Back to Exchange
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 !

Profile Picture
Stuart Hosford

28 October 2024

Like
0

2 Comments

Small Profile Photo
Dave Gow - Strong Money Australia

INVESTOR

5 days 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

Like
0
Reply

4000 characters left

Related posts

exchange image
Homes and Mortgages

First property: PPOR or investment property?

Hey everyone. My partner (34F) and I (37M) are looking to buy our first property, but we're unsure whether to go for a h...

exchange image
Homes and Mortgages

First property: PPOR or investment property?

Hey everyone. My partner (34F) and I (37M) are looking to buy our first property, but we're unsure whether to go for a h...

exchange image
Homes and Mortgages

Debt Recycling The Pearler Template

I am looking to debt recycle and I understand that for this to be tax effective, each investment needs to generate incom...

Home