APRA created drought causing Non banks to run out of funds ?

Discussion in 'Loans & Mortgage Brokers' started by Rolf Latham, 24th Aug, 2015.

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  1. Waterboy

    Waterboy Well-Known Member

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    ...except that the statute did not give LMI as an example of "borrowing expenses".

    an ATO video or a ruling (which also references the section of the law) that explicitly says LMI is a "borrowing expense" would be more reassuring.
     
  2. Azazel

    Azazel Well-Known Member

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    Yeah gotta do your own research/ask your tax guy.
    I wouldn't even trust anything I found myself on the internet as concrete.
     
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Yes, don't rely on secondary materials. Even materials from the ATO. Look at the law itself as that is what a court will rely on.

    See my forthcoming tax tip for some private rulings.
     
  4. Waterboy

    Waterboy Well-Known Member

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    There are protections in place for relying on misrepresentations from the ATO in their websites. ;)
     
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  5. Azazel

    Azazel Well-Known Member

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    I should also add that I utilise Terry's company as my tax guy in the real world :)
     
    Curoch likes this.

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