Thanks Terry,I have received some advise that if we were remove all deposits and withdrawals from this home loan and leave as just the interest only payments and deductions that we will be back on track for 2011-2012 tax return.I have also been told that there is alot of work for my new accountant to do, to work out the interest that can be…[Read more]

Thanks again Darren for all your knowledge.

Thanks for the reply Darren. Some additional information that I should have noted is that we have a second rental property which is also managed by the same property manager. At the end of everymonth the income after expenses she has paid is also put into this account. I then each month pay from that loan the interest only as well as transfer the…[Read more]