All Topics / Legal & Accounting / Redraw for Deposit

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  • Profile photo of david4000david4000
    Member
    @david4000
    Join Date: 2011
    Post Count: 21
    January 28, 2012 - 6:46 am

    Hey guys,

    Quick question for those in the know with accounting:

    If I redraw surplus funds from one investment loan to use as a deposit for another IP, will those redrawn funds retain their tax deductible status as they were used for investment purposes?

    Cheers

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    January 28, 2012 - 9:41 am

    Hi David

    Yes assuming the original purpose was for investment.

    Although you would have to asking why you took out a P & I loan in the first place.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

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