Paphitis wrote:miltiades wrote:Banks say that a loan is ....tax deductible??
My god man, you really do live in a fool's paradise, or ...hell. Banks will NEVER lend anyone money and tell him that " it is tax deductible. Do you have any idea as to how any company prepares a P&L account ?
Do you know what's included on a balance sheet? I doubt it very much.
You also stated that you claim for your petrol. Vehicle running costs can only be claimed if the vehicle was used solely for business purposes, personal use is NOT tax deductible, neither is vehicle depreciation or repairs unless the said vehicle is exclusively used in the course of the business. Using a car to go to work and back is NOT considered as " business travel" although many a accountants will knowingly include such an expense on the P&L Account.
If a borrower uses all or part of a loan to purchase equipment for the exclusive use of a business such expenditure does not qualify as an expense for tax purposes, depreciation and repairs to that equipment are tax deductible but not the cost of plant or equipment.
They sure do say loans are tax deductible. And what they mean by that is that the costs for loans are tax deductible.
If they got a whiff of you not knowing common sense, they would knock you back as being unfit or lacking common sense. It is illegal for any Bank in Australia to lend anyone ANY money without knowing basic lending procedures, laws and policies or understanding common tax law when entering into a commercial arrangement with them. They would request you seek financial advice because if they didn't they become shark lenders. There is a product disclosure statement and the would even instruct you to seek legal advice before proceeding.
I Bank with a Bank that is in the top 20 global companies on the planet and they do have a duty of care towards their customers despite what people think.
Not only do the Banks say that but so do all the accountants I know and have spoken too.
No one in their right mind means that the principle is deductible and they would laugh and be beside themselves if you said it was.
Another term used is Good Debt Vs Bad Debt.
My debt being tax deductible is classified by all accountants and financial planners and advisors as being good debt because I can claim all my costs against my tax. So in other words, my costs are offset by a considerable amount whereas a mortgage or a home loans is classed as bad debt because you can't claim a thing.
miltiades wrote:Paphitis wrote:miltiades wrote:Banks say that a loan is ....tax deductible??
My god man, you really do live in a fool's paradise, or ...hell. Banks will NEVER lend anyone money and tell him that " it is tax deductible. Do you have any idea as to how any company prepares a P&L account ?
Do you know what's included on a balance sheet? I doubt it very much.
You also stated that you claim for your petrol. Vehicle running costs can only be claimed if the vehicle was used solely for business purposes, personal use is NOT tax deductible, neither is vehicle depreciation or repairs unless the said vehicle is exclusively used in the course of the business. Using a car to go to work and back is NOT considered as " business travel" although many a accountants will knowingly include such an expense on the P&L Account.
If a borrower uses all or part of a loan to purchase equipment for the exclusive use of a business such expenditure does not qualify as an expense for tax purposes, depreciation and repairs to that equipment are tax deductible but not the cost of plant or equipment.
They sure do say loans are tax deductible. And what they mean by that is that the costs for loans are tax deductible.
If they got a whiff of you not knowing common sense, they would knock you back as being unfit or lacking common sense. It is illegal for any Bank in Australia to lend anyone ANY money without knowing basic lending procedures, laws and policies or understanding common tax law when entering into a commercial arrangement with them. They would request you seek financial advice because if they didn't they become shark lenders. There is a product disclosure statement and the would even instruct you to seek legal advice before proceeding.
I Bank with a Bank that is in the top 20 global companies on the planet and they do have a duty of care towards their customers despite what people think.
Not only do the Banks say that but so do all the accountants I know and have spoken too.
No one in their right mind means that the principle is deductible and they would laugh and be beside themselves if you said it was.
Another term used is Good Debt Vs Bad Debt.
My debt being tax deductible is classified by all accountants and financial planners and advisors as being good debt because I can claim all my costs against my tax. So in other words, my costs are offset by a considerable amount whereas a mortgage or a home loans is classed as bad debt because you can't claim a thing.
By Joe !! You are more stupid than I took you for !!
miltiades wrote:Look mate, you need help. You are delusional, have no confidence in your self, you boast about being a millionaire? Remember you said that your debts are in 7 figures adding that just one of your assets would cover all of your debts. Im fact you are cabin staff earning a stewards wage and struggling . All the bullshit you come out with are a product of your lack of confidence. From the Syrian issue to Brexit you have shown your real charachter
I wonder how you would react should your hero, you know the one you called an idiot,
Be impeached !!
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