Loan records

[bobby]

I think I am losing it when it comes to record keeping and my loans with financial institutions (citibank, macquarie, colonial, anz, st george, members equity, commonwealth) plus a HDT and margin loan etc, I've probably forgotten a few. Anyway, I have drawn down on various LOC's and increased equity on others to borrow for shares and IP's. Does that then mean that the loan is held against the new purchased asset or is it held against the old asset as it is all tax deductible anyway????
Can someone tell me how they keep these records, are you out there Brenda or anyone??

Thanks

Bobby

[Simon]

The loan is considered to be against whatever it was used to buy - in the eyes of the ATO.

Does this help?

As far as records go there are several different ways of filing. I find that filing by year is easier as it means that you can deliver it all to the tax agent rather than filing by type of expense.

Perhaps by year by type is the best?

Does that make sense?

Cheers,

[see_change]

I think I am losing it when it comes to record keeping and my loans with financial institutions (citibank, macquarie, colonial, anz, st george, members equity, commonwealth) plus a HDT and margin loan etc, I've probably forgotten a few. Anyway, I have drawn down on various LOC's and increased equity on others to borrow for shares and IP's. Does that then mean that the loan is held against the new purchased asset or is it held against the old asset as it is all tax deductible anyway????
Can someone tell me how they keep these records, are you out there Brenda or anyone??

Thanks

Bobby


In any account I have where there is more than one entity or reason for the drawn downs , I have an excel work sheet that I update and print out each month to document the transactions of that account which includes running totals for each entity.

Also I use MYOB for my accounts , and within the entity that the particular account is nominally in the name of , I'll have seperate asset accounts which reflect where the funds for that account have gone. Within the entity that has borrowed the money from the account , I'll have liability accounts , and I check every so often that the amounts match...:)

Maybe a bit pedantic for some , but there's nothing worse than trying to back track and work out who owes what to who , two years after the event..... :o

I've also got monthly Excel sheets which I use to watch our total borrowings and funds available , equity & cash flow.

See Change

PS , It took a while to get to this stage ;)

[bobby]

Simon/See Change,

Thanks. I need to get my act together.

Bobby

[tantaber]

The loan is considered to be against whatever it was used to buy - in the eyes of the ATO.

Does this help?

As far as records go there are several different ways of filing. I find that filing by year is easier as it means that you can deliver it all to the tax agent rather than filing by type of expense.

Perhaps by year by type is the best?

Does that make sense?

Cheers,

Can you transfer debt to another property?