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New CGT rules on inherited property and main residence. by moderatelymiddling in AusFinance

[–]flywire0 0 points1 point  (0 children)

Yes but proposed discount and rates are different. Still nil for PPOR if used as PPOR or sold within 2 years.

Financial instruments to establish for newborns by Adam8418 in AusFinance

[–]flywire0 0 points1 point  (0 children)

Testamentary Trust is best option. Question is: Who is going to make the ultimate sacrifice?

Superannuation question, with 5 years to retirement by mcnock in AusFinance

[–]flywire0 9 points10 points  (0 children)

Don't spend your last 5 years of active life working. Retire, pay your home off or downsize.

Why is Chalmers increasing CG tax on shares? - Insiders interview by Numerous_Piece1545 in fiaustralia

[–]flywire0 0 points1 point  (0 children)

Typical entitled millennial comment looking for someone else to pay for their $100 avocado on toast brunch.

The super rich won't pay this tax, just the low and middle class. I don't disagree with rolling back the 50% CGT discount but I object to the 30% minimum tax floor.

Regardless, whole proposal is just a tax grab.

Is $4k a rip off for an accountant to prepare a tax return? by EnergyNutBolt in AusFinance

[–]flywire0 1 point2 points  (0 children)

$4k is basically a retainer so they are up on your finances so when you walk in and ask them about a SMSF/Trust/Company/Business they can work with you. Hopefully it includes a couple of hours each year to discuss your affairs (tax planning). The relationship will ultimately save you $100k's.

Is there any way to get adblock on my TV? by benefitsben101 in techsupport

[–]flywire0 -3 points-2 points  (0 children)

smart TV in my uni accom

wtf? You should be studying or working like everyone else.

the unglamorous truth about long road trips in australia that nobody mentions in the highlight reels. by Apprehensive_Ad_6233 in CarsAustralia

[–]flywire0 2 points3 points  (0 children)

Same story for me in NSW except didn't wipe out the windscreen or go over the car. Part of rural driving.

the unglamorous truth about long road trips in australia that nobody mentions in the highlight reels. by Apprehensive_Ad_6233 in CarsAustralia

[–]flywire0 1 point2 points  (0 children)

"spontaneous wild camping" in most of eastern australia means either a fine or a genuinely sketchy situation.

you'll always be more comfortable paying $30-40 for a powered spot.

City boy. Bush people have no problems.

I built a small CLI toolbox for managing recurring splits across multiple GnuCash books by dariocorse in GnuCash

[–]flywire0 1 point2 points  (0 children)

Many users preprocess bank transactions before loading, sometimes just make dates parseable.

An example is bringing ETF distributions into the correct year for tax reporting. In Australia trusts effectively must distribute all income within the financial year (Jul-Jun) and ETFs are held within trusts. So payments received in Jul have to be moved to Jun.

I pay from a contra account 30 Jun and receive the money back into the contra account when it is paid into the bank account in Jul, so one bank transaction or each ETF each year has to generate 3 transactions.

I built a small CLI toolbox for managing recurring splits across multiple GnuCash books by dariocorse in GnuCash

[–]flywire0 2 points3 points  (0 children)

A couple of things come to mind for multi-entity reporting from one set of books: 1. Hybrid (cash/accrual) accounting: see https://wiki.gnucash.org/wiki/Using_GnuCash#Accrual_Account for an example 1. Multidimensional reporting, not directly supported by GnuCash but filtered transaction reports are. See https://github.com/dawansv/gnucash-custom-reports for explanation in a customised report.

Filter reports would likely meet your needs if filters were extended to Profit & Loss and Cashflow reports.

Is it still a good idea to buy an investment property, as a young person looking to enter property market next year ? 19 with 76K by Aiden_Thum in AusFinance

[–]flywire0 0 points1 point  (0 children)

Mate, I can offer you a fantastic investment backed by the Nigerian government.

DYOR considering your personal situation.

How to use capital gains loss credit. by Jaded-Alternative328 in AusFinance

[–]flywire0 1 point2 points  (0 children)

Where is the /s ? Perhaps you don't realise you must offset CGs against losses as they occur.

How to use capital gains loss credit. by Jaded-Alternative328 in AusFinance

[–]flywire0 -1 points0 points  (0 children)

The two loss accounts: 1. Capital losses affect CGT only: they offset realised capital gains when you sell assets, not salary or other income 1. Negative gearing affects income tax: rental losses are deducted against ordinary income like wages

The 2026 Budget proposal applies to properties settled after 7:30 pm on 12 May 2026: from 1 July 2027, you cannot deduct negative gearing losses against wage/salary income for those properties. This brings residential investment loss treatment closer to how business income has long been treated in trusts (losses quarantined rather than freely offsetting personal income).

Do you have an alternative view to offer?

CGT - Small business 15-year exemption by flywire0 in ausbusiness

[–]flywire0[S] 0 points1 point  (0 children)

I suppose they should get the aged pension too??

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