Business owner - Other than personal tax return, other docs for borrowing capacity?

Discussion in 'Loans & Mortgage Brokers' started by Jasper, 16th Jan, 2020.

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  1. Jasper

    Jasper Well-Known Member

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    Hi everyone,

    I want to calculate my borrowing capacity. I derive income via the following structures:
    - personal income
    - business trust income
    - property trust income

    Question: Does my personal tax return cover all of this? Or do i also need to supply tax returns from both trusts? I worry about doubling up the figures and I'm hoping someone can explain in simple terms.

    Thanks for your time
     
  2. Terry_w

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

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    need to supply financials for the related tax entities too.
     
  3. Jasper

    Jasper Well-Known Member

    Joined:
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    VIC
    Great! Does this document have a specific name? Is it the tax return for that entity or something more?

    Thank you.
     
  4. Terry_w

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

    Joined:
    18th Jun, 2015
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    Location:
    Australia wide
    Financials and tax returns needed.
     
  5. Lindsay_W

    Lindsay_W Well-Known Member

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    What servicing calculator are you using?
    If just one of the online calculators it's going to be incorrect and not a true reflection of your borrowing capacity.
    If that's the case I suggest you speak to a broker who can do this properly and accurately for you.