Can anyone explain to me the process of how I set up my casflow property to pay off a chopper or any vehicle for that matter with the tax benefits etc …
Originally posted by jtrq100:Can anyone explain to me the process of how I set up my casflow property to pay off a chopper or any vehicle for that matter with the tax benefits etc …
chopper = liability
I.P = asset.Reinvest the profits (tax benefits) into the I.P, get rich, buy 10 choppers.
But seriously; you can arrange with the A.T.O to have your tax return paid to you each week/month (I think it is a form 1515). Basically, your employer will withhold less tax. The only catch is that if you over estimate your return, you owe the A.T.O money at the end of the year. See your accountant about this.
If you have the discipline, take the extra money in the pay packet and pay it off the bike/car.
Me – I put it into the I.P’s (re-invested profits).
Cheers,
Marc.
[email protected]“we get sent lemons; it’s up to us to make lemonade”
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