I,ve been a subie for 15 years with a pty ltd company structure,my problem is when I borrow money my group cert shows a low income ..how do I get around this.
Show them the Pty Ltd Accounts.
Your wages will show as an expense with the P & L A/c and the lender will recongise the undistributed Net Profit as income.Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
See a broker (there are a few around here) who will find a lender to suit your situation. There are a range of low doc and no doc products and options available for people in your situation.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
I can not see why the lenders have a problem with that. I have been a Pty Ltd Company since ’92 and have never had problems borrowing money. They look at the company figures plus my individual tax returns and that is shown in the company figures. The great thing about BAS in this case is we no longer need to get updated accountant figures mid year if needed as its all in the BAS.
I see many people running as sole traders or partnerships that would be better of as companies. But I also see people being set up as companies that have no real need to. Similar to the craze a few years back to have yourself set up offshore.
David J
Licenced Agent/Sales ManagerI agree that it shouldn’t be a problem. In fact, most lenders will ask to see your Pty Ltd’s tax return when they find out you ‘own’ a company.
Terryw
Discover Home Loans
North Sydney
[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
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