An extra $100-$200 tax free per week...

Discussion in 'Investor Psychology & Mindset' started by hammer, 24th Jul, 2018.

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  1. hammer

    hammer Well-Known Member

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    Racq has a new guide out on car running costs.

    It's It's expensive to own a car!

    You can "increase" your income quite a bit by owning just the one car....not possible for everyone but certainly food for thought...
     
    hammer, 24th Jul, 2018
    #1
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  2. Guest

    Guest Guest

    Promising thread title, but what is your tip for a household who already owns only 1 car? :D
     
    Guest, 24th Jul, 2018
    #2
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  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Bus or uber!
     
    Last edited by a moderator: 10th Oct, 2021
    Terry_w, 24th Jul, 2018
    #3
  4. hammer

    hammer Well-Known Member

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    Don't buy another one!
     
    Last edited by a moderator: 10th Oct, 2021
    hammer, 24th Jul, 2018
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  5. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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    A valid point for a couple entering retirement years though, I'm sure. They'll probably only need the one car and the extra household income would be very welcome.
     
    JacM, 24th Jul, 2018
    #5
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  6. Scott No Mates

    Scott No Mates Well-Known Member

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    Buy a bike :p

    Fine if only one drives but where both are independent, they go different places at the same time. It may not be all of the time but at a few pinch points each week.
     
    Last edited by a moderator: 10th Oct, 2021
    Scott No Mates, 24th Jul, 2018
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  7. euro73

    euro73 Well-Known Member Business Member

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    Keep the extra car. 1 x NRAS or 1 x Dual occ will get you $140-200 per week tax free
     
    euro73, 24th Jul, 2018
    #7
  8. Scott No Mates

    Scott No Mates Well-Known Member

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    Spend $X00,000 to get $10,000 tax benefit? :rolleyes:
     
    Scott No Mates, 24th Jul, 2018
    #8
  9. inertia

    inertia Well-Known Member

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    Our "primary car" is an electric assist cargo bike. The car sits in the driveway 4 days a week or so - still has a significant minimum cost though.

    Cheers,
    Inertia
     
    inertia, 24th Jul, 2018
    #9
  10. euro73

    euro73 Well-Known Member Business Member

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    I didn't say anything about purchasing a tax benefit.

    says "inertia " :)
     
    euro73, 24th Jul, 2018
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  11. inertia

    inertia Well-Known Member

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    yeah, but once I get moving...
     
    inertia, 24th Jul, 2018
    #11
  12. Scott No Mates

    Scott No Mates Well-Known Member

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    :)[/QUOTE]

    When is tax free not a benefit?
     
    Scott No Mates, 24th Jul, 2018
    #12
  13. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    I would rather pay tax then only live on a tax free aged pension.
     
    Paul@PAS, 24th Jul, 2018
    #13
  14. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    lenders suggest that a fully maintained car is worth 5 k a year pre tax max :)

    ta

    rolf
     
    Rolf Latham, 24th Jul, 2018
    #14