itsujack Posted 31March, 2022 Report Share Posted 31March, 2022 Apologies if this has been posted before, but I've only just read about it. Does this spell the beginning of the end for flippers and anyone else looking to invest in classics? I have so many questions, like who is determining the value above which CGT is applied? How are modifications/upgrades factored into value? You can't depreciate them like you can on a property so why would you invest in adding value to a vehicle? https://www.drive.com.au/news/federal-government-to-impose-capital-gains-tax-on-used-car-sales/ JLD, NAC911 and Joz 3 Quote Link to comment Share on other sites More sharing options...
tdc911 Posted 31March, 2022 Report Share Posted 31March, 2022 April fools... Joz 1 Quote Link to comment Share on other sites More sharing options...
itsujack Posted 31March, 2022 Author Report Share Posted 31March, 2022 2 minutes ago, tdc911 said: April fools... F|#k me! Thank you. Stuck at home with covid has left me a little out of touch with a fuzzy head 🤪 MARTY 1 Quote Link to comment Share on other sites More sharing options...
Rick V Posted 1April, 2022 Report Share Posted 1April, 2022 I've had three clients call me in a panic this morning with this one........ I told each of them that I thought they were actually brighter than they obviously are!! Dalai 1 Quote Link to comment Share on other sites More sharing options...
AndrewM Posted 1April, 2022 Report Share Posted 1April, 2022 Imagine if we could book the loss against our income too! Troubleshooter 1 Quote Link to comment Share on other sites More sharing options...
spiller Posted 1April, 2022 Report Share Posted 1April, 2022 1 hour ago, AndrewM said: Imagine if we could book the loss against our income too! With the way our government treats taxation I could certainly see a double standard with this if CGT on cars was a reality 🙄 Quote Link to comment Share on other sites More sharing options...
Blue964 Posted 1April, 2022 Report Share Posted 1April, 2022 If only this was true--would be nice to see flippers pay their fair share of tax. Carrot01 1 Quote Link to comment Share on other sites More sharing options...
Skidmarks Posted 1April, 2022 Report Share Posted 1April, 2022 4 hours ago, Blue964 said: If only this was true--would be nice to see flippers pay their fair share of tax. What about those that hold for a while and then sell? Are they “flippers”? Is there a period after which someone is no longer a flipper? Does using the car whilst holding it bring it outside the definition? If so, how much and what use? Can you not use and still not be a flipper? 911B, James P and sjm 1 1 1 Quote Link to comment Share on other sites More sharing options...
Joz Posted 1April, 2022 Report Share Posted 1April, 2022 April 1st is nearly over, regular transmissions will resume soon after. Quote Link to comment Share on other sites More sharing options...
smit2100 Posted 1April, 2022 Report Share Posted 1April, 2022 1 hour ago, Skidmarks said: What about those that hold for a while and then sell? Are they “flippers”? Is there a period after which someone is no longer a flipper? Does using the car whilst holding it bring it outside the definition? If so, how much and what use? Can you not use and still not be a flipper? Transition to Retirement gig. Sole trader as a Car day flipper. Can you claim interest on borrowings used to fund the flips? Are overnight weekly day trips to Tassie to look at a potential flip and spin around the extended block as a try before you buy fully tax deductible. sjm, micknine01 and Blue964 3 Quote Link to comment Share on other sites More sharing options...
Blue964 Posted 1April, 2022 Report Share Posted 1April, 2022 11 hours ago, Skidmarks said: What about those that hold for a while and then sell? Are they “flippers”? Is there a period after which someone is no longer a flipper? Does using the car whilst holding it bring it outside the definition? If so, how much and what use? Can you not use and still not be a flipper? why not...give flippers the 12 month CGT discount and if it's been their daily (verifiable via log book) then no CGT applies. Of course all legitimate directly related expenses (including storage fees) can be added to the cost base for CGT calculation purposes. Interest should be tax deducible but of course interest should be carefully considered and exclude time the car is being used for club events, track days etc. Maybe limit neg gearing to watercooled 911s only to stimulate that section of the market. Of course we have to factor in the plight of first time wannabe 911 owners--it is tough for them trying to buy into the market so we should consider tax structures for flippers and the financial challenges faced by first time wannabe 911 owners--can't have the flippers making it hard for first time 911 owners. Remember, motor vehicles are first and foremost a means of human transportation and flippers are only there for investment purposes and flippers are making it difficult for people to use cars for their basic human need for transportation. Quote Link to comment Share on other sites More sharing options...
tomo Posted 1April, 2022 Report Share Posted 1April, 2022 Quote Link to comment Share on other sites More sharing options...
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