Hiyas
I'm thinking of moving the family out of the PPoR and renting a house instead. Renting would be cheaper than mortgage repayments. I have previously redrawn money from my PPoR to purchase IPs and living expenses. Now what I want to know is: as soon as I move out of the home will ALL the mortgage be tax deductable? OR will the money I drew down to use as deposits, not be tax deductable?
thanks in advance for any comments
If you have borrowed to buy this property and it is income producing, or you are trying to rent it out, then the interest on the loan should be deductible.
Are you also aware that you can rent out your home for up to 6 years and still not have to worry about CGT tax?
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
Yes as long as what has been drawn down has not been for personal use, living expenses i would say would come into that teritory, you can always ring the tax office and make an anonymous call or speak with an accountant to be certain
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