I am currently in the process of battleaxing my 1 acre home block and plan to put an investment 4×2 house at the rear. If i use a line of credit to finance the complete project will the subdivision costs be tax deductable?. to date i have paid cash to the surveyor and project managers
The costs are all tax deductible, the difference with using a line of credit is your minimum payments are all interest only and once you have paid it out you can redraw on it as in most cases they leave the account open for you. It will give you an extra deduction i.e; interest to claim.
This is only my understanding and is not intended to be financial advice it is of a general nature only please make your own investigations into thsi using a licenced taxation adviser.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055
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