To help with loan serviceability, can someone tell me how you declare your income from any wraps previously completed? It is not rental, however who is the payer and how is this verified with payslips etc like normally requested, particuarly if the income from the wrap has just begun?
This would seem to be a basic question, however I have searched this website but have not found anything.
Thanks
Robert
Thats a great question, and one that i was about to ask as well, but you beat me to it. Havent had a chance to grab a wrap kit yet, but i am sure this will help in this regard
cheers
AnthonyYou can prove income from existing wraps by showing bank statements with regular deposits. If the lendder queries this, it could be backed up with your installment contract.
Terryw
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[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
The tax office have produced rules that basically say that wrap money is not included as income until the property has been realized (last payment made). You can find this info at http://www.ato.gov.au under rule 2004/28 or type in ‘owner finance’.
[xmas]
scullyman
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