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
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
•
Reply4000 characters left
Post Comment
Related posts
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...
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...
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...