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The Bar For non Automotive Related Chat |
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05-03-2012, 09:29 AM | #31 | ||
Regular Member
Join Date: Apr 2006
Location: Sydney
Posts: 260
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Im with Geez Louise must be more of trying to find money used from illegal gains/crime ect
For the average joe blow who saves his money for 2 years and than splurges on a holiday or buys a new car ect shouldnt have to worry |
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05-03-2012, 12:41 PM | #32 | ||
FF.Com.Au Hardcore
Join Date: Apr 2007
Posts: 601
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So when do we get to audit GovCo about how they spend our taxes?
Billion dollar De-Sal plant that doesn't work? |
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05-03-2012, 08:16 PM | #33 | |||
Purveyor of filth
Join Date: Oct 2005
Location: Melbourne
Posts: 2,958
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05-03-2012, 08:33 PM | #34 | |||||
Captain Malcolm Reynolds
Join Date: Mar 2007
Location: Adelaide
Posts: 3,830
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Currently: 2014 Mazda6 GT (Daily) and 1999 Mazda MX5 (Fun Car) Previously: 2001 Ford Escape XLT; 2010 MC Mondeo; 1984 FD LTD; 2001 AU2 Falcon Forte; 2005 LS Focus Zetec; 1988 RE Colt; 1982 RB Colt; 1974 KE20 Corolla Quote:
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05-03-2012, 08:51 PM | #35 | ||
FF.Com.Au Hardcore
Join Date: Jul 2010
Location: NSW
Posts: 4,335
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What's the go with capital gains tax. If I buy something for $50 and sell it for $80 do I legally have to pay tax on that $30 profit or is it only if you earn over a certain amount a year in capital gains.
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06-03-2012, 02:49 AM | #36 | ||
Bseries
Join Date: May 2008
Location: Albury NSW
Posts: 376
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Never thought I'd say this but now that I come to think of it, ahh what a joy it is to be a pennyless uni student and therefore not have the dosh to splash around and get taxed on!
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His: 2003 BA Fairmont in Arctic White/Mercury Silver Hers: 1999 AU Forte in Amaretto Check it out: http://fordforums.com.au/showthread.php?t=11336211 |
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06-03-2012, 08:44 AM | #37 | ||
Banned
Join Date: Apr 2009
Posts: 598
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I wish the ATO would watch every single transaction i make.
Then maybe I wouldn't need to do the boring, mind rooting BAS statements for stuff they should already know about? |
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06-03-2012, 08:54 AM | #38 | ||
FF.Com.Au Hardcore
Join Date: Dec 2004
Posts: 22,922
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Good luck with the ATO... They may have the tools to watch everything we do but sadly for them they do not have the man power to chase much up.
If you do the right thing then there's nothing to worry about. Not many people pay cash for cars, over 10,000 anyways.. Most draw down on their mortgages to do so or finance.
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2022 RAM Laramie 5.7 2023.50 Ranger Wildtrak 3.0 V6 Premium Pack 2024 Everest Sport 3.0 V6 Touring Pack 2024.50 Mustang Darkhorse 6M Blue Ember + Appearance pack ETA Jan 25. |
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06-03-2012, 11:15 AM | #39 | ||
FF.Com.Au Hardcore
Join Date: Feb 2005
Location: Melb north
Posts: 12,025
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well it`s good to catch scum bags ripping off the system , but to me there should be a limit, fairdinkum , ten thousand buks to buy a car? it will probably be 5 to 10 years old pos, what about the pensioner been saving pennies hard for a holiday for 7/10 years, suddenly decides to have a splurge and go on well deserved cruise.
i have been thinking that big brother is way bigger than many realize, the govco has been heading in this direction for years, take note how much disposable income you have, govco knows how much you earn, how much you have left, they control the whole country`s labor force`s disposable income in reality by taxes, the same goes for most business, the reason they are dirty on the mining companies is they have`nt extracted enough from them yet, they like to keep us like peasants just dangling enough disposable income to keep the gears turning so to speak and stay in power........... govco is really the Matrix ! |
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06-03-2012, 04:20 PM | #40 | ||
Regular Member
Join Date: Dec 2006
Posts: 201
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just had a meeting with our ATO relationship manager
they are going after cash industries and those that report outside the industry benchmarks they already have identified clients from each category, next they will look at the lifestyle of the clients.. before deciding to audit or issue default assessments so thats where the cars come in to play, they are looking to see if you have baught a new car, boat, paying of a huge mortage but have declared a low income etc etc |
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06-03-2012, 08:14 PM | #41 | ||
FF.Com.Au Hardcore
Join Date: Feb 2006
Posts: 1,224
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Can someone really be liable for capital gains on the sale of a car? Surely not, if so, bugger it, i'll start claiming the interest!!
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06-03-2012, 08:17 PM | #42 | ||
Thailand Specials
Join Date: Aug 2009
Location: Centrefold Lounge
Posts: 49,547
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Wouldn't surprise me if they start lurking things like Facebook etc to see what people do, lifestyle, cars etc.
