Quote:
Originally Posted by Rog246
interesting string fellas, but here's a thought/perspective that maybe those who build their cars could keep in mind.
I imagine that you could sneak around the capital gains issue by keeping a log book of the hours spent on the build and then factor in an hourly labour rate of .............your choice !
I know that's what I'm going to do!
The Taxation Dept can carry on all they like but they can't tell YOU what your labour rate is worth.
That being said I certainly wouldn't go overboard on that issue. I don't think that Tax would except a labour rate of $300/hr if you have full time employment paying you only $35/hour, however, if for instance you had a set of under utilised skills AND you've changed the field of your endeavours and NO longer employ those skills.............well.
It's something to keep in mind, and I for one am going to take that tack
Rog246
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I restored a 71 Mach 1 Mustang and wrote down all the hours spent on it over 9 years. Then I rang the trades and labour council and asked what the minimum wage rate was for a panel beater. I worked out my labour cost was $65,000.00 way back in 2000. Parts and paint cost $12,000.00 I didn't charge (my cousin) for the labour...that's my hobby.