loopy #6018

The Credit Review document lists 2015 revenue as $57K, while the commentary says $803K. What’s the story?

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Fric Management Group Pty Ltd ACN 091429560 #6019

The $803k refers to the earnings of the Fric Family Trust. Fric Management Group Pty Ltd, being the trustee of the Trust, received $57k for tax minimisation purposes.
I hope that helps but let me know if a more detailed explanation is needed

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loopy #6020

Thank you for the prompt response.

As the trust is not the borrower, then the small number best represents the revenue of the borrower?

Have the trust’s assets been pledged as security for the loan?

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Fric Management Group Pty Ltd ACN 091429560 #6021

Hello Loopy
with respect to your question the smaller number of 57k represents the distributed amount to Fric Management for the purposes of tax. Ultimately the earning capacity of my business relates to the bigger number and my true capacity to service any loan amounts.
no assets have been pledged as security
Regards
Pedro

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