CASH FLOW

Gross Realisation
Sales per Period
GST Tax Liability
Less: Selling Costs

TOTALS
$ 18,000,000
30
10.00% $
60,000
3.00% $
540,000

Net Realisation
Less: Development Costs
Stamp Duty
Legals
Land Tax
Council Fees
Statutory Holding Costs
Marketing Costs
Professional Fees (10 % of Construction Costs)
Section 94 Contributions
Finance Approval Costs & Fees
Construction Costs
Contingencies on Construction

15,660,000

$
$
$
$
$
$
$
$
$
$8,500,000 $
5.00% $

193,000
90,000
90,032
94,000
11,700
200,000
900,000
488,500
40,000
8,500,000
425,000

Total Costs
Monthly Cash Flow - Before Interest
Cumulative Flow Before Interest
Opening Mez Balance
Interest 18%p.a
Sales Proceeds
Closing Mez Balance

(723,655.36)

Opening Primary Balance

Interest 8.5%p.a
Sales Proceeds
Closing Primary Balance
Cash Flow After Interest
Cumulative Flow After Interest
Developer Profit

ASSUMPTIONS
Average Selling Price per Unit
Total Units
Total Selling Costs Per Unit
Project Start Date
Pre Construction Period
Estimated Construction Period
Estimated Selling Period
Total Project Period
Total Project Costs
Mezzanie Debt
Senior Debt

11,032,232
$4,627,768

0
Sep-07

1
Oct-07

2
Nov-07

3
Dec-07

4
Jan-08

5
Feb-08

6
Mar-08

$45,016

$62,500
$40,000

$62,500

$20,000

$20,000

$62,500

$62,500

$20,000

$20,000

$20,000
$100,000
$238,500
$708,333
$35,417

$ 102,500 $
(102,500.00)
(102,500.00)
(102,500.00)
(1,537.50)

62,500 $
82,500 $
(62,500.00)
(82,500.00)
(165,000.00)
(247,500.00)
(166,537.50)
(251,535.56)
(2,498.06)
(3,773.03)

127,516 $
(127,516.00)
(375,016.00)
(382,824.60)
(5,742.37)

20,000 $
20,000
(20,000.00)
(20,000.00)
(395,016.00) (415,016.00)
(408,566.96) (434,695.47)
(6,128.50)
(6,520.43)

$1,102,250.00
(1,102,250.00)
(1,517,266.00)
(1,543,465.90)
(23,151.99)

(104,037.50)

(169,035.56)

(255,308.60)

(388,566.96)

(414,695.47)

(441,215.90)

(1,566,617.89)

(104,037.50)

(64,998.06)
(169,035.56)

(86,273.03)
(255,308.60)

(133,258.37)
(388,566.96)

(26,128.50)
(414,695.47)

(26,520.43)
(441,215.90)

(1,125,401.99)
(1,566,617.89)

(1,142,824.88)

$2,761,288

$600,000
30
$
18,000
Sep-07
6
12
10
18
$ 11,032,232
15 % p.a
8.5% p.a

3.00%

Profit Analysis
Profit Before Interest
Profit After Interest
Profit Margin
Profit Margin

Annualised Return
$4,627,768
$2,761,288
41.95%
25.03%

Before Interest
After Interest

Months
Months
Months
Months

Internal Rate of Return

Before Interest
After Interest
Maximum Exposure
$12,221,157
Profit per Lot
$92,043
Exposure / Net Realisation
Construction Cost / Gross Realisation
GST Liability
GST Liability average per unit

40.70%
22.91%
Breakeven Period
July/August 2008
Profit of Average Sale Per Unit (%)
15.34%
Development Cost Ratios
78.04%
47.22%
GST Liabilities
$60,000
$2,000

