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  1. Terry_w

    Please kick my tyres.....

    The op doesn't have to see me, but could see anyone qualified to give tax advice. My initial post was just to alert him that there was an issue, which he didn't seem to know about, and to get this looked at. The thread is not about tax issues so I made a passing comment - a bit like a skin...
  2. Terry_w

    Please kick my tyres.....

    I can only provide so much. I can't keep answering the same questions over and over again but I agree that sharing information is good and will lead to more clients. I have to suggest people seek legal advice as I may be answering a snippet of information but there is way more to things usually...
  3. Terry_w

    Please kick my tyres.....

    Lawyers make their money from providing advice. Giving away free advice on the net means no one needs to see you. Also it took me 30min to write the above so it is time consuming. This issue with your answer was that it would have resulted in a mess if the loan portions were not split.
  4. Terry_w

    Please kick my tyres.....

    Sorry about the formatting that was copied and pasted from my draft book preliminary title is "Loans and deductibility of Interest" - written 100 pages so far
  5. Terry_w

    Please kick my tyres.....

    example Take for example a $1.5mil loan which was originally $900k. $600k increase with money released parked in offset. There are 2 main problems with this: 1. One mix loan relating to 2 purposes = mixed purpose loan 2. Borrowed money mixed with non borrowed = interest cannot be traced to...
  6. Terry_w

    Please kick my tyres.....

    Sorry Brady, no offense but this is why mortgage brokers shouldn't advise on tax. That would make the problem worse.
  7. Terry_w

    Please kick my tyres.....

    Potentially Huge issue considering the sums involved. You have destroyed the deductibility of interest and made a mixed purpose loan. Best to get this rectified, as much as it can be, before proceeding any further. get some advice.
  8. Terry_w

    Please kick my tyres.....

    This concerns me. Hope you sought tax advice and have split the loan and made sure that no non borrowed money ever touches that offset account?
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