The totally off-topic thread

[JohnK]

No it will be in that year of income only - unless you are buying and selling CGT-pregnant assets all the time...

Lesson learnt.

Regarding Thai investments who said they will be in my name? We will be paying tax in Thailand so not avoiding tax. We need to decide later but I believe wife can remain as a Thai resident for tax purposes even if she is granted spouse visa. But even if she is an Australian resident the overseas income will remain within the tax free threshold.

This is work in progress and the ATO can use bots to search all it likes. I'm going to reduce my tax burden one way or another. That I am determined.

 

[QF WP]

Lesson learnt.

Regarding Thai investments who said they will be in my name?

You inferred it in your previous statement a number of times:

I don't think Thailand is going to report to Australia that JohnK just bought a condo in Chiang Mai and is renting out the condo. I will be paying tax in Thailand. I'm not going to report it on my Australian tax return

If they were purchased in your wife's name, then you would have referred to your wife in those comments, not yourself.

We will be paying tax in Thailand so not avoiding tax. We need to decide later but I believe wife can remain as a Thai resident for tax purposes even if she is granted spouse visa. But even if she is an Australian resident the overseas income will remain within the tax free threshold.

My understanding (although I am not an accountant nor cognisant of your full tax situation) is that non-residents for tax purposes still pay tax here in Australia, in fact there is no tax free threshold for them: Individual income tax rates

My understanding is that the income earned, expenses paid and tax remitted to the overseas jurisdiction are all brought into an Australian tax return (based on currency exchange rates). It has been quite some time since I held international assets and the laws are certain to have changed subsequently.

You may wish to confirm with your Australian accountant or query your accountant in Thailand or somebody versed in Thai tax law. There are also financial planners based in Australia who are specialist in expatriate situation.

This is work in progress and the ATO can use bots to search all it likes. I'm going to reduce my tax burden one way or another. That I am determined.

it is everyones right to minimise their tax payable (no more vocal about this than Kerry Packer as he famously said at the Print Media Inquiry in 1991)

 

[MEL_Traveller]

An example of disgraceful behaviour: Jockey suspended for punching horse before race

Some are calling for a lifetime ban, but others are saying that's too harsh. I disagree.

 

[Pushka]

An example of disgraceful behaviour: Jockey suspended for punching horse before race

Some are calling for a lifetime ban, but others are saying that's too harsh. I disagree.

I agree with you. A 22 year old punching a horse in full view of people and cameras - can only sadly imagine what he would do in private. We need to take signs of animal cruelty in anyone over say - 10 years of age - to be signs of more significant pathology.

 

[whatmeworry]

JohnK you must get the guys that took 1 billion dollars out of the country from a Coal fired power plant. They also got $117 million dollars in Carbon Compo.

Documents from law firm Appleby show how hundreds of millions of dollars in non-cash payments were shuffled, first between Engie's Australian Loy Yang B subsidiaries and then up to their UK-based parent companies, resulting in about $1 billion being ripped from Loy Yang B and leaving it financially vulnerable.

How French energy giant Engie plundered $1b from Australia ahead of carbon tax

The owner of one of Australia’s dirtiest coal-fired power plants quietly moved $1bn offshore within days of pocketing $117m from taxpayers in compensation for Labor’s now-defunct carbon tax.

Coal-fired plant shifted $1bn offshore while pocketing $117m from Australian taxpayers

They did this in one day and apparently it is also legal. Below a diagram of how they did it.(Low res) IIRC about 60 transactions to pull this heist legal transfer off.

 

[Pushka]

Love that carbon tax. Better players than us involved.

 

[Denali]

This is the person that's always going to love Christmas.

 

[whatmeworry]

Love that carbon tax. Better players than us involved.

Which wasn't replaced with anything substantial which hence has led us to the energy price crisis.

 

[Pushka]

Which wasn't replaced with anything substantial which hence has led us to the energy price crisis.

The carbon tax was never about reducing prices.

 

[drron]

JohnK you must get the guys that took 1 billion dollars out of the country from a Coal fired power plant. They also got $117 million dollars in Carbon Compo.


