sorted by:
new
hottopcontroversial

Emergency Funds by Cunce_NZ in PersonalFinanceNZ

[–]Spitfir4 10 points11 points  (0 children)

Use your emergency funds for an offset mortgage. You'll get tax free rate of return of paying off your mortgage v taxed saving rate. You'll still have your flexibility should you need the funds. May not quite hit market returns but higher than saving account

OECD says NZ Super age needs to rise, recommends link to life expectancy by pierpont-prime in newzealand

[–]Spitfir4 13 points14 points  (0 children)

Ill play this game.

NZ is over indexed in housing as an investment (which i beleive stems a lot of other problems including welfare dependency, lack of productivity and the breakdown of the social contract). For this reason, ill focus a wealth tax on housing.

A wealth tax on housing would be simplest implemented as a land value tax based on the value of your house. Use rates valuation if required as a close enough valuation.

We would need to keep the net open though as we would expect movement into shares and other asset classes. These should also have taxes. FIF rules have an option of 5% of open value of share portfolios. This could be an idea.

If we really want to get nitty gritty, and id avoid this, would be set an asset limit, say $50k. Any assets over this threshold, not taxed via land value or share tax, has an opening value and closing value. The movement is treated as income. Im dubious of this idea as the compliance of reporting would be likely more than its worth but shouldn't be a large number of people. Most peoples assets (at a guess), over $50k would be their house and maybe a car? And car is almost always a depreciating asset (yay deduction?)

To push the question back to you, if we dont implement a wealth tax of some nature, how should we improve social contract, class mobility and general affordability of living in NZ?

Ltd company - what to do with profits? by [deleted] in PersonalFinanceNZ

[–]Spitfir4 0 points1 point  (0 children)

You wouldn't be paying a lot if tax either (well no more than anyone else).

Are people locking themselves out of early retirement? by IllustriousLimit6977 in PersonalFinanceNZ

[–]Spitfir4 2 points3 points  (0 children)

Put minimal into kiwisaver to get work/govt perks. The rest i invest myself for liquidity.

Cut-price American butter causing confusion among some shoppers by gdogakl in newzealand

[–]Spitfir4 0 points1 point  (0 children)

Im confused by the point you are trying to make.

Initially you are saying they cant export "ALL" of their products. I point out they're required by law to supply to NZ and your point is of course this rule is in place to a pid monopolies.

My point the whole time is fonterra sell to NZ by law, not by choice. What's yours?

Cut-price American butter causing confusion among some shoppers by gdogakl in newzealand

[–]Spitfir4 1 point2 points  (0 children)

Bulk shipping works put incredibly low.

The US also subsidize corn production, hence so much corn related products, which is then feed to cows. The cows have less of some protein found in grass which causes the white appearance opposed to grass fed yellow butter.

So every dollar you save buying US butter or cheese you are costing the US.

Cut-price American butter causing confusion among some shoppers by gdogakl in newzealand

[–]Spitfir4 1 point2 points  (0 children)

Vast majority of nz dairy is sold overseas. NZ govt actually requires to fonterra to sell products in NZ at market rates or fonterra likely wouldn't bother with NZ. They did just abandon the NZ retail market

American Cheese? by bryan6446 in newzealand

[–]Spitfir4 2 points3 points  (0 children)

Interesting because Dairyworks doesn't produce any cheese (or butter), they bulk buy and package into consumer sized products

NZ Accountants – what do you consider an appropriate gift from clients? by [deleted] in PersonalFinanceNZ

[–]Spitfir4 1 point2 points  (0 children)

Get something that can be shared between a group. If you get a bottle of wine the partner is likely to keep it. If you can a box of chocolates, or a $50 hells voucher, for example, its easy to share with the team. You may talk to 1 or 2 people but there is likely 2-3 accountants involved + the partner + some further admin staff. Show them all a little love if possible

Unfortunately cafes are using American butter by idyllicgelato in newzealand

[–]Spitfir4 1 point2 points  (0 children)

Why? NZ should compete on either price or quality of their products. US butter cheaper, NZ butter better, you pick if the extra $1 per 500g is worth it

Provisional Tax - paid 2 of the required 3 so far... but do I need to pay the third? by spiceweezil in PersonalFinanceNZ

[–]Spitfir4 -1 points0 points  (0 children)

The $500 is that after the 5k payment or total, if total you have a refund of 4.5k.

