Yenn Posted March 16, 2009 Posted March 16, 2009 I am considering building a Sierra, but can't bear to part with the Starlet, so if I build it would be for sale after about 50 hours. The question is what should I incorporate to get the best saleable product.Nose wheel or tailwheel?2 piece built up canopy or blown bubble at $1000?4 or 6 cylinder Jab engine?Extra wing fuel tanks at $280 each?Dual controls at $2800?What instruments, traditional or glass? And what to include?I flew one with Gary last month and am impressed with it, wasn't impressed with the weather, it was when all the flooding was happening there last month, rather murky conditions for flying.
facthunter Posted March 16, 2009 Posted March 16, 2009 Engine. The 4 Cyl Jab. seems to be a perfect match. Otherwise don't spend a dollar to get less than a dollar back. N..
Guest brentc Posted March 17, 2009 Posted March 17, 2009 Don't forget if you are intending to sell this machine straight away you'll be up for capital gains tax, so this might put an unwelcome dint in any quick money making plans!
facthunter Posted March 19, 2009 Posted March 19, 2009 Confusion. Ian, I thought we were talking about the Corby.. Regarding the sale of the Sierra I would have considered that it would be like selling a car or motorbike. Unless you are "in the business" , you should not have to consider capital gains tax. If you did it say, 4 times a year, or a few years, it might be another matter. Nev
slartibartfast Posted March 19, 2009 Posted March 19, 2009 AFAIK, you're just selling a second hand aeroplane. You're not up for either CGT or GST. Only problem with your plan is, once you put 50 hours on a Sierra or a Cheetah, you wont want to part with it Maybe building two and selling one will enable you to keep the Starlet too.
facthunter Posted March 19, 2009 Posted March 19, 2009 Convinced. You're not biased either, are you Ross? Good point though. Nev..
Guest brentc Posted March 19, 2009 Posted March 19, 2009 I wasnt' referring to GST. I should have actually said straight income tax. Come tax time if you were audited you would need to explain the extra $10k in your bank account. Unfortuntely these days money can't just 'appear' in your bank account without a reasonable explanation. Building an aircraft then selling it for a profit is essentially earning a wage so realistically you should be up for income tax on that money because you are being paid for your labour.
facthunter Posted March 19, 2009 Posted March 19, 2009 Tax. And if you lose on one you could claim that as a loss, IF YOU ARE IN BUSINESS. You can then claim ALL the costs that relate to running that business. The Taxman cannot have it both ways, (though he might try ). Nev
Guest watto Posted March 19, 2009 Posted March 19, 2009 If you are thinking of selling the starlet though Ian give me a yell, if the price is right and I am in a good position at the time I would be interested as I would like something simpler as well as the 230 to use as a way way of keeping hours down on the 230 when it is just me also the tail dragger experience would be good as well. If you do decide on the new kit I have a very good compressor you can borrow when it comes to paint time. Watto
Guest Neilm1955 Posted March 23, 2009 Posted March 23, 2009 Pretty sure you can make a profit on a hobby related project for a once off or every now and again. Probably need to check it with your accountant. Neil
Yenn Posted March 25, 2009 Author Posted March 25, 2009 Thanks for all that info. At the moment I can't get on the internet except by going to the library. 2 computers and a router playing up, so I can't even find out how much money I can put my hands on easily. Some time in the future though I may have a plane for sale.
Yenn Posted March 31, 2009 Author Posted March 31, 2009 Have at last got the computer nearly fixed and I find that share slump has well and truly depleted the coffers, so the Corby stays. It only cost $300+ to fix the computer and it still has to be re configured if we use the phone. What fun, but it is good to be back on line.
Guest watto Posted March 31, 2009 Posted March 31, 2009 Ahhh but Ian, you cannot take it with you! the last pair of trousers you wear will not have any pockets! haha Just kidding, the current economic situation has put a lot of people on standby and a lot more out of work, many of the bosses at my work are looking uneasy so I say it is a good time to be just a lowly grunt, we do not earn much and are the first hired and the last sacked in these tough times. watto Watto
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