Floating hotel Leith

Well I never made anything . I still have or had when I retired 20.000 dollars of unused tax credits which would would be there for repairs etc. on houses . Both houses I had rented out for 120 and 100 dollars a week. And when the estate agent took his chunk out didn’t leave much. I sold about the same as bought for otherwise would not have got the OAP as government would have put their own value of rents on. As said walked away from all that hassle with about the same as walked into with. The $20,000 was for capital gains tax which was only a paper figure which never used and never saw. Have paid tax every year been here never less than $30,000 when working.When retired just about $2000 . Last year changed tax accountant for the fifth time and she got it down to $38. Am crossing my fingers ,legs ,toes , and anything else that will close that will be the same this year . I am totally illiterate when it comes to the Australian Tax System. Cheers JS

Quote:

---

Originally Posted by j.sabourn

I found in the uk the first 10 to 15 years you were just paying off the interest, out here the sum owing used to come down much faster as it was also taken off the capital owing after every payment. What I found missing here was your own house you weren’t allowed tax relief on ,but any rental properties you had you got tax credits. Think this suited whatever government was in as released the pressure on them to build public or council houses as we in the UK called them. Never really made any money as was too green to know any better , but in those days the bank where wages went into appointed you with a tax adviser. On starting work out here I was on three times what was on in uk , and never looked back. The only thing we ever bought on HP was a new car to get a credit rating , thereafter have had about 5 new ones and paid cash for them all . Hopefully will never have to borrow money again . Cappy will be coming with his begging bowl looking for his 3/9d if he reads this .So better shut up. Cheers JS

---

Cant afford a begging bowl please send 3/9d........cappy

John
They wacked me every year I was in the building trade, but since retiring other than the five years back in NZ where they taxed every dollar including the pension; I have paid nothing, there again you can't pay nothing from nothing. If any of that three and ninepence is going"" Cappy doesn't need it.
Des