pmccarthy

A capital gain on a personal use asset is subject to CGT if it cost you more than $10,000 to acquire the asset. Capital losses on personal use assets are ignored. This means you can't use a capital loss on a personal use asset to reduce capital gains on other assets (including other personal use assets). Personal use assets are CGT assets that you keep for your personal use or enjoyment. They include: boats furniture electrical goods household items an option or right to acquire a personal use asset a debt resulting from a CGT event involving a CGT asset kept for your personal use making a private loan to a family member or friend. The following are not classed as personal use assets: collectables – these may be subject to CGT your main residence, which is generally exempt from CGT cars, which are exempt from CGT. If you dispose of personal use assets individually that would usually be sold as a set, you get the exemption only if you acquired the set for $10,000 or less.

Some things they track. For example, all aircraft change of registrations are notified to the tax office.

$42 M in Australia today does not buy you a radio announcer or a union delegate, let alone a munitions storage.

They are riding Chinese bikes.

Yes, that's it thanks. And my experience is that the valuer has to be a recognised valuer by the tax department, and they charge a fortune. So, in the past you could just work from what you had paid but in June next year you may need a valuation that you can't afford. Or just cop it on the chin. And I don't know what a collectible is in general, what about that bloke who restores army tanks?

The proposed capital gains tax changes on collectibles will affect many ordinary people. Most of us have something collectible, and if it is over $500 we will be caught. This year I donated a collection to a museum. I paid around $1000 for it forty years ago and I think it is now worth around $20,000. I thought I could get it valued for a tax deduction and approached two valuers. They both told me that their fees would be higher than the deduction. A collection would need to be worth $50,000 to make it worthwhile. I should have sold it, but I had already donated it.the museum was very happy to get it. That is an unusual story, but the government will drag household jewellery, watches and so on into needing a start valuation on 30 June next year.

Yes there were three models. Each was $1 per cc of capacity. They were called Cossacks where I lived. A mate bought one with mild steel valves. Apparently they had to produce a certain number each month or the factory manager fell out a window.

I agree with much of what Brendan has said, The abuse of him is exceptional. Anyone reading back impartially through this thread would agree. I invite you all to do so and then think about it.

They were $600 when new. I newly bought one but bought a Yamaha RT1 for similar money.

I don’t have a big social circle, but the people I mix with seem to reflect the surveys. I guess 80% of those over 50 are fed up with Labor and will vote for one of the alternatives. The younger ones are more likely to vote Labor , with only a third or so looking for change. Everyone bemoans the lack of a good alternative.

Tandy Radio Shack

I don’t want to see blokes in women’s mud wrestling.

And the seasons they go round and round

Beat ya!

You've lost that loving feeling