A friend asked me if I were turn bad to make money, how would I do it?
Spend a good 30 mins thinking about it and all I can come up with is maybe take out a big loan and run away and never coming back. LOL
Guess I am not cut up for it afterall lol
Slow Tuesday: if You Turn Bad. How Would You Turn?
Aerith-Waifu on 31/10/2023 - 17:38
Last edited 31/10/2023 - 17:39
Last edited 31/10/2023 - 17:39
Comments
Board of Super villains: well that’s just too much for us
The government does not 'subsidise' rental property losses. The OWNER subsidises the losses.
The government merely recognises that businesses have income and expenditures and only taxes incomes in excess of expenditure.
And yet, the government doesn’t recognise other kinds of losses when applied against income. And it’s not considered a capital loss, despite it being a capital loss, there is the full benefit recorded and only half tax is paid on the capital gain later on.
It’s a scam. There’s a good reason most of our politicians have property portfolios, it’s a mini tax haven.
You have not incurred a capital loss, and you won't incur a capital loss (or gain) until you sell, because the capital remains intact in the form of the property.
The government permits you to do EXACTLY the same thing for other investments like shares.@Almost Banned: Yes they do, because it props up the share market the same way it props up housing prices. And they hand wave away the argument on why that should be. But losses should decrease the value of the asset rather than create a refund, to be offset when it’s sold. It would be much fairer.
If I had a business with a loan in it that lost money, I can’t deduct those losses, it can only be offset against other business gains. Just change it so it can also be used against capital gains, to stop people farming losses and minimising the taxed components to capital gains.
It's exactly the same as any other investment, except the pressure all the whiners have put on the ATO have reduced some basic rights e.g. depreciation, and travel
The government merely recognises that businesses have income and expenditures and only taxes incomes in excess of expenditure.
The tax department (ie government) has a definition of a business that it is an activity intended to make a profit. If it is set up without the intention of making a profit it is not a business, it is a hobby. And if its a hobby the government doesn't allow you to claim the amount of money you are losing engaging in that activity to reduce your other income and the income tax you pay on that.
But bizarrely it allows that where people buy a house and rent it out with the intention of losing money doing that.
That said, its not the only activity where it allows it. Big international gig economy companies can set up a business, and structure it with prices so low it loses billions, but the intention in the case of those businesses the intention is to only lose money for a while. Once they've entrenched themselves, and driven out all the smaller and local competitors who couldn't survive losing money without going out of business, then they can either sell their business at a huge profit or push up their prices. So they have a genuine intention to eventually make a profit, unlike the speculators and other parasites who buy houses intending to never make a profit, just to exploit the tax system.
There are separate rules for whether it is a business or an investment. An investor loses some rights.
Your argument has nothing to do with property. You could do exactly the same with shares or any other investment.
The government merely recognises that businesses have income and expenditures and only taxes incomes in excess of expenditure.
Just memorising some talking points again? You miss the fundamental issue - which is that buying an investment property is the only (really scalable) case where you can offset personal income tax with business losses.
As an example, if I run a small business, in addition to having a full time job, I cannot offset the income tax from the amount earned at my job, with the operating loss from my small business (there are exceptions, but these are realistically fringe cases).
The second part of your statement just demonstrates you have no idea what you're talking about - yes, taxes should only be applied on business "income less expenses", the issue is whether you should be able to offset against non-related income (i.e. your personal income).
Congratulations on spouting absolute nonsense.
If I borrow money to acquire shares I can do exactly the same thing.
fanum tax
buy more shelter than i can physically use on my own
That is called "speculation". Yes, you can make a killing. Or you can go broke when the bubble bursts. Poor plan.
But how would you even fund your operation?
You forgot to add: encourage my wealthy friends to do the same, resulting in artificially exaggerated pressure on house prices so that each of our properties continually increases in price by hundreds of thousands of dollars, sometimes millions of dollars, thereby virtually guaranteeing a large portion of the population will never be able to afford a house and will have to continue to rent from us, possibly forever.
Sounds like you should have got in on that… btw it's never too late. I've witnessed several generations complaining how property used to be affordable but now isn't.
Don't act like you wouldn't be a landlord if you had the funds.
Pay RRP
Hahaha! Loved it!
Televangelist. You don’t have to make sense and you can’t get done for fraud.
Oh yes you can.
I've been following these guys for decades, they have taken vows of poverty and the only crowd with the guts to after the Televangelists. Because they have no money the TV's wont go after them.They also help a lot of the victims, homeless people, ex-cons that type of thing.
Unfortunately they probably aren’t making much of a dent. There are lots of gullible Americans trying to buy their way into heaven. I bet the Televangelists don’t mention the camel through the eye of the needle thing.
