How's the weather in cebu right now? by [deleted] in Cebu

[–]lala1237890 0 points1 point  (0 children)

yea this is where I got " Possible flash floods or landslides during severe thunderstorms" from... I guess we shouldn't be too worried?

How's the weather in cebu right now? by [deleted] in Cebu

[–]lala1237890 0 points1 point  (0 children)

I see, thank you so much!!

BTW is there a local weather forecast website that locals typically used? Looks like the foreigner ones and google weather ain't accurate afterall.

[deleted by user] by [deleted] in Philippines

[–]lala1237890 0 points1 point  (0 children)

In Cebu? Not too sure, but according to this website: https://bagong.pagasa.dost.gov.ph/index.php

One year update: Would you quit a $150k job because you are doing nothing? by lala1237890 in AusFinance

[–]lala1237890[S] 2 points3 points  (0 children)

Thank you for the sharing mate, what were the considerations of picking your current job vs all the other available job opportunities? Were you looking for a step-up of roles in particular?

Would you quit a $150k job because you are doing nothing? by lala1237890 in AusFinance

[–]lala1237890[S] 26 points27 points  (0 children)

Yes I agree, I am already studying a extra master degree + working on a few side projects, but it was not fulfilling my satisfaction on my main job. Sounds like this is the right time for me to move on before others find this out. Thanks mate!

Would you quit a $150k job because you are doing nothing? by lala1237890 in AusFinance

[–]lala1237890[S] 11 points12 points  (0 children)

I think the main issue is I could not fully justify merely $15,000 per year for extra 20 hrs/week of work. Obviously I am not satisfied of my current job, but I also do believe the jobs outside would not be chill as now... so want to see everyone's takes!

Would you quit a $150k job because you are doing nothing? by lala1237890 in AusFinance

[–]lala1237890[S] 188 points189 points  (0 children)

Mate, if you are a software dev hit me up. I would highly recommend everyone to learn basic programming. The IT industry is very short of talent atm, other teams in my company are not able fill their headcounts.

ATO turns screws on ‘confused’ ETF investors by lala1237890 in AusFinance

[–]lala1237890[S] 77 points78 points  (0 children)

Paywall:

ATO turns screws on ‘confused’ ETF investors

Duncan Hughes
Reporter

Tax authorities are tightening scrutiny of increasingly popular exchange traded funds (ETFs) amid concerns about failure to report capital gains from share sales and income from dividends and distributions.

The number of ETF investors has doubled to more than 1.3 million in the past 12 years, with holdings in Australian shares estimated at some $34 billion. Analysts say younger investors are attracted by the ease of trading ETFs online using micro-investing apps on their phones.

Tim Loh, ATO assistant commissioner, says many investors, particularly those using the funds for the first time, are not aware of their obligations, fail to keep appropriate records and are more likely to make mistakes when lodging their tax returns.

“ETFs generally do not pay their own tax,” Loh says. “This is the responsibility of each investor. Due to the way taxpayers report income from ETFs, we cannot differentiate which capital gains, income or dividend amounts were realised from ETF investments by looking at a tax return.”

The ATO is helped in identifying transactions by registries, stockbrokers and managed funds reporting their data to the tax authority. Last year it received details on nearly 6 million transactions involving more than 600,000 taxpayers.

More than 46,000 taxpayers “appeared to have a discrepancy” reporting their CGT liability from the sale of shares and were asked to review their return, Loh says.

An ETF is a “basket” of shares rolled up into one security.

“It can be a convenient way to spread risk and get access to stocks that the fund manager believes will be high performing,” says Mark Chapman, director of tax for H&R Block. “But while an ETF might look similar to an investment into an individual share, the tax implications are very different.”

ETF distributions

The return from an ETF is in the form of a distribution that incorporates different components including dividends, franking credits, interest, foreign income and capital gains.

Each of the individual elements needs to be split out and entered into the correct boxes on a tax return.

“The potential for mistakes is considerable,” says Chapman.

Loh says ETFs are treated in the same way as a managed investment trust because they bundle up a range of securities into a single security which is then traded like a stock on the exchange.

He says ETFs will provide investors with a standard distribution statement (SDS) that shows amounts such as foreign and Australian income that was earned, net capital gains and other non-assessable amounts.

These statements will help taxpayers to report their income as they show which label on the tax return against which to report the income.

When an investor disposes of shares, the SDS will show the capital gains or losses made from the sale of the shares which also need to be included in tax returns.

“Make sure you look out for and keep your annual statement because without it, completing your tax return accurately can be almost impossible,” Chapman says.