7
Apr-08

8
May-08

9
Jun-08

10
Jul-08

11
Aug-08

12
Sep-08

13
Oct-08

14
Nov-08

15
Dec-08

16
Jan-09

17
Feb-09

18
Mar-09
600,000
1
60,000.00
18,000
-

522,000

19
Apr-09
3,600,000
6
360,000.00
108,000
$

3,132,000

20
May-09
3,000,000
5
300,000.00
90,000
$

2,610,000

$193,000
$90,000
$45,016
$94,000
$11,700

$20,000
$50,000

$20,000
$33,500

$20,000
$24,000

$20,000
$30,000

$20,000
$150,000

$80,000

$120,000

$708,333
$35,417

$708,333
$35,417

$708,333
$35,417

$708,333
$35,417

$708,333
$35,417

$708,333
$35,417

$708,333
$35,417

$708,333
$35,417

$300,000

$708,333
$35,417

$708,333
$35,417

813,750 $
797,250 $
787,750 $
793,750 $
913,750 $
823,750 $
863,750 $
743,750 $
1,165,766 $
767,950 $
1,043,750 $
- $
- $
(813,750.00)
(797,250.00)
(787,750.00)
(793,750.00)
(913,750.00)
(823,750.00)
(863,750.00)
(743,750.00)
(1,165,766.00)
(767,950.00)
(1,043,750.00)
522,000.00
3,132,000.00
2,610,000.00
(2,331,016.00) (3,128,266.00) (3,916,016.00) (4,709,766.00) (5,623,516.00) (6,447,266.00) (7,311,016.00) (8,054,766.00)
(9,220,532.00)
(9,988,482.00) (11,032,232.00) (10,510,232.00) (7,378,232.00) (4,768,232.00)
(2,380,367.89) (2,416,073.41) (2,452,314.51) (2,489,099.23) (2,526,435.72) (2,564,332.25) (2,602,797.23) (2,641,839.19)
(2,681,466.78)
(2,721,688.78)
(2,762,514.11)
(2,803,951.83) (2,846,011.10) (2,888,701.27)
(35,705.52)
(36,241.10)
(36,784.72)
(37,336.49)
(37,896.54)
(38,464.98)
(39,041.96)
(39,627.59)
(40,222.00)
(40,825.33)
(41,437.71)
(42,059.28)
(42,690.17)
(43,330.52)
(2,416,073.41)

(849,455.52)
(2,416,073.41)

GST ASSESSMENT - MARGIN SCHEME

Gross Realisation

(2,452,314.51)

(2,489,099.23)

(2,526,435.72)

(2,564,332.25)

(2,602,797.23)

(2,641,839.19)

(2,681,466.78)

(2,721,688.78)

(2,762,514.11)

(2,803,951.83)

(797,250.00)
(5,647.19)

(1,590,647.19)
(23,859.71)

(2,408,256.90)
(36,123.85)

(3,358,130.75)
(50,371.96)

(4,232,252.71)
(63,483.79)

(5,159,486.50)
(77,392.30)

(5,980,628.80)
(89,709.43)

(7,236,104.23)
(108,541.56)

(8,112,595.79)
(121,688.94)

(9,278,034.73)
(139,170.52)

(802,897.19)
(839,138.29)
(3,255,211.70)

(1,614,506.90)
(848,394.43)
(4,103,606.12)

(2,444,380.75)
(867,210.34)
(4,970,816.46)

(3,408,502.71)
(1,002,018.50)
(5,972,834.96)

(4,295,736.50)
(925,698.77)
(6,898,533.74)

(5,236,878.80)
(980,184.26)
(7,878,717.99)

(6,070,338.23)
(873,087.02)
(8,751,805.01)

(7,344,645.79)
(1,314,529.57)
(10,066,334.58)

Amount of Margin Subject to GST

GST Payable @ 10%

$708,333
$35,417

$12,500

18,000,000
$18,000,000

60,000

(2,846,011.10)

(2,888,701.27)

(2,932,031.79)

(9,417,205.25)
(141,258.08)
522,000.00
(8,234,284.73)
(9,417,205.25)
(9,036,463.33)
(930,464.27)
(1,224,358.23)
338,682.64
(10,996,798.85) (12,221,157.08) (11,882,474.43)

(9,036,463.33)
(135,546.95)
3,132,000.00
(6,040,010.28)
2,953,762.88
(8,928,711.55)

(6,040,010.28)
(90,600.15)
2,610,000.00
(3,520,610.43)
2,476,069.33
(6,452,642.22)

21
Jun-09
3,600,000
6
360,000.00
108,000
$

3,132,000

22
Jul-09
1,800,000
3
180,000.00
54,000
$

1,566,000

23
Aug-09
1,800,000
3
180,000.00
54,000
$

1,566,000

24
Sep-09
600,000
1
60,000.00
18,000
$

522,000

25
Oct-09
1,200,000
2
120,000.00
36,000
$

1,044,000

- $
- $
- $
- $
3,132,000.00
1,566,000.00
1,566,000.00
522,000.00 1,044,000.00
(1,636,232.00)
(70,232.00) 1,495,768.00 2,017,768.00 3,061,768.00
(2,932,031.79) (2,976,012.27) (1,902,693.34) (365,233.74)
0.00
(43,980.48)
(44,640.18)
(28,540.40)
(5,478.51)
0.00
1,117,959.12
1,566,000.00
370,712.24
(2,976,012.27) (1,902,693.34)
(365,233.74)
0.00
0.00
(3,520,610.43)
(52,809.16)
3,132,000.00
(441,419.59)
3,035,210.37
(3,417,431.86)

(441,419.59)
(6,621.29)
448,040.88
0.00
1,514,738.52
(1,902,693.34)

0.00
0.00
0.00
1,537,459.60
(365,233.74)

26
Nov-09
1,200,000
2
120,000.00
36,000
$

27
Dec-09
600,000
1
60,000.00
18,000

1,044,000

$
1,044,000.00
4,105,768.00
0.00
0.00

522,000

522,000.00
4,627,768.00
0.00
0.00

0.00

0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
516,521.49
151,287.76
151,287.76

0.00
1,044,000.00
1,195,287.76
1,044,000.00

0.00
1,044,000.00
2,239,287.76
1,044,000.00

0.00
522,000.00
2,761,287.76
522,000.00