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Thread: Harmoney

  1. #1921
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    Quote Originally Posted by Saamee View Post
    Info here >>

    https://www.harmoney.co.nz/how-it-wo...rates-and-fees

    Whether they charge the fee(s) or not maybe depends on the borrower and the relationship!
    Thanks Saamee, I'm sure we all have had borrowers who are in arrears, but I don't believe we see any of these overdue fees or dishonour fees put into our accounts.

  2. #1922
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    Quote Originally Posted by jmacka View Post
    Thanks Saamee, I'm sure we all have had borrowers who are in arrears, but I don't believe we see any of these overdue fees or dishonour fees put into our accounts.
    If you have a look at clause 59(b) of the Harmoney Investor Agreement you will see that all the fees Harmoney charges borrowers for collection activity accrue to Harmoney and not to investors. Investors do receive interest on the daily loan balance so if a payment is late interest does accrue on that late payment.

  3. #1923
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    Most lenders on the platform will face a situation where they have overpaid RWT because the calculation of RWT deducted and sent to IRD is based on the gross amount of interest received, with no allowance for allowed deductions, such as the 15% which Harmoney charges for administration. So, if you pay 17.5% RWT all year and Harmoney charges 15% fee all year you will have sent to IRD 20.6% of net taxable interest instead of your legal 17.5%. If you want to maximise your returns by reinvesting all cash available and not wait for the IRD to issue a refund after you file your tax return, then it would make sense to change your tax rate to a lower level in time for the average of the two tax rates to equate to your legal obligation to IRD. That time has passed so I suggest that investors should lower their tax rate tonight to create a better end of year result. I am informed by Harmoney that it would be best to make this change after 5pm as otherwise there could be some interest charged at one rate and some at another, depending on Harmoney's processing timing (not that it makes much difference). If you do this, don't forget to change the RWT rate back on 1 April and then review again about 1 January next year.

  4. #1924
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    Quote Originally Posted by BJ1 View Post
    you want to maximise your returns by reinvesting all cash available and not wait for the IRD to issue a refund after you file your tax return, then it would make sense to change your tax rate to a lower level in time for the average of the two tax rates to equate to your legal obligation to IRD.
    I don't know for sure but I bet the IRD would not be happy with this and it could lead to action against you!

  5. #1925
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    Quote Originally Posted by Finite View Post
    I don't know for sure but I bet the IRD would not be happy with this and it could lead to action against you!
    If you are careful I would think as long as you did not cross the $2,500 Tax Due limit then all OK.

    If you cross the $2,500 Tax due at end of year then they will ask for Provisional Tax Payments for the following year and maybe impose Use of Money penalty's....

  6. #1926
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    In my Opinion: The tax rate up to $14,000 is 10.5%. If one knows that Gross Taxable Income after expenses for the financial year will be greater than $14,000 but less than $48,000, surely the correct RWT declared should be 17.5%. There is no tax rate between 10.5% and 17.5%. If GTI will be over $48,000-$70,000 then the RWT would be 30% for an individual unless the income is a PIE.
    On the other hand if someone is a provisional tax payer then the tax due can be re-estimated throughout the financial year until the last instalment date with an IR309 form for an individual. E&OE.
    Last edited by permutation; 03-02-2017 at 08:14 AM. Reason: spelling and additional

  7. #1927
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    Auckland, , New Zealand.
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    Why would you bother BJ1. In most cases you can file your IR3 by early May and any overpayment of tax is refunded within a week or 10 days.

  8. #1928
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    Nov 2015
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    Loan 87601 B3 grade ... with an impressive after tax mthly income of: $124,491.67
    You'd think HM could put some sort of verification into place!

  9. #1929
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    Just noticed it myself. I've told them about these in the past but get no undertaking to fix the glitch that allows them to slip through.

  10. #1930
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    Dec 2015
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    They promised weekly RAR updates, last one was mid Jan, they haven't updated the platform one since December. I had a deposit cleared in the reports section, but it takes hours to appear on the Dashboard. Lastly had no Autolend loans since mid December, my filters haven't changed.
    Last edited by permutation; 04-02-2017 at 11:36 AM.

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