All Topics / Finance / LOC, redraw, offset and tax

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  • Profile photo of judijudi
    Member
    @judi
    Join Date: 2004
    Post Count: 119
    April 6, 2004 - 4:50 am

    Just wondering about the tax deductability of interest using different loan options. Specifically, when using a redraw facility, is the interest tax deductible when you redraw money for personal use?

    Thanks
    Judi

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    April 6, 2004 - 5:35 am

    The simple answer is no. It is the purpose of the drawing that dictates the deductibility.

    This is where an offset account is invaluable.

    Cheers,

    Simon Macks
    Mortgage Broker
    http://www.mortgagehunter.com.au
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

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

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