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Thread: Harmoney

  1. #4041
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    Quote Originally Posted by CageyB View Post
    I've considered this in the past, but are there any other IRD considerations? Say we had a bank account where we are both joint holders. Could my partner open a Harmoney account in their name, with deposits paid from that joint account, and be considered a separate entity in regards to tax bracket?
    Well if you can't then I am in the old proverbial. My current account is a joint account as all our utilities etc. get direct debited from it. Joint simply to cover my demise at some point then everything carries on without any restrictions. So I operate it as my account and all investing done in my name is taxed at my rate except for any income received from the bank which is shared. ie savings account and term deposits from time to time.

  2. #4042
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    Cagey and 777 - I think you need to get some advice. If the wealth is jointly owned then IRD expects income from it to be shared equally. Anything else IRD considers to be a tax arrangement.

  3. #4043
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    Quote Originally Posted by BJ1 View Post
    Cagey and 777 - I think you need to get some advice. If the wealth is jointly owned then IRD expects income from it to be shared equally. Anything else IRD considers to be a tax arrangement.
    Ultimately that would reduce my tax.

    To take that further then all married people have joint wealth except for an inheritance if kept ring fenced.
    Last edited by 777; 20-11-2018 at 02:37 PM.

  4. #4044
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    Hi, I'm sure my question has been discussed before, but having no luck trawling through the pages trying to find it.

    Is it possible to offset Harmoney earnings against rental property mortgage interest to reduce tax liability. And/or take a small mortgage to invest in Harmoney and offset the interest paid against the earnings.

    Anybody able to point me in the right direction?

    Thanks

  5. #4045
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    777 - note we are talking wealth, not income from personal effort. Essentially yes if they meet the definition of being in a relationship.

    Stylerz - pay for advice and don't rely on any on this forum (including my comments). Generally your taxable income and expenses can be offset but there are exceptions, but borrowing money specifically to invest in an income producing asset does create a deduction.

  6. #4046
    yeah, nah
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    Interesting information linked in article: Strong annual growth in peer to peer lending

    The article is the usual poor standard from that source...the inability to read basic numbers often astounds me...

    The elephant that they missed is the change in the rate of loan defaults! Will leave it for those interested to delve into the detail, but it is clear that Harmoney is dominating the P2P arena by an enormous margin...

    This is the source/good information: FMA: Peer-to-peer lending and crowdfunding: sector snapshot
    (terrible interface...)
    Last edited by myles; 24-11-2018 at 10:22 AM.

  7. #4047
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    Thanks Myles. I didn't realise Southern Cross did P2P. Looks like significant growth in the number of higher value investors.

  8. #4048
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    There was big increase in value of lending in the year. I guess much of the new loan book has not yet had time to go into default.

    Harmoney is the biggest but is it true peer-to-peer when much of the lending comes from banks and big companies?

  9. #4049
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    Have been getting a lot errors when I try to confirm loans. Tells me it's not my fault and retry in a few minutes. Mostly it seems to fail for ages, although this morning the retry worked ok. Is anyone else having this problem?

  10. #4050
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    Quote Originally Posted by johna View Post
    Have been getting a lot errors when I try to confirm loans. Tells me it's not my fault and retry in a few minutes. Mostly it seems to fail for ages, although this morning the retry worked ok. Is anyone else having this problem?
    I've invested in a couple of loans this morning, and didn't have an issue with either of them.

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