Probably, but whenever you see a news story about Televangelists the reporters often get their info from Trinity so I guess some impact is better than no impact. Plus, some people have to learn the hard way. :)
@EightImmortals: Amen to that brother. In the “I have sinned” videos they are usually crying because they have been rumbled. It might be bad for business. The trouble is everytime I think of the harm these guys do I just end up with a string of four letter words.
@try2bhelpful: Trinity used to run The Wittenburg Door religious satire magazine which I enjoyed. They also made a couple of videos featuring the ridiculousness of Televangelists.
Just spotted a doco on them here: https://www.youtube.com/watch?v=XPe6E0_Xxok
And here's an old Godstuff clip you might enjoy. :)
@EightImmortals: Thanks. Will check them out.
If you like satirical sites you might enjoy The Shovel.
The atheistic version is school of life subscriptions or patrons
I am pretty sure you can. There was a Reddit topic about it
What is my perfect crime? I break into Tiffany's at midnight. Do I go for the vault? No, I go for the chandelier. It's priceless. As I'm taking it down, a woman catches me. She tells me to stop. It's her father's business. She's Tiffany. I say no. We make love all night. In the morning, the cops come and I escape in one of their uniforms. I tell her to meet me in Mexico, but I go to Canada. I don't trust her. Besides, I like the cold. Thirty years later, I get a postcard. I have a son and he's the chief of police. This is where the story gets interesting. I tell Tiffany to meet me by the Trocadero in Paris. She's been waiting for me all these years. She's never taken another lover. I don't care. I don't show up. I go to Berlin. That's where I stashed the chandelier.
Did you fly Qantas ???
How many other postings have you made to Playboy magazine?
How did you find enough time to make off with the chandelier between the all-night love-making?
was the chandelier used in the love making?
I'd watch that movie.
Dwight! You ignorant s*ut
OMG! Please write part 2!
Become a "Guru" and scam people into buying my get-rich-quick courses.
Pretty sure it often does not work
Create a pharmaceutical/biotech start up company.
Promise a weight loss drug that Big Sugar just can't let hit the market.
Like the blood test one in the US? That will work lol
Become a politician.
Well you got my 2nd preference vote. Sorry, @jv had my first preference vote.
That is really up there!
Work as an unlicensed plumber on Sunday afternoons clearing blocked sewers.
Because you spend Saturday installing ceiling fans?
.nah, you spend saturday blocking the sewers.
Can I have an invoice?
sure you can have an invoice…. But wouldn’t you rather… pay cashhhh for a sweet sweet 6.9% discount?
How does that make you turn bad?
Because I would be unlicensed and charge $420 for 30 minutes work. I would also hint that if the home owner cleans up my mess that I will give them a discount which in reality is never forthcoming.
Drugs seem like the obvious answer, but I have always fancied myself as a classic Current Affair 'love rat' type.
Drugs you need to know chemistry, it's not as easy as it sounds
Charity. Get uni students and highschoolers to door knock and make tik toks.
And that's considered turn bad? You obviously not watching many tik tons videos lol
Or watch tik tokkers fighting in a public park.
Totally regret not filming it at the time!
Start a bargain website, let people convince themselves they're saving money by spending more than they ever would on things they need.
Genius!
I would become a politician
Will start selling fake phones on Gumtree/FB.
That's only will get you so far until a real gangster show up …..
I realised a while back that bank security was a joke. It is very easy to fraudulently transfer large amounts of money.
Yes, they will follow it and find you. But if you are willing to leave the country, you can live the high life.Drugs might look easy, but you'd have a lot of competition.
Armed competition. From both sides.
There are other ways to make money from drugs.
Bribe Australian pharmacists to sell me semaglutide (Ozempic). Then fly to the US, and sell it on the black market for 5 times the price.But but! How much can you bring back though 😂
I'd get a big thermos, fill it with boiling hot water and use it to rob people.
That's a big weight to carry so you need to be very fit
Some ozbargain regular prob got a medieval grade cauldron of hot water waiting to pour on invaders who try to scale the castle walls tho
Create a church so I can get money without paying taxes.
Then I create a table with sins and the price for each sin to be forgiven. For example, stealing an apple from the supermarket is x*, killing someone is 100000x*. Everything can be forgiven if you pay for that.*Hypothetical amounts, I will check appropriate sums when the table is implemented, and obviously consider inflation…
The one Tom Cruise is in?
I don't think scientology is like that.
If I had to turn bad, I would get my information and news from a narrow selection of social media channels and algorithms that are programmed to continually reinforce and support my pre-existing views of the world with misinformation, prejudice, and unnecessary hate.
Then I would splash my well-informed opinions and hate around the internet, or even worse, in real life.
In short, I would become like 75% of the world's population.
Buy a car wash as a front. Start selling illegal goods.
Where you going to get the illegal goods from?
The first step is to get a lot of methylamine.
Getaway driver for bank robbers.
buy more shelter than i can physically use on my own
charge others to use it and get the government to subside losses on this investment
increase charges each year to buy more but not improve or maintain it