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07-03-2012, 01:09 PM | #43 | ||
FF.Com.Au Hardcore
Join Date: Apr 2009
Posts: 2,215
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Look at the culture of the Greeks they have destroyed themselves because of them tyring to avoid paying tax then the low life want the Germans to come and save them.
And we have a scumbag bunch of trash in this country doing the same avoiding tax full on. I have had arguments with clients who refuse to pay the tax and they were full on refusing to pay and abused the hell out of me for it and then ran around getting other trade shops to stop giving me work because of it. The other trade shops were so angry with me for not doing it that i have lossed a hell of a lot of work but i don't want to be some low life running around hiding things from anyone as that stuff make me feel sick. I think it's like drugs once you start you can't stop and one day you will cop it full on. |
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07-03-2012, 01:36 PM | #44 | ||
Purveyor of filth
Join Date: Oct 2005
Location: Melbourne
Posts: 2,958
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Small, very limited government of the people, by the people and for the people would obviate the need for income taxation. Excises and tariffs on imports would be more than enough to pay its way.
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07-03-2012, 02:09 PM | #45 | ||
Regular Member
Join Date: Sep 2009
Posts: 187
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I might actually have some interesting issues with this. I work for a not for profit organisation that allows me to salary package a large percentage of what I earn. Which means that some weeks my taxable income comes in as low as around $300, even though I earn considerably more than that. So from the ATO's view my disposable income would be WAY more than what they see come out of my tax.
Now while I don't do anything illegal or dodgy I still don't like the idea of the ATO poking around in my finances. |
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07-03-2012, 02:35 PM | #46 | |||
FF.Com.Au Hardcore
Join Date: Jan 2010
Location: Tasmania
Posts: 511
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Quote:
Think that's correct, been a while since I did this unit. When I did study taxation at uni, cars under no circumstances, regardless of them being vintage or collectable, were subject to capital gains tax. Looks like this is changing...
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2005 BA MK II XR8 Ute - Shockwave
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07-03-2012, 02:58 PM | #47 | ||
Banned
Join Date: Dec 2007
Posts: 3,290
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Lol these threads crack me up every move is a government conspiracy these days there evil after ur bread and butter realistically the system is dam good if people bothere to look around they'd realize it's not so bad talk to my friend from Russia about his country for a few hours and ull be putting away ur red hat and be begging to pay ur taxes
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07-03-2012, 06:55 PM | #48 | |||
Purveyor of filth
Join Date: Oct 2005
Location: Melbourne
Posts: 2,958
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07-03-2012, 07:17 PM | #49 | |||
FF.Com.Au Hardcore
Join Date: Feb 2006
Posts: 1,224
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Would be very nice to claim the interest on a car loan/lease as a tax deduction! |
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08-03-2012, 03:27 PM | #50 | ||
FF.Com.Au Hardcore
Join Date: Jan 2010
Location: Tasmania
Posts: 511
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If cars are subject to the same treatment as everything else that is considered a capital asset, then technically I guess that money spent on them to preserve or add value would be considered an expense and in turn reduce the cost base of the asset. BUT the big thing is, it is only when you sell a car for more than you paid for it that the above expenditure would have any effect. The expense is offset against the gain to lower it, then it is taxed at whatever bracket you are in. As most people would have a capital loss, it will be interesting to see if they let you carry it forward to offset it against other capital gains.
CGT was a fairly muddy area, there's a lot that I'd be forgetting now.
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2005 BA MK II XR8 Ute - Shockwave
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08-03-2012, 07:22 PM | #51 | ||
Regular Member
Join Date: Nov 2006
Posts: 282
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I can definitly report that the ATO is checking bank statements against what you show as interest/earnings.
I stated an amount of interest which was exactly $200 less in my 2009/10 which on discussion with my Tax Agent we believe to be a typo. The ATO sent me a letter 12 months ago to advise the mistake and later sent a bill for the taxable difference. The ATO didn't fine me and accepted our claim as a typo but did warn of future errors. Warning heeded.
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__________________________ They call it a rort when they're not in on it Mark |
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09-03-2012, 02:15 AM | #52 | ||
Formerly All Wheel Drive
Join Date: Dec 2006
Location: Gold Coast, QLD
Posts: 312
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This is all getting extremely depressing. We may as well all just stay inside our homes and wait to die. I'm sure that Govco/BB will be watching us do that too.
We can't afford to go anywhere or do anything anymore and even if we do, some stupid govco dept or someone else in this world wants a piece of us, so why do we even bother??.. |
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09-03-2012, 10:40 AM | #53 | |||
Regular Member
Join Date: Apr 2006
Location: Sydney
Posts: 260
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Quote:
My accountant than goes off that as that is what the bank has stated Your bank should do the same |
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09-03-2012, 11:36 AM | #54 | ||
FF.Com.Au Hardcore
Join Date: Nov 2009
Posts: 1,421
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ridiculous! Yet the entire system is set up to give the rich bigger tax breaks.
Interesting... I will certainly watch what I am doing with the promo car we buy for trippytaka this year! Make sure it's all done by the book. |
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