2016 US Presidential Election and Fallout

[Pushka]

Re: 2016 US Presidential Election

don't think this is true. I certainly day trade. You just have to have a strategy that allows a small amount of day trading. The main criterion is that the purpose of your super fund is to provide a retirement income, there is nothing that says a small amount of day trading is at odds with that purpose.

Day traders if they do enough, can argue that it is a business and thus tax treatment is different to someone just investing, but
that doesn't mean that a bit of day trading automatically turns into a business. That's my understanding anyway and my very conservative accountant has never had a problem with it.

At the moment I am fully invested in long term stocks, so can sit on the sideline and enjoy the gyrations, but would love to have had some spare money yesterday - was a bit like being a kid in a lolly shop

Maybe our accountant is overly strict on the rules. The 'once off' opportunities of yesterday would likely be ok. But if done regularly would likely raise the audit flag.

 

[wazza888]

Re: 2016 US Presidential Election

What will Trump do on his first week in office? a). Send crooked Hillary to jail as he promised. b). Start the wall by the first shovel of sand. c). Detention of illegal immigrants and sent home. d). All of the above.

Sorry just a joke ... couldn't help myself.

 

[drron]

Re: 2016 US Presidential Election

I wonder if Hillary will feel like John McCain a week after the election.
"Since the election I have been sleeping like a baby.Sleep 2 hours,wake crying,sleep 2 hours.wake crying."

 

[Quickstatus]

Re: 2016 US Presidential Election

Or maybe e) reverse executive regulations AKA ObaMao rule by decree.

What will Trump do on his first week in office? a). Send crooked Hillary to jail as he promised. b). Start the wall by the first shovel of sand. c). Detention of illegal immigrants and sent home. d). All of the above.

Sorry just a joke ... couldn't help myself.

 

[get me outta here]

Re: 2016 US Presidential Election

Or, maybe Donald will. At the age of 70 he has acquired a proper job.

I wonder if Hillary will feel like John McCain a week after the election.
"Since the election I have been sleeping like a baby.Sleep 2 hours,wake crying,sleep 2 hours.wake crying."

 

[dajop]

Re: The totally off-topic thread

Now California wants to be a country all by itself.

Yeah, the calexit movement

Although it is oft said, if it were a country in it's own right it would have the sixth or seventh largest economy in the world almost as big as the UK.

 

[Mal]

Re: 2016 US Presidential Election

What will Trump do on his first week in office? a). Send crooked Hillary to jail as he promised. b). Start the wall by the first shovel of sand. c). Detention of illegal immigrants and sent home. d). All of the above.

Sorry just a joke ... couldn't help myself.

For all his bluster, I think we will see a fairly tame Trump. His minders will mind him and keep him out of trouble - during scripted times at least!!!

 

[whatmeworry]

Re: The totally off-topic thread

Now California wants to be a country all by itself.

Ah all them West Coast States wanting independence.

 

[dajop]

Re: 2016 US Presidential Election

For all his bluster, I think we will see a fairly tame Trump. His minders will mind him and keep him out of trouble - during scripted times at least!!!

I think you're right. As we know all too well the skills it takes to win office are very different to those it requires to run a government (Rudd, Abbott classic examples). Although one thing I think the US can look forward to is a greater degree of alignment between the executive and legislative branches, and perhaps Trump will be able to get some of his less outrageous policies in place, compared to Obama who basically had much more difficulties in getting anything done with difficult to deal with congress.

 

[Flying mermaid]

Re: 2016 US Presidential Election

Maybe our accountant is overly strict on the rules. The 'once off' opportunities of yesterday would likely be ok. But if done regularly would likely raise the audit flag.

I have been doing it for years and never had a problem - I tend to be sporadic rather than regularly - so I might have a month or so when I speculate, also I would never do it with more than say 10% of the portfolio.

 

[Pushka]

Re: 2016 US Presidential Election

I have been doing it for years and never had a problem - I tend to be sporadic rather than regularly - so I might have a month or so when I speculate, also I would never do it with more than say 10% of the portfolio.

Everyone is fine until the tax audit person knocks
I did in the past have more frequent trades and maybe those bordered on maybe not so much Day Trades but a bit of turnover but have lost a bit of focus since the GFC. Now just into dividend paying stocks.

 

[Flying mermaid]

Re: 2016 US Presidential Election

Everyone is fine until the tax audit person knocks
I did in the past have more frequent trades and maybe those bordered on maybe not so much Day Trades but a bit of turnover but have lost a bit of focus since the GFC. Now just into dividend paying stocks.

