In particular we focus on getting the loan structure right the first time, choosing which lenders to use in the right order (yes this is important) and finally getting our clients the best deal possible.
Tax return
A tax return covers the income year from 1 July to 30 June. When you lodge a tax return you include how much money you earn (income) and any expenses you can claim as a deduction.
It is YOUR responsibility to file your tax return. If you earn money in Australia, you must have a tax file number (TFN) and pay taxes on it. The amount of tax you must pay for a given year is calculated using your annual tax return.
Your income tax is paid by your employer throughout the fiscal year, which runs from July 1 to June 30. If you are self-employed, you may be required to make income tax payments on account throughout the year.
You must file a tax return at the end of each financial year.
Genuine savings is a term used by the lending industry when defining whether the funds to be used as a deposit by a proposed borrower (for a property purchase) have been genuinely saved over time. Most of the lenders may ask for a minimum 3 months of bank statements to see how you have saved the funds over time.
Learn MoreThere are three areas in which a loan and its underlying asset can be structured. The actual loan type chosen, the asset ownership structure and borrowing entity, and how equity in existing properties is utilised.
The correct loan structuring advice can increase the tax effectiveness of your loans, help protect your assets, and can make restructuring your loans when your circumstances change easier.
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