Self-Employed or PAYG?

[Noodle]

Hi finance guru's

From a finance application perspective am I deemed self-employed or PAYG, if a company which I am a director of pays me a salary/super/tax?

If PAYG, will three payslips plus one years payment summary be sufficient evidence of income?

Alternatively if deemed self-employed, are there many/any lenders who consider less than two years financials?

I have recently restructured all business holdings and trying to establish the best way to continue building my private investment portfolio, without losing needless time.

Any help much appreciated.

Noodle

 

[Mick C]

Hi finance guru's

From a finance application perspective am I deemed self-employed or PAYG, if a company which I am a director of pays me a salary/super/tax?

Deemed self employed since your the director of the company.

Alternatively if deemed self-employed, are there many/any lenders who consider less than two years financials?

Yes.

Will be done as Low doc as under 24 month trading Up to 90% LVR rates tends to increase as LVR increase with low doc- BUT Some banks including the big 4 may accept this as standard full doc depending on how strong the file is, the structure of the company and how it's presented to the bank even with 12 month trading (80% LVR.).

They see 12 month ABn as a "risk".... so some bank will still accept this as full doc as it all comes down too risk mitigation = How the file is presented.

 

[Rolf Latham]

I have recently restructured all business holdings and trying to establish the best way to continue building my private investment portfolio, without losing needless time.

we get this a lot

Folks move from Sole trader to trust and company or vica versa and multiples of same.

Providing there is clear evidence that only the stuctures have changed and the underlying business is doing the same work - youd be fine for a normal full doc lend in my view. 80 % should be achievable


ta

rolf

 

[Noodle]

Thanks Rolf and Mick, very much appreciated.

 

[Aaron_C]

As long as the trading history is solid then 80-90% is fine but it all depends on the numbers.