Tax implications for cross collatorized security?

Viewing 6 posts - 1 through 6 (of 6 total)

Lizzy
Member
@lizzy
Join Date: 2004
Post Count: 230
December 2, 2005 - 5:33 am
I posted this in the accounting forum but havn’t had much luck, perhaps someone here can shed some light?
“Can anybody tell me why a lender would implicate that there are tax implications in changing your cross collatorized securities to become stand alone securities?
Just assume nothing else is changing, just a general restructure of funds, at the end of the day with the same amounts owing, all properties are investment as are all loans…”
Liz
Mortgage Lender
1300 780 826
Liz
Mortgage Lender
1300 780 826
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
December 2, 2005 - 5:50 am
Hi Liz
There is non. Restructuring a loan does not trigger a CGT implication or does refinancing.
The lender is confused or stupid.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.com
Specialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Lizzy
Member
@lizzy
Join Date: 2004
Post Count: 230
December 2, 2005 - 12:31 pm
Ha ha, THANKS Richard, this is what I was too afraid to say, surely there can be no implication!!
I think it’s an excuse not to do the paperwork… I’ll do it for him anyway…
Merry Christmas
Liz
Mortgage Lender
1300 780 826
Stuart Wemyss
Member
@stuart-wemyss
Join Date: 2003
Post Count: 598
December 2, 2005 - 1:06 pm
I agree with Richard. Sounds like a lazy banker!
Cheers
Stu
Lizzy
Member
@lizzy
Join Date: 2004
Post Count: 230
December 2, 2005 - 1:37 pm
Well now my suspicions are confirmed….
Liz
Mortgage Lender
1300 780 826
brahms
Participant
@brahms
Join Date: 2004
Post Count: 485
December 3, 2005 - 6:32 am
hi Lizzy, sounds like two things to me
1. a very clumsy and unsophisticated attempt at client retention
2. utter bs
cheers
brahms
Purveyor of Fine Finances
aka Mortgage Broker Brisbane