 $17,547 37%
$180,000 $54,547 45%

Say your taxable income is $90,000 post deductions.

That means you must pay $17,547 plus $10,000 x 37% = $1,7547 + $3700
= $21,247

if you PAYG (tax withheld) is larger than this amount then you will get a tax return. you just subtract the two.

If you're PAYG is smaller than $21,247 that means you owe ATO money and you won't get a return but instead need to pay ATO.

You can use this http://www.paycalculator.com.au/
if you are really bad at maths.