This is very useful information, thank you…I might need something like this as my income is coming from overseas, and while I’ll be starting on a salary, it will be commission after a few months.
Terry said:
“Just remember if the income your declare is not high enough to pass serviceability, then the loan will be declined. ie you still must be able to service the loan on your income (declared).
The ATO has threatened to use this declared income as your taxable income, so bear this in mind!!!”
Well, Terry, this seems to make sense. If someone has an income of 15k, and declares an income of 60k to get a loan, wouldn’t it be kind of fraudulent? I guess the only way to ensure compliance is to tell people the income they say they get will be taxed.
kay henry
he he, that’s funny kay
cheers
Brendan Heagney
Mortgage Broker
0438 436383If you don’t ask, the answer is no!!
The ATO not only threatened they are actually investigating several cases. It’s in the August API (Australian Property Investor). It doesn’t worry me though as I haven’t yet earn one single dollar in Australia that they could tax LOL…..
Hi Kay,
Its like most ‘legal crackdowns’ from any law enforcement agency – the only ones who somethign to fear are those who are operating outside the law. Unfortunately in some cases the ‘law is an ass’ – in this case methinks not – if someone is doing as you explain then they are clearly not playing by the at least one set of rules.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
It really seems there aren’t to many good property investment brokers out there! I haven’t had a job for over 5 years, only positive investment properties and wraps, my broker has recently confirmed that I can now buy my properties (up to a very nice limit) without having to make the contracts subject to finance! A nice bargaining tool and I’ve never gone lodoc. I’ve already bought another two properties this month and it just gets easier. You really need to shop around for the right team as a good investment property broker, solicitor and accountant means all you have to do is go out and find the deals…
Blanyi
Thanks Blanyi, this sounds encouraging…I have two different brokers working on my case and I keep my fingers crossed….
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