By: d5236494
14/08/2008
9:48 pm Yahoo! Profile:
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| For every piece of information you need about how to maximise your tax deduction on your loans have a read of the claimable loans booklet on www.bantacs.com.au under the free publications section |
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By: missytigger05
21/05/2008
1:10 pm Yahoo! Profile:
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maybe we've created a MESS!
we had to borrow some from equity in our first home to not pay mortgage insurance for loan on second home. we also saved money which we put into redraw on first home but took this out for a deposit on second home.
thanks for your advice, i'll definitely speak to our accountant. |
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By: ecchi.gaijin
20/05/2008
12:06 pm Yahoo! Profile:
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The important issue is what were the funds used for. If you redraw on the current loan to use for the new house you will end up with a dual purpose mortgage. Dual purpose mortgages are a MESS when it comes to calculating the tax deductions as you are not permitted a tax deduction on the portion borrowed and used for the new home (assuming new home is non income producing)
If you make principle and interest repayments on the original mortgage, the repayments will be apportioned between private and investment thereby reducing your interest deduction. Check with an accountant or tax agent before you structure your finances as it can really hurt you. Best rule of thumb is to keep seperate loans for seperate assets (it doesn't matter which assets secures the loans) |
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By: missytigger05
19/05/2008
1:16 pm Yahoo! Profile:
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| I own a property and have just bought another one. Am I able to take the available redraw out of my current property to put into the new one and when I rent out the current property, can I negative gear it based on the whole amount owing rather than before I redrew the money? |
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