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3 days 11 hours ago #10176 by Angela
Thanks Deb, I should have used my head , of course we have to use our own accountants in our own countries. Anyway we have a while yet before we need one. I like keeping my own books as I trained in accountancy in a large firm, but that was a long time ago and regulations change unless you keep up with them. Having the records as we will have in Frega will be a huge help.
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3 days 11 hours ago #10174 by Deb Deb
Accountants need to be in the country where the person paying the tax resides. Only because that way the accountant understands the tax exemptions that you may be able to claim and do the best job for you. They are paid by you, not the taxman. I am sure there are many reliable ones in New Zealand.
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3 days 13 hours ago #10170 by Dennis
Angela by the end of this year no single accountant would be able to handle the load.

It isn't really accounting we as members of the collective will need. Just statements
stating how much has been earned.

Then is when the fun will begin for those who make a lot of sales. Not everything those
who make sales receive is profit. I sure wouldn't want to pay taxes on what I had paid
out for what is being sold.
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3 days 19 hours ago #10156 by Angela
I was thinking about where to find a good accountant when we get into the position we are going to need one.

I started to wonder if Frega could find one which we can all use. The print out of our statements at the end of the year will be a huge help to any accountant, but one connected to Frega might be just the ticket.

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3 days 19 hours ago #10155 by Angela
Thanks for that Paddy. No problem giving them what they want to know as it is a safeguard for us too. The tax department will want to be able to trace the money transferred back to the source and by being transparent and giving what is needed to know about us will make it cleaner and (hopefully) satisfy the tax dept,. and that should keep them very happy.

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4 days 6 hours ago #10138 by Paddy Delaney
The question of threshold limits of $50 plus is more the regulatory requirement that we need to know more information about you from a KYC perspective based on the value ...once we go over these thresholds the limits are lifted ad it is ore a case of having to report on any transactions over $10 000 or unusual patterns that will trigger us freezing transactions for a day or s until we have ore info on source and direction of funds
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4 days 9 hours ago #10136 by Martin Hill

Angela wrote:

Martin Hill wrote:

Angela wrote: Thank you Clive. Both my daughters are members and already have their own frega accounts, but I understood that until we get a fully fledged bank we can only transfer small amounts of money., $50 at a time. This might have changed now.


If you are a shareholder or a syndicate unit holder. you can receive all of your funds you have earned.[/q

Yes I know I can receive them Martin. That wasn't the question. It was about transferring large amounts of money to my daughters frega accounts before we have the full licence.. I know we can transfer small amounts.


Ok Angela, you can transfer large amount to your daughter account with no fees. Then they can set up there own transfer I think, because we know where the money coming from.

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4 days 9 hours ago #10135 by Angela

Martin Hill wrote:

Angela wrote: Thank you Clive. Both my daughters are members and already have their own frega accounts, but I understood that until we get a fully fledged bank we can only transfer small amounts of money., $50 at a time. This might have changed now.


If you are a shareholder or a syndicate unit holder. you can receive all of your funds you have earned.[/q

Yes I know I can receive them Martin. That wasn't the question. It was about transferring large amounts of money to my daughters frega accounts before we have the full licence.. I know we can transfer small amounts.

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4 days 12 hours ago #10130 by Martin Hill

Angela wrote: Thank you Clive. Both my daughters are members and already have their own frega accounts, but I understood that until we get a fully fledged bank we can only transfer small amounts of money., $50 at a time. This might have changed now.


If you are a shareholder or a syndicate unit holder. you can receive all of your funds you have earned.

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4 days 12 hours ago #10127 by Prosperitywithpurpose

Angela wrote: Thank you Clive. Both my daughters are members and already have their own frega accounts, but I understood that until we get a fully fledged bank we can only transfer small amounts of money., $50 at a time. This might have changed now.


As far ASB I understand, the second stage of our license will get us parity with PayPal. We don’t need a FULL license.
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4 days 13 hours ago #10125 by Angela
Thank you Clive. Both my daughters are members and already have their own frega accounts, but I understood that until we get a fully fledged bank we can only transfer small amounts of money., $50 at a time. This might have changed now.

