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SUPERANNUATION, Discussing all aspects of Superannuation
mme
post Posted: May 11 2006, 01:22 PM
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In reply to: starwoman on Thursday 11/05/06 11:23am

Starwoman, I was just wondering whether anyone knew the answers to my questions? I have queried my accountant and are waiting for a response. If I can do what I suggested I will seriously look at this option. biggrin.gif

P.S. I am only a general Joe Bloggs not a financial advisor.

 
starwoman
post Posted: May 11 2006, 11:23 AM
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In reply to: mme on Thursday 11/05/06 11:14am



To MME.............and other helpful advisors,

Are you suggesting that I ask an accountant those 2 questions about the capital gains tax?

I really am very green here, I havent a clue what to do about all the different tactics...........

Which would be the easiest asnd simplest, I have around the figure mentioned.............

Thanks in advance

Starwoman rolleyes.gif

 
mme
post Posted: May 11 2006, 11:14 AM
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Not a self managed super fund but applicable as well. Two questions: Can Capital Gains Tax be put into a super fund instead of paying the capital gains tax and, if this is the case can you set up an interest only loan for this payment and claim the interest component as a tax deduction for the life of the loan?? Thanks in advance. biggrin.gif

 
itm54
post Posted: May 4 2006, 09:56 AM
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In reply to: kura on Wednesday 03/05/06 04:37pm

Starwoman, you'll need to get an accountant to set up your SMF fund, you have to decide whether you're prepared to put in the admin effort. Conventional wisdom says you need to have $200k to make it worthwhile, in my experience its worthwhile if you have less than that - provided you're prepared to put in the effort, and can make the time available; a SMF is not suitable for someone who has 1/2 hour a week to look at their shares.

 
kura
post Posted: May 3 2006, 04:07 PM
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Hi Starwoman, with due respect to previous posters, just pay for the advise, compared with the cost of getting it wrong, an accountants fee would be quite reasonable.

Disc: Used to be a Chartered Accountant, but gave it away (more fun farming)

Further Disc: Live in NZ, no CGT here, even for Aust shares

 
swandc
post Posted: May 3 2006, 03:40 PM
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In reply to: starwoman on Wednesday 03/05/06 09:34am

Hi Starwoman,

Are you self employed? If so an 'in specie' contribution or cash contribution to your super may give you a tax deduction sufficient to offset CGT; If not you may be able to salary sacrifice your salary into super rather than share proceeds (ie substitute your share proceeds for your salary) and save the tax that way. SMSF's are really only economical once you have say $200K+ as are pretty admin intensive. There are some other super funds on the market if you have less than this that are easier with admin and the fees are less than running your own smsf and they will allow you to trade shares but generally will give you a list of acceptable shares.

Cheers



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itm54
post Posted: May 3 2006, 09:51 AM
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In reply to: starwoman on Wednesday 03/05/06 10:04am

Hi Starwoman
I'm not an accountaqnt or tax expert, but I've had my own SMF for some years, generally good but onerous at times, one extra tax return to lodge. An SMF requires a lot of administrative effort, though if you're prepared to find out all the rules it can be worth doing. CGT is applied at a lower rate of 15%, but the 12 month reduction is to 10%, not half. But I can't see how it can benefit you for the capital gains you've already made, as transfers to another fund are supposed to be at mkt value. Investors will sell some duds to create a loss than can be applied against cgt, and the losses can be carried forward from previous years if not enough gains to offset them. Are you a trader or investor ? Traders don't pay cgt, as all gains are treated as income, so at end of each financial year you value your holdings (just like trading stock in a retail business). Thus you can claim a loss even if you haven't sold. Even traders can treat certain stock as investments, meaning you only pay cgt when you sell them.

I would have thought that on the Gold Coast there would be no shortage of ppl telling you how to handle your finances!

 
starwoman
post Posted: May 3 2006, 09:34 AM
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Hi, Regarding tax.

Before I go and pay for advice, I am wondering if anyone can point me in the right direction, I have accumulated a bit of capital gains and I need advice as to the best way to go now.
I have not formed a superannuation fund as yet, however I have been told this would be the best way for me to save tax?

Any ideas?

I live on the Gold Coast.

Thanks,





 
 


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