How French energy giant Engie plundered $1b from Australia ahead of carbon tax



Coal-fired plant shifted $1bn offshore while pocketing $117m from Australian taxpayers

They did this in one day and apparently it is also legal. Below a diagram of how they did it.(Low res) IIRC about 60 transactions to pull this heist legal transfer off.

Now,now they transferred 1 billion in company dividends out of Australia and as well as coal they have renewable and gas generation in Australia.Or are you implying that all their profit comes from coal.

 

[TheRealTMA]

Had a shock at the accountants yesterday.

The stupidity in our tax law never ceases to amaze me. My capital gain is treated as income tax. It has pushed my income over $250,000 for the 2016-2017 tax year.

I have to pay ~$1800 budget repair levy. What the hell is this levy? And I lost my $634/year health rebate. And I have to pay ~$3100 Medicare levy on my capital gain.

This isn't paying fair share of tax. Some may see that as fair but it's ridiculous beyond comprehension. Just as well I budgetted more for capital gain tax and I am going to be ~$8000 better off than my rough calculation.

My new motto is going to be lie, cheat and steal where possible. I saw a section on foreign income. I laughed. Like I'm going to declare foreign income so I can pay 49c in the $ tax for my hard work. Get stuffed.

Can’t really believe your post. Seems like you made a killing somewhere despite continual crying poor and badly paid. Plus it seems your wife and new daughter claim health and associated benefits in Australia but you don’t want pay tax to support this. Better look into offshore tax havens and expensive lawyers then.

 

[junbugging]

The return on an investment is usually best calculated based on all the applicable rules, not just the ones you agree with.

I should take your advice. Blow everything I have and then stick my hand out crying poor.

TheRealTMA is owed an apology for your complete mischaracterization of what he or she said.

 

[kpc]

Hypothetical: If a person who at one stage held, albeit temporariiy, the highest job in our nation, had / is having an affair, is it in the public interest, esp if he is now seeking reelection? Just wondering....

 

[Hvr]

Hypothetical: If a person who at one stage held, albeit temporariiy, the highest job in our nation, had / is having an affair, is it in the public interest, esp if he is now seeking reelection? Just wondering....

We've had a temporary Governor-General?

I know who/what you're talking about.

My view is that as long as it is consensual, no public benefit accrues to the other person and that the person seeking re-election doean't make any hypocritical comments about 'family values' etc then I don't believe it is in the public interest.

 

[whatmeworry]

Hypothetical: If a person who at one stage held, albeit temporariiy, the highest job in our nation, had / is having an affair, is it in the public interest, esp if he is now seeking reelection? Just wondering....

Depends if he/she was a religious person, which goes against their religion.

 

[RooFlyer]

Tax evasion reporting form

 

[cove]

Gee RooFlyer that is a form I have never used. I am glad I changed my occupation to become a wholesaler.

 

[Major]

I had planned and budgetted for capital gains tax. Not that I'm now a higher income earner. It actually came as a shock.

The treaty between Australia and Thailand sounds more like a business treaty. I don't think Thailand is going to report to Australia that JohnK just bought a condo in Chiang Mai and is renting out the condo. I will be paying tax in Thailand. I'm not going to report it on my Australian tax return and I'm definitely not going to report any capital gains on sale of said condo.

You just did

 

[drron]

Hypothetical: If a person who at one stage held, albeit temporariiy, the highest job in our nation, had / is having an affair, is it in the public interest, esp if he is now seeking reelection? Just wondering....

Well it is quite public knowledge in some parts of the country.It was put out on twitter but the original tweet was withdrawn.The affair in question was over 20 years ago.
Considering who made the original tweet it was highly inappropriate.

 

[kpc]

Well it is quite public knowledge in some parts of the country.It was put out on twitter but the original tweet was withdrawn.The affair in question was over 20 years ago.
Considering who made the original tweet it was highly inappropriate.

The hypothetical comment above is apparently still active, hypothetically speaking of course.