aah Banks!! Ms FM wants a loan to do a knock down and rebuild. We would like to give her the money, but right at the moment I have no shares I want to sell..... Either they are producing good dividends, or they are ones that I feel will produce excellent capital gains but are not at that point yet.
so that's easy will help her by cosigning on the loan with her, otherwise she will be up for $30,000 in mortgage insurance. She has enough income to service the loan but wont meet the 80% thing, so we can put up our house as security.
so send a milllion pieces of paper off to the bank including the Super fund's tax return for 2017, showing the quite large amount of money we draw. Also the tax returns for Mr FM and I as we have other taxable income from the business as we are still doing some minor consulting work.
Banks just phoned and said they don't want to take the taxable income into account as it could be non ongoing (fair enough). There is no super pension on the tax return so obviously we aren't drawing any money. Excuse me? Its tax free so it doesn't go on the Tax return - yes it does unless accounting standards have changed???
I have now found the bit at the ATO's site where it explicitly states not to put tax free super pensions and lump sums on the tax return.
Bunch of wallies - don't know if I will get anywhere and of course my accountant is overseas for 3 weeks - typical!! very annoyed and stressed!!
I have got him to look at the super account, which shows payments being made over multiple years to our personal account and oh by the way it is the LAW that we pay ourselves a minimum of 5%!!