Apply for a tax ruling if you are concerned about it. It is not Harmoney's responsibility to do it for you. Tax is your responsibility.
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As a small retail investor the cost of applying for a tax ruling on charge-offs (& lender fees) could make the return (with the extra risk) from an investment in Harmoney not worth shifting any money out of big Aussie banks. The same would probably apply to other individual small retail lenders.
I think if they were keen for P2P to be truly broad-based, then all peers should have the same tax treatment for charge-offs and lender fees. That would need an industry wide official tax ruling.
Harmoney api stats for the week...
Does this mean their loan book grew by only 7 loans and $106k for the week? I assume this calculates as opening number of loans + new loans - repaid loans = closing number of loans?
2018-05-27 784204925.0 42187 2018-06-03 784310900.0 42194
Does anyone one know if this includes institutional as well as us little guys?
Attachment 9714
Harmoney api stats for the week...
2018-05-27 784204925.0 42187 2018-06-03 784310900.0 42194
Does this mean their loan book grew by only 7 loans and $106k for the week? I assume this calculates as opening number of loans + new loans - repaid loans = closing number of loans?
Does anyone one know if this includes institutional as well as us little guys?
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Having clarity provided by the company concerned or regulatory bodies on the tax impact of an investment in P2P is not exactly getting “everything handed to you”.
Product rulings could be provided from the IRD, which is not exactly having everything handed to you either.
Should NZ retail investors be given sufficient information to make a decision to diversify outside of home ownership and bank deposits?
As it is now, with the uncertainty whether retail investors can claim charge-offs or not, the plate is fuller for the business “peers”. Seeking IRD product ruling could result in all lenders being treated alike.
Just go to an accountant and get his/her opinion on charge offs.
My opinion is they are capital losses and therefore not deductible as a simple investor.
Maybe of interest to someone:
https://idealog.co.nz/venture/2018/0...capital-start-