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4 days 14 hours ago #10123 by Clive Taylor
Angela a n easier way might be to ensure your daughter has a Frega Account which you can easily transfer to and when the API's are sorted she can set my a connection with her bank accounts. Just a thought!
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4 days 20 hours ago #10117 by PattiH

Angela wrote:

PattiH wrote:

Joseph India wrote:

Deb Deb wrote: Surely, Joseph, the taxman will only be ready for his share when a tax return is submitted. Not a moment before.


There is a saying in India Deb that our taxmen could smell money as soon it is in our account...even before we submit ITR :) :)


About the way it is around here Joseph - make a deposit of a certain amount or over and they are wanting to know where it came from. LOL


Once we transfer more than a certain amount, (it used to be $10,000 now I believe it's around $5,000) the red flags go up immediately and we are investigated. This has happened to a businessman friend who transferred over $10,000 from his account in the UK and the trouble he had with the IRD was horrendous. This is something we may have to look at and get some expert advice on in our own countries
Also withdrawing large amounts from our banks is a huge problem. A friend with no internet banking or cards, went to withdraw a large amount to buy into a frega syndicate with cash, and he was questioned, asked why he wanted it , and went through over an hour of grilling. I know money laundering is a huge problem so this could be what we can expect if we should want cash out in any quantity. It's forcing people to use cards and doing business and purchasing through a card whether they want to or not. This is the path we have chosen to go down.



Doing a lot of transactions just under the threshold will also send red flags. So they have you coming and going!

Partner S2T

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4 days 21 hours ago #10116 by Paddy Delaney
Transfer to their Frega and they send to her account
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4 days 22 hours ago #10114 by Angela
I have another question Paddy. Once we wish to transfer our money to our own Bank accounts , is this the only Bank account we can transfer to? I will be wanting to transfer money to both my daughter's bank accounts. Will this be possible, or will our Frega money have to go into one account number only.

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4 days 22 hours ago - 4 days 22 hours ago #10113 by Angela

PattiH wrote:

Joseph India wrote:

Deb Deb wrote: Surely, Joseph, the taxman will only be ready for his share when a tax return is submitted. Not a moment before.


There is a saying in India Deb that our taxmen could smell money as soon it is in our account...even before we submit ITR :) :)


About the way it is around here Joseph - make a deposit of a certain amount or over and they are wanting to know where it came from. LOL


Once we transfer more than a certain amount, (it used to be $10,000 now I believe it's around $5,000) the red flags go up immediately and we are investigated. This has happened to a businessman friend who transferred over $10,000 from his account in the UK and the trouble he had with the IRD was horrendous. This is something we may have to look at and get some expert advice on in our own countries
Also withdrawing large amounts from our banks is a huge problem. A friend with no internet banking or cards, went to withdraw a large amount to buy into a frega syndicate with cash, and he was questioned, asked why he wanted it , and went through over an hour of grilling. I know money laundering is a huge problem so this could be what we can expect if we should want cash out in any quantity. It's forcing people to use cards and doing business and purchasing through a card whether they want to or not. This is the path we have chosen to go down.
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5 days 1 hour ago #10110 by PattiH

Joseph India wrote:

Deb Deb wrote: Surely, Joseph, the taxman will only be ready for his share when a tax return is submitted. Not a moment before.


There is a saying in India Deb that our taxmen could smell money as soon it is in our account...even before we submit ITR :) :)


About the way it is around here Joseph - make a deposit of a certain amount or over and they are wanting to know where it came from. LOL

Partner S2T
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5 days 5 hours ago #10109 by Joseph India

Deb Deb wrote: Surely, Joseph, the taxman will only be ready for his share when a tax return is submitted. Not a moment before.


There is a saying in India Deb that our taxmen could smell money as soon it is in our account...even before we submit ITR :) :)
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5 days 6 hours ago #10108 by Deb Deb
Surely, Joseph, the taxman will only be ready for his share when a tax return is submitted. Not a moment before.
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5 days 9 hours ago #10106 by Joseph India

Prosperitywithpurpose wrote: Today I had a SERIOUS question .... How long before I can transact $1,000,000 through Frega?
Whaaaaaaaaat?


Taxmen will be ready Steve as we transfer money into our account.

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