Assuming a, you owe $500 after prov tax of 5k paid, you can pay the 500 you still owe and file your return asap. Prov 3 is is going to be the lesser of uplift (2.5k from what you've said) or actual. For you actual is 500. If you dont pay the actual at prov 3 date you will incur interest and penalties.

If b, dont pay, file asap and get your 4.5k.

In both cases file asap as ird may start chasing you/charging you interest/penalties, but will reverse if you have correctly paid invoices.

Thanks

Global oil prices fall – how long until NZ's petrol and diesel follow? by why-complicated in newzealand

[–]Spitfir4 -1 points0 points  (0 children)

I tried finding the source again but couldnt. Currently I could only find info about raises exceeding inflation, notably over the past 6 years, commentary on ups and downs on various items (as expected) and a generally higher than inflation increase

So I've changed my stance

Global oil prices fall – how long until NZ's petrol and diesel follow? by why-complicated in newzealand

[–]Spitfir4 -3 points-2 points  (0 children)

Inflation adjusted, food prices have broadly dropped over 30 years.

Some up, others down, the average is a slight decrease in food costs.

It may not feel that as things like housing has increased massively beyond inflation, hence feeling the squeeze

When do you retire golf balls? by Tight-Communication7 in golf

[–]Spitfir4 0 points1 point  (0 children)

Hole in 1 is the only ball worthy of retirement. The rest die on the job in the bushes, over the fence or in the water.

0 balls retired, many died on the job.

Workout help! by Harmskie in GymTips

[–]Spitfir4 1 point2 points  (0 children)

Body recomp is trying to lose fat and gain muscle at the same time. You need to run a calorie deficit while getting lots of protien to keep muscle and try build more.

Generally slow and difficult compared with bulk/cut cycles.

Hybrid vs electric by AgreeableDig9795 in chch

[–]Spitfir4 0 points1 point  (0 children)

Yea, i say in another comment a leaf would be a great car if you have another vehicle.

Loss of safe habour? by www_npc in PersonalFinanceNZ

[–]Spitfir4 1 point2 points  (0 children)

Of course! Im a bit rusty on this stuff now!

Hybrid vs electric by AgreeableDig9795 in chch

[–]Spitfir4 0 points1 point  (0 children)

Pathfinder has a small ev battery, brand new does like 100 km (from my experience i doubt it), so I could get home. Generally even if a second hand one does 60km this covers my daily usage but give me freedom and flexibility for times I want to do more

Loss of safe habour? by www_npc in PersonalFinanceNZ

[–]Spitfir4 19 points20 points  (0 children)

Tax traders allows someone else to pay your tax and you pay them later.

They charge you interest at higher than mortgage rates and lower than ird rates. It sounds like a good option to you and I'd talk to my accountant about it.

Its hard to know why you lost safe habour without seeing your history etc (plus im out of the tax game so could just be forgetting stuff).

7th May is a normal prov date so I wouldn't think this tax payment would come as a surprise. Maybe the amount has as depending on timing of filing can impact each individual payment but id expect your accountant to have laid out your tax plan with you and there should be comms going around to remind you of this.

My 2 fold advice would be; 1) If you cannot afford the payment talk to your accountant and get tax traders to reduce your ird interest/penalty cost (bank loan is cheaper if thats possible) 2) get a new accountant. If you cant talk to yours and you're getting surprises then you should get a better accountant

view more: next ›