All Topics / Help Needed! / Loan Payout Penalties

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  • Profile photo of investroninvestron
    Member
    @investron
    Join Date: 2003
    Post Count: 92
    January 12, 2005 - 4:38 am

    I have enough funds to payout a fixed investment loan, which will incur a penalty.
    Is this penalty tax deductable.

    Thanks in advance

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    January 12, 2005 - 4:49 am

    Should be taxable in the year you pay it out. And you hsould be able to bring forward any other borrowing expense that you were claiming over 5 years – if not already claimed.

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
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    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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