Our accountant is very conservative, although clearly not as conservative as yours (Melbourne vs Adelaide? - and don't ask why I have an accountant in Melbourne - it is an historical decision from 36 years ago!)

I have to say I have a number of friends with SMSFs and this is the first time I have heard of this - although I don't want to play the "but Mum everyone else does it" card

 

[Pushka]

Re: 2016 US Presidential Election

Our accountant is very conservative, although clearly not as conservative as yours (Melbourne vs Adelaide? - and don't ask why I have an accountant in Melbourne - it is an historical decision from 36 years ago!)

He is a little annoying sometimes. And I know what to tell him and ah, best he not hear.

 

[JessicaTam]

Re: 2016 US Presidential Election

Our accountant is very conservative, although clearly not as conservative as yours (Melbourne vs Adelaide? - and don't ask why I have an accountant in Melbourne - it is an historical decision from 36 years ago!)
<snip>

And mine has been in ADL for the last 20 years even though I haven't.

Oh, whatmeworry, do you need to get "by order or the President" or some such for your avatar now?

 

[RooFlyer]

Re: The totally off-topic thread

OT but..... Beaconsfield Gold quickly went from low cents to $'s a decade and a half ago

Cough! You recall why that happened, or at least a contributing factor?

 

[RooFlyer]

Re: 2016 US Presidential Election

Maybe our accountant is overly strict on the rules. The 'once off' opportunities of yesterday would likely be ok. But if done regularly would likely raise the audit flag.

I have been doing it for years and never had a problem - I tend to be sporadic rather than regularly - so I might have a month or so when I speculate, also I would never do it with more than say 10% of the portfolio.

Could be a difference in the wording of the ?Trustee Deed? or 'Rules/objectives' of the respective funds? I recall that when I had mine set up, my accountant and I had a little discussion on what should go in there. He too was a bit on the conservative side. I got the rules such that I could hitch up a pantechnicon and chuff along through it (so to speak). Doesn't mean I had to do it, or would do it, but I was OK to do it.

When my fund bought some commercial property, and we had to go to the bank to borrow some $$ within the SMSF, the bank needed a declaration from the accountant that such an investment was allowed under the Trust Deed.

(Actually, now the red-wine sodden grey matter is stimulated a bit, I remember that I was going through my 'wouldn't it be nice to collect some Grange and some Tim Storriers' phase when I set up the SMSF. Hence the need for the wide-ranging investment strategy. )

 

[Flying mermaid]

Re: 2016 US Presidential Election

Could be a difference in the wording of the ?Trustee Deed? or 'Rules/objectives' of the respective funds? I recall that when I had mine set up, my accountant and I had a little discussion on what should go in there. He too was a bit on the conservative side. I got the rules such that I could hitch up a pantechnicon and chuff along through it (so to speak). Doesn't mean I had to do it, or would do it, but I was OK to do it.

When my fund bought some commercial property, and we had to go to the bank to borrow some $$ within the SMSF, the bank needed a declaration from the accountant that such an investment was allowed under the Trust Deed.

(Actually, now the red-wine sodden grey matter is stimulated a bit, I remember that I was going through my 'wouldn't it be nice to collect some Grange and some Tim Storriers' phase when I set up the SMSF. Hence the need for the wide-ranging investment strategy. )

Could be I know ours was set up to be very broad, although the deed has changed over the 32 years we have had it, as regulations changed. My accountant is coming to Canberra next week to bring the accounts, so I will chat with him then, but he is usually the first to warn me about anything he doesn't like.

 

[serfty]

Re: 2016 US Presidential Election

Something to consider:

Opinion: Trump Won Because Leftist Political Correctness Inspired a Terrifying Backlash - Hit & Run : Reason.com

 

[RooFlyer]

Re: 2016 US Presidential Election

Something to consider:

Opinion: Trump Won Because Leftist Political Correctness Inspired a Terrifying Backlash - Hit & Run : Reason.com

Yup, sounds about right. We've seen it here already, for some time.

People who are browbeaten, lectured to, called stupid, or racist, or worse, and threatened with lawfare (18C for instance) can, in the privacy of the voting booth, say what they really think without being howled down, and they get even.

They did with Brexit, did with Trump and will do it with whoever leads the breakaway Australian Conservative Party at the next election.

 

[esseeeayeenn]

Re: 2016 US Presidential Election

Such a huge backlash. Clinton won the popular vote. Trump's victory is a quirk of electoral college maths. Nothing more.