All Topics / Legal & Accounting / Wealth Optimiser loses (??)

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  • Profile photo of gmh454gmh454
    Member
    @gmh454
    Join Date: 2003
    Post Count: 537

    If my ears did not deceive me the case was lost.
    The product was a split loan with the payments weighted against the nondeductible part withe the interest deductible part capitalising.

    Lots of returns to be amended, should keep the accounting profession busy for years.

    Profile photo of aussiemikeaussiemike
    Participant
    @aussiemike
    Join Date: 2004
    Post Count: 66

    Yep the case has been decided by the High Court and has been held to be an illegal tax scheme.

    Anyone who has split loans and capitalised the interest on their home against their investment property and claimed the total as a deduction will need to make amended returns.

    Another hit for the investors.

    Profile photo of yackyack
    Member
    @yack
    Join Date: 2003
    Post Count: 1,206

    Fair enough – it sounded dodgy from the outset.

Viewing 3 posts - 1 through 3 (of 3 total)

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