split loans

Reply: 1
From: Peter Henery


This one is going to get interesting! Tonight it was all over ch. 9 A Current Affair and tomorrow it seems Naomi will feature it on ch.7.

Peter H.
 
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Reply: 1.1
From: Ian Parham


'Evening All!

A thought from left field:

I often wonder whom it actually is that has contacted these current affair type shows to 'break the news' of these save yourself trillions stories!...and how much they might pay to get 'their' find to air on prime time TV???

Methinks that certain interested institutions are predominantly the driving force at times...particularly on this occasion....no names mentioned as I can't afford the legal costs ;>)

Upon reading the very interesting article supplied by Waverly Bay it is very clear that certain institutions are going to run real hard at the (would be) mum and dad investors with this 'new' financial phenomenon, as they did with LOCs.

I will definitely do some research into this type of product for myself to see if it all stacks up...so I am not negative about the concept at all. I simply can't help wondering about the motive at times. Various institutional marketing departments will be spending up bigtime to get on board this gravy train...that's for sure. It appears the public is going to be bombarded with endless current affairs shows over the next few months and beyond.

I'm quite certain people will agree that these 'informational' current affairs style programmes (which used to be quite good for focus on issues if you cast your mind back to the ABCs This Day Tonight, Mike Willesee in the early days, even Derryn Hinch) should now be reclassified as 'infomercial' or 'teleshopping' programmes.

If you might allow me to digress a tad further...

...As for who's promoting who, take all the fishing shows for example (cut throat and competitive industry): one that airs here in WA recently charged a certain charter company (small time family venture) $4000...plus all other expenses!!..and they had to hump all their gear for them, and supply grog and ice!!!...to do an article on them. It was a local island trip; after some initial footage on the first day the very temperamental 'stars' nicked off for two days on their own little jaunt around the islands with no activity on the charter business at all. Talk about bloody rude.

So next time you see one of these fishing shows just ask yourself when you see the grumpy miserable 'star(s)' not catching any fish....what sort of grief did they put the poor skipper through while filming???

Life is not all that it seems!

Cheers Ian
 
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Reply: 1.1.1
From: Rolf Latham


Ian

You cynical soul - what makes you think that ?

The product being touted as the solution to your tax woes is nothing more than two cross collateralised lines of credit, usually from a Lender that charges like a wounded bull.

Not only are there cheaper ways of achieivng the same thing, but I do have grave worries about the structures Mas and Pas are putting into place as a result if this media push.

Good on Austral for taking it by the throat, successful organisations rarely invent stuff from scratch, they repackage and rebrand existing ideas and products and make a motza - and deservedly so.

My non tax educated advice to all my clients is to speak to your tax advisor. I will not implement such a structure for a client without such advice.

Ta

Rolf
 
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Reply: 1.1.1.1
From: Ian Parham


Hello Again Rolf

Thank you for the input...very well said; it is a sense of balance you have put to the institution driven media hype we are about to endure!

Kind regards
Ian

P.S.
I haven't forgotten the private research you generously undertook for me whilst I was in Sydney...will be in touch shortly :>)
 
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Reply: 1.1.1.1.1
From: H T


re. split loan, the latest info I have from my accountant is to hold your bloody horses 'cause there's no way this is going to be law. even when the ATO lose in the supreme court all it takes is for the gov. to pass another law to disallow the claims, and they will reverse it and (some latin phrase she used) you wont be able to claim the interest from the last ruling.
just think how much revenue this will cost the gov., there's no way they want to lose all that revenue.
HT
 
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Reply: 1.1.1.1.1.1
From: Steve Mcleod


Hi all,
So what happens.If the tax department wins their appeal do they back charge with interest for lost revenue(so to speak),and if they lose, do they change the law and we end up with a similar situation to depreciation schedules(pre-post 1987).ie any agreements in place stay,but no more after change of law?????
thankyou

steve.
 
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Reply: 1.1.1.1.1.1.1
From: Dale Gatherum-Goss


Hi Steve

The tax office ruled against these loans about 6 years ago. So, if they win, they will merely claim that the rules have been in place all along . . . If they lose, they are very likely to ask the Government to amend the law and who knows what will come of that.

My advice has been to wait and see and I've said that now since the court case.

Dale
 
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