All Topics / Legal & Accounting / Paying for investment costs

Viewing 2 posts - 1 through 2 (of 2 total)
  • Profile photo of TheNewGuyTheNewGuy
    Participant
    @thenewguy
    Join Date: 2014
    Post Count: 151
    February 25, 2016 - 7:23 am

    Hi all

    Just a quick one. If I have a loan for investment purposes that has $X in redraw, can I transfer that to another account that’s not for investment purposes to pay a bill? For example, a plumber takes CC, can I pay him with my personal card and then immediately transfer the exact amount from the account to the CC? I just want to make sure that I keep the interest of the investment loan deductible.

    The loan account can only transfer into another one of my accounts not directly to someone else.

    Thanks

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    February 25, 2016 - 9:06 am

    I’d use the redraw funds purely for investment purposes – otherwise you’ll lose deductibility.

    If the plumber is for your IP – then I’d assume that’s an investment expense but you’d need your accountant to confirm

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.