the aussie cool/tool number plate thread

Lucky sperm club hah.

 

what about if you finance the plate and claim it as a deduction?
Best capital gain/non tax is the home.Always has been.
secret with property is to hold.

 

I hate finance, I pay cash nowadys. Only debt is CC which I pay off each month. Yeah I know, not clever to get ahead but I sleep at night.

 

I love finance!

Cash is for mugs!

Only pay cash for toys/crap. Finance the homes.

I only use my CC to book accom and buy **** off Ebay.

 

not at all,main reason i could retire at 51,i own everything.

 

Are we? Oh, ok. I understood your post (2nd quote above) to be stating that classic cars, like heritage plates, have none of the huge buy and sell costs, holding costs or taxes upon selling. It wasn't automatically clear to me that you were referring only to taxes bit. All good.

 

I too will be able to retire at 50 yrs old but own nothing.

 

No probs mate. Always good to get one up on a lawyer. Doesn't happen much in ones life.

 

Not necessarily so; but it can get complicated. If you buy something that is normally non taxable with the intention of selling it for a profit, and you make more than $10k, you are supposed to declare it.

Yes, lots of great cars came here in those days; but few remain today. People like Tom Wheatcroft tracked them down in the 70's and took them back.

 

lol... i wouldn't say you got one up on me... more like what you posted was a tad ambiguous and required further clarification!

 

I NEVER buy anything with the intention of selling it for a profit. Don't forget I'm stupid.

 

you're not right you know.

you've been hanging around phil too much...making comments as fact when you don't really know.

 

I stand corrected then. I didn't realise that if I bought a car today for $100k and sold it in 12 months for say $200k I'd be up for capital gains tax. Having said that wouldn't that then mean that if I bought a car for $100k and sold it for $50k I could claim a loss?

 

Good luck trying to finance a number plate directly.

 

Yup, that's the site.

 

If you make more than $10k, it's supposed to be declared as I understand it.

You can't claim any losses beyond business use to the depreciation limits.

You might, and I say MIGHT, be able to buy in your super fund if you can justify the investment potential and it is "arms length". Profits taxable at 15% generally; but may be tax free in retirement. By then of course the rules will have changed entirely, probably 100 times over

 

you're on a roll of misquoting me tonight!

or at least, misinterpreting. maybe i'm typing too fast for you.

 

Will do more research, but here's one link from a chartered accountant.

Cars and motor cycles
A capital gain or loss is exempt if it is made in relation to a car or motor cycle. A car is defined for this purpose as a motor vehicle designed to carry a load of less than one tonne and with a carrying capacity of less than nine passengers.

 

I always misinterpret you and vice versa.

 

Thanks mate.

 

It isn't that black and white. There are exceptions to that, as I said it can be complicated.

 

No problems. Some nice plates available I see.

 

Yeah, which ones?

They all seem pretty average to me. Except the 993 one, but that is of no interest to me.

 

To you he listens!

 

saw #7 down at the Restaurant a few day ago on a SL its a nice plate to have and prob worth a few coins.