Declaring loan payment for tax

Discussion in 'Accounting & Tax' started by giraffez, 18th Mar, 2017.

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  1. Terry_w

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

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    In the tax section. I have an index of tips.
     
    Terry_w, 20th Mar, 2017
    #21
  2. giraffez

    giraffez Well-Known Member

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    Sorry terry, Are you referring to this?
    http://bit.ly/1YqEHWL
     
    giraffez, 21st Mar, 2017
    #22
  3. Perthguy

    Perthguy Well-Known Member

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    Perthguy, 21st Mar, 2017
    #23
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  4. giraffez

    giraffez Well-Known Member

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    Thanks perth guy. Where are you finding all these links? I only see the Strategy posts on Terry's signature, I couldn't locate all the tax tips and legal tips.
     
    giraffez, 21st Mar, 2017
    #24
  5. Terry_w

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

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    I will add the indexes to my signatures when i can get on a computer
     
    Terry_w, 21st Mar, 2017
    #25
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  6. giraffez

    giraffez Well-Known Member

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    Do i need to formally engage a solicitor to draw up a contract on this loan if lending from my parents? Or can i draw one up myself and we both sign?

    If the latter what needs to be put on it? The lending amount, interest, how many years, repayment approach?
     
    giraffez, 21st Mar, 2017
    #26
  7. Terry_w

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

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    If you think you have the skills you could do it yourself
     
    Terry_w, 21st Mar, 2017
    #27
  8. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Personally I wouldnt....What are the terms, security and also how is te loan settled. ie Date of agreement is 4th April but funds lent on 10March. Then who maintains the accounting for what is due and how much is interest ?No accounting and no repayments = a tainted loan.

    Saving $$$ will cost you $$$
     
    Paul@PAS, 21st Mar, 2017
    #28
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  9. giraffez

    giraffez Well-Known Member

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    thanks both.
     
    giraffez, 21st Mar, 2017
    #29
  10. Perthguy

    Perthguy Well-Known Member

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    I just used search "gift" posted by terry_w
     
    Perthguy, 22nd Mar, 2017
    #30
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