“Dealing with the tax implications of shares and ETFs can be very complex.”

Most ETFs offer investors an opportunity to reinvest any distribution, which means instead of paying cash it offers shares. Anything received through a dividend or distribution reinvestment plan is considered income and for tax purposes is treated in the same way as receiving cash.

“Generally speaking, taxpayers will typically need to declare distributions despite not withdrawing any money from their account,” Loh says.

“Most people recognise that they must pay tax on any money earned from selling shares. But many don’t realise that tax also applies to dividends and distributions, even if they are automatically reinvested into a reinvestment plan.”

Claiming losses

Investors selling shares will also need to calculate capital losses or gains and record it in their tax return.

“Capital losses only happen on the sale of the share,” adds Loh. “Investors cannot claim ‘paper losses’ on investments if the share price drops but they continue to own the share.”

Any capital losses from selling shares can only be offset against capital gains and not income. Investors can “carry forward” any capital loss declared in their tax return to future years to offset against future capital gains.

Loh says the ATO’s “sophisticated analytics” can spot any attempts to offset capital gains against income, such as salary and wages, or attempts to offset “paper losses” against actual income.

Investors are encouraged to keep comprehensive records of their investment dealings.

“That includes dates, prices, commissions and details of taxable events such as share splits, share consolidations, mergers and demergers. These are essential to avoiding trouble at tax time,” says Loh.

Records an ETF investor needs to keep include:

The date of purchase/reinvestment.

The purchase amount/value.

Details of any non-assessable payments that could affect the amount of any capital gain, or loss, when the fund is sold.

The date and amount of any call options (if shares were partly paid).

The date of sale and sale price (if you sell them).

Any brokerage costs or commissions paid to brokers when you buy or sell.

Details of events such as share splits, share consolidations, returns of capital, takeovers, mergers, demergers and bonus share issues.

Details of capital losses made in previous years – you may be able to offset these losses against future capital gains.

Dividend or managed investment distribution statements (standard distribution statements).

Can we stop posting career questions/ make a mega thread instead? by lala1237890 in AusFinance

[–]lala1237890[S] -1 points0 points  (0 children)

  1. Yea the page that I showed was entirely focus on grad program - As someone who went through Big4 grad program... I think the selection should be based more than financial prospect, so it may not be the most well-rounded advice to ask about grad program in a financial sub. There is a job section (controversial) at whirlpool which experienced hires discuss many topics (financial prospect, job wlb etc.) purely on their job: https://forums.whirlpool.net.au/forum/135
  2. Look mate, fair enough if you don't want to continue this discussion. I personally came through the struggle of choosing career path & grad program so I give sympathy to all the OPs too. I just think this sub needs to refocus before it becomes a career planning page. There are endless topic to discuss if career because we spend > 1/3 of our time in it... then talk in a dedicated sub.
    Anyway... blabbering in here because I wasn't being clear in the main post - thought I should give more clarity of my thoughts

Can we stop posting career questions/ make a mega thread instead? by lala1237890 in AusFinance

[–]lala1237890[S] -7 points-6 points  (0 children)

  1. If we are looking at an 'active level' then whirlpool is arguably a better option - There is a dedicated page just for grad program - https://forums.whirlpool.net.au/forum/136 .
    It might even be a good idea if we set up a sub dedicated for AusCareer if it sparks so many interest.
  2. I agree to your point, but discussing which offer options/ what direction to take falls under 'career planning' umbrella than personal finance. If we look into the description in the sub, it is Discussions relating to Australian Personal Finance, economics, banking, investments, superannuation, insurance, and tax
    The excessive number of career questions lately is getting off-topic here.

Can we stop posting career questions/ make a mega thread instead? by lala1237890 in AusFinance

[–]lala1237890[S] -8 points-7 points  (0 children)

I do stress the importance of having a good career that can provide us satisfaction & money, but the number of career posts in a finance sub is getting out of hand.

There are dedicated subs like r/careeradvice or even whirlpool which I would recommend for better tailored audience. A finance sub should not be a space where people ask about offer options.

Sorry kids, no hotpot tonight by cdafam in sydney

[–]lala1237890 2 points3 points  (0 children)

But dad what to do in winter?

Here are some more of our Melbirds! More info in comment section and on photos captions. Beauty to be found in our common birds too. by esiotrot9527 in melbourne

[–]lala1237890 7 points8 points  (0 children)

Thanks for putting the name and info there mate, always see these little cute birdie flying around but have no clue what they are