Search found 3 matches

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Mon Jun 10, 2019 6:05 pm
Forum: Home Loan Forum
Topic: Will an instant asset tax write off decrease my borrowing power?
Replies: 5
Views: 11768

Re: Will an instant asset tax write off decrease my borrowing power?

Why is it so convoluted! Is there a difference between a risk fee and LMI? Or are they the same? - Thank you for your patience by the way.
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Mon Jun 10, 2019 4:21 pm
Forum: Home Loan Forum
Topic: Will an instant asset tax write off decrease my borrowing power?
Replies: 5
Views: 11768

Re: Will an instant asset tax write off decrease my borrowing power?

Thanks for clarifying that. My f.y. 2018’s taxable income was a lot less than 2017’s taxable income which was slightly over $100,000. My question is how do they determine which year’s income to use for serviceability or do they use an average of both?
by
Mon Jun 10, 2019 2:34 pm
Forum: Home Loan Forum
Topic: Will an instant asset tax write off decrease my borrowing power?
Replies: 5
Views: 11768

Will an instant asset tax write off decrease my borrowing power?

Hi, I purchased a couple of machineries worth $15,000 and $25,000 respectively for my business. I’m thinking of reducing my taxable income with the instant asset tax write off this year however, I’m concerned that when I apply for a home loan come July that my borrowing power will be reduced due to my lower taxable income. So, my question to you is will an instant asset tax write off decrease my borrowing power?