My new idea to earn money without paying tax

[benchwarmer5]

Take it one step further. Earn no money and get paid other people's tax from Centrelink.

If ya don't giv them anything, they will break into ya bubble and burst it

 

[RandB]

So you can't carry forward any capital loss either? Hmmm...

 

[ash_1050]

A running update on why this is a bad idea.

I'm assuming he's purchased AU$20,000 in USD at 1.7 and has an an offset account at 5% as outlined in the initial post.

2c AUD increase against USD = $400
Currency conversion fees = $70 (estimated)
Loss of offset income = $208.33

Total losses after two and a half months (approximate) = $678.33

 

[Affidavit]

Don't rain on his parade. He's killing it!!!!

 

[Tassieboy]

I genuinely don't pay tax as I trade horse racing markets.

 

[George Washington]

So US Fed Reserve = Interest rate going up.
RBA = same or lower interest rates.
China metrics = falling behind targets.

Hence, AUD is dropping over the long term vs the US dollar.

And here we are.

This is a great lesson that information that everyone already knows is worthless. And if you the average punter knows it, you can bet anyone with market moving capital knows it as well.

 

[ash_1050]

So with the US raising interest rates let's do a quick recap:

I'm assuming he's purchased AU$20,000 in USD at 1.7 and has an an offset account at 5% as outlined in the initial post.

1.1c AUD increase against USD = $220
Currency conversion fees = $200 (taken from CBA's website)
Loss of offset income = $291.66

Total losses after two and a half months (approximate) = $691.66

 

[JoseMourinho]

Should have just invested in BHP or Rio if you want a currency wave.... low in value due to commodities but pay in USD! !

 

[ash_1050]

Update as to why this is a bad idea. I'm assuming he's purchased AU$20,000 in USD at 1.7 and has an an offset account at 5% as outlined in the initial post.

1c AUD decrease against USD = $200
Currency conversion fees = -$200 (taken from CBA's website)
Loss of offset income = -$375

Total profit after four and a half months (approximate) = -$375

 

[CarnDaTigg's]

I am taking a reasonable bet and it's not gambling

My favourite post in the thread

 

[ash_1050]

Ooh my favourite thread. Another update as to why this is a bad idea. I'm assuming he's purchased AU$20,000 in USD at 1.7 and has an an offset account at 5% as outlined in the initial post.

1c AUD increase against USD = -$200
Currency conversion fees = -$200 (taken from CBA's website)
Loss of offset income = -$458

Total profit after five and a half months (approximate) = -$858

At this point the AUD needs to slump to 66.5c just to break even.

 

[JoseMourinho]

Ooh my favourite thread. Another update as to why this is a bad idea. I'm assuming he's purchased AU$20,000 in USD at 1.7 and has an an offset account at 5% as outlined in the initial post.

1c AUD increase against USD = -$200
Currency conversion fees = -$200 (taken from CBA's website)
Loss of offset income = -$458

Total profit after five and a half months (approximate) = -$858

At this point the AUD needs to slump to 66.5c just to break even.

Possible to hit the 60c territory but improbable.

 

[ash_1050]

Possible to hit the 60c territory but improbable.

Absolutely possible but not something I would bet $20,000 on.

 

[nylexbandit]

Ooh my favourite thread. Another update as to why this is a bad idea. I'm assuming he's purchased AU$20,000 in USD at 1.7 and has an an offset account at 5% as outlined in the initial post.

1c AUD increase against USD = -$200
Currency conversion fees = -$200 (taken from CBA's website)
Loss of offset income = -$458

Total profit after five and a half months (approximate) = -$858

At this point the AUD needs to slump to 66.5c just to break even.

Great stuff and should serve as a good lesson (but probably won't)

 

[ThePezDispenser]

Getting worse and worse...

 

[ash_1050]

This just gets worse and worse.

I'm assuming he's purchased AU$20,000 in USD at 1.7 and has an an offset account at 5% as outlined in the initial post.

5c AUD increase against USD = -$1000
Currency conversion fees = -$200 (taken from CBA's website)
Loss of offset income = -$544

Total profit after six and a half months (approximate) = -$1744
Total ROI after six and a half months (approximate) = -8.72% ROI

 

[Long Live HFC]

i feel like the OP should come back here and own his mistakes, and apologise to the naysayers.

 

[George Washington]

Also keep in mind the 4-5% opportunity costs of having your money in that account. It's quite easy to see a scenario where in a years time the AUD is at 0.75 and you have lost ~15-20% of your money (10% devaluation, 5% opportunity cost, 3% transaction fees each way).

 

[Captivating]

i feel like the OP should come back here and own his mistakes, and apologise to the naysayers.

He can't do that as he cant afford internet access anymore.

 

[ThePezDispenser]

Thread pays as an excellent example of "too good to be true!"

And when DYOR just isn't enough.

 

[George Washington]

This just gets worse and worse.

I'm assuming he's purchased AU$20,000 in USD at 1.7 and has an an offset account at 5% as outlined in the initial post.

5c AUD increase against USD = -$1000
Currency conversion fees = -$200 (taken from CBA's website)
Loss of offset income = -$544

Total profit after six and a half months (approximate) = -$1744
Total ROI after six and a half months (approximate) = -8.72% ROI

Requesting an update at 78c.

 

[ash_1050]

Requesting an update at 78c.

I'm assuming he's purchased AU$20,000 in USD at 1.7 and has an an offset account at 5% as outlined in the initial post.

8c AUD increase against USD = -$1600
Currency conversion fees = -$200 (taken from CBA's website)
Loss of offset income = -$624

Total profit after six and a half months (approximate) = -$2424
Total ROI after six and a half months (approximate) = -12.12% ROI

 

[Deliverance]

I'm assuming he's purchased AU$20,000 in USD at 1.7 and has an an offset account at 5% as outlined in the initial post.

8c AUD increase against USD = -$1600
Currency conversion fees = -$200 (taken from CBA's website)
Loss of offset income = -$624

Total profit after six and a half months (approximate) = -$2424
Total ROI after six and a half months (approximate) = -12.12% ROI

But he's paying no tax on that right?

 

[ash_1050]

But he's paying no tax on that right?

Thread should have been called "My new idea to lose money without paying tax"

 

[JoseMourinho]

Should be a slight gain today for him but overall loss still