Would You Loan Your Boat to a Friend - Page 8 - SailNet Community
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post #71 of 72 Old 08-09-2011 Thread Starter
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Originally Posted by rockDAWG View Post
Obviously, if someone portraits as a kind, generous and nice guy, don't take it as a weakness of his part. He is on the top of his game. So the bottom line is to play a fair game and be honest. Friends are an asset.
I think that is part of the problem, somtimes when you are nice, some people try to take advantage of it. By the way, what type of work does your company do, if you don't mind asking?
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post #72 of 72 Old 08-09-2011
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We have too many lawyers here in the States and they are too powerful that we would not able to adapt into a different legal system.
Of that I have no doubt... but that is a far cry from "there is no better way". At least a few of us answering the thread are outside that system and would not wish to be a part of it given the choice

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It is totally legal that Company can own boat, jet and condo as long as you keep clean. If you use it for personal pleasure, you pay the Company a fair usage fee. I am sure Aussie can do there too.
We sure can. Of course, that means you need the company to be (according to the ATO) a bonafide charter company. You also need to have money available to "hire" the boat from the company when taking it out (don't know about you, but cash lying around can be shortest when I need/desire a sail!), which will then be classified as income for the company (with the relevant reporting responsibilities coming into play). Any money not spent fixing the boat from "chartering" it becomes taxable profit (i.e. 30% of it is owed to the government). And even then, you run the real risk of the ATO determining that the boat, being chartered only by yourself (the executive of the company) is actually a tax dodge and still wind up in court over it. Or you can simply not lend it to your friends...

I know one of the reasons I want to sail for lengths of time is to get away from as much of this unnecessary rat-race procedure & thinking as possible. I live that day-in & day-out now, why would I want to continue doing that in my holidays/retirement?

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I have not practiced this any more because I am able to read people quite well as aged. When I was a teenage, I often loaned money to friends a few dollars here and there. I used it to test if if they can be trust. Now I have other means to test my vendors and clients. It is nothing wrong, it is straightly a business tool. It is to protect the company interest and its survival.
Never been fond of "testing" friendships. They either survive or not as reality takes it's course. Testing them implies that I don't believe that the person will pass (otherwise, why test them?) and it's just not in my nature to put myself & the friendship through such inspection without need.

As you say, it is a "business tool" and I try not to mix friendships with business.

Shorter Version: Sure, you can set-up a company (with associated tax audit risk) and test your friends prior to them even asking for the boat.... but who would want to when life can be much simpler?
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