sharetrader
Page 6 of 8 FirstFirst ... 2345678 LastLast
Results 51 to 60 of 73

Thread: Tax advice

  1. #51
    Dilettante
    Join Date
    Mar 2010
    Location
    Down & out
    Posts
    5,430

    Default

    [QUOTE=Joshuatree;709028]I have just had my tax return done for 16/17 (its a long story) and really cant challenge , change anything at this late stage but i have found out a few more things.
    Your info is correct Roger. Despite separating my trading and Investing portfolios out to diff brokers , many of my investment stocks have been treated like trading stocks UNLESS they are over 2 years old (the bright line prop test above) so i got a shock to see that instead of getting a tax return this year i have a lot more tax to stump up with. The other thing of note was also what my intention was when SELLING a stock!!!?. This could also decide what status that share was under. On top of all that my accountants want nearly double the fee from last year. Havnt had a chance to add up all my transactions but so far it doesn't look a lot different.

    Am thinking of switching accountants but will that create more problems /costs with them having to set up a new "template" so to speak and does my history get transferred to new accountant etc, can they be difficult about this etc. Thoughts appreciated.[/QUOTE]

    JT I'd recommend looking at Sharesight and possibly Xero. I use both and Sharesight connects with Xero, which connects to my bank account (ANZ), so basically all done automatically. Has saved me lots on accountancy fees and made the accountant's job much easier.
    Last edited by iceman; 25-03-2018 at 10:48 PM.

  2. #52
    Banned
    Join Date
    Nov 2013
    Posts
    8,516

    Default

    Quote Originally Posted by Joshuatree View Post
    What im hearing is there are a number of ways accountants process things and treat ones share activities.Some are way more hardline then others when interpreting the gray areas.
    Exactly the reason why I don't use an Accountant, do all my own financials and therefore I determine which shares fall into each category based solely on intent at time of purchase(Current and only tax benchmark to use) and not any subsequent reason for selling, whatever that may be.
    Last edited by couta1; 26-03-2018 at 09:28 AM.

  3. #53
    Advanced Member
    Join Date
    Sep 2004
    Location
    , , .
    Posts
    1,896

    Default

    Many years ago I changed my accountant because his interpretation of tax laws was different to mine-and what I could find from others.
    I always buy shares with the intention of a long-term hold for my retirement.
    If the value of that share unexpectedly rises my portfolio needs to be rebalanced and I might sell some

  4. #54
    Legend minimoke's Avatar
    Join Date
    Mar 2005
    Location
    Christchurch, New Zealand.
    Posts
    6,502

    Default

    Quote Originally Posted by fish View Post
    Many years ago I changed my accountant because his interpretation of tax laws was different to mine-and what I could find from others.
    I always buy shares with the intention of a long-term hold for my retirement.
    If the value of that share unexpectedly rises my portfolio needs to be rebalanced and I might sell some
    I always buy with an intention of gaining a future dividend. What I try to do is gain as low an entry price into that stock as possible. This means the dividend I get is much better yielding for the money I spent at the time. For example if I bought THL at $1.00 I'm now getting $0.21 a share dividend. That's the kind of Income yield I like and more than happy to pay my tax on it.

    I only sell if I think the value of my capital reduces and the dividend income looks iffy. Take SKT for instance. Had that for a while and enjoyed a tasty income. But now I reckon it is going to become worthless and when that happens there will be no dividend. So a while back it was time to quit it.

    Other wise there are some times in life when sh1t happens and I just need cash. So I might be forced to sell some assets - shares included.

    So I am quite content to pay my tax on dividend income and see no reason to pay any other share related tax.

  5. #55
    Moderated user
    Join Date
    May 2016
    Posts
    22

    Default

    Does anyone know if you can claim travel expenses to an AGM as an income-focused share investor (not a trader), like you can travel to inspect a rental property?
    I believe you can in Australia, as long as the company pays a dividend.
    Thanks

  6. #56
    Guru
    Join Date
    Apr 2003
    Location
    Wellington, New Zealand
    Posts
    4,882

    Default

    Quote Originally Posted by Gringo View Post
    Does anyone know if you can claim travel expenses to an AGM as an income-focused share investor (not a trader), like you can travel to inspect a rental property?
    I believe you can in Australia, as long as the company pays a dividend.
    Thanks
    Why would you not be able to? You can claim other expenses against your income for shares such as interest etc. I claim my AGM expenses.

  7. #57
    Antiquated & irrational t.rexjr's Avatar
    Join Date
    Feb 2017
    Location
    Under the sycamore tree
    Posts
    593

    Default

    Quote Originally Posted by Gringo View Post
    Does anyone know if you can claim travel expenses to an AGM as an income-focused share investor (not a trader), like you can travel to inspect a rental property?
    I believe you can in Australia, as long as the company pays a dividend.
    Thanks
    Rental properties have two parts. 'Property manager' and 'investor'. The investor can't claim the travel expense as that would be a claim against capital, of which there is no taxable income. The 'property manager' can claim said expense as they are in the business of renting properties and producing a taxable income.

  8. #58
    Antiquated & irrational t.rexjr's Avatar
    Join Date
    Feb 2017
    Location
    Under the sycamore tree
    Posts
    593

    Default

    Quote Originally Posted by blackcap View Post
    Why would you not be able to? You can claim other expenses against your income for shares such as interest etc. I claim my AGM expenses.
    I'd get a second opinion on that, seems there's some overlapping of investor vs trader

  9. #59
    Legend
    Join Date
    Apr 2008
    Location
    Sth Island. New Zealand.
    Posts
    6,435

    Default

    Quote Originally Posted by t.rexjr View Post
    Rental properties have two parts. 'Property manager' and 'investor'. The investor can't claim the travel expense as that would be a claim against capital, of which there is no taxable income. The 'property manager' can claim said expense as they are in the business of renting properties and producing a taxable income.
    Where on earth did you dig that up from?

  10. #60
    Antiquated & irrational t.rexjr's Avatar
    Join Date
    Feb 2017
    Location
    Under the sycamore tree
    Posts
    593

    Default

    Quote Originally Posted by fungus pudding View Post
    Where on earth did you dig that up from?
    Accounting for dummies?

    Thought it was simplifying the logic. Maybe not...
    Last edited by t.rexjr; 27-08-2018 at 10:31 AM.

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •