Hi all
Just a quick one. If I have a loan for investment purposes that has $X in redraw, can I transfer that to another account that’s not for investment purposes to pay a bill? For example, a plumber takes CC, can I pay him with my personal card and then immediately transfer the exact amount from the account to the CC? I just want to make sure that I keep the interest of the investment loan deductible.
The loan account can only transfer into another one of my accounts not directly to someone else.
Thanks
I’d use the redraw funds purely for investment purposes – otherwise you’ll lose deductibility.
If the plumber is for your IP – then I’d assume that’s an investment expense but you’d need your accountant to confirm
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
You must be logged in to reply to this topic. If you don't have an account, you can register here.
