Tax Effective Investments

[michaelg]

From: Michael G


Hi,

Before I seriously got into property investment, I had an idea I needed to invest, but didnt have a clue as to what. I started to attend all the presentations and seminars I could, and visited quite a number of financial planners.

When superannuation was the go I was advised by planners to get super. At the moment I have 5 superannuations, am I going to consolidate them?, eventually. Basically when I start my own business where super in compulsory, then I'll merge them and manage it myself.

Also, since I didn't know what to do I thought I'd try a little of everything. So I tried stocks, and learnt about options, and I guess I did get blown about by the sales pitches.

Anyway, I did/do have a high income and since I didnt really understand property then tax was a big concern. I don't really like giving the Government 50% of my income just so they can go and increase the retirement benefits. I'd rather waste the money on myself. I'm sure 20-30% of my income is sufficient to fund infrastructure?, it has to be, why else would companies only pay that much?

Anyway, so I did try one of these schemes. Again it was promoted by a license financial planning firm, and some were quite good (unfortunately I didnt know about the wines or fruit ones) so I got a tea tree system.

Anyway, this thread has talked a bit about due dilligence, and research. So I thought I'd scan and post some info direct from the ATO regarding my own particular system.

There are 8 pages, and the limits here are 3 attachments per post. So bear with me, as I submit 3 posts for you.

The info is there for all to read, I welcome your comments...

Michael G

 

[michaelg]

Tax Effective Investments - PT2

Reply: 1
From: Michael G


Hi again,

Here are some more

Michael G

 

[michaelg]

Tax Effective Investments - PT3

Reply: 1.1
From: Michael G


Hi,

and more

Michael G

 

[michaelg]

Tax Effective Investments - PT4

Reply: 1.1.1
From: Michael G


Hi,

and more

Michael G

 

[paulzag]

Tax Effective Investments - PT4

Reply: 1.1.1.1
From: Paul Zagoridis


Screwed... screwed...

Refer to my posts on the thread in Meeting point (I think that's where the thread was).

Paul Zag
Dreamspinner
The Oz Film Biz site is archived at...
http://wealthesteem.dyndns.org/

 

[michaelg]

Tax Effective Investments - PT4

Reply: 1.1.1.1.1
From: Michael G


Paul,

I had to post it here, meeting point doesnt allow attachments.

Michael G

 

[Les]

Tax Effective Investments - PT4

Reply: 1.1.1.1.1.1
From: Les .



G'day Michael,

So, how has it gone? Are all of these schemes automatic failures?


I do love how the ATO tends toward hints rather than statements - takes me back to an earlier posting where the wording in the ATO's Rental Property Handbook states "such deductions will generally be allowable" - i.e if the money is likely to go back to you, they will not state it directly (in case they want to change their minds).

But, if they are sure they will keep your money, then they state this unequivocably.

With the above type of scheme, it tends toward "you might be able to get a Tax deduction" with the un-written aside "but don't depend on it"....


So, how DID it go? Have they reneged? (Even tho they didn't promise they would honour the Tax deductions),

Regards,



Les


- "Eschew Obfuscation" - ;^)