Hi everyone, thanks for taking the time to comment,
I am a sole trader and my business and myself only have one tax return (I think). I pay wages to myself from the business and have a PAYG system set up so that I can pay income tax on my personal wages.

I guess what i’m trying to clarify is how i can minimise tax on the remainder of the funds made by the business each year.
I do own an investment property which I purchased last december
but i am confused as to whether this can be classified as a business expense that belongs to my other business outgoings or not. (My business is not a property investment business). The property is tenanted and I have to make up about $20 per week in shortfalls to pay the mortgage, rates, etc.

I had a look on the ATO website and read that only interest payments on investment properties are tax deductable, but I’m not sure if that is just for people who work for someone else ie; get all their pay, tax and super sorted out by their employer etc.

I do not have a super fund and so I was hoping that by purchasing an investment property I might be able to catch up a bit financially.
but I’m very confused about all the tax stuff now.

again, thanks for your time and advice chaps
sally

Hi Terry,
My accountant suggested the idea about equitising that 20k so that my business owns 20k worth of my investment property, and you are right, I am a sole trader so my business is just me.

I shall ask him about the laws effecting borrowing funds from myself/business for investing if I am not a company.
thanks for your advice/time
cheers,
Sally

thanks so much for answering my question, regards,
sally

Cheers Adam,
That is V. helpful