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Thread: Harmoney

  1. #4396
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    Quote Originally Posted by Toukshare View Post
    Hi,
    Speaking of tax, have all of you put this investment in your kids name/IRD no, or yours? Kids would get 10.5% RWT rate, would they not? (unless they already earn, but I am talking young kids, under the age of 10)
    I am going to assume you are wanting to invest your kids money on their behalf, rather than attempt a tax dodge. When I last enquired to do this on behalf of my son Harmoney didn't allow kids to invest on their platform.

    And neither did Lending Crowd either.

  2. #4397
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    Sep 2019
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    Quote Originally Posted by andrewfreestuff View Post
    I am going to assume you are wanting to invest your kids money on their behalf, rather than attempt a tax dodge. When I last enquired to do this on behalf of my son Harmoney didn't allow kids to invest on their platform.

    And neither did Lending Crowd either.
    I absolutely do not advocate a tax dodge. But I do invest some money on my children's behalf and as a responsible parent, want them to have a diverse portfolio. P2P Lending is part of that, as well as Kiwisaver, term deposits and property. They are not at an age where they can manage their investments, so I do it for them. But I believe they are entitled to their fair tax rate, even if the actual management is done by me.

    As a man wiser than me said "tax evasion is a crime, tax avoidance is a duty"

  3. #4398
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    Nov 2016
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    another HEADS UP: if you hold it as their trustee (in your name, not theirs) then the trustee tax rate applies.

  4. #4399
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    Nov 2016
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    An inglorious milestone: today my dashboard told me I have earned more in gross interest than the value of loans remaining outstanding. From the significantly reduced commentary on this forum in recent months I guess that many other lenders are feeling the same frustration I am - or perhaps, as usually happens when market returns fall, people are taking on increased risk.

  5. #4400
    yeah, nah
    Join Date
    Mar 2017
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    interest.png

    I'm still happy with the return - not so happy with the volume of loans.

    I've pretty much settled on try to keep about $120K invested. Anything over that and my funds available just grows.

  6. #4401
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    May 2016
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    yep, RAR and filters stable but cash is growing again!

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