Peer to Peer lending in NZ

Forums › Finance and wealth management › Peer to Peer lending in NZ

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Linuxluver

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#2417231 13-Feb-2020 12:07

networkn:
One wonders if this was the plan all along.

No. But they lost a tax ruling in May '18 and they said at the time it undermined the viability of their business model.

https://www.interest.co.nz/business/93828/judge-rules-harmoneys-platform-fee-credit-fee-doesnt-accept-relative-novelty-peer

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kiwifidget

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#2417296 13-Feb-2020 12:47

I have a small amount of money sitting in a bank account pretty much gathering dust.

It's not enough to put into one of those flash investment PIE things, so this thread is making me wonder if P2P might be a suitable option.

At the moment, come tax time, all I have to worry about is getting the RWT certificate.

How does a P2P outfit handle that aspect?

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Linuxluver

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#2417301 13-Feb-2020 12:53

kiwifidget:
I have a small amount of money sitting in a bank account pretty much gathering dust.

It's not enough to put into one of those flash investment PIE things, so this thread is making me wonder if P2P might be a suitable option.

At the moment, come tax time, all I have to worry about is getting the RWT certificate.

How does a P2P outfit handle that aspect?

They do issue you with a summary of interest paid.

Just be aware you can't claim bad loans against income. So you might earn $2000 in interest in a year and lose $500 due to bad loans. You pay tax on the $2000.. and you lost $500. In that sense, the returns can be pretty weak.

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kiwifidget

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#2417305 13-Feb-2020 12:58

@linuxluver thank you.

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ANglEAUT

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#2439631 16-Mar-2020 22:21

How true?

@mattwnz:

@GV27:

ASX finished down 9.7% today.

This is v. bad.

Effectively another crash. In the US the government put a lot of money into their one, but not in NZ or Oz. A lot of peoples kiwisavers are not going to look very healthy. Especially people who recently joined, or recently put a lot of money into it. Due to teh low interest rates at teh bank, quite a few people have moved their money out of the bank into shares, which had up till recently been performing well.

😍

😱

Please keep this GZ community vibrant by contributing in a constructive & respectful manner.

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