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Hi,
just a quick query. Any advice would be greatly appreciated.

My partner and I wish to purchase a home for 990k
We have 400k as a deposit and that is in the form of an apartment we have a sale contract on.
We have 25k in savings and we have an income of 6k nett a fortnight.

The issue is that I myself can not be part of the loan - I previously separated 4 yrs ago and had to take a part 9 debt agreement to continue on in life.

Without my income, my partners is 2k a fortnight,
however - for the past 12 months, one form of my income (superannuation) has been paid into her account and never touched (2k a fortnight). Will the bank be able to take this into account? What are her chances alone on that income to be approved?
I am asking because we would like to place our offer and don't want to be stuck in the dark.
Regards,
PartnerA1

7 years ago

Does someone (not working) need to lodge a tax return?

Circumstances: Over 65 and retired. Approx. $10,000 of investment income (including franking credits) plus an additional $10,000 of assessable capital gains (after 50% discount).

So, with SAPTO and LITO, they won't have to pay any tax. But, their total income is over the $18,200 tax free threshold.

On the ATO website on the 'do you need to do a tax return' tool, one of the things says "Does dividends and distributions exceed $18,200"? and if you pick yes, then it says you do need to do a tax return. Dividends/distributions haven't exceeded $18,200 but they've had a capital gain that has resulted in taxable income being over $18,200.

So, do they need to lodge a return or can they just submit a franking credit refund form for their franking credits?

Thanks,

Glenn

7 years ago
Toni B.
Toni B.
Drummoyne, NSW
2 Likes
0 Followers

Hi, I set up my own contracting business in April this year and have quite a bit of money owing with invoices due to be paid. When I left my old job in March I had quite a bit of holiday pay owing and paid more tax than normal so if the money owed to the business comes in after 30 June will it need to be included in this year’s tax returns as the invoices were dated pre 30 June?

7 years ago

Starting, growing, managing and leading a business is a tough gig. It's important we don't forget the lighter side of things, have a bit of fun so here's my 10 point accountability tool using the initial of my first name.

Partnerships – continue to build partnerships with people - you never know who could be or help create a new business opportunity.

Payment – if you're running a business, you're not guaranteed a paycheque each Friday. You need paying customers so respect and understand your own time management, systems, processes, profit margins and the value you offer.

Persistence – ain't that the truth. The key to persistence is being able to celebrate wins and enjoy the moment.

People – surround yourself with good people who believe in the business, the vision and prepared to go outside their comfort zone for themselves, the business and the team.

Plan – long and short term. Make Monday the day you plan for what you want to achieve the following week and see how many meeting you have scheduled. If the calendar is bare then you can’t expect to achieve any plans.

Play – play around with ideas and sales pitches for selling. It's not an exact science and yes you're a salesperson, we all are. Put an imaginary hat on and just play the role. Who wouldn't want to be an actor in a Hollywood blockbuster?

Poor me – you’ve only got a couple of minutes because people will stop listening. Keep the glass half full.

Process – what processes do you have in your business to ensure your customers have the best possible experience?

Procrastinate – Recently, I was working with a group of 10 self-employed people and they were asked to write down the one thing they would like to stop doing for their business to move forward. Everyone, 100% had written “stop procrastinating” What’s the Nike slogan?

Proud – be proud of what you do. I meet a guy a couple of weeks ago who just started his own I.T business. When I asked him what the business was he looked down at the ground and mumbled IT Services. If you aren’t proud and if you haven't got that imaginary hat on then why would people pay for your services or products?

There's mine, I’d love to hear yours. If your first name starts with a P, then feel free to put the hat on.

7 years ago
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