HOMES AND MORTGAGES
Debt recycling
Hi all. I've been working towards a debt recycling strategy and am now at the point of redrawing from my split loan and investing into a chosen EFT. One thing I wanted to check with the group was whether the fact that the split loan is in both my wife's and my name would impact the tax benefits gained on my tax return. Does the fact that the loan is held by both is us mean that I cannot claim the full tax offset on my individual tax return. Thanks !
2 Comments
about 2 months ago
Hi Stuart,
When it comes to taxes, the deductions go to the person who owns the assets. So it depends who owns the shares – if it’s jointly held, then you can jointly claim the deductions. If just you, then you can claim all of it.
The ATO fielded this question in the following two posts:
https://community.ato.gov.au/s/question/a0J9s...
https://community.ato.gov.au/s/question/a0J9s...
Hope that helps
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