I borrowed some money from my mother who lives Auckland to invest. The understanding is that I pay interest to her at 1% above current rates. I now want to document the loan so that I can claim the interest paid as tax deduction.
Does anyone know how I go about documenting it in both Australia and New Zealand? I presume in Australia I can just do a stat dec but how about in New Zealand. I want to give her a document that lets per prove she lent me the money and wasn't a gift if the need ever arises?
Anyone who can give me some help and guidance will be most appreciated.
Thanks
Sounds like you need a loan agreement. You should be able to get a solicitor to draw one up for a few hundred $$ or you could get one from an online legal document supplier such as lawcentral.com.au
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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