fatboyonabike
Captain oblivious
If the east coast was the UK and the better part of europe, then Perth would be equivalent to living in Kazakhstan!
Nerfonomics
- Thread starter Nerf Herder
- Start date
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- Tags
- economics george costanza nerf
Without the night life.
pink poodle
気が狂っている男
Perth was such a challenging place to live. There are...things...about my time there I miss, but fuck me if it wasn't a huge change to what I was used to at home. Then when I got back here and lockdown ended etc...the night life I had enjoyed around here was dead as well. I used to be able to buy a meal in a restaurant until about 1030 every night of the week. Now if it hits 8pm I am panicking about somewhere being open. And I'm not getting any of the ...things... I was enjoying in Perth either! Life is cruel.
ashes_mtb
Has preferences
We’d rather be doing …things… than sitting in a restaurant at 1030.
By things I assume you mean being sound asleep in bed.
pink poodle
気が狂っている男
Well I would strongly recommend Newcastle as the place where that is possible!
Groceries is another one. I used to have a 24 hour Coles, now it closes at 10pm. I like to do my groceries after dinner on the way home to do ...things...
ashes_mtb
Has preferences
It was only just recently that we ditched petrol rosters where servos rotated the opportunity to open on weekends or after 6pm and you had to look up in the paper to see which one was open after hours. 24/7 supermarkets are way off.
Flow-Rider
Burner
You need to go to Kalgoorlie mate, your only option after hours is fast food joints, then taste the tender crispy mc doodles that are made to the same standard as in a third world country. The last time I was there, I had a few blokes with me who walked in and looked at how the place was run and said no thanks, I rather starve than risk shitting my pants for the next 24hrs.
pink poodle
気が狂っている男
We definitely have that covered here. Hungry Jacks recently opened just down the road and I pretty much ride past the infamous 24 hour king st McDonald's on the way home. The worst bit is I am pissing distance from a 7-11 which is the biggest prick tease I could have! In Australia they are just another shitty servo with a slushy machine.
Sundays...oh dude they were wierd days! Those late opening and early closing times blew me away. And in peak toilet paper war times!!! Actually that may have made for good television...no toilet paper sales outside the set toilet paper war times and every crazy from across the town given a blast of meth and a mouth guard then up goes the cage roller door!
steve jobs' pancreas
Eats Squid
jrewing
Eats Squid
The central banks want unemployment significantly higher. They dont talk about it too much as its a dirty conversation.
Interest rates are going higher longterm. We are still in the bad part of the cycle and its not a quick correction unfortunately. Small and medium businesses are vunerable, but its where they are aiming at.
Money unlike water always flows to the top. Middle class will suffer, lower class will increase.
Not a fine time to be in a certain part of your early financial adulthood.
Personally i sold my major investment house to deleverage my other properties as i read what was coming. I will invest elsewhere. Gotta remain agile as the top-end punish the mass, for their financial misjudgements.
But personally im pissed at myself for selling 2 crypto that pulled right back recently, i didnt hold my nerve and took profit, and literally the next day they rocketed. Looks like im riding the same MX bike for another year dammit!
beeb
Dr. Beebenson, PhD HA, ST, Offset (hons)
Can someone tell me about novated leases and potential FBT implications (for me as an employee)?
I am in a weird/good situation financially currently. My house is paid off (but it is small/cheap), and I have a decent (maybe just six figures) income this year.
I currently have very low living expenses (single bloke living in a small house in regional Vic. Lowish house rates, minimal gas & electric, reasonable insurance costs, car paid off, etc... and I have two financial goals I'd like to tackle going forward in the 1-2 year range.
Firstly, I'd like to buy a new car. I understand this is a "poor"/illogical decision financially, but my current is 8 years old and is holding more value than it should thanks to COVID pumping up used car prices but it's value will drop rapidly over the next year (two at most IMO).
Secondly, I'd like to add a lot of money into my superannuation with a view to swapping it to a SMSF and taking out a moderate loan and buying a rental property with it in future. I figure the smaller a mortgage I can take on with the SMSF the sooner I can have the investment paid off and have the rental income start adding to my super payments going forward. (Assuming a loan of 100-150k) I think in about 10 years I'd have more than I have now in super, plus the value of the property.
Given I've never put any extra money into super before, I believe I might be to catch up on about 5 prior years worth of unused salary sacrifice super contributions which means I could divert the majority of my wage to super for one financial year and pay basically no tax on the remainder. But given I want to buy a new car (ideally to acquire it this year), I was thinking about diverting some of that money toward a novated lease - probably on an EV, on a short lease (probably two years) - to get me towards a low/no tax situation for one financial year while still acquiring a new car and adding a chunk of money into my super.
If I was to save up to buy an EV outright, having to pay the GST means (in theory) the overall cost of the car would be similar to the novated lease overall, but I could have the car now rather than later, still have it cost the same, and add money to my super, while not having to lose ~$30K to tax for the first 12 month financial year of the lease.
What am I missing? Surely the government's got some way to fuck me over out of doing this!
(Note: I will be seeking the advice of a financial advisor/accountant before actually proceeding, so will consider all advice given here as suggestions to investigate rather than legally binding financial advice!)
I am in a weird/good situation financially currently. My house is paid off (but it is small/cheap), and I have a decent (maybe just six figures) income this year.
I currently have very low living expenses (single bloke living in a small house in regional Vic. Lowish house rates, minimal gas & electric, reasonable insurance costs, car paid off, etc... and I have two financial goals I'd like to tackle going forward in the 1-2 year range.
Firstly, I'd like to buy a new car. I understand this is a "poor"/illogical decision financially, but my current is 8 years old and is holding more value than it should thanks to COVID pumping up used car prices but it's value will drop rapidly over the next year (two at most IMO).
Secondly, I'd like to add a lot of money into my superannuation with a view to swapping it to a SMSF and taking out a moderate loan and buying a rental property with it in future. I figure the smaller a mortgage I can take on with the SMSF the sooner I can have the investment paid off and have the rental income start adding to my super payments going forward. (Assuming a loan of 100-150k) I think in about 10 years I'd have more than I have now in super, plus the value of the property.
Given I've never put any extra money into super before, I believe I might be to catch up on about 5 prior years worth of unused salary sacrifice super contributions which means I could divert the majority of my wage to super for one financial year and pay basically no tax on the remainder. But given I want to buy a new car (ideally to acquire it this year), I was thinking about diverting some of that money toward a novated lease - probably on an EV, on a short lease (probably two years) - to get me towards a low/no tax situation for one financial year while still acquiring a new car and adding a chunk of money into my super.
If I was to save up to buy an EV outright, having to pay the GST means (in theory) the overall cost of the car would be similar to the novated lease overall, but I could have the car now rather than later, still have it cost the same, and add money to my super, while not having to lose ~$30K to tax for the first 12 month financial year of the lease.
What am I missing? Surely the government's got some way to fuck me over out of doing this!
(Note: I will be seeking the advice of a financial advisor/accountant before actually proceeding, so will consider all advice given here as suggestions to investigate rather than legally binding financial advice!)
pink poodle
気が狂っている男
beeb
Dr. Beebenson, PhD HA, ST, Offset (hons)
I'm just not about the pow sorry poods.
Flow-Rider
Burner
If there's one way to lose money that's buying a brand new car, sometimes unavoidable but something I would never do again. Pumping money into super is a good thing, best to see a financial adviser as everyone's situation is different.
There's always cocaine and hookers to take your spare cash
.
fjohn860
Alice in diaperland
Parent Or Wife?
pink poodle
気が狂っている男
You don't need to be. There's not much powder currently...more chowder!
Before you move to a smsf interview a few providers. Check fees, history etc. Then do it. I was locked into a coy fund for years until the legislation allowed choice. Went straight to a smsf and it performed and continues to perform above the usual funds. Ozsuper is still pretty decent if you want hands off but if you want a house, wine, paintings, classic cars etc when you retire then smsf is the key. This is not financial advice but looks like taking your pretax to the limit and then check what benefit you will get from a notated lease. You may drop the take home too far but the super contribution is the best. If you want a car regardless tell your financial guy, they can crunch the numbers quickly.
Edit: I was lucky to have the people I use recommended to me by a close friend.
Edit: I was lucky to have the people I use recommended to me by a close friend.
beeb
Dr. Beebenson, PhD HA, ST, Offset (hons)
Yep, AusSuper have performed decently for a 'hands-off' setup with my super over the years, but I don't see real estate in Australia slowing down anytime soon - so if I can lock away an asset that pays itself off with a relatively low amount of interest repayments, and then also generates a second income stream for my super going forward I figure that's going to win out massively in the long term.
I'm not too worried about dropping the take-home pay right down to be honest as I live well within my means and I'm currently already building a little rainy-day fund that has almost enough in it to cover my regular annual outgoings (groceries, bills, car/house/health insurances, rego, etc...) and plan to keep saving over the next few months. So my thinking was if I still get paid up to the tax-free threshold of $18200 over the year after the additional super contributions and (potentially) a novated lease, the remaining take-home pay would in itself cover the vast majority of my typical outgoings. Even if there was some kind of crisis, I could redraw on my mortgage in an emergency - or just pause the extra super contributions for a while. It'd only bump me into the low-income tax bracket
I looked at just saving a bit longer and just buying an investment property the convential way, but I'd be saddled with a much larger mortgage and pay much, much more in interest over many more years, and get none of the tax minimisation benefit of salary sacrificing - plus it would leave me with NFI how I'd afford a new car without waiting a more than a year to buy the investment property. And even though I'm living in regional Vic and the economy is jittery AF house prices still still seem to just keep going up round here - so I feel like even as I saved the 'value' of that saving would be decreased as the housing prices increased.
I agree with this in principle, but honestly I get more nervous about the prospect of buying a used car than buying new (thinking specifically of all the floods the last few years, not to mention the typical potential smash-'repaired' vehicles, modern cars with 50 gazillion sensors on a vehicle that's just gone out of warranty, etc...). Plus if I do head down the EV/novated lease path - the GST exemption on novated leases would make the second-hand prices of of most decent EV's somewhat uncompetetive. I don't drink/smoke/do drugs/eat at fancy restaurants/etc... But I hate my current car (it's comfy and has all the functions I need, but also has all the handling dynamics of a EH Holden that's overdue a wheel alignment) so it's the "splurge" I actually want in my life. Plus my current car is starting to get nearer the point it'll start needing some of the more expensive repairs rather than just basic maintenance, so I feel like it's time for a change (Yes, it'd still win out economically keeping my current car - but I want the new car enough to pay for it. I've only bought two new cars over the last ~13 years, and by the time I've sold my current car I'll have 'only' lost around $34K to depreciation. Some folk lose that on their fancy Beemers, Mercs and Audi in 12 months (Or some of them in only about 12 nanoseconds after delivery)
I'm not sure if I'll go down the novated lease (or even the EV path tbh), but a new vehicle is still part of the plan for the next couple of years.
indica
Serial flasher
Yeah, worked REALLY well for me....
Flow-Rider
Burner
Yeah, the same way I bought back in 2009, the car cost me 55K new and is now worth 10k with only 10000kms on the clock.I agree with this in principle, but honestly I get more nervous about the prospect of buying a used car than buying new (thinking specifically of all the floods the last few years, not to mention the typical potential smash-'repaired' vehicles, modern cars with 50 gazillion sensors on a vehicle that's just gone out of warranty, etc...). Plus if I do head down the EV/novated lease path - the GST exemption on novated leases would make the second-hand prices of of most decent EV's somewhat uncompetetive. I don't drink/smoke/do drugs/eat at fancy restaurants/etc... But I hate my current car (it's comfy and has all the functions I need, but also has all the handling dynamics of a EH Holden that's overdue a wheel alignment) so it's the "splurge" I actually want in my life. Plus my current car is starting to get nearer the point it'll start needing some of the more expensive repairs rather than just basic maintenance, so I feel like it's time for a change (Yes, it'd still win out economically keeping my current car - but I want the new car enough to pay for it. I've only bought two new cars over the last ~13 years, and by the time I've sold my current car I'll have 'only' lost around $34K to depreciation. Some folk lose that on their fancy Beemers, Mercs and Audi in 12 months (Or some of them in only about 12 nanoseconds after delivery)
I'm not sure if I'll go down the novated lease (or even the EV path tbh), but a new vehicle is still part of the plan for the next couple of years.
Oh well, you only live once and can't take it with you when you go.
I think @ozzybmx is the lease king on here, I'm sure he'll weigh in on the pros and cons?
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