Hello Joe. Welcome to the forums.
Not necessarily, some of our lenders can add back
these special one-off tax write-offs to your taxable income to increase your assessable income. As you may be aware you can claim the tax write-off of up to $30,000 for each asset. For example, if your taxable income was $100,000 and we add back the $15,000 and $25,000 write-off, your assessable income will be $140,000. These are considered to be capital expenses and expected to help you earn more revenue from your business.
For self-employed borrowers, we can either go with a full doc loan with two years tax returns and business financials or we can go with a low doc loan
Typically, we can add back the following expenses to your taxable income:
- Extra superannuation contributions.
- Losses carried forward from prior years.
- Negative gearing deductions from your investment properties.
- One-off expenses such as moving your business or a lawsuit.
- Instant asset write-offs (e.g. the special $30,000 instant write-off in 2019)
- Trust distributions to family members for tax purposes.
We specialise in self-employed home loans
Give us a call on 1300 889 743
or fill in our free assessment form
to discuss your situation and find out if you qualify.