Further to this, when I am accounting for funds in an overseas currency on my tax return - do I have to take the spot rate each day for every entry in the revenue/cost columns, or do I base the exchange rate on the total profit/loss over the financial year?
Thanks
JB
Hi Terry, to be clear, it was paid in AU$ but for an expense which would be accounted for in the accounts of my UK property, in which everything else is accounted for in GB?.
I'll have a look on the ATO website for exchange rates thanks.
JB
Bit of a grand thread subject!
I recently had to pay an expense on my UK investment using AU$, in Australia. (Unusual, but a one-off)
When I am accounting for this, what exchange rate should I use? Would a day spot rate from say Oanda.com be OK?
Thanks
JB
Thanks for the info Jess. I have confirmation from MACQ that I will not be cross-collateralized. And as far as the risk of interest rates etc going nuts in another GFC, I have to play that against the financial reward of consolidating my loans.
JB
Existing loans went from 4.54% to 4.29% (verbal) so I assumed 0.25%
Yes, in an email dated May 11th but with no expiry date on it so they could still back out.....
JB
Thanks Jess
Not aware of this - can you help me understand how this might impact on me?
Not planning to buy any more property currently - investing in shares as diversification policy.
Is there anything I can do to avoid this? All the loans will be below 80% LVR.
Thanks
JB
OK, trying to make a decision, as I want to consolidate my loans.
MACQ have 3 of my loans at present. They will offer me 4.15% across the board to move my other 2 loans to them. Cost of change = $1144.
CBA have one of my other loans. They will offer me 4.15% across the board to move my...
Hi, if I bought a property and borrowed 80% of purchase price, and now the property has increased in value, and I wanted to increase the loan to 80% of today's valuation, with the same bank, how much of a process is this normally and what kind of fees are involved?
Many thanks for any...
I too have been offered 4.35% by one of the big 4 on $1.4 million for a refinance. Better than the smaller bank(s) I was with.
Not moved yet but the LOC on my PPOR is 5.1% (fully deductible) so 4.35% is highly attractive.
JB
Hi Terry, thanks for the info. I am using the LOC as a transaction account, but only for transactions relating to the 4 investment properties. ie rents come in, interest and other costs go out. No non-investment transactions pass through this account.
I hope this